Financials HDFC Bank Limited

Equities

HDFCBANK

INE040A01034

Banks

Delayed NSE India S.E. Other stock markets 02:19:43 18/05/2026 pm IST			5-day change	1st Jan Change
768.95 ^INR	+0.19%		+0.71%	-22.41%

10:10am	Indian shares join Asian slump as US-Iran stalemate continues	RE
15/05	Asian Equities Traded in the US as American Depositary Receipts Fall Sharply in Friday Trading	MT

Projected Income Statement: HDFC Bank Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	9,00,845	10,15,195	11,80,571	15,77,734	16,83,024	19,12,186	20,52,401	23,50,378
Change	-	12.69%	16.29%	33.64%	6.67%	13.62%	7.33%	14.52%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	5,73,618	6,40,773	7,04,050	9,43,874	10,01,275	11,85,583	12,63,613	14,73,865
Change	-	11.71%	9.88%	34.06%	6.08%	18.41%	6.58%	16.64%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,16,590	4,90,154	5,84,853	7,08,953	8,84,781	9,51,687	11,06,256	12,88,601
Change	-	17.66%	19.32%	21.22%	24.8%	7.56%	16.24%	16.48%
Net income ¹	3,11,165	3,69,613	4,41,087	6,08,123	6,73,474	7,46,713	8,37,321	9,72,951
Change	-	18.78%	19.34%	37.87%	10.75%	10.87%	12.13%	16.2%
Announcement Date	17/04/21	16/04/22	15/04/23	20/04/24	19/04/25	18/04/26	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	1,97,407	2,18,688	2,37,608	2,47,141	2,32,975	2,50,852	2,66,270	2,65,098	2,58,696	2,86,167	3,14,877	3,20,830	3,28,289	3,80,931	3,96,084	4,72,431	4,05,052	4,15,966	4,21,068	4,40,937	5,31,678	4,36,672	4,57,310	4,73,043	4,71,124	4,97,033	5,32,379	5,72,234
Change	-	10.78%	8.65%	4.01%	-5.73%	7.67%	6.15%	-0.44%	-2.41%	10.62%	10.03%	1.89%	2.32%	16.04%	3.98%	19.28%	-14.26%	2.69%	1.23%	4.72%	20.58%	-17.87%	4.73%	3.44%	-0.41%	5.5%	7.11%	7.49%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,61,766	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,28,293	1,38,138	1,51,860	1,55,328	1,51,370	1,58,073	1,67,760	1,63,570	1,53,678	1,73,922	1,90,241	1,86,209	1,87,720	2,26,939	2,36,473	2,92,742	2,38,846	2,47,057	2,50,004	2,65,367	3,57,340	2,61,104	2,75,550	2,84,471	2,80,764	3,03,437	3,35,351	3,59,163
Change	-	7.67%	9.93%	2.28%	-2.55%	4.43%	6.13%	-2.5%	-6.05%	13.17%	9.38%	-2.12%	0.81%	20.89%	4.2%	23.8%	-18.41%	3.44%	1.19%	6.15%	34.66%	-26.93%	5.53%	3.24%	-1.3%	8.08%	10.52%	7.1%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	89,378	1,01,103	1,17,719	1,08,391	1,03,062	1,18,826	1,37,820	1,30,447	1,21,801	1,41,520	1,62,176	1,59,355	1,59,120	1,97,900	1,94,307	1,57,626	2,12,826	2,20,053	2,18,466	2,33,436	2,12,923	2,29,203	2,41,371	2,54,212	-	-	-	-
Change	-	13.12%	16.43%	-7.92%	-4.92%	15.3%	15.98%	-5.35%	-6.63%	16.19%	14.6%	-1.74%	-0.15%	24.37%	-1.82%	-18.88%	35.02%	3.4%	-0.72%	6.85%	-8.79%	7.65%	5.31%	5.32%	-	-	-	-
Net income ¹	66,586	75,131	87,583	81,865	77,296	88,343	1,03,422	1,00,552	91,960	1,06,058	1,22,595	1,20,474	1,19,518	1,59,761	1,63,725	1,65,118	1,61,748	1,68,210	1,67,355	1,76,161	1,81,552	1,73,373	1,82,497	1,91,454	1,90,564	2,09,653	2,30,772	2,45,177
Change	-	12.83%	16.57%	-6.53%	-5.58%	14.29%	17.07%	-2.78%	-8.54%	15.33%	15.59%	-1.73%	-0.79%	33.67%	2.48%	0.85%	-2.04%	4%	-0.51%	5.26%	3.06%	-4.51%	5.26%	4.91%	-0.46%	10.02%	10.07%	6.24%
Announcement Date	18/07/20	17/10/20	16/01/21	17/04/21	17/07/21	16/10/21	15/01/22	16/04/22	16/07/22	15/10/22	14/01/23	15/04/23	17/07/23	16/10/23	16/01/24	20/04/24	20/07/24	19/10/24	22/01/25	19/04/25	19/07/25	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: HDFC Bank Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	17/04/21	16/04/22	15/04/23	20/04/24	19/04/25	18/04/26	-	-

Estimates

Cash Flow Forecast: HDFC Bank Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	16,359	16,961	22,362	34,666	42,867	40,759
Change	-	3.68%	31.84%	55.02%	23.66%	-4.92%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	24/06/20	22/06/21	21/06/22	19/07/23	18/07/24	14/07/25

¹INR in Million

Estimates

Forecast Financial Ratios: HDFC Bank Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	63.68%	63.12%	59.64%	59.82%	59.49%	62%	61.57%	62.71%
EBT Margin (%)	-	46.24%	48.28%	49.54%	44.93%	52.57%	49.77%	53.9%	54.83%
Net margin (%)	-	34.54%	36.41%	37.36%	38.54%	40.02%	39.05%	40.8%	41.4%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	1.97%	2.03%	1.95%	1.98%	1.79%	1.94%	1.82%	1.87%
ROE	-	16.61%	16.66%	16.95%	16.31%	14.3%	14.03%	14.06%	14.62%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	7.75	9.5	9.75	11	15.5	14.19	16.12
Change	-	-	-	22.58%	2.63%	12.82%	40.91%	15.47%	13.6%
Book Value Per Share ¹	-	184.8	216.5	261	290	327.6	365.7	404.8	453.6
Change	-	-	17.16%	20.55%	11.13%	12.98%	11.61%	11.63%	12.06%
EPS ¹	-	28.15	33.15	39.44	42.72	43.95	48.4	54.31	63.01
Change	-	-	17.76%	18.99%	8.3%	2.88%	10.13%	12.04%	16.02%
Nbr of stocks (in thousands)	-	1,10,25,553	1,10,91,082	1,11,59,486	1,51,93,821	1,53,04,443	1,53,95,536	1,53,95,536	1,53,95,536
Announcement Date	-	17/04/21	16/04/22	15/04/23	20/04/24	19/04/25	18/04/26	-	-