HDFC Bank Ltd(HDFCBANK)

NSE: HDFCBANKBSE: 500180

₹ 692.1-0.17%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 10.67 L crWebsite: www.hdfcbank.comUpdated: 24 Oct 2026

About

HDFC Bank calls itself India's largest private sector bank. It offers retail banking, wholesale banking, treasury and, through subsidiaries, insurance, and it reports six segments. Its FY26 revenue was Rs 348615.15 crore. The bank had a customer base of 9.7 crore in FY25, and its branch network passed 10,001 branches as of December 2025.^[1][2][3]

Business segments

Retail Banking was the largest segment, at 41.8% of segment revenue in FY26.^[3]
Wholesale Banking made up 24.1% of segment revenue in FY26.^[3]
Insurance Business made up 14.9% of segment revenue in FY26.^[3]
Treasury was 11.4%, Other Banking Operations 5.1% and Others 2.7% of segment revenue in FY26.^[3]
Five key subsidiaries as of FY25: HDFC Life, HDB Financial Services, HDFC ERGO, HDFC AMC and HDFC Securities.^[1]

Loan book and deposits

In the September 2026 quarter, average advances under management were Rs 31,872 billion, up 14.0% YoY. Period-end gross advances were Rs 32,195 billion, up 16.3% YoY.^[4]
In the September 2026 quarter, average deposits were Rs 31,665 billion, up 16.8% YoY. Average CASA deposits were Rs 9,712 billion.^[4]
Deposits grew 18.8% YoY in Q2 FY27, including a 4 percentage point lift from a special FCNR(B) window. CASA grew 10.8% YoY.^[5]
Retail assets were 52% of advances in Q1 FY27. Management's stated target is 60%.^[6]
Retail deposits were about 83% of total deposits as of Q2 FY26.^[7]
Granular retail time deposits (below Rs 3 crore) were 47% of net total deposit accretion in FY26, up from 31% the prior year.^[8]
The credit-deposit ratio was 96% as on March 31, 2025, down from about 110% at the merger.^[1]
Retail mortgage advances stood at Rs 8,35,656 crore and retail advances at Rs 13,75,769 crore in FY25.^[1]

Key operating metrics

Net interest margin was 3.32% in Q2 FY27, against 3.38% for FY26.^[5][8]
GNPA was 1.11% in Q2 FY27, down 13 bps YoY. Credit cost was 44 bps in the quarter.^[5]
PCR was 66% in Q1 FY27 (70% excluding agri).^[9]
In Q2 FY27 LCR was 113%, ROA 1.8%, cost to assets 1.73-1.74% and cost of funds 4.4% (flat QoQ). Management aims to run LCR at 110-120%.^[5]
Retail disbursements crossed Rs 90,000 crore in Q2 FY27, up from Rs 76,000 crore in Q1 FY27. Retail ex-agri loan growth rose to 11.2% from 9.1% in June.^[5]
Corporate book grew 2.8% QoQ and 16.4% YoY in Q2 FY27.^[5]
New credit card issuances were 1.4 million in Q2 FY27, up nearly 19% QoQ.^[5]
Borrowings were 11% of liabilities in Q1 FY27.^[6]

Products and market position

The bank says it is the largest player in real estate finance, with a market share of close to 20 per cent (FY25).^[1]
The bank says it handles over 20 per cent of India's inbound remittances (FY25).^[1]
The bank had issued over 7.5 crore credit, debit and prepaid cards as of FY25. PayZapp reached 1.6 crore registrations in FY 2025.^[1]
The SmartHub Vyapar merchant platform had onboarded close to 19.3 lakh users as of FY25.^[1]

MSME and corporate banking

MSME and mid-market loans grew 23.5% YoY at end-September 2026, compared with 17-18% in earlier quarters. Business banking grew 28%.^[5]
ECLGS 5.0 disbursals reached Rs 41,000 crore by Q2 FY27, the highest among banks per management, up from about Rs 14,000 crore as of June 30, 2026.^[5][6]
The bank said it ranked No. 1 in the MSME segment as of Q4 FY26. In FY25 it was among the top three MSME lenders in 21 states and led in 14 of them.^[8][1]

Branch network and distribution

As of FY25 the bank had 24,854 banking outlets (including 5 overseas branches), 21,139 ATMs and cash recyclers, and 15,399 fixed-point business correspondents across 4,150 cities and towns.^[1]
As of FY25 the bank reached over 2,35,000 villages, and 51% of its branches were in rural and semi-urban areas.^[1]
Business volume per branch rose from Rs 266 crore in FY23 to Rs 330 crore in Q1 FY27. About 40% of branches are less than five years old.^[6]
The bank added about 1.7 million liability relationships in Q2 FY27, 25% more than in Q1. Savings accounts opened per branch per day rose 19%.^[5]
Liability penetration in the legacy mortgage book rose from 36% to 50% over the 2.5 years after the merger (as of Q4 FY26).^[8]

International operations

In FY25 the bank had branches in Hong Kong, Bahrain, DIFC and Singapore, an IFSC Banking Unit in GIFT City, and representative offices in Kenya, Abu Dhabi, Dubai and London.^[1]
In FY25 the international business had a balance sheet of US$10.83 billion and made up 1.75 per cent of advances.^[1]

Technology and digital

An in-house unified AI platform had 5 use cases in production and 14 in development as of Q4 FY26.^[8]
In Q2 FY27 product delivery turnaround times fell 10-15% and service turnaround times fell 30%. Customer visits per resource per day rose about 50%.^[5]
Management expects staff count to stay flat as technology and AI raise productivity (Q2 FY27).^[5]

Recent developments

On 17 Oct 2026 the bank said Deputy Managing Director Kaizad Bharucha had resigned, effective December 31, 2026, and that Lily Vadera was reappointed as Independent Director from November 26, 2026 to November 25, 2029.^[10]
A new CEO is due to set out a strategy on core liabilities, the LCR glide path and balance-sheet adjustments in about a month (Q2 FY27 call).^[5]
The bank reported mobilising USD 11.5 billion in foreign currency deposits and issuing USD 2.5 billion in senior unsecured bonds (filing dated October 4, 2026).^[4]
Management said the ECL transition in April 2027 is not expected to need material extra provisioning (Q1 FY27).^[6]
The IPO of subsidiary HDB Financial Services (Rs 12,500 crore, including a Rs 10,000 crore offer for sale by the bank) was completed in Q1 FY26.^[1]

Market Cap

₹10,67,121 Cr

High / Low

₹1,020 / 682

Stock P/E

13.3

Price / Book

1.8

Book Value

₹377

EPS

₹49.4

No. of Shares

1,539.34 Cr

ROE

13.8%

Sales

₹3,48,615 Cr

Net Profit

₹79,219 Cr

Promoter holding

0.0%

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HDFC Bank Ltd(HDFCBANK)

About

Business segments

Loan book and deposits

Key operating metrics

Products and market position

MSME and corporate banking

Branch network and distribution

International operations

Technology and digital

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

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Company data

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