Private-sector bank running 9,689 branches and serving ~101 million customers across India
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 95,132 | +9.4% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Sept 2026 | Not in the filed figures for the quarter to sept 2026. No older figure is substituted. | ||
| Net profit | 21,537 | +5.8% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 13.27 | −0.8 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | Fiscal year | FY ending Mar 2026 | Not in the analysed materials. No older figure is substituted. | ||
| Revenue growth (YoY) | 3.98 | −14.9 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Business Banking (MSME) Growth | we've grown at about 20% year-on-year, and that will continue to also be in that range of 18% to 20%, 21% | Q4 FY26 | MSME EOP loan growth was 23.5% YoY, once again exceeding the guided range of 18-21%. | Achieved |
| Credit Deposit Ratio | bring down the credit deposit ratio as quickly as possible over a 2- to 3-year timeframe. | Q2 FY25 | The Credit Deposit ratio was not mentioned in the Q2 FY27 update. | Ghosted |
| Borrowing Cost | Keep coming down | Q3 FY26 | Cost of funds remained flat sequentially at 4.4% due to the FCNR deposit mix, failing to 'keep coming down' as guided. | At Risk |
9 of HDFC Bank's 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹994.75 on 24 Oct 2025 → ₹680.2. High ₹1,009.5 (27 Nov 2025), low ₹680.2 (27 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
HDFC Bank is a full-service private-sector bank offering retail, wholesale/corporate and treasury banking, earning mainly from net interest income on its lending book (mortgages, auto/wheels, personal loans, credit cards and corporate/MSME loans) and from fee income on cards, transactions and third-party product distribution. Following its merger with parent HDFC Limited it also originates home loans and cross-sells liability and credit products to that customer base. Beyond the bank, the group operates through subsidiaries spanning NBFC lending, life and general insurance, asset management and broking.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
2 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Business Banking (MSME) Growth | we've grown at about 20% year-on-year, and that will continue to also be in that range of 18% to 20%, 21% | Q4 FY26 | MSME EOP loan growth was 23.5% YoY, once again exceeding the guided range of 18-21%. | Achieved |
| Credit Deposit Ratio | bring down the credit deposit ratio as quickly as possible over a 2- to 3-year timeframe. | Q2 FY25 | The Credit Deposit ratio was not mentioned in the Q2 FY27 update. | Ghosted |
| Borrowing Cost | Keep coming down | Q3 FY26 | Cost of funds remained flat sequentially at 4.4% due to the FCNR deposit mix, failing to 'keep coming down' as guided. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 23 tracked commitments, with each call’s wording and source.
Call summaries
HDFC Bank Q2 FY27
HDFC Bank delivered a strong Q2 FY27, marked by robust deposit and asset growth, particularly in retail and MSME segments. Asset quality remained healthy with low NPAs and credit costs. However, Net Interest Margins saw a decline to 3.32%, and the cost of funds remained flat. The bank is focusing on digital transformation and strengthening its liability franchise, with a new MD & CEO, Mr. Anup Bagchi, taking the helm.
Read the full callHDFC Bank Q1 FY27
HDFC Bank reported an adjusted PAT growth of 9.8% for Q1 FY27, with balance sheet growth at 13.5% YoY. The bank saw strong advances across corporate, MSME, and retail segments, but the CASA ratio declined to 34%. Management is focused on improving CASA through quality acquisitions and unit economics, and expects FCNR mobilization to gain significant traction in the coming months. The bank also highlighted its digital transformation efforts and resilience against external risks.
Read the full callHDFC Bank Q4 FY26
HDFC Bank delivered a strong Q4 and FY26, marked by accelerated credit growth of 12% and robust deposit growth of 14.4%. EPS grew 10% and RoA remained stable at 1.9%, driven by improved cost efficiencies and healthy asset quality. The bank highlighted significant investments in technology and distribution, yielding high digital adoption and strong customer acquisition. While geopolitical factors and past rate cycles influenced investment yields and treasury income, management remains focused on sustainable growth and enhancing Return on Assets.
Read the full callNews
From the news desk, item by item, hours after each call.
Every analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +6% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 85,040 | 86,779 | 87,372 | 86,994 | 87,067 | 87,182 | 90,575 | 95,132 |
| Expenses | 41,307 | 47,709 | 64,497 | 45,161 | 54,145 | 44,028 | 58,292 | 50,029 |
| Other income | 27,154 | 33,489 | 45,683 | 31,567 | 39,860 | 29,737 | 42,535 | 34,227 |
| Interest | 46,914 | 46,986 | 47,709 | 46,741 | 45,821 | 45,220 | 47,626 | 50,667 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 23,973 | 25,573 | 20,850 | 26,659 | 26,961 | 27,672 | 27,193 | 28,663 |
| Tax rate | 24.0% | 25.0% | 18.0% | 24.0% | 23.0% | 24.0% | 25.0% | 25.0% |
| Net profit | 18,340 | 19,285 | 17,090 | 20,364 | 20,691 | 21,074 | 20,383 | 21,537 |
| EPS (₹ per share) | 11.54 | 12.31 | 10.60 | 12.76 | 12.87 | 13.22 | 12.50 | 13.43 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,70,754 | 2,83,649 | 3,36,367 | 3,48,615 |
| Expenses | 65,388 | 1,77,287 | 1,90,780 | 2,07,831 |
| Other income | 33,912 | 1,24,346 | 1,34,548 | 1,46,847 |
| Interest | 77,780 | 1,54,139 | 1,83,894 | 1,85,491 |
| Depreciation | 0 | 0 | 0 | 0 |
| Profit before tax | 61,498 | 76,568 | 96,241 | 1,02,142 |
| Net profit | 46,149 | 65,446 | 73,440 | 79,219 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 558 | 760 | 765 | 1,536 | 1,539 | 1,542 |
| Reserves | 2,88,880 | 4,55,636 | 5,21,024 | 5,37,608 | 5,84,520 | 6,01,927 |
| Borrowings | 2,56,549 | 7,30,615 | 6,34,606 | — | 5,88,485 | 5,94,144 |
| Deposits | 18,82,663 | 23,76,887 | 27,10,898 | — | 30,99,638 | 33,24,146 |
| Other liabilities | 1,01,783 | 4,66,296 | 5,24,817 | 5,77,920 | 6,33,519 | 6,44,083 |
| Total liabilities | 25,30,432 | 40,30,194 | 43,92,110 | 45,14,741 | 49,07,701 | 51,65,842 |
| Fixed assets | 8,431 | 12,604 | 15,258 | 15,538 | 16,492 | 16,431 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 5,11,582 | 10,05,682 | 11,86,473 | 12,50,391 | 12,80,216 | 13,56,850 |
| Other assets | 20,10,419 | 30,11,909 | 31,90,379 | 32,48,813 | 36,10,993 | 37,92,561 |
| Total assets | 25,30,432 | 40,30,194 | 43,92,110 | 45,14,741 | 49,07,701 | 51,65,842 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 42,476 | -11,960 | 20,814 | 19,069 | 1,27,242 | 1,13,506 |
| Cash from investing | -1,823 | -2,051 | -2,992 | 16,600 | -3,651 | 7,477 |
| Cash from financing | -7,321 | 48,124 | 23,941 | -3,983 | -1,02,478 | -59,005 |
| Net cash flow | 33,332 | 34,113 | 41,762 | 31,687 | 21,113 | 61,978 |
| Free cash flow | 40,796 | -14,176 | 17,390 | 14,882 | 1,23,267 | 1,10,144 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on equity | 16.0% | 17.0% | 17.0% | 17.0% | 14.0% | 14.0% |
| Dividend payout | 11.0% | 23.0% | 23.0% | 23.0% | 24.0% | 31.0% |
The businesses behind the company’s reported revenue.
Retail Banking contributes 39.4% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹75,888.80 crore
₹48,670.85 crore
₹35,951.83 crore
₹18,192.38 crore
₹9,044.03 crore
₹4,974.15 crore
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Retail Banking | 75,888.80 | 39.4% |
| Wholesale Banking | 48,670.85 | 25.3% |
| Insurance Business | 35,951.83 | 18.7% |
| Treasury | 18,192.38 | 9.4% |
| Other Banking Operations | 9,044.03 | 4.7% |
| Others | 4,974.15 | 2.6% |
| Unallocated | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Wholesale Banking shrank from 27% to 25% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Retail Banking | 40% | 43% | 41% | 39% | 43% | 42% | 43% | 39% | +0.9% |
| Wholesale Banking | 27% | 28% | 28% | 23% | 24% | 23% | 26% | 25% | +8.7% |
| Insurance Business | — | 12% | 15% | 17% | 13% | 17% | 13% | 19% | +13.7% |
| Treasury | 8% | 9% | 9% | 14% | 12% | 10% | 10% | 9% | -30.3% |
| Other Banking Operations | 5% | 5% | 5% | 5% | 5% | 5% | 5% | 5% | +4.0% |
| Others | — | 3% | 2% | 2% | 3% | 3% | 3% | 3% | +12.7% |
| Unallocated | 0% | — | 0% | — | 0% | — | 0% | 0% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Domestic institutions hold 43.44% as of Sept 2026; institutions cut 0.74 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of HDFC Bank above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Mutual fund | 7.68% | +0.20 pp |
| Mutual fund | 5.03% | +0.19 pp |
| Insurer | 4.89% | +0.12 pp |
| Pension / PF | 3.25% | +0.23 pp |
| Mutual fund | 3.16% | +0.23 pp |
| Mutual fund | 3.12% | +0.07 pp |
| Mutual fund | 2.53% | +0.07 pp |
| Sovereign | 2.13% | unchanged |
| Mutual fund | 1.30% | +0.13 pp |
| Global fund house | 1.26% | unchanged |
| Mutual fund | 1.26% | +0.07 pp |
| Sovereign | 1.25% | −0.09 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
3 new, 35 added, 13 trimmed, 0 sold out — net +283.11 L shares (+1.6%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹21.1k Cr | +2.60 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹14.5k Cr | +12.29 L | Aug '21 |
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹11.2k Cr | held | Jul '23 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹6.8k Cr | +22.26 L | Jan '19 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹6.5k Cr | +8.05 L | Dec '22 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹4.9k Cr | +35.00 L | Sep '12 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹4.4k Cr | held | Dec '22 |
| SBI Large Cap Fund SBI Mutual Fund | ₹4.3k Cr | held | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
35 added, 13 trimmed — net +2.83 cr shares (+1.6%)
Shares held by these funds +56%
Oct '23 178.76 cr shares Sep '26
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