HDB
HDFC Bank Limited
HDB's fundamentals are strong: revenue grew 24% and its operating margin rose 2 points to 22%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
HDB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
HDB's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like HDB.
HDB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 16x | $25.71 | — |
| Cheap | 19x | $30.82 | +20% |
| Fair | 23x | $37.39 | +45% |
| Expensive | 29x | $47.45 | +85% |
Historical ranges are pointers, not guarantees.
HDB's PE is 16x, but its earnings don't support one, so it isn't a reliable read right now.
HDB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for HDB, but weaker profitability.
HDB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.65 | +13% |
| Q1 2026 | $1.59 | +8.2% |
| Q4 2025 | $1.56 | +7.6% |
| Q3 2025 | $1.51 | +4.9% |
| Q2 2025 | $1.46 | +8.1% |
| Q1 2025 | $1.47 | +8.9% |
| Q4 2024 | $1.45 | +8.2% |
| Q3 2024 | $1.44 | +7.5% |
HDB's earnings per share have climbed steadily: $1.65 over the past year, up 13% from the year before, and higher year over year for eight quarters in a row.
HDB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $14.3B | +0.8% |
| Q1 2026 | $12.7B | +72% |
| Q4 2025 | $13.7B | +14% |
| Q3 2025 | $12.9B | +33% |
| Q2 2025 | $14.2B | +14% |
| Q1 2025 | $7.3B | +0.5% |
| Q4 2024 | $12B | -2.5% |
| Q3 2024 | $9.6B | -16% |
HDB's revenue has grown year over year for six quarters in a row: $14.3B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 20% | +4.8 points |
| Q1 2026 | 24% | +1.2 points |
| Q4 2025 | 21% | -0.1 points |
| Q3 2025 | 22% | -0.5 points |
| Q2 2025 | 16% | -3.8 points |
| Q1 2025 | 22% | +5.3 points |
| Q4 2024 | 21% | +2.9 points |
| Q3 2024 | 23% | +3.5 points |
HDB's operating margin was 20% last quarter, up 4.8 points from the same quarter a year ago.
HDB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | $0 |
| Q1 2026 | $18.4B | +$18.4B |
| Q4 2025 | $0 | $0 |
| Q3 2025 | $0 | $0 |
| Q2 2025 | $0 | $0 |
| Q1 2025 | $0 | $0 |
| Q4 2024 | $0 | $0 |
| Q3 2024 | $0 | $0 |
HDB's free cash flow was $18.4B over the past year, against $0 the year before. Free cash flow isn't a meaningful measure for financial services companies like HDB.
HDB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -2.6M shares |
| 1 year | +0.2% | +12.4M shares |
| 3 years | +37% | +1.4B shares |
| 5 years | +39% | +1.5B shares |
| Available history | +39% | +1.5B shares |
HDB has 5.1B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
HDB hasn't bought back shares in the past year.
HDB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.0x | Elevated |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 4.8x | High |
| Q2 2025 | 4.8x | High |
| Q1 2025 | 5.1x | High |
| Q4 2024 | 5.3x | High |
| Q3 2024 | 7.1x | High |
HDB's net debt is about 3.0 years of its operating earnings (EBITDA), down from 4.8 years a year ago. Net leverage isn't a meaningful measure for financial services companies like HDB.
HDB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.2 | Neutral |
| Stochastic | 68.2 | Neutral |
HDB's weekly RSI is 55 (neutral) and its Stochastic is 68 (neutral).
HDB PE vs Financial Services Sector
| Metric | HDB | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 20% above |
| PE % | 5 | 63 | 58 pts below |
HDB is trading at 16x earnings, a 20% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
HDB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.3 | 10% above |
| 20 week MA | $23.8 | 8.1% above |
| 50 week MA | $27.0 | 4.9% below |
| 100 week MA | $30.9 | 17% below |
| 200 week MA | $31.1 | 17% below |
HDB has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 17% below its 200-week average.
HDB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.6 | $34.8 | +10% |
| 2021 | $34.8 | $31.6 | -9.1% |
| 2022 | $31.6 | $33.4 | +5.7% |
| 2023 | $33.4 | $33.6 | +0.4% |
| 2024 | $33.6 | $32.3 | -3.8% |
| 2025 | $32.3 | $36.5 | +13% |
| 2026 YTD | $36.5 | $25.7 | -29% |
HDB has finished higher in four of the last six years. It's down 29% so far in 2026.