Hdfc Bank LtdHdfc Bank Ltd
Hdfc Bank Ltd

Hdfc Bank Ltd

HDB
Financials·Banks

HDFC Bank Ltd. engages in the provision of banking and financial services including commercial banking and treasury operations. It operates through the following segments: Treasury, Retail Banking, Wholesale Banking, and Other Banking Business. The Treasury segment is involved in net interest earnings from the investment portfolio, money market borrowing, and lending, gains, or losses on investment operations and on account of trading in foreign exchange and derivative contracts. The Retail Banking segment focuses on serving retail customers through the branch network and other channels. The Wholesale Banking segment provides loans, non-fund facilities, and transaction services to large corporates, emerging corporates, public sector units, government bodies, financial institutions, and medium scale enterprises. The Other Banking Business segment includes income from parabanking activities such as credit cards, debit cards, third party product distribution, primary dealership business, and the associated costs. The company was founded by Aditya Tapishwar Puri in August 1994 and is headquartered in Mumbai, India.

India
Market cap
No dataNo data
Revenue
$24.9B−2.9% YoY
Net income
$7.5B−4.4% YoY
Free cash flow
$11.4B−13.8% YoY

Market

Listed stock
Tokenized stocks
HDBPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$24.9B−2.9% YoY
Operating income
$-12.4B−48.3% YoY
Net income
$7.5B−4.4% YoY
Free cash flow
$11.4B−13.8% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2022 $11.7B, 2023 $13.8B, 2024 $22.2B, 2025 $25.6B, 2026 $24.9B. Operating income: 2022 $6.8B, 2023 $8.1B, 2024 $9.4B, 2025 $-8.4B, 2026 $-12.4B. Net income: 2022 $5.1B, 2023 $6B, 2024 $7.5B, 2025 $7.9B, 2026 $7.5B. Free cash flow: 2022 $7.3B, 2023 $5.3B, 2024 $11.6B, 2025 $13.2B, 2026 $11.4B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-2.9%−1815 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-03-31 $6.8B, 2023-03-31 $8.1B, 2024-03-31 $9.4B, 2025-03-31 $-8.4B, 2026-03-31 $-12.4B. Net income: 2022-03-31 $5.1B, 2023-03-31 $6B, 2024-03-31 $7.5B, 2025-03-31 $7.9B, 2026-03-31 $7.5B. Free cash flow: 2022-03-31 $7.3B, 2023-03-31 $5.3B, 2024-03-31 $11.6B, 2025-03-31 $13.2B, 2026-03-31 $11.4B

Growth heatmap

2023202420252026CAGR
Revenue
+17.5%
+61.6%
+15.3%
-2.9%
+20.7%
Gross profit
+17.5%
+28.3%
-0.2%
-1.2%
+10.4%
Operating income
+18.3%
+16.8%
-189.1%
-48.3%
No data
Free cash flow
-27.5%
+120.4%
+13.6%
-13.8%
+11.9%

Earnings quality

Operating cash flow
$12B−14.5% YoY
Net income
$7.5B−4.4% YoY
Free cash flow
$11.4B−13.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2026-03-31 159%, 2025-03-31 178%, 2024-03-31 164%, 2023-03-31 96%, 2022-03-31 151%. Free cash flow: 2026-03-31 151%, 2025-03-31 168%, 2024-03-31 156%, 2023-03-31 88%, 2022-03-31 144%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data