HDFC Bank Ltd.
HDFCBANKFinancial Services filings
Earnings calls
7 transcript(s)/analyst meet(s) served; 1 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 7 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220425 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220721 | 2022-06-30 | yes | |
| COVER_LETTER | 20221021 | 2022-09-30 | no | |
| TRANSCRIPT | 20231021 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240725 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241025 | 2024-09-30 | yes | |
| TRANSCRIPT | 20251027 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260319 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260724 | 2026-06-30 | yes |
Model workbook
Download HDFCBANK_model_v2.xlsx — every figure in it names the filing, the reporting context and the period it was read from.
Commentary — cross-call tabulation
| Quarter | Theme | Management sentences | Analyst sentences | Management share |
|---|---|---|---|---|
| Q1FY23 | AI and technology | 0 | 0 | 0.00 |
| Q1FY23 | Capex and capacity | 1 | 2 | 0.04 |
| Q1FY23 | Capital allocation | 0 | 0 | 0.00 |
| Q1FY23 | Competition | 0 | 0 | 0.00 |
| Q1FY23 | Credit quality | 2 | 4 | 0.07 |
| Q1FY23 | Currency and macro | 0 | 1 | 0.00 |
| Q1FY23 | Demand and volumes | 0 | 2 | 0.00 |
| Q1FY23 | Deposits and liquidity | 0 | 6 | 0.00 |
| Q1FY23 | Distribution and persistency | 2 | 7 | 0.07 |
| Q1FY23 | Margins and costs | 0 | 17 | 0.00 |
| Q1FY23 | People and attrition | 0 | 1 | 0.00 |
| Q1FY23 | Pricing and realisation | 0 | 13 | 0.00 |
| Q1FY23 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q1FY23 | Regulation and policy | 2 | 3 | 0.07 |
| Q1FY25 | AI and technology | 0 | 0 | 0.00 |
| Q1FY25 | Capex and capacity | 0 | 1 | 0.00 |
| Q1FY25 | Capital allocation | 0 | 0 | 0.00 |
| Q1FY25 | Competition | 3 | 6 | 0.01 |
| Q1FY25 | Credit quality | 3 | 1 | 0.01 |
| Q1FY25 | Currency and macro | 0 | 0 | 0.00 |
| Q1FY25 | Demand and volumes | 2 | 0 | 0.01 |
| Q1FY25 | Deposits and liquidity | 11 | 11 | 0.05 |
| Q1FY25 | Distribution and persistency | 6 | 1 | 0.03 |
| Q1FY25 | Margins and costs | 9 | 3 | 0.04 |
| Q1FY25 | People and attrition | 1 | 0 | 0.00 |
| Q1FY25 | Pricing and realisation | 3 | 2 | 0.01 |
| Q1FY25 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q1FY25 | Regulation and policy | 2 | 0 | 0.01 |
| Q1FY27 | AI and technology | 3 | 1 | 0.01 |
| Q1FY27 | Capex and capacity | 1 | 0 | 0.00 |
| Q1FY27 | Capital allocation | 3 | 3 | 0.01 |
| Q1FY27 | Competition | 5 | 1 | 0.02 |
| Q1FY27 | Credit quality | 4 | 2 | 0.02 |
| Q1FY27 | Currency and macro | 0 | 0 | 0.00 |
| Q1FY27 | Demand and volumes | 3 | 0 | 0.01 |
| Q1FY27 | Deposits and liquidity | 24 | 10 | 0.11 |
| Q1FY27 | Distribution and persistency | 16 | 2 | 0.07 |
| Q1FY27 | Margins and costs | 14 | 5 | 0.06 |
| Q1FY27 | People and attrition | 0 | 0 | 0.00 |
| Q1FY27 | Pricing and realisation | 12 | 0 | 0.06 |
| Q1FY27 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q1FY27 | Regulation and policy | 5 | 3 | 0.02 |
| Q2FY24 | AI and technology | 0 | 0 | 0.00 |
| Q2FY24 | Capex and capacity | 2 | 0 | 0.01 |
| Q2FY24 | Capital allocation | 0 | 0 | 0.00 |
| Q2FY24 | Competition | 9 | 0 | 0.04 |
| Q2FY24 | Credit quality | 4 | 1 | 0.02 |
| Q2FY24 | Currency and macro | 2 | 0 | 0.01 |
| Q2FY24 | Demand and volumes | 3 | 0 | 0.01 |
| Q2FY24 | Deposits and liquidity | 15 | 10 | 0.07 |
| Q2FY24 | Distribution and persistency | 12 | 4 | 0.06 |
| Q2FY24 | Margins and costs | 6 | 4 | 0.03 |
| Q2FY24 | People and attrition | 0 | 0 | 0.00 |
| Q2FY24 | Pricing and realisation | 2 | 0 | 0.01 |
| Q2FY24 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q2FY24 | Regulation and policy | 3 | 0 | 0.01 |
| Q2FY25 | AI and technology | 1 | 0 | 0.00 |
| Q2FY25 | Capex and capacity | 0 | 1 | 0.00 |
| Q2FY25 | Capital allocation | 0 | 0 | 0.00 |
| Q2FY25 | Competition | 1 | 2 | 0.00 |
| Q2FY25 | Credit quality | 5 | 8 | 0.02 |
| Q2FY25 | Currency and macro | 4 | 0 | 0.01 |
| Q2FY25 | Demand and volumes | 0 | 1 | 0.00 |
| Q2FY25 | Deposits and liquidity | 19 | 12 | 0.07 |
| Q2FY25 | Distribution and persistency | 8 | 1 | 0.03 |
| Q2FY25 | Margins and costs | 0 | 3 | 0.00 |
| Q2FY25 | People and attrition | 1 | 0 | 0.00 |
| Q2FY25 | Pricing and realisation | 10 | 1 | 0.04 |
| Q2FY25 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q2FY25 | Regulation and policy | 2 | 1 | 0.01 |
| Q2FY26 | AI and technology | 2 | 0 | 0.01 |
| Q2FY26 | Capex and capacity | 1 | 0 | 0.01 |
| Q2FY26 | Capital allocation | 2 | 0 | 0.01 |
| Q2FY26 | Competition | 3 | 2 | 0.02 |
| Q2FY26 | Credit quality | 6 | 2 | 0.03 |
| Q2FY26 | Currency and macro | 5 | 0 | 0.03 |
| Q2FY26 | Demand and volumes | 9 | 1 | 0.05 |
| Q2FY26 | Deposits and liquidity | 17 | 5 | 0.10 |
| Q2FY26 | Distribution and persistency | 11 | 2 | 0.06 |
| Q2FY26 | Margins and costs | 13 | 4 | 0.07 |
| Q2FY26 | People and attrition | 0 | 0 | 0.00 |
| Q2FY26 | Pricing and realisation | 6 | 2 | 0.03 |
| Q2FY26 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q2FY26 | Regulation and policy | 4 | 1 | 0.02 |
| Q3FY26 | AI and technology | 0 | 0 | 0.00 |
| Q3FY26 | Capex and capacity | 0 | 1 | 0.00 |
| Q3FY26 | Capital allocation | 0 | 0 | 0.00 |
| Q3FY26 | Competition | 0 | 0 | 0.00 |
| Q3FY26 | Credit quality | 0 | 0 | 0.00 |
| Q3FY26 | Currency and macro | 0 | 0 | 0.00 |
| Q3FY26 | Demand and volumes | 0 | 0 | 0.00 |
| Q3FY26 | Deposits and liquidity | 0 | 0 | 0.00 |
| Q3FY26 | Distribution and persistency | 0 | 0 | 0.00 |
| Q3FY26 | Margins and costs | 0 | 0 | 0.00 |
| Q3FY26 | People and attrition | 0 | 2 | 0.00 |
| Q3FY26 | Pricing and realisation | 0 | 0 | 0.00 |
| Q3FY26 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q3FY26 | Regulation and policy | 14 | 5 | 0.07 |
| Q4FY22 | AI and technology | 0 | 1 | 0.00 |
| Q4FY22 | Capex and capacity | 0 | 1 | 0.00 |
| Q4FY22 | Capital allocation | 0 | 0 | 0.00 |
| Q4FY22 | Competition | 0 | 5 | 0.00 |
| Q4FY22 | Credit quality | 0 | 2 | 0.00 |
| Q4FY22 | Currency and macro | 0 | 1 | 0.00 |
| Q4FY22 | Demand and volumes | 0 | 4 | 0.00 |
| Q4FY22 | Deposits and liquidity | 0 | 12 | 0.00 |
| Q4FY22 | Distribution and persistency | 0 | 17 | 0.00 |
| Q4FY22 | Margins and costs | 0 | 14 | 0.00 |
| Q4FY22 | People and attrition | 0 | 0 | 0.00 |
| Q4FY22 | Pricing and realisation | 0 | 10 | 0.00 |
| Q4FY22 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q4FY22 | Regulation and policy | 1 | 2 | 0.20 |
Guidance items
| quarter | metric | direction | sentence | page |
|---|---|---|---|---|
| Q1FY23 | other | nan | So how do you see the outlook panning out for growth in CRB and also if you could throw some color on you said that you probably gave up some corporate loan gro | 9 |
| Q2FY24 | other | nan | And that's where I will tell you to look at it, is if you look historically, that's the range of which had. | 10 |
| Q2FY24 | other | nan | And when we look at that cohort of branches about how they are performing, right, our model shows that, it should be breakeven in two years' time and about 90%- | 11 |
| Q2FY24 | other | nan | Because you know that it gets -- the turnaround time is pretty soon, pretty fast, and the product will be in the hands of the customer that we could consummate. | 14 |
| Q2FY24 | other | nan | Rajiv, we don't give forward-looking guidance in terms of what we will grow, but we can point to past and give the kind of how we have done and how we are capac | 15 |
| Q2FY24 | other | nan | We expect that -- yes, it has been in the -- sometimes it's been in the 20s, sometimes it has been in the high teens. | 17 |
| Q1FY25 | other | nan | Yes, sort of engaging with you all after a quarter, I just wanted to recap some of the guidance that we have been giving in the past couple of quarters. | 3 |
| Q1FY25 | other | nan | One of the things that we have been mentioning is that we would like to desist from providing any guidance of any form as it is providing a distraction from our | 3 |
| Q1FY25 | other | nan | The SMF category as of March, which we have published in our report or in various disclosures, the SMF category target is, of course, the obligation is 10%. | 8 |
| Q1FY25 | other | nan | You have to be patient, wait for this particular FY '25 for you to see it for yourself as to where we land and then that will give a lot of confidence to you th | 9 |
| Q2FY25 | other | nan | FY '27, we should be faster than the system growth rate. | 3 |
| Q2FY25 | loan / AUM growth | nan | Instead of that, there is an opportunity right now with the rate of credit growth being high over the last two years and is expected to come down to maybe the d | 6 |
| Q2FY25 | other | nan | We have told you that our target that we normally tend to operate is between 110 to 120. | 9 |
| Q2FY25 | other | nan | We are leaving that like so there's no one particular target, Mahesh, as we said, we are not strategizing to execute that one number that we want to hit. | 13 |
| Q2FY25 | other | nan | I think that should be maintained. | 15 |
| Q2FY25 | other | nan | In the medium term, I think we should be able to manage these margins in this particular range. | 15 |
| Q2FY25 | other | nan | The question of whether it should be improving, it's a relevant question. | 15 |
| Q2FY25 | other | nan | And we are not targeting one number or one range of numbers that we want to get to there. | 16 |
| Q2FY25 | other | nan | I think for the annual, we have published -- as of March, we have published in our derivative schedule, you should be able to see it in our annual report for th | 17 |
| Q2FY26 | other | nan | Global outlook remains very volatile, thanks to the uncertainty related to tariffs and immigration policies. | 3 |
| Q2FY26 | other | nan | Now, we are on that upward trajectory. | 5 |
| Q2FY26 | deposits | nan | In addition to that, obviously, when we realized that the economic outlook was changing post the merger, we took a strategic call that we would like to relook a | 9 |
| Q2FY26 | other | nan | And in addition to that, the upsell that we have been able to do across a whole range of products, which is the credit cards that go along with it, when a perso | 10 |
| Q2FY26 | other | nan | So, when you look at the whole gamut of the upsell along with the checking account and an emotional product like a home loan, which is a good duration product, | 10 |
| Q2FY26 | other | nan | But having said that, as we have mentioned in the call, we believe that from FY'27, when we get back our trajectory, when we start to ensure that all our distri | 10 |
| Q2FY26 | net interest margin | nan | And yes, these are the drivers, and it is about the cost of funds which changes that trajectory. | 11 |
| Q2FY26 | other | nan | As it unfolds and as Sashi alluded to, we see a positive traction continuing in the economic environment and we will certainly participate in our target market | 12 |
| Q2FY26 | volume | nan | If I move to the mortgage piece out over there, on the volume rate of growth, last year, if you step back, we did a lot of corrections that needed to be carried | 12 |
| Q2FY26 | other | nan | So, we continue to mine that space within our parameters going forward. | 15 |
| Q3FY26 | other | nan | The board has accepted his resignation with appreciation for his guidance and contribution during his tenure. | 3 |
| Q3FY26 | other | nan | We will continue to ensure that this particular trust is maintained not just now but sustained for several years going forward. | 4 |
| Q3FY26 | other | nan | There is a full 3-month period during which period of time the Board will meet, take a call on who should be the full-time or the Non-Executive Chairman or the | 10 |
| Q3FY26 | other | nan | So, I think we should be very proud of the positioning in our economy. | 11 |
| Q3FY26 | other | nan | We had a trajectory and we are on path to that trajectory. | 13 |
| Q1FY27 | other | nan | I also sincerely thank the board for their guidance and more so Keki Mistry for chairing as the Interim Chairman during this period. | 3 |
| Q1FY27 | loan / AUM growth | nan | As you have seen, the advances have done very well over the last three, four quarters and that trajectory continues. | 3 |
| Q1FY27 | other | nan | We do think that in the longer term that the profit growth should be at or above the balance sheet growth. | 11 |
| Q1FY27 | other | nan | We are also aware that you and me included, every individual is going to keep only certain level of their individuals' working capital, so to say, their needs i | 11 |
| Q1FY27 | credit cost / asset quality | nan | If you look at the unsecured mix, the provision coverage will be in the 70s, mid-70s or higher. | 14 |
| Q1FY27 | other | nan | That is our endeavour and I think we are all, you know, the entire team is quite gung-ho to mobilize that kind of we're all energized and I think we are on trac | 15 |
Claims reconciled to filings
| Quarter | Metric | Claimed | Kind | Anchor | Anchor value | Verdict | Source |
|---|---|---|---|---|---|---|---|
| Q4FY22 | revenue growth | 10.4 % | ratio | not comparable without the prior year quarter in scope | nan | NO_ANCHOR | Date_20220425_HDFC Bank Ltd._C p5 |
| Q4FY22 | revenue growth | 10.2 % | ratio | not comparable without the prior year quarter in scope | nan | NO_ANCHOR | Date_20220425_HDFC Bank Ltd._C p5 |
| Q4FY22 | net interest income | 18,873 crores | money | derived NII | 203,476,600,000.00 | CLOSE_WITHIN_10PCT | Date_20220425_HDFC Bank Ltd._C p5 |
| Q4FY22 | operating profit / EBITDA | 16,357 crores | money | OPERATING_PROFIT_PRE_PROVISION | 177,204,000,000.00 | CLOSE_WITHIN_10PCT | Date_20220425_HDFC Bank Ltd._C p6 |
| Q4FY22 | profit after tax | 10055 crores | money | PROFIT_AFTER_TAX | 104,748,900,000.00 | CLOSE_WITHIN_10PCT | Date_20220425_HDFC Bank Ltd._C p7 |
| Q4FY22 | revenue | 2,141 crores | money | INTEREST_EARNED | 355,741,900,000.00 | DIVERGES | Date_20220425_HDFC Bank Ltd._C p7 |
| Q4FY22 | revenue growth | 8 % | ratio | not comparable without the prior year quarter in scope | nan | NO_ANCHOR | Date_20220425_HDFC Bank Ltd._C p7 |
| Q4FY22 | profit after tax | 236 crores | money | PROFIT_AFTER_TAX | 104,748,900,000.00 | DIVERGES | Date_20220425_HDFC Bank Ltd._C p8 |
| Q1FY23 | revenue | 27181 crores | money | INTEREST_EARNED | 372,738,100,000.00 | ADJUSTED_MEASURE_NOT_STATUTORY | Date_20220721_HDFC Bank Ltd._C p6 |
| Q1FY23 | profit after tax | 9196 crores | money | PROFIT_AFTER_TAX | 96,166,700,000.00 | CLOSE_WITHIN_10PCT | Date_20220721_HDFC Bank Ltd._C p8 |
| Q1FY23 | revenue | 2194 crores | money | INTEREST_EARNED | 372,738,100,000.00 | DIVERGES | Date_20220721_HDFC Bank Ltd._C p8 |
| Q1FY23 | profit after tax | 441 crores | money | PROFIT_AFTER_TAX | 96,166,700,000.00 | DIVERGES | Date_20220721_HDFC Bank Ltd._C p8 |
| Q1FY23 | revenue | 432 crores | money | INTEREST_EARNED | 372,738,100,000.00 | DIVERGES | Date_20220721_HDFC Bank Ltd._C p8 |
| Q1FY23 | profit after tax | 189 crores | money | PROFIT_AFTER_TAX | 96,166,700,000.00 | DIVERGES | Date_20220721_HDFC Bank Ltd._C p9 |
| Q2FY24 | revenue | 38,093 crores | money | INTEREST_EARNED | 750,391,000,000.00 | DIFFERENT_BASIS_LIKELY | Date_20231021_HDFC Bank Ltd._C p6 |
| Q2FY24 | revenue growth | 33 % | ratio | not comparable without the prior year quarter in scope | nan | NO_ANCHOR | Date_20231021_HDFC Bank Ltd._C p6 |
| Q2FY24 | net interest income | 27,385 crores | money | derived NII | 337,891,900,000.00 | DIVERGES | Date_20231021_HDFC Bank Ltd._C p6 |
| Q2FY24 | operating profit / EBITDA | 22,694 crores | money | OPERATING_PROFIT_PRE_PROVISION | 242,791,200,000.00 | CLOSE_WITHIN_10PCT | Date_20231021_HDFC Bank Ltd._C p7 |
| Q2FY24 | profit after tax | 15,976 crores | money | PROFIT_AFTER_TAX | 173,123,800,000.00 | CLOSE_WITHIN_10PCT | Date_20231021_HDFC Bank Ltd._C p8 |
| Q2FY24 | profit after tax | 601 crores | money | PROFIT_AFTER_TAX | 173,123,800,000.00 | DIVERGES | Date_20231021_HDFC Bank Ltd._C p8 |
| Q2FY24 | profit after tax | 214 crores | money | PROFIT_AFTER_TAX | 173,123,800,000.00 | DIVERGES | Date_20231021_HDFC Bank Ltd._C p8 |
| Q2FY24 | profit after tax | 15,976 crores | money | PROFIT_AFTER_TAX | 173,123,800,000.00 | CLOSE_WITHIN_10PCT | Date_20231021_HDFC Bank Ltd._C p8 |
| Q2FY24 | profit after tax | 16,811 crores | money | PROFIT_AFTER_TAX | 173,123,800,000.00 | CLOSE_WITHIN_10PCT | Date_20231021_HDFC Bank Ltd._C p8 |
HDFCBANK
files the banking form. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | banking |
| Scope served | consolidated |
| Panels on this page | 5 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 728.90 |
| 52-week range | 687.1 – 1009.5 |
| Return 1M | 0.19% |
| Return 3M | -8.46% |
| Return 1Y | -23.36% |
| Return 3Y | -4.78% |
| Return 5Y | -8.98% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Interest earned | 90,575.00 |
| Interest on advances and bills | 66,407.00 |
| Income on investments | 20,753.00 |
| Interest on balances with the RBI and interbank funds | 1,599.00 |
| Other interest | 1,816.00 |
| Interest expended | 47,626.00 |
| Other income | 42,535.00 |
| Total income | 133,110.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | not disclosed | — |
| institutions foreign | 0.42 | -0.02 |
| institutions domestic | 0.42 | 0.02 |
| mutual funds | 0.31 | 0.01 |
| public | 1.00 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2022-09-30 | 1 |
| TRANSCRIPT | 2026-06-30 | 8 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Cash flow, as filed
| Line | 2022-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Net cash from operating activities | -67,471.00 | 19,069.00 | 113,800.00 | 127,242.00 | -32,053.00 | 113,506.00 |
| Net cash from investing activities | -1,245.00 | 5,314.00 | -1,817.00 | -3,851.00 | 8,552.00 | 6,363.00 |
| Net cash from financing activities | 17,678.00 | 7,199.00 | -74,473.00 | -102,478.00 | -49,774.00 | -59,005.00 |
| Purchase of property, plant and equipment | 1,260.00 | 4,287.00 | 1,792.00 | 4,076.00 | 1,386.00 | 3,890.00 |
| Net increase in cash | -50,663.00 | 31,687.00 | 37,551.00 | 21,113.00 | -72,890.00 | 61,978.00 |
| con:CFO.BEFORE_TAX | -59,746.00 | 41,912.00 | 126,103.00 | 146,951.00 | -23,312.00 | 136,163.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 7,725.00 | 22,843.00 | 12,303.00 | 19,709.00 | 8,741.00 | 22,656.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 15.00 | 100.00 | 42.00 | 101.00 | 263.00 | 528.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 9,501.00 | 0.00 | 192.00 | 9,755.00 | 9,806.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 67.00 | 67.00 | 81.00 | 81.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Quarterly results, as filed
| Line | 2022-06-30 | 2022-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest earned | 37,274.00 | 40,930.00 | 78,008.00 | 79,434.00 | 81,546.00 | 83,002.00 | 85,040.00 | 86,779.00 | 87,372.00 | 86,994.00 | 87,067.00 | 87,182.00 | 90,575.00 |
| Interest on advances and bills | 29,414.00 | 32,630.00 | 59,527.00 | 61,103.00 | 61,876.00 | 62,707.00 | 63,364.00 | 64,007.00 | 64,148.00 | 63,310.00 | 64,114.00 | 64,621.00 | 66,407.00 |
| Income on investments | 7,137.00 | 7,681.00 | 16,573.00 | 15,983.00 | 17,474.00 | 17,827.00 | 18,878.00 | 19,733.00 | 20,817.00 | 21,328.00 | 20,580.00 | 19,931.00 | 20,753.00 |
| Interest on balances with the RBI and interbank funds | 320.00 | 191.00 | 472.00 | 825.00 | 636.00 | 849.00 | 925.00 | 762.00 | 826.00 | 739.00 | 774.00 | 1,118.00 | 1,599.00 |
| Other interest | 403.00 | 428.00 | 1,436.00 | 1,524.00 | 1,560.00 | 1,619.00 | 1,873.00 | 2,278.00 | 1,580.00 | 1,617.00 | 1,599.00 | 1,512.00 | 1,816.00 |
| Interest expended | 16,358.00 | 18,311.00 | 43,242.00 | 43,692.00 | 44,580.00 | 45,414.00 | 46,914.00 | 46,986.00 | 47,709.00 | 46,741.00 | 45,821.00 | 45,220.00 | 47,626.00 |
| Other income | 6,929.00 | 8,252.00 | 37,007.00 | 44,958.00 | 35,450.00 | 38,455.00 | 27,154.00 | 33,489.00 | 45,683.00 | 31,567.00 | 39,860.00 | 29,737.00 | 42,535.00 |
| Total income | 44,202.00 | 49,182.00 | 115,016.00 | 124,391.00 | 116,996.00 | 121,457.00 | 112,194.00 | 120,269.00 | 133,055.00 | 118,561.00 | 126,927.00 | 116,920.00 | 133,110.00 |
| Employee benefit expense | 4,607.00 | 4,632.00 | 7,860.00 | 9,423.00 | 8,289.00 | 8,519.00 | 8,518.00 | 8,810.00 | 8,897.00 | 9,318.00 | 10,300.00 | 9,089.00 | 9,342.00 |
| Operating expenses | 11,355.00 | 12,150.00 | 45,926.00 | 49,128.00 | 46,547.00 | 48,805.00 | 37,350.00 | 43,904.00 | 49,183.00 | 40,879.00 | 50,524.00 | 40,588.00 | 54,489.00 |
| Expenditure excluding provisions and contingencies | 27,713.00 | 30,461.00 | 89,168.00 | 92,819.00 | 91,126.00 | 94,219.00 | 84,264.00 | 90,890.00 | 96,892.00 | 87,620.00 | 96,345.00 | 85,808.00 | 102,114.00 |
| Operating profit before provisions | 16,489.00 | 18,722.00 | 25,847.00 | 31,572.00 | 25,870.00 | 27,237.00 | 27,930.00 | 29,379.00 | 36,163.00 | 30,941.00 | 30,582.00 | 31,112.00 | 30,996.00 |
| Provisions and contingencies | 3,666.00 | 3,765.00 | 4,604.00 | 13,811.00 | 3,143.00 | 3,269.00 | 3,957.00 | 3,805.00 | 15,314.00 | 4,282.00 | 3,621.00 | 3,440.00 | 3,803.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | -390.00 | 0.00 | -802.00 | 0.00 | -450.00 | 0.00 | -753.00 | 0.00 | -723.00 | 0.00 |
| Profit before tax | 12,823.00 | 14,956.00 | 21,243.00 | 17,371.00 | 22,727.00 | 23,167.00 | 23,973.00 | 25,124.00 | 20,850.00 | 25,906.00 | 26,961.00 | 26,948.00 | 27,193.00 |
| Tax expense | 3,207.00 | 3,794.00 | 3,525.00 | -251.00 | 5,539.00 | 5,341.00 | 5,633.00 | 6,289.00 | 3,759.00 | 6,295.00 | 6,270.00 | 6,597.00 | 6,810.00 |
| Profit for the period | 9,617.00 | 11,163.00 | 17,718.00 | 17,622.00 | 17,188.00 | 17,826.00 | 18,340.00 | 18,835.00 | 17,090.00 | 19,611.00 | 20,691.00 | 20,351.00 | 20,383.00 |
| Profit attributable to owners | 9,579.00 | 11,125.00 | 17,258.00 | 17,622.00 | 16,475.00 | 17,826.00 | 17,657.00 | 18,385.00 | 16,258.00 | 19,611.00 | 19,807.00 | 20,351.00 | 19,245.00 |
| Profit attributable to non-controlling interests | 38.00 | 37.00 | 460.00 | 0.00 | 713.00 | 0.00 | 684.00 | 450.00 | 833.00 | 0.00 | 884.00 | 0.00 | 1,138.00 |
| con:SHARE_OF_ASSOCIATES | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Earnings per share, basic | 17.30 | 20.01 | 22.74 | 23.20 | 21.67 | 23.40 | 23.11 | 24.62 | 21.23 | 12.78 | 12.88 | 13.22 | 12.50 |
| Earnings per share, diluted | 17.20 | 19.93 | 22.65 | 23.12 | 21.59 | 23.29 | 23.00 | 24.52 | 21.12 | 12.71 | 12.82 | 13.18 | 12.47 |
Annual results, as filed
| Line | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|
| Interest earned | 283,649.00 | 336,367.00 | 348,615.00 |
| Interest on advances and bills | 217,979.00 | 251,954.00 | 256,192.00 |
| Income on investments | 57,525.00 | 73,912.00 | 82,657.00 |
| Interest on balances with the RBI and interbank funds | 2,635.00 | 3,173.00 | 3,457.00 |
| Other interest | 5,510.00 | 7,329.00 | 6,309.00 |
| Interest expended | 154,139.00 | 183,894.00 | 185,491.00 |
| Other income | 124,346.00 | 134,548.00 | 146,848.00 |
| Total income | 407,995.00 | 470,916.00 | 495,463.00 |
| Employee benefit expense | 31,023.00 | 34,136.00 | 37,605.00 |
| Operating expenses | 152,269.00 | 176,605.00 | 181,174.00 |
| Expenditure excluding provisions and contingencies | 306,408.00 | 360,499.00 | 366,665.00 |
| Operating profit before provisions | 101,587.00 | 110,417.00 | 128,798.00 |
| Provisions and contingencies | 25,018.00 | 14,175.00 | 26,656.00 |
| Profit before exceptional items and tax | — | 93,594.00 | 98,948.00 |
| Exceptional items | -1,384.00 | -2,648.00 | -3,193.00 |
| Profit before tax | 75,184.00 | 93,594.00 | 98,948.00 |
| Tax expense | 11,122.00 | 22,802.00 | 22,922.00 |
| Profit for the period | 64,062.00 | 70,792.00 | 76,026.00 |
| Profit attributable to owners | 64,062.00 | 68,144.00 | 76,026.00 |
| Profit attributable to non-controlling interests | 0.00 | 2,648.00 | 0.00 |
| con:SHARE_OF_ASSOCIATES | 0.00 | 0.00 | 0.00 |
| Earnings per share, basic | 90.42 | 92.81 | 49.50 |
| Earnings per share, diluted | 90.01 | 92.39 | 49.28 |
Balance sheet, as filed
| Line | 2022-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Capital | 557.00 | 760.00 | 763.00 | 765.00 | 1,536.00 | 1,539.00 |
| Reserves and surplus | 261,759.00 | 452,983.00 | 477,794.00 | 517,219.00 | 537,608.00 | 579,975.00 |
| Deposits | 1,671,646.00 | 2,376,887.00 | 2,496,325.00 | 2,710,898.00 | 2,798,170.00 | 3,099,638.00 |
| Borrowings | 251,743.00 | 730,615.00 | 666,039.00 | 634,606.00 | 599,507.00 | 588,485.00 |
| Other liabilities and provisions | 97,872.00 | 468,949.00 | 510,867.00 | 528,929.00 | 577,920.00 | 638,404.00 |
| Total equity and liabilities | 2,283,577.00 | 4,030,194.00 | 4,151,788.00 | 4,392,417.00 | 4,514,741.00 | 4,908,041.00 |
| Cash and balances with the RBI | 88,062.00 | 178,719.00 | 194,486.00 | 144,390.00 | 133,211.00 | 200,707.00 |
| Balances with banks and money at call | 16,661.00 | 50,116.00 | 71,899.00 | 105,558.00 | 43,847.00 | 111,219.00 |
| Investments | 512,493.00 | 1,005,682.00 | 1,061,585.00 | 1,186,473.00 | 1,250,391.00 | 1,280,216.00 |
| Advances | 1,533,945.00 | 2,565,891.00 | 2,585,710.00 | 2,724,938.00 | 2,853,903.00 | 3,050,783.00 |
| Property, plant and equipment | 6,828.00 | 12,604.00 | 14,171.00 | 15,258.00 | 15,538.00 | 16,492.00 |
| Other assets | 125,588.00 | 217,183.00 | 223,937.00 | 215,801.00 | 217,852.00 | 248,624.00 |
| Total assets | 2,283,577.00 | 4,030,194.00 | 4,151,788.00 | 4,392,417.00 | 4,514,741.00 | 4,908,041.00 |
Asset quality and capital, as filed
| Line | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross non-performing assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net non-performing assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross NPA, per cent | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net NPA, per cent | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Return on assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| CET-1 ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Tier-1 ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-07-14 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-08-28 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — |
| Domestic institutions | 30.01 | 30.64 | 30.80 | 33.60 | 35.48 | 35.31 | 34.56 | 35.86 | 35.96 | 36.04 | 0.36 | 0.37 | 0.40 | 0.42 |
| Mutual funds | — | — | — | — | — | — | — | — | 25.61 | 25.82 | 0.26 | 0.27 | 0.30 | 0.31 |
| Insurance companies | 8.71 | 8.74 | 9.07 | 8.11 | 8.21 | 8.27 | 7.99 | 7.99 | 7.54 | 7.30 | 0.07 | 0.07 | 0.07 | 0.07 |
| Foreign institutions | 53.93 | 52.13 | 52.30 | 47.83 | 47.17 | 48.01 | 49.20 | 48.30 | 48.84 | 48.61 | 0.48 | 0.48 | 0.44 | 0.42 |
| Government | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Non-institutional | 16.06 | 17.23 | 16.89 | 18.57 | 17.35 | 16.67 | 16.23 | 15.84 | 15.20 | 15.35 | 0.15 | 0.15 | 0.16 | 0.16 |
| Shares outstanding | 6509453939 | 6553700513 | 6564369209 | 6568795137 | 6580006777 | 6602662784 | 6620212601 | 6624118731 | 6639810703 | 13297873636 | 13307492668 | 13328371330 | 13337162442 | 13350313106 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| HDFC Life Insurance Company Limited | Subsidiary | Any other transaction, Dividend received, Interest p | 90,207,100,000.00 | 18 |
| Munich Re | Ultimate holding of Investing Part | Any other transaction, Purchase of goods or services | 35,551,700,000.00 | 3 |
| HDFC ERGO General Insurance Company Limited | Subsidiary | Any other transaction, Interest paid, Interest recei | 23,971,200,000.00 | 18 |
| HDFC Securities Limited | Subsidiary | Any other transaction, Dividend received, Sale of go | 18,446,200,000.00 | 14 |
| HDB Financial Services Limited | Subsidiary | Any other transaction, Dividend received, Interest r | 17,028,700,000.00 | 15 |
| HCL Technologies Limited | Related Party of Subsidiary | Any other transaction, Dividend received, Interest p | 10,370,800,000.00 | 9 |
| HDFC Asset Management Company Limited | Subsidiary | Any other transaction, Dividend received, Sale of go | 8,089,500,000.00 | 6 |
| HDFC Sales Private Limited | Subsidiary | Any other transaction, Purchase of fixed assets, Sal | 5,912,100,000.00 | 8 |
| HCL Capital Private Limited | Related Party of Subsidiary | Any other transaction, Interest paid | 5,159,400,000.00 | 3 |
| PayU Payments Private Limited | Interested entity of KMP/Directors | Any other transaction, Sale of goods or services | 3,576,900,000.00 | 7 |
| ERGO International AG | Investing Party | Any other transaction, Interest paid | 2,944,000,000.00 | 5 |
| HDFC Bank Limited Covered Employee Provident Fund | Related Party of Subsidiary | Any other transaction, Interest paid | 2,892,400,000.00 | 5 |
| Housing Development Finance Corporation Limited Provident Fu | Related Party of Subsidiary | Any other transaction, Interest paid | 450,600,000.00 | 2 |
| Wheelsemi Private Limited | Related Party of Subsidiary | Any other transaction | 337,600,000.00 | 2 |
| HDFC International Life and Re Company Limited | Subsidiary | Any other transaction, Investment | 268,900,000.00 | 5 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-03-19 | Q3FY26 | BANK LIMITED, CHAIRPERSON, GOVERNANCE AND NOMINATION | Read the call |
| 2024-10-25 | Q2FY25 | OFFICER – HDFC BANK | Read the call |
| 2024-07-25 | Q1FY25 | OFFICER – HDFC BANK, PRESIDENT – HDFC BANK | Read the call |
| 2023-10-21 | Q2FY24 | Read the call | |
| 2022-07-21 | Q1FY23 | Read the call | |
| 2022-04-25 | Q4FY22 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q1FY23 | Q1FY25 | Q2FY24 | Q2FY25 | Q3FY26 | Q4FY22 |
|---|---|---|---|---|---|---|
| Debt and cash | — | So this basically is helping us kind of deleverage the book. | As you know, sometimes the assumptions and cash flows that an NBFC does is going to be -- is different from that what a bank would do. | — | — | — |
| Demand | Then the other aspect of how to think about the environment and the growth, we do see good amount of demand across most of the products from unsecured… | So that is one category that is in greater demand. | We continue to see good domestic demand conditions and push from government through capex. | Similarly, on the CRB side, the commercial and rural banking, we have tried several price points from anywhere from 10 basis points to 20, 25 basis po… | — | On a year-on-year basis if you see retail it is about 15% odd so it is lagging that means the quarter growth is more than the year-on-year growth beca… |
| Guidance | So from that sense we expected in a couple of years we drift back over this time period. | Yes, sort of engaging with you all after a quarter, I just wanted to recap some of the guidance that we have been giving in the past couple of quarter… | Rajiv, we don't give forward-looking guidance in terms of what we will grow, but we can point to past and give the kind of how we have done and how we… | — | The board has accepted his resignation with appreciation for his guidance and contribution during his tenure. | — |
| Margin | — | If you get a small and margin former, it could have dual -- it will have dual qualification and weaker will be satisfied. | The core net interest margin for the quarter was at 3.65% on total assets and 3.85% on interest-earning assets after absorbing the debt funded cost fo… | — | — | I had two questions, my first question is on margin, in the second quarter or so in the earnings call we had outlined that there could be margin impro… |
| People | For it to pick up and go further, we will have to wait for our people to utilize their credit lines fully still the credit line utilization on cards i… | So a combination of outflows in current accounts and a combination of at least Rs.160 billion of an erstwhile HDFC non-retail deposits, which ran down… | One is the utilization of this to a better mix of loan originations, particularly focused on the retail shift, is something that would bring this to a… | You've seen that we have moderated the headcount to some extent in this quarter. | — | Now when you grant RSU you just grant one RSU and what does it do so that the total compensation is remaining at that 1,500 or so and it avoids the sh… |
| Pricing | The pricing which we are talking about more the time deposit pricing because the other cards of course nothing and the savings account is being stable… | What we are losing is transactional business consciously because it's not meeting our pricing thresholds. | — | So, the non-mortgage when you look at it, on the retail side, again, there is a risk-based pricing for the quality of the assets that you originate or… | — | — |
| Revenue growth | This year the loans had a robust growth of about 28%, 29% year-on-year in the quarter and we do have aggressive plans across various segments in CRB b… | — | And that will sort of help in building not only the top line but also some of the margins back. | — | — | You will appreciate that NII or NIM is a function of risk and you got it connected with the credit too and we chose to be risk off all through the pan… |