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Hdfc Bank
(NYSE:HDB)
Hdfc Bank (HDB) vs. SPDR S&P 500 ETF (SPY)
Hdfc Bank Business Overview & Revenue Model
Hdfc Bank Earnings Call Summary
Hdfc Bank Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.50T | 4.19T | 3.52T | 1.98T | 1.60T | 1.53T |
| Gross Profit | 2.32T | 2.19T | 1.85T | 1.13T | 892.43B | 782.43B |
| EBITDA | 905.96B | 924.57B | 757.81B | 685.87B | 535.98B | 453.69B |
| Net Income | 715.38B | 673.51B | 622.66B | 495.45B | 386.00B | 325.98B |
Balance Sheet | ||||||
| Total Assets | 46.26T | 48.19T | 44.12T | 25.76T | 21.11T | 17.98T |
| Cash, Cash Equivalents and Short-Term Investments | 1.92T | 9.20T | 9.93T | 7.24T | 4.34T | 5.32T |
| Total Debt | 6.16T | 7.46T | 8.15T | 3.24T | 2.34T | 1.48T |
| Total Liabilities | 40.39T | 39.56T | 36.23T | 22.84T | 18.60T | 15.82T |
| Stockholders Equity | 5.65T | 7.68T | 6.95T | 2.91T | 2.50T | 2.16T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.13T | 968.48B | 433.58B | 554.69B | 903.97B |
| Operating Cash Flow | 0.00 | 1.20T | 1.02T | 477.20B | 581.02B | 921.78B |
| Investing Cash Flow | 0.00 | -3.72T | -3.67T | -4.39T | -3.30T | -2.52T |
| Financing Cash Flow | 0.00 | 2.42T | 3.35T | 4.17T | 2.91T | 1.92T |
Hdfc Bank Technical Analysis
Hdfc Bank Risk Analysis
Hdfc Bank Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $88.54B | 9.08 | 21.64% | 9.77% | 11.82% | 3.41% | |
72 Outperform | $81.50B | 10.18 | 11.88% | 3.11% | 1.79% | 30.93% | |
69 Neutral | $96.29B | 18.92 | 15.95% | 0.85% | 10.85% | 7.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $132.36B | 21.06 | 13.72% | 3.03% | -1.78% | 0.65% | |
64 Neutral | $73.04B | 12.62 | 9.93% | 3.19% | -20.94% | -18.71% | |
57 Neutral | $96.65B | 10.79 | 9.73% | 2.31% | -2.84% | 25.48% |
Hdfc Bank Corporate Events
On March 19, 2026, HDFC Bank filed a Form 6-K with the U.S. Securities and Exchange Commission, furnishing the transcript of an investor and analyst call held the same day to discuss developments following the March 18, 2026 intimation about board changes. The call, hosted by senior management and key board members, was convened at short notice to address market concerns around governance and leadership, and the transcript has been simultaneously posted on the bank’s investor-relations website.
During the call, Interim Part-Time Chairman Keki Mistry confirmed that the board had accepted the resignation of Part-Time Chairman and Independent Director Atanu Chakraborty, while stressing that the board was unaware of any specific operational or material issues behind his decision. Mistry and CEO Sashidhar Jagdishan reiterated that the bank continues to operate with strong governance standards, robust internal controls, and a stable strategic direction, highlighting the successful integration of the recent landmark merger and emphasizing that the leadership remains focused on institutional resilience, long-term value creation, and maintaining stakeholder trust despite the change at the top of the board.
The Reserve Bank of India has approved Mistry’s appointment as Interim Part-Time Chairman for three months, providing regulatory backing and continuity at a sensitive time for the bank’s leadership. Management used the forum to signal to investors that oversight mechanisms and board committees remain fully functional, that disclosures around the resignation are complete and aligned with regulations, and that there is no indication of systemic or ethical lapses impacting the bank’s core operations.
The most recent analyst rating on (HDB) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On March 19, 2026, HDFC Bank disclosed that the Reserve Bank of India had issued a statement regarding recent developments at the bank and approved a transition arrangement for the position of part-time chairman. The RBI emphasized that HDFC Bank remains well-capitalized with satisfactory liquidity, and that its periodic assessments show no material concerns around conduct or governance.
The regulator’s communication, addressed to stakeholders including the New York Stock Exchange, underscores the bank’s continued stability and systemic importance despite leadership changes. The RBI also indicated it will continue engaging with HDFC Bank’s board and management on the way forward, signaling ongoing supervisory oversight but reaffirming confidence in the institution’s financial and operational soundness.
The most recent analyst rating on (HDB) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
HDFC Bank Limited, a major Indian private-sector lender with shares listed on the NYSE, operates across retail and corporate banking and has grown significantly following its merger with HDFC Ltd, which positioned it as the country’s second-largest bank. The institution focuses on a broad suite of financial products and services for both domestic and international stakeholders.
On March 19, 2026, HDFC Bank filed a Form 6-K with the U.S. SEC confirming details related to the resignation of its part-time chairman and independent director, Atanu Chakraborty. The bank clarified that Chakraborty’s resignation letter was dated March 17, 2026 but was received on March 18, 2026, with his departure citing misalignment between certain bank practices and his personal values and ethics, underscoring potential governance and cultural questions for investors and regulators.
The most recent analyst rating on (HDB) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On March 18, 2026, HDFC Bank announced that part-time chairman and independent director Atanu Chakraborty resigned from the board with immediate effect, citing certain internal practices observed over the last two years that he felt were not aligned with his personal values and ethics. Chakraborty, who joined the board in May 2021 and oversaw the landmark merger with HDFC Ltd., confirmed there were no other material reasons for his departure and does not hold directorships in any other company.
The bank’s board recorded its appreciation for Chakraborty’s contribution during a period that included the transformational merger, noting that the full benefits of the integration are yet to materialise. To ensure continuity in governance, HDFC Bank secured Reserve Bank of India approval on March 18, 2026 to appoint veteran banker Keki Mistry as interim part-time chairman for three months starting March 19, 2026, a move aimed at stabilising board leadership and reassuring regulators and investors during this transition.
The most recent analyst rating on (HDB) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On March 18, 2026, HDFC Bank reported that India Ratings and Research had on March 17, 2026 assigned and affirmed credit ratings across several of the bank’s instruments, maintaining an IND AAA/Stable issuer rating and top-tier grades on its fixed deposits, infrastructure bonds, and Basel III-compliant Tier 2 bonds. The agency also assigned and affirmed IND A1+ ratings on certificates of deposit and affirmed an IND AA+/Stable rating on Basel III-compliant Tier 1 bonds, underscoring the bank’s strong credit profile and supporting its access to domestic funding and capital markets.
The most recent analyst rating on (HDB) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On March 13, 2026, HDFC Bank’s shareholders approved, via postal ballot and e-voting, two ordinary resolutions to ratify material related-party transactions with group entities HDB Financial Services Limited and HDFC Securities Limited. The results, declared March 13 and disclosed to the NYSE on March 16, showed strong institutional participation, with more than 91% of institutional shares polled and over 99% of votes cast in favour of each resolution.
Promoters did not vote and were not deemed interested parties, leaving the outcome driven by public institutional and non-institutional shareholders, who backed both resolutions by overwhelming majorities. The approvals provide formal shareholder endorsement of intra-group dealings that underpin HDFC Bank’s broader financial services ecosystem, reinforcing governance around related-party transactions and signalling strong investor support for the bank’s ongoing collaboration with its key subsidiaries.
The most recent analyst rating on (HDB) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On February 11, 2026, HDFC Bank filed a Form 6-K with the U.S. Securities and Exchange Commission, formally notifying investors of a postal ballot process for its shareholders. The bank has circulated a Postal Ballot Notice dated February 3, 2026 to eligible members and engaged National Securities Depository Limited to facilitate remote e-voting from February 12 to March 13, 2026, underscoring its adherence to governance norms and enabling broader shareholder participation in key resolutions.
The notice has been made available to shareholders whose details are recorded with the depositories and registrar as of the February 6, 2026 cut-off date, and is also accessible on both the bank’s and NSDL’s websites. This move reinforces HDFC Bank’s commitment to transparent disclosure for global investors and signals continued alignment with regulatory best practices in both India and the United States, potentially influencing how stakeholders track and participate in the bank’s corporate decisions.
The most recent analyst rating on (HDB) stock is a Buy with a $37.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On February 11, 2026, HDFC Bank disclosed that the Reserve Bank of India has approved ICICI Prudential Asset Management Company, together with ICICI group entities, to raise their aggregate holding in HDFC Bank up to 9.95% of its paid-up share capital or voting rights. The ICICI group currently holds 4.07% as of February 6, 2026, and must complete any increase within one year, remain within the 9.95% cap, and seek fresh RBI approval if its stake later falls below 5%, underscoring tighter regulatory oversight of significant shareholdings in Indian banks and potentially reshaping HDFC Bank’s shareholder profile.
The most recent analyst rating on (HDB) stock is a Buy with a $37.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
At its February 3, 2026 board meeting, HDFC Bank approved the reappointment of veteran executive Kaizad Bharucha as deputy managing director for a three-year term beginning April 19, 2026, highlighting his broad operational oversight across assets, risk, and integration initiatives. Continuity under Bharucha’s leadership signals strategic stability for the bank as it manages post-merger integration, deepens government program participation, and sustains its dominant balance-sheet position in India’s competitive private banking landscape.
The most recent analyst rating on (HDB) stock is a Buy with a $37.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On January 20, 2026, HDFC Bank announced that the Reserve Bank of India has approved the re-appointment of Kaizad Bharucha as Whole-time Director and Deputy Managing Director for a further three-year term starting April 19, 2026, following recommendations from the bank’s Governance, Nomination and Remuneration Committee and its Board. The regulatory nod secures continuity in HDFC Bank’s top executive leadership, underscoring RBI’s confidence in the bank’s governance framework and providing stability for stakeholders as the lender navigates its strategic and operational priorities over the coming years.
The most recent analyst rating on (HDB) stock is a Buy with a $37.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On January 17, 2026, HDFC Bank’s board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, reporting continued growth in interest income and net profit, supported by higher other income and controlled operating expenses, with no exceptional items booked in the period. At the same meeting, the board recorded that Executive Director Bhavesh Zaveri will retire from his role at the close of business on April 18, 2026, after deciding not to seek reappointment in order to pursue opportunities outside the banking sector, marking a forthcoming change in the bank’s senior leadership while the board formally acknowledged his long service.
The most recent analyst rating on (HDB) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On January 12, 2026, HDFC Bank Limited, a major Indian private sector bank with diversified retail and corporate banking operations, filed a Form 6-K with the U.S. Securities and Exchange Commission in connection with its upcoming earnings communication. The bank announced it will host an earnings call with analysts and investors on January 17, 2026, at 18:00 IST to discuss its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, underscoring its ongoing engagement with global capital markets and providing stakeholders with an opportunity to assess recent operating performance and financial trends ahead of the formal results release.
The most recent analyst rating on (HDB) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
In an intimation dated January 5, 2026, HDFC Bank reported that its lending and deposit franchises continued to expand solidly through the December 2025 quarter. Average advances under management for the quarter reached ₹28,639 billion, up about 9.0% year-on-year from ₹26,276 billion in the December 2024 quarter, while period-end advances under management rose 9.8% to approximately ₹29,460 billion as of December 31, 2025; period-end gross advances grew an even stronger 11.9% to approximately ₹28,445 billion over the same 12-month period. On the liability side, average deposits for the December 2025 quarter increased 12.2% year-on-year to ₹27,524 billion, driven by 13.4% growth in average time deposits to ₹18,539 billion and 9.9% growth in average CASA deposits to ₹8,984 billion, with period-end total deposits up 11.5% to roughly ₹28,595 billion and CASA balances up 10.1% to about ₹9,610 billion as of December 31, 2025. These figures underscore continued balance sheet expansion and stable funding growth for the bank ahead of its limited review results for the quarter by statutory auditors, signaling sustained scale and franchise strength for lenders, depositors and investors, even as detailed profitability and asset quality metrics await formal quarterly financial disclosures.
The most recent analyst rating on (HDB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.
On December 23, 2025, HDFC Bank Limited announced that its Board of Directors will meet on January 17, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. In line with its share dealing code and securities regulations, the bank has imposed a trading window closure for designated employees and their immediate relatives from December 25, 2025 to January 19, 2026, underscoring its adherence to insider trading norms ahead of a key earnings disclosure that will be closely watched by investors and regulators.
The most recent analyst rating on (HDB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Hdfc Bank stock, see the HDB Stock Forecast page.