HDFCBANK
Large CapHDFC Bank Limited
Financial Services
HDFC Bank Limited is a prominent Indian financial services company. It offers a wide range of banking products and services, operating through a vast branch network and digital platforms. The bank holds significant stakes in subsidiaries across financial services, including NBFC, life insurance, asset management, general insurance, and securities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 25/100Rev +0% YoY · PAT +9% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹87,182 Cr | +0.5% | +0.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹21,074 Cr | +9.3% | +1.9% |
| PAT margin | 24.2% | +195 bps | +41 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
HDFC Bank reports stable Q4 FY26 with 9.1% YoY PAT growth, driven by robust deposit and advances growth. Asset quality remains stable, while NIM holds at 3.38%.
The bank demonstrated consistent growth in deposits and advances, maintaining stable asset quality and capital adequacy. Profitability improved YoY and QoQ, supported by strong subsidiary performance. NIM remained steady, indicating effective balance sheet management despite competitive pressures.
AUM Mix (Mar'26)
Latest issuer-disclosed distribution across 3 reported categories.
Retail Assets Growth
Retail assets grew 6.5% YoY and 2.6% QoQ to ₹16,149 bn.
Small and Mid-Market Growth
Small and mid-market advances grew 17.2% YoY and 5.3% QoQ to ₹6,316 bn.
Business Banking Growth
Business Banking advances grew 20.0% YoY and 5.7% QoQ to ₹4,594 bn.
Subsidiary Performance
HDB Financial Services' loan book grew 10.9% YoY, net profit up 41% YoY.
Branch Network Expansion
Added 73 branches QoQ and 234 branches YoY, reaching 9,689 branches.
Customer Base Growth
Customer base increased by 1 million during Q4 FY26, reaching 101 million.
Geopolitical Tensions
War in Iran, Israel-Hamas conflict, Russia-Ukraine war, and India-Pakistan/China tensions complicate the geopolitical landscape.
Regulatory Changes
Changes in Indian and foreign laws and regulations, including tax, accounting, and banking regulations, pose a risk.
Market Volatility
Unanticipated turbulence in interest rates, foreign exchange rates, and equity prices could impact performance.
Cybersecurity Threats
Adequacy of information technology and telecommunication systems, including against cybersecurity threats, is a risk.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for financial services. YoY provides insight into long-term growth trends and seasonal impacts, while QoQ highlights sequential momentum in key metrics like deposits, advances, NIM, and asset quality.
Deposits (EOP)
EOP deposits increased by ₹3.91 tn (14.4%) YoY and ₹2.45 tn (8.6%) QoQ to ₹31,053 bn.
AUM (EOP)
EOP AUM grew by ₹2.84 tn (10.2%) YoY and ₹1.11 tn (3.8%) QoQ to ₹30,573 bn.
Gross Advances (EOP)
EOP Gross Advances increased by ₹3.17 tn (12.0%) YoY and ₹1.15 tn (4.1%) QoQ to ₹29,600 bn.
Net Interest Margin (NIM)
NIM stood at 3.38% for Q4 FY26, stable QoQ.
Carbon Neutrality Target
Target to be carbon neutral by FY32.
Gender Diversity Target
Gender diversity target of 27% by FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NIM Trend | 3.38% (Q4 FY26) | Sustained NIM stability or improvement, indicating effective cost of funds management and lending spreads. |
| Asset Quality (GNPA) | 1.15% (Q4 FY26) | Any deterioration in GNPA, especially in retail or small/mid-market segments, given growth. |
| Deposit Growth | 14.4% YoY (EOP) | Continued strong deposit accretion, particularly CASA, to support funding and reduce borrowing costs. |
| Subsidiary Contribution | HDB Financial Services PAT up 41% YoY | Sustained strong performance and contribution from key subsidiaries to consolidated earnings. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -16.5% / mo · near 52W low
Technical chart
HDFCBANKweekly · 5Y-57.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 29. Wait for confirmation.
- SMA20 falling (~19.8% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 10.5%.
- Fair-value margin of safety is positive at 54.6%.
- Cash flow contributes 8/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 87th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.49.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 87th pctile, median 62 · Large: 50th pctile, median 74
86 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 10.5%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.49.
- ▸ROCE is low at 7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.00
- P/B
- 1.96
- EV/EBITDA
- —
- Market Cap
- 1137347.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 7.04%
- ROA
- 1.61%
- Dividend Y
- 1.76%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- —
- Altman Z
- 1.49
- Book Value
- 378.00
Cash Flow
- FCF Yield
- 10.54%
- FCF Positive Y
- 7/5
- OCF
- 113506.00 Cr
- EPS TTM
- 49.39
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.