HDB

MKT CAP:$131B

HDFC Bank Limited

Market Cap

$131B

Financial Services·Banks - Regional·🇮🇳 India·NYSE

Financials·Banks - Regional·🇮🇳·NYSE

Stock Price

$25.63-$10.85 (-29.76%)

Apr 24, 2026

Company Details

HDFC Bank Limited provides various banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. It operates in Treasury, Retail Banking, Wholesale Banking, Other Banking Business, and Unallocated seg...

CEO

Sashidhar Jagdishan

IPO Date

Jul 20, 2001

Website

www.hdfcbank.com

Key Metrics TTM

Revenue

$51.1B

+42.4% YoY

Net Income

$7.5B

EPS (Diluted)

$2.32

Free Cash Flow

$0

Revenue / Share

$29.76

Gross Margin

56.1%

Operating Margin

19.9%

Net Margin

14.8%

FCF Margin

0.0%

P/S

2.6x

P/E

17.4x

Earnings Reports

FY 2026

Mar 30, 2026

$55.4BEPS $4.95

Q4 2026

Apr 20, 2026

NEW

$12.6BEPS $1.27

Q1 2026

Jul 14, 2025

$14.1B+13.6%EPS $0.34

Q3 2025

Jan 24, 2025

$11.9B-2.5%EPS $0.37

Q1 2025

Jul 23, 2024

$12.4B+91.7%EPS $0.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$4.1B	$2.4B	$1.1B
Q4 20	$4.1B	$2.4B	$1.0B
Q1 21	$3.9B	$2.2B	$992M
Q3 21	$4.2B	$2.7B	$1.3B
Q4 21	$4.3B	$2.8B	$1.2B
Q1 22	$4.1B	$2.6B	$1.1B
Q1 23	$4.7B	$2.6B	$1.4B
Q2 23	$5.2B	$2.9B	$1.6B
Q3 23	$5.7B	$3.2B	$1.8B
Q1 24	$6.5B	$3.4B	$1.8B
Q2 24	$11.4B	$6.7B	$2.2B
Q3 24	$12.2B	$7.1B	$2.3B
Q1 25	$12.4B	$7.4B	$2.4B
Q3 25	$11.9B	$6.5B	$2.5B
Q1 26	$14.1B	$7.4B	$2.2B
Q4 26	$12.6B	$7.4B	$3.0B

Valuation

Quarter	P/S	P/E
Q3 20	—	—
Q4 20	—	—
Q1 21	5.3x	28.6x
Q3 21	8.0x	40.1x
Q4 21	8.8x	43.7x
Q1 22	8.3x	40.3x
Q1 23	6.1x	28.6x
Q2 23	5.9x	27.7x
Q3 23	6.4x	28.7x
Q1 24	8.1x	36.9x
Q2 24	5.1x	26.1x
Q3 24	4.7x	26.7x
Q1 25	3.8x	24.5x
Q3 25	3.4x	22.7x
Q1 26	3.9x	27.4x
Q4 26	2.4x	16.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$0	$0
Q3 20	$0	$0
Q4 20	$0	$0
Q1 21	$0	$0
Q3 21	$0	$0
Q4 21	$0	$0
Q1 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q1 25	$0	$0
Q3 25	$0	$0
Q1 26	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+16.1%	+9.9%
Q4 21	+6.7%	+5.6%
Q1 22	+1.7%	-1.1%
Q1 23	+20.4%	+14.7%
Q2 23	+23.5%	+22.1%
Q3 23	+32.3%	+25.4%
Q1 24	+56.7%	+57.0%
Q2 24	+143.4%	+176.0%
Q3 24	+133.9%	+174.0%
Q1 25	+116.2%	+153.5%
Q3 25	+83.9%	+98.6%
Q1 26	+23.5%	+29.4%
Q4 26	+3.2%	-3.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 20	$354M
Q4 20	$359M
Q1 21	$351M
Q3 21	$367M
Q4 21	$379M
Q1 22	$387M
Q1 23	$489M
Q2 23	$492M
Q3 23	$560M
Q1 24	$632M
Q2 24	$3.3B
Q3 24	$3.7B
Q1 25	$3.7B
Q3 25	$2.7B
Q1 26	$944M
Q4 26	$980M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$3.9B	$0	$3.9B
Q1 23	$12.5B	$0	$12.5B
Q2 23	$10.8B	$52.5B	$63.3B
Q4 23	$25.1B	$51.8B	$76.9B
Q1 24	$17.4B	$0	$17.4B
Q2 24	$19.2B	$88.4B	$107.6B
Q3 24	$19.7B	$0	$19.7B
Q4 24	$36.4B	$69.1B	$105.4B
Q1 25	$20.3B	$0	$20.3B
Q2 25	$22.7B	$62.1B	$84.8B
Q3 25	$24.5B	$0	$24.5B
Q4 25	$34.2B	$63.4B	$97.7B
Q1 26	$22.8B	$0	$22.8B
Q2 26	$18.8B	$0	$18.8B
Q3 26	$13.5B	$0	$13.5B
Q4 26	$32.5B	$0	$32.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	3.67B	-0.0%	—
Q4 20	3.68B	+0.1%	—
Q1 21	3.67B	-0.3%	—
Q3 21	3.70B	+1.0%	+0.7%
Q4 21	3.70B	-0.0%	+0.7%
Q1 22	3.69B	-0.2%	+0.4%
Q1 23	3.71B	+0.5%	+1.3%
Q2 23	3.72B	+0.2%	+0.6%
Q3 23	3.73B	+0.3%	+0.9%
Q1 24	3.74B	+0.3%	+1.4%
Q2 24	5.07B	+35.3%	+36.5%
Q3 24	5.08B	+0.3%	+36.5%
Q1 25	5.09B	+0.1%	+36.3%
Q3 25	5.12B	+0.6%	+36.7%
Q1 26	5.13B	+0.3%	+1.3%
Q4 26	1.72B	-66.6%	-66.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$41.5K	98K
Q4 20	$34.8K	117K
Q1 21	$33.3K	117K
Q3 21	$36.2K	117K
Q4 21	$36.2K	120K
Q1 22	$34.4K	120K
Q1 23	$33.2K	142K
Q2 23	$36.9K	142K
Q3 23	$40.6K	142K
Q1 24	$37.4K	173K
Q2 24	$65.9K	173K
Q3 24	$70.5K	173K
Q1 25	$58.2K	214K
Q3 25	$55.8K	214K
Q1 26	$65.8K	215K
Q4 26	$58.8K	215K

Revenue / Employee