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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
HDFC Bank Limited provides banking and financial products and services to individuals and businesses in India, Bahrain, Hong Kong, Singapore, and Dubai. The company operates through Treasury, Retail Banking, Wholesale Banking, Other Banking Business, Insurance Business, and Other segments. It offers savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits. The company also provides personal, home, car and pre owned car, marriage, two-wheeler, business, doctor, educational, gold, consumer, and rural loans; loans against properties, securities, mutual funds, and car; loans for professionals; government sponsored programs; and loans on credit card, as well as working capital, term loans, supply chain management, project finance, export finance, commercial vehicle / equipment finance, tractor finance, infrastructure, and agriculture finance. In addition, it offers credit, debit, prepaid, forex, and kisan gold cards; payment and collection, export, import, remittance, bank guarantee, letter of credit, trade, hedging, and merchant and cash management services; and insurance and investment products. Further, the company provides short term finance, bill discounting, structured finance, export credit, loan repayment, custodial, and documents collection services; online, mobile, and phone banking services; unified payment interface, immediate payment, national electronic funds transfer, and real time gross settlement services; channel financing, vendor financing, money market, derivatives, employee trusts, cash surplus corporates, tax payment, and bankers to rights/public issue services; and financial solutions for supply chain partners and agricultural customers. It operates branches and automated teller machines in various cities/towns. The company was incorporated in 1994 and is headquartered in Mumbai, India.
How the price compares to earnings, assets and cash generation.
You are paying 15.5 years of current profit for each share. The earnings yield is 6.5%. The tracked Banking & Finance median is 20.4× (n=15), so this trades cheaper than its peers.
The market values the company at 1.8× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
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Pays 1.83% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 11.5× against 15.5× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 3.8× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
Earns ₹13.8 of profit a year for every ₹100 of shareholders' money. Always check how much of this comes from leverage rather than the business.
ROE is 12.1 points above ROA — a large gap, meaning leverage is doing much of the work.
Keeps ₹33.3 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹0.0 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
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Against cash of ₹2,37,767 Cr. Net debt is what matters, not gross borrowings.
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Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing faster than sales — margins are expanding, which is the sign of genuine operating leverage.
EBITDA of — and operating cash flow of —.
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
The figures quoted per share, and how much profit is handed back to owners.
₹46.59 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹393.81; price-to-book compares the market price with this.
Pays out 24% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹11,11,981 Cr.
Return on equity splits into three drivers. The identical ROE can be a genuinely great business or a heavily borrowed ordinary one.
Leverage is doing much of the work here — a high ROE built on borrowing is more fragile than the same ROE earned from margins or turnover.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 7.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹1,92,567 Cr | ₹1,83,864 Cr | ₹1,60,497 Cr | ₹1,20,538 Cr |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating expenses | — | — | — | — |
| Operating income | — | — | — | — |
| Interest expense | ₹1,86,050 Cr | ₹1,82,348 Cr | ₹1,53,392 Cr | ₹77553.82 Cr |
| Pre-tax income | ₹93902.79 Cr | ₹86154.62 Cr | ₹70545.90 Cr | ₹66238.18 Cr |
| Tax | ₹21193.15 Cr | ₹17501.49 Cr | ₹7782.71 Cr | ₹16611.74 Cr |
| Net profit | ₹70479.34 Cr | ₹67350.83 Cr | ₹62265.66 Cr | ₹49544.69 Cr |