Whalesbook
Indian equity benchmarks, Nifty 50 and Sensex, reached new 52-week highs on Thursday, driven by a resurgence in foreign institutional investor (FII) inflows and strong corporate earnings. Talks of a potential US-India deal also boosted market sentiment. Analysts view India's current valuations as attractive compared to Chinese equities, with expectations of an 11-12% rise in broader indices supported by reforms and capital expenditure growth.
HDFC Bank Limited (also known as HDFC) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.As of April 2024, HDFC Bank has a market capitalization of $145 billion, making it the third-largest company on the Indian stock exchanges.[1]
Market PositionThe company is India's one of 3 systemically important banks with a15% market sharein the banking sector’s advances and a37% market sharein the private sector banks’ advances as of FY24. It is also thesecond-largest bank in India.[1]It is among the top 3 Government Banks collecting direct and indirect taxes for the Government of India.[2]It is a market leader in almost every asset category.[3]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | HDFC Bank | 998.05 | 21.58 | 1535054.85 | 1.10 | 18641.28 | 10.82 | 76690.70 | 3.61 | 7.35 | 307627.89 | 69.33 | 71148.13 | 18641.28 | 2.96 | 1.79 | 6.39 |
| 2. | ICICI Bank | 1369.50 | 18.37 | 978982.69 | 0.80 | 14318.15 | 3.16 | 48180.91 | 4.00 | 7.87 | 192684.91 | 28.30 | 53300.25 | 13357.06 | 2.94 | 2.18 | 5.58 |
| 3. | Kotak Mah. Bank | 2087.80 | 22.37 | 415528.64 | 0.12 | 4468.27 | -11.42 | 17198.74 | 4.70 | 8.17 | 67852.12 | 27.80 | 18574.23 | 4468.27 | 2.47 | 2.68 | 3.62 |
| 4. | Axis Bank | 1275.80 | 15.24 | 395952.07 | 0.08 | 5566.56 | -25.31 | 32309.77 | 2.24 | 7.11 | 129272.60 | 59.67 | 25988.99 | 5527.85 | 2.00 | 1.78 | 7.28 |
| 5. | IDBI Bank | 100.24 | 11.60 | 107729.68 | 2.09 | 3240.77 | 73.56 | 7109.01 | -4.51 | 6.78 | 28937.85 | 70.49 | 9284.32 | 3229.58 | 1.58 | 1.97 | 4.81 |
| 6. | Yes Bank | 22.43 | 24.80 | 70343.91 | 0.00 | 664.31 | 17.25 | 7388.75 | -4.50 | 6.36 | 30449.57 | 59.65 | 2836.87 | 664.31 | 1.43 | 0.59 | 7.29 |
| 7. | IDFC First Bank | 78.33 | 46.85 | 67318.21 | 0.32 | 347.80 | 64.10 | 9936.93 | 10.94 | 6.22 | 38335.01 | 32.47 | 1437.04 | 347.80 | 1.24 | 0.46 | 6.85 |
| – | Median: 20 Co. | 246.06 | 15.24 | 23965.51 | 0.74 | 349.59 | 3.95 | 4430.65 | 3.8 | 6.95 | 17851.24 | 60.54 | 1397.21 | 349.59 | 1.33 | 1.35 | 7.29 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | – | – | – | – | – | – | – | – | – | – | – | – | – |
Expenses | 14,465 | 15,270 | 16,147 | 16,917 | 18,303 | 20,178 | 31,480 | 19,223 | 19,591 | 20,260 | 20,750 | 31,875 | 21,478 |
Operating Profit | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Income | 7,596 | 8,500 | 8,731 | 9,230 | 10,708 | 11,137 | 18,166 | 10,668 | 11,483 | 11,454 | 12,028 | 21,730 | 14,350 |
Profit before tax | 14,152 | 16,218 | 15,936 | 15,912 | 19,790 | 19,431 | 15,763 | 21,283 | 22,005 | 21,847 | 23,344 | 21,292 | 24,423 |
Tax % | 25% | 24% | 24% | 25% | 19% | 16% | -5% | 24% | 24% | 23% | 25% | 15% | 24% |
Net Profit | 10,606 | 12,259 | 12,047 | 11,952 | 15,976 | 16,373 | 16,512 | 16,175 | 16,821 | 16,736 | 17,616 | 18,155 | 18,641 |
EPS in Rs | 9.52 | 10.99 | 10.80 | 10.69 | 10.54 | 10.78 | 10.87 | 10.63 | 11.02 | 10.94 | 11.51 | 11.84 | 12.13 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | – | – | – | – | – | – | – | – | – | – | – | – | – |
Expenses | 12,959 | 15,407 | 18,999 | 22,464 | 27,712 | 32,529 | 41,644 | 47,123 | 50,904 | 57,329 | 84,068 | 76,445 | 94,364 |
Operating Profit | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Income | 7,920 | 8,996 | 10,752 | 12,296 | 15,220 | 17,626 | 23,261 | 25,205 | 29,510 | 31,215 | 49,241 | 45,632 | 59,561 |
Interest | 22,653 | 26,074 | 32,630 | 36,167 | 40,146 | 50,729 | 58,626 | 55,979 | 55,744 | 74,743 | 149,808 | 177,847 | 181,919 |
Depreciation | 672 | 656 | 706 | 833 | 906 | 1,140 | 1,196 | 1,302 | 1,600 | 2,242 | 2,810 | 3,379 | 0 |
Profit before tax | 12,772 | 15,329 | 18,638 | 22,139 | 26,697 | 32,200 | 36,607 | 41,659 | 49,015 | 58,485 | 70,895 | 88,478 | 90,906 |
Net Profit | 8,478 | 10,216 | 12,296 | 14,550 | 17,487 | 21,078 | 26,257 | 31,117 | 36,961 | 44,109 | 60,812 | 67,347 | 71,148 |
EPS in Rs | 8.84 | 10.19 | 12.16 | 14.19 | 16.85 | 19.35 | 23.94 | 28.22 | 33.33 | 39.53 | 40.02 | 44.01 | 46.42 |
Dividend Payout % | 19% | 20% | 20% | 19% | 19% | 19% | 5% | 12% | 23% | 24% | 24% | 25% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 480 | 501 | 506 | 513 | 519 | 545 | 548 | 551 | 555 | 558 | 760 | 765 | 1,536 |
Reserves | 42,999 | 61,508 | 72,172 | 88,950 | 105,776 | 148,662 | 170,438 | 203,170 | 239,538 | 279,641 | 439,486 | 500,659 | 516,689 |
Borrowings | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Liabilities | 41,344 | 32,484 | 36,725 | 56,709 | 45,764 | 55,108 | 67,394 | 72,602 | 84,407 | 95,722 | 135,438 | 146,129 | 173,397 |
Total Liabilities | 491,600 | 590,503 | 740,796 | 863,840 | 1,063,934 | 1,244,541 | 1,530,511 | 1,746,871 | 2,068,535 | 2,466,081 | 3,617,623 | 3,910,199 | 4,003,008 |
Fixed Assets | 2,940 | 3,122 | 3,343 | 3,627 | 3,607 | 4,030 | 4,432 | 4,909 | 6,084 | 8,017 | 11,399 | 13,655 | 13,854 |
Gross Block | 7,705.82 | 8,463.30 | 9,252.62 | 10,157.66 | 10,932.58 | 12,345.97 | 12,993.37 | 14,954.63 | 17,242.74 | 20,793.05 | 26,918.50 | 31,195.28 | – |
Accumulated Depreciation | 4,721.65 | 5,297.32 | 5,865.22 | 6,486.68 | 7,281.13 | 8,271.72 | 8,561.46 | 10,045.32 | 11,159.07 | 12,776.51 | 15,519.51 | 17,539.88 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 120,951 | 151,642 | 195,836 | 214,463 | 242,200 | 293,116 | 391,827 | 443,728 | 455,536 | 517,001 | 702,415 | 836,360 | 874,321 |
Other Assets | 367,709 | 435,740 | 541,617 | 645,750 | 818,127 | 947,395 | 1,134,253 | 1,298,233 | 1,606,916 | 1,941,064 | 2,903,809 | 3,060,184 | 3,114,833 |
Total Assets | 491,600 | 590,503 | 740,796 | 863,840 | 1,063,934 | 1,244,541 | 1,530,511 | 1,746,871 | 2,068,535 | 2,466,081 | 3,617,623 | 3,910,199 | 4,003,008 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 8,364 | -15,862 | -30,132 | 23,585 | 26,074 | -56,055 | -16,690 | 41,495 | -14,209 | 27,313 | 35,015 | 145,177 |
Cash from Investing Activity | -1,623 | -1,933 | -627 | -1,985 | -523 | -1,231 | -891 | -1,262 | -1,126 | -1,997 | 12,604 | -1,845 |
Cash from Financing Activity | 5,563 | 14,543 | 33,347 | -11,568 | 48,411 | 15,718 | 22,852 | -7,381 | 48,192 | 16,122 | -22,237 | -122,909 |
Net Cash Flow | 12,303 | -3,252 | 2,587 | 10,033 | 73,963 | -41,567 | 5,271 | 32,852 | 32,857 | 41,438 | 25,382 | 20,423 |
Standalone Figures in ₹ Crores / Yearly
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Cash Conversion Cycle | – | – | – | – | – | – | – | – | – | – | – | – |
Working Capital Days | – | – | – | – | – | – | – | – | – | – | – | – |
ROCE % | – | – | – | – | – | – | – | – | – | – | – | – |
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