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HDFC Bank Q2 FY27 Share Price & Earnings Call Analysis

₹692.80+1.39% today
Market cap
₹10.68L Cr
P/E
13.33
ROE
13.64%
PEG
0.74
Price to sales
2.96
Debt to equity
6.49
52W high / low
₹1,010 / ₹680
Sales growth (5Y)
22.08%
EBITDA margin
42.63%
Net profit margin
22.59%
Sales (last year)
₹3.60L Cr

Guidance scorecard · Q2 FY27 call

What HDFC Bank Ltd's management guided
and where it ranks in Banks

#13of 27 in
Banks
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • HDFC Bank expects robust growth in retail and MSME segments, with retail loan book growth at 11.2% in September 2026 and MSME/mid-market growing 23.5% year-on-year.
  • Daily disbursal run rates of key retail and MSME products increased 10-20% quarter-on-quarter, signaling accelerating growth momentum.
  • Employee productivity improvements through digitization and AI adoption will enable handling increased volumes without proportional headcount rise in the short term.
  • The bank anticipates maintaining or growing current staff with a shift towards more frontline roles as opportunities expand further.
  • Deposit growth is strong, with 18.8% year-on-year increase, supported by new liability relationships and digital initiatives.

2 more points from HDFC Bank Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what HDFC Bank Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • The bank is undergoing intense and large technology investments moving forward, focusing on digitization and AI adoption.
  • These investments aim to enable straight-through product and service delivery journeys, improving turnaround times and capacity.
  • The organization expects a shift in employee composition towards more frontline roles supported by technology.
  • Anup Bagchi, the new leadership, plans to soon unveil strategic imperatives that likely include capital deployment focused on governance, excellence, and trust.

2 more points from HDFC Bank Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Ask what HDFC Bank Ltd said on fundraising →

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what HDFC Bank Ltd said on the order book →

Full Q2 FY27 analysis
Full Banks ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Banks
on management's own guidance

  1. AU Small FinanceGood growth
    2
  2. Canara BankGood growth
    1
  3. RBL BankGood growth
    3
See all potential multibaggersWhere does HDFC Bank Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Banks companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Canara Bank20–40%Flat₹1.07L Cr5.3
2AU Small Finance20–40%Flat₹74,341 Cr26.0
3RBL Bank20–40%Flat₹58,716 Cr49.8
420–40%Flat₹13,576 Cr9.4
520–40%Flat₹6,759 Cr8.6
620–40%Flat₹5,337 Cr8.0

Sign up free to see every company in the sector ranking and track HDFC Bank Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Banks ranking

Financials of HDFC Bank Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

HDFC Bank Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
FIIs +52.31%47.83%47.17%48.02%49.21%48.30%48.84%48.38%47.67%44.05%41.82%39.39%
DIIs +30.54%33.33%35.20%35.05%34.37%35.68%35.77%36.07%37.00%40.14%41.75%43.44%
Government +0.17%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.19%
Public +16.98%18.64%17.44%16.75%16.23%15.84%15.19%15.33%15.11%15.64%16.27%16.96%
No. of Shareholders30,18,24741,21,81536,64,32539,21,91039,24,44238,29,14637,25,91137,01,27236,50,08742,30,42545,32,75348,07,998

Financials of HDFC Bank Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +75,03978,00879,43481,54683,00285,04086,77987,37286,99487,06787,18290,57595,132
Interest41,25043,24243,69244,58045,41446,91446,98647,70946,74145,82145,22047,62650,667
Expenses +45,34950,53062,93849,69052,07441,30747,70964,49745,16154,14544,02858,29250,029
Financing Profit-11,560-15,764-27,196-12,723-14,487-3,181-7,916-24,833-4,908-12,899-2,066-15,342-5,565
Financing Margin %-15%-20%-34%-16%-17%-4%-9%-28%-6%-15%-2%-17%-6%
Other Income +32,52837,00744,95835,45038,45527,15433,48945,68331,56739,86029,73742,53534,227
Depreciation0000000000000
Profit before tax20,96721,24317,76122,72723,96823,97325,57320,85026,65926,96127,67227,19328,663
Tax %17%17%-1%24%22%24%25%18%24%23%24%25%25%
Net Profit +17,31217,71818,01317,18818,62718,34019,28517,09020,36420,69121,07420,38321,537
EPS in Rs11.0911.3711.6010.8311.6811.5412.3110.6012.7612.8713.2212.5013.43
Gross NPA %
Net NPA %

Financials of HDFC Bank Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +50,66663,16273,27185,288105,161122,189128,552135,936170,754283,649336,367348,615359,956
Interest27,28834,07038,04242,38153,71362,13759,24858,58477,780154,139183,894185,491189,335
Expenses +16,16420,05523,85629,53234,85645,45952,45756,55763,042174,196186,974203,635206,493
Financing Profit7,2149,03711,37413,37416,59214,59316,84820,79529,932-44,685-34,501-40,511-35,871
Financing Margin %14%14%16%16%16%12%13%15%18%-16%-10%-12%-10%
Other Income +9,54611,21212,90516,05718,94724,87927,33331,75933,912124,346134,548146,848146,360
Depreciation6807388869671,2211,2771,3851,6812,3453,0923,8054,1950
Profit before tax16,07919,51123,39328,46434,31838,19542,79650,87361,49876,56996,242102,141110,488
Tax %33%34%35%35%35%29%26%25%25%15%24%22%
Net Profit +10,70312,82115,31718,56122,44627,29631,85738,15146,14965,44673,44079,21983,685
EPS in Rs10.6612.6614.9117.8320.5024.8528.8734.3141.2242.1646.2649.3952.02
Dividend Payout %19%19%18%18%18%5%11%23%23%23%24%31%

Financials of HDFC Bank Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital5015065135195455485515555587607651,5391,542
Reserves62,65373,79891,281109,080153,128175,810209,259246,772288,880455,636521,024584,520601,927
Deposits450,284545,873643,134788,375922,5031,146,2071,333,7211,558,0031,882,6632,376,8872,710,8983,099,6383,324,146
Borrowing59,478103,71498,416156,442157,733186,834177,697226,966256,549730,615634,606588,485594,144
Other Liabilities +34,18138,32159,00048,77058,89871,43078,27990,639101,783466,296524,817633,519644,083
Total Liabilities607,097762,212892,3441,103,1861,292,8061,580,8301,799,5072,122,9342,530,4324,030,1944,392,1104,907,7015,165,842
Fixed Assets +3,2253,6674,0004,0084,3694,7765,2486,4328,43112,60415,25816,49216,431
CWIP0000000000000
Investments149,454193,634210,777238,461289,446389,305438,823449,264511,5821,005,6821,186,4731,280,2161,356,850
Other Assets +454,417564,912677,567860,717998,9911,186,7501,355,4351,667,2382,010,4193,011,9093,190,3793,610,9933,792,561
Total Assets607,097762,212892,3441,103,1861,292,8061,580,8301,799,5072,122,9342,530,4324,030,1944,392,1104,907,7015,165,842

Financials of HDFC Bank Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-21,281-34,43517,28217,214-62,872-16,86942,476-11,96020,81419,069127,242113,506
Cash from Investing Activity +-800-837-1,146-842-1,503-1,403-1,823-2,051-2,99216,600-3,6517,477
Cash from Financing Activity +18,69437,815-5,89357,37823,13124,394-7,32148,12423,941-3,983-102,478-59,005
Net Cash Flow-3,3872,54210,24273,750-41,2446,12233,33234,11341,76231,68721,11361,978
Free Cash Flow-22,020-35,30116,13416,377-64,470-18,48640,796-14,17617,39014,882123,267110,144

Financials of HDFC Bank Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %20%19%18%18%17%16%16%17%17%17%14%14%

Guidance history

How HDFC Bank Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlanned—Rising
Q4 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

18out of 100

Momentum score · price trend

18 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−30.6%24%
Last 6 months−10.2%38%
Last 3 months−7.4%52%

The price is 31.4% below its all-time high of ₹1,009.5 (27 Nov 2025). Stocks more than 20% below their peak have their score halved, so 35 became 18.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HDFC Bank Ltd: 0.4 × 24 + 0.4 × 38 + 0.2 × 52 = 35, halved to 18 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What HDFC Bank Ltd's management said in earlier quarters

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