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HDFC Bank Ltd

NSE: HDFCBANK · Private Sector Bank · Q1FY27 · standalone figures · Report generated 15 Oct 2026
Price (15 Oct 2026)
🏦 FINANCIAL COMPANY — Industry/sector "Private Sector Bank | Financial Services" is a financial business (sub-type large private bank); Framework C applies.Large private bank
🟨 CAUTIOUS WATCH
CAUTION — loan book growing 12.1%, slower than the 14% system: losing share. Not eliminated, but it needs an explanation. Credibility HIGH (1 delivered, 0 missed, 0 partial = 100%): verdict held.Management has earned trust. This is a tracking call. Here is exactly what to watch.
Loan Book Growth
System benchmark 14%
GNPA Q1FY27
NNPA Q1FY27
NIM
ROE FY26
CAR
P/B

📡 The Two Signals — Disbursals or Collections?

🟢 DISBURSALS
Management is talking growth — the healthy signal. The call highlights growth in disbursals across segments like corporate loans, MSME, and mortgages, with specific mentions of quarter-on-quarter increases.
“We have seen our disbursals go up quarter-on-quarter” “we have grown our business banking, which is mainly representative of our MSME, we've grown at about 20% year-on-year” “the disbursals would have started to kick in during this quarter.”
✓ PASS
The two signals (management talk)POSITIVE
Talking disbursals and growth — asset quality under control. The call highlights growth in disbursals across segments like corporate loans, MSME, and mortgages, with specific mentions of quarter-on-quarter increases.
“We have seen our disbursals go up quarter-on-quarter” “we have grown our business banking, which is mainly representative of our MSME, we've grown at about 20% year-on-year” “the disbursals would have started to kick in during this quarter.”

🏦 Asset Quality Trend

Data table: GNPA and NNPA Q2FY25 to Q1FY27
SeriesQ2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27
GNPA %
NNPA %

📊 Market Share — Subject vs Peers

CompanyLoan Book GrowthGNPAPAT Growth (FY)ROEManagement Guidancevs Subject
🏆 HDFC Bank Ltd
  • Margin 8% (next 6 to 12 months)
—
IndusInd BankNo guidance given (or no concall transcript filed)HDFC growing PAT 76.3pp faster; ↓ peers catching up
Only 1 direct listed competitor found in India for this business; candidates that are not direct competitors are listed below.
Peer list source: Screener industry peers. Peer figures come from each peer's own exchange filings; guidance is quoted from each company's latest earnings call. Peers not used: ICICI Bank (same industry list, but not confirmed as a direct competitor), Kotak Mah. Bank (same industry list, but not confirmed as a direct competitor), Axis Bank (same industry list, but not confirmed as a direct competitor), IDBI Bank (same industry list, but not confirmed as a direct competitor), Federal Bank (same industry list, but not confirmed as a direct competitor), IDFC First Bank (same industry list, but not confirmed as a direct competitor).

📋 5-Step Financial Checklist (C1–C5)

1 of 5 steps passed
✗ FAIL
Loan book growth vs systemLOSING SHARE
Loan book grew 12.1%, slower than the 14% system benchmark — losing share by definition. Peers: IndusInd Bank -8.4%.
Loan book growth (latest FY): IndusInd Bank loan book growth:
⚠ CAUTION
Asset qualitySTABLE — WATCH
GNPA 1.36% (Q2FY25) → 1.42% (Q3FY25) → 1.33% (Q4FY25) → 1.4% (Q1FY26) → 1.24% (Q2FY26) → 1.24% (Q3FY26) → 1.15% (Q4FY26) → 1.17% (Q1FY27); NNPA 0.41% (Q2FY25) → 0.46% (Q3FY25) → 0.43% (Q4FY25) → 0.47% (Q1FY26) → 0.42% (Q2FY26) → 0.42% (Q3FY26) → 0.38% (Q4FY26) → 0.41% (Q1FY27). PCR not in the data. Credit cost is not in the data. Management talk: disbursals.
Q2FY25 GNPA: Q3FY25 GNPA: Q4FY25 GNPA: Q1FY26 GNPA: Q2FY26 GNPA: Q3FY26 GNPA: Q4FY26 GNPA: Q1FY27 GNPA: Q2FY25 NNPA: Q3FY25 NNPA: Q4FY25 NNPA: Q1FY26 NNPA: Q2FY26 NNPA: Q3FY26 NNPA: Q4FY26 NNPA: Q1FY27 NNPA: “We have seen our disbursals go up quarter-on-quarter” “we have grown our business banking, which is mainly representative of our MSME, we've grown at about 20% year-on-year” “the disbursals would have started to kick in during this quarter.”
NOT ASSESSED
Margin quality (NIM)NOT ASSESSED
Fewer than two quarters of NIM.
✗ FAIL
ROE directionROE FALLING
ROE 14.4% → 14.1%.
FY25 ROE: FY26 ROE:
✓ PASS
Management commentary toneDISBURSALS / GROWTH
The call highlights growth in disbursals across segments like corporate loans, MSME, and mortgages, with specific mentions of quarter-on-quarter increases.
“We have seen our disbursals go up quarter-on-quarter” “we have grown our business banking, which is mainly representative of our MSME, we've grown at about 20% year-on-year” “the disbursals would have started to kick in during this quarter.”

💰 Valuation Panel

Current P/B
Forward P/B 1Y
Forward P/B 2Y
ROE vs P/B: P/B 2.01x. Forward P/B 1.7x (1Y) and 1.44x (2Y) at the guided 18% loan-book growth.

📊 Financial Statement Analysis — FY22 to FY26 (5-Year Deep Dive)

⚠ MIXED
2 pass, 2 caution, 0 fail, 4 not assessed (data gap). Caution: FSA-3 Cash Flow Quality (VOLATILE); FSA-5 Revenue & Profit Growth (DECELERATING).
FSA-1
Balance Sheet Strength
✓ IMPROVING
FSA-2
Leverage Ratios
– DATA GAP
FSA-3
Cash Flow Quality
⚠ VOLATILE
FSA-4
Self-Funded Growth
– DATA GAP
FSA-5
Revenue & Profit Growth
⚠ DECELERATING
FSA-6
Earnings Quality CFO/PAT
✓ EXCEPTIONAL 166%
FSA-7
Profitability ROE/ROCE
– DATA GAP
FSA-8
Margin Sustainability
– DATA GAP

FSA-1 · Balance Sheet Strength

YearEquityBorrowingsNet D/EWC DaysCWIP / Net BlockGoodwill / Equity
FY22
FY23
FY24
FY25
FY26
FSA-1 verdict: ✓ IMPROVING. Equity improving. FY26 equity: FY26 net D/E: FY26 working capital days:

FSA-2 · Leverage & Interest Coverage

YearNet D/ECFO / EBITDAInterest Coverage
FY22
FY23
FY24
FY25
FY26
IndusInd Bank (FY26)
FSA-2 verdict: – DATA GAP. Net debt / equity is missing. FY25 net D/E: FY26 net D/E: FY26 interest coverage:

FSA-3 + FSA-4 · Cash Flow Quality & Self-Funded Growth

YearCFOCFICFFCapexFCFFCF Margin
FY22
FY23
FY24
FY25
FY26
FSA-3 verdict: ⚠ VOLATILE. Operating cash flow: FY22 ₹-14,208.7 Cr, FY23 ₹27,313.39 Cr, FY24 ₹35,014.96 Cr, FY25 ₹1,45,177.31 Cr, FY26 ₹1,23,617 Cr. Negative in FY22. FY22 CFO: FY23 CFO: FY24 CFO: FY25 CFO: FY26 CFO:
FSA-4 verdict: – DATA GAP. Free cash flow (CFO − capex) is missing. FY26 FCF (CFO − capex):
Data table: Cash flow history FY22 to FY26: CFO, CFI, FCF
SeriesFY22FY23FY24FY25FY26
CFO (₹ Cr)
CFI (₹ Cr)
FCF (₹ Cr)

FSA-5 · Revenue & Profit Growth

YearRevenueRev GrowthEBITDAEBITDA GrowthPATPAT Growth
FY22
FY23
FY24
FY25
FY26
IndusInd Bank (FY26)
2-Year CAGRRevenueEBITDAPAT
HDFC Bank Ltd
IndusInd Bank
FSA-5 verdict: ⚠ DECELERATING. Revenue growth 12.5% → 6.9%; PAT growth 10.9%. FY26 revenue growth: FY26 PAT growth: FY25 revenue growth:

FSA-6 · Earnings Quality — CFO vs PAT

YearPATCFOCFO / PAT
FY22
FY23
FY24
FY25
FY26
FSA-6 verdict: ✓ EXCEPTIONAL 166%. CFO/PAT 166%: the company collected more cash than its reported profit. FY26 CFO/PAT:
Data table: CFO vs PAT FY22 to FY26
SeriesFY22FY23FY24FY25FY26
PAT (₹ Cr)
CFO (₹ Cr)

FSA-7 · Profitability (ROE / ROCE) with DuPont

YearROEROCEPAT MarginAsset TurnoverEquity Multiplier
FY22
FY23
FY24
FY25
FY26
IndusInd Bank (FY26)
FSA-7 verdict: – DATA GAP. ROE or ROCE is missing. ROE: ROCE:

FSA-8 · Margin Sustainability

YearEBITDA MarginPAT Margin
FY22
FY23
FY24
FY25
FY26
IndusInd Bank (FY26)
CompanyEBITDA Margin (prior FY)EBITDA Margin (latest FY)Change (pp)TrendMargin guidance (latest concall)
HDFC Bank Ltd FY25 FY26—Margin 8% (next 6 to 12 months)
IndusInd Bank FY25 FY26—No margin guidance
FSA-8 verdict: – DATA GAP. EBITDA margin for the last two years is missing. FY26 EBITDA margin: FY25 EBITDA margin: Q1FY27 EBITDA margin:

🔬 Marcellus 3-Level Forensic Accounting Check

⚠ FORENSIC CAUTION — 2 flags
Level 1: 1 flag (CFO multi-year volatility: Erratic), 6 data gaps. Level 2: 1 flag (Related-party transactions: Monitor). Level 3: 1 corroborating, 0 to investigate.

Level 1 · Quantitative Ratio Checks

L1-1
CFO/PAT (FY26)
✓ 166% — Exceptional
L1-2
CFO/EBITDA (FY26)
– Data gap — CFO/EBITDA
L1-3
CFO multi-year volatility
⚠ Erratic
L1-4
Yield on cash
✓ 36.2% — Real
L1-5
Goodwill / net worth
– Data gap — goodwill to equity
L1-6
R&D: capitalised?
– Data gap — the annual report's R&D accounting
L1-7
CWIP / net block
– Data gap — CWIP and net block
L1-8
FCF / revenue
– Data gap — free cash flow margin
L1-9
DuPont (ROE drivers)
✓ Margin-led ROE
L1-10
Auditor changes
✓ None — B S R & Co. LLP and Batliboi & Purohit
L1-11
Adverse auditor comment
✓ Clean FY26 report
L1-12
Contingent liabilities / net worth
– Data gap — Annual Report
L1-1 CFO/PAT (FY26): Cash from operations is 166% of PAT — cash earnings exceed reported profit. CFO/PAT: L1-2 CFO/EBITDA (FY26): Not assessed: CFO/EBITDA is not available. L1-3 CFO multi-year volatility: CFO negative in FY22: FY22 ₹-14,208.7 Cr, FY23 ₹27,313.39 Cr, FY24 ₹35,014.96 Cr, FY25 ₹1,45,177.31 Cr, FY26 ₹1,23,617 Cr. FY22 CFO: FY23 CFO: FY24 CFO: FY25 CFO: FY26 CFO: L1-4 Yield on cash: Other income is 36.2% of average cash (floor 4%). Other income can include non-treasury items. Yield on cash: L1-5 Goodwill / net worth: Not assessed: goodwill to equity is not available. L1-6 R&D: capitalised?: Not assessed: the annual report's R&D accounting is not available. L1-7 CWIP / net block: Not assessed: CWIP and net block is not available. L1-8 FCF / revenue: Not assessed: free cash flow margin is not available. L1-9 DuPont (ROE drivers): ROA (margin × turnover) 1.8% → 1.8%; equity multiplier 8.05x → 7.84x. Peer DuPont figures are not in the data. PAT margin: Asset turnover: Equity multiplier: L1-10 Auditor changes: No auditor change in FY26. L1-11 Adverse auditor comment: Audit opinion: unmodified. L1-12 Contingent liabilities / net worth: Contingent liabilities are not available from the annual report.

Level 2 · Corporate Governance Checks

⚠ CAUTION
Related-party transactionsMonitor
Significant transactions with subsidiary HDFC Life Insurance, including derivatives, commissions, and investments, warrant monitoring for governance.
“the Bank proposes to modify the approved limit of derivative transaction(s) (notional value) from ` 900 crore to ` 2,500 crore” “License fee received for usage of corporate logo/ name 316.18” “Receipt of commission on sale of life insurance policies 3,524.93” “Payment of insurance premium 274.47” “Sale/Purchase of Non-SLR securities 851.75” “Receipt of Fee for acting as investment banking arranger, investor in securities 0.29” “Payment/Receipt of rent and deposits on premises 1.51” “Investment in the bonds/NCDs of the Bank acquired through secondary market (outstanding balance) 4,191.80” “Payment of interest on bonds 346.85” “Incentive to bank for sourcing Pradhan Mantri Jeevan Jyoti Bima Yojana 2.18” “Receipt of cash management services fees 0.80” “Banking service charges 4.44”
✓ PASS
Subsidiary oversightClean
Auditors provided an unmodified opinion, and subsidiaries are disclosed transparently without red flags.
“In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of auditors on Separate / Consolidated Financial Statements of such subsidiaries, the aforesaid consolidated financial statements give the information required by the Banking Regulation Act, 1949 as well as the Companies Act, 2013 ("the Act") in the manner so required for banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India of the consolidated state of affairs of the Group as at 31 March 2026, of its consolidated profit and its consolidated cash flows for the year then ended.” “Names of holding / subsidiary / associate companies / joint ventures (As of March 31, 2026)”

Level 3 · Primary Data Corroboration

✓ Corroborates
Auditor opinionCorroborates
Unmodified audit opinion confirms the reliability of financial statements, corroborating operational legitimacy.
“In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of auditors on Separate / Consolidated Financial Statements of such subsidiaries, the aforesaid consolidated financial statements give the information required by the Banking Regulation Act, 1949 as well as the Companies Act, 2013 ("the Act") in the manner so required for banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India of the consolidated state of affairs of the Group as at 31 March 2026, of its consolidated profit and its consolidated cash flows for the year then ended.”

🎯 Management Guidance Execution Tracker

1 quarter's transcript not found on NSE (3 of the last 4 used). The tracker and credibility score use only Q4FY26, Q3FY26, Q2FY26.
QuarterManagement Commitment (Verbatim)MetricTargetActualStatus
Q2FY26“the rate of growth on loans in this year will be at market and in FY'27 will be faster than the market” loan growthfaster than the marketReiterated in Q4FY26: "So I think we will continue to have a good momentum and trajectory in our growth."✓ REITERATED
Q4FY26“We will continue to have a good momentum and trajectory in our growth” loan growthgood momentum and trajectoryNot yet due (Q4FY27)● IN PROGRESS
Q4FY26“We will continue to focus on all these areas” business growthfocus on all these areasNot yet due (Q4FY27)● IN PROGRESS
Q4FY26“Our endeavor for LCR is to be between 110% and 120%” LCR110% and 120%Not yet due (Q4FY27)● IN PROGRESS
🟩 HIGH CREDIBILITY — Score:
1 delivered, 0 missed, 0 partial = 100%Score = (delivered + 0.5 × partial) ÷ (delivered + missed + partial); 3 still in progress (not scored).Verdict impact: HIGH CREDIBILITY — management has consistently done what they said. Use management's guided PAT at face value in the base case; no haircut. Only 3 of the last 4 concall transcripts were found on NSE; the tracker uses those 3. Not scored: "LDR will come below the 90 mark, somewhere, call it 85 to 90 or below the 90 mark" (Q2FY26) — no measurable target, and the outcome is not stated in later filings. "the bank will commit to do whatever it has said in its calls that it would do" (Q3FY26) — no measurable target, and the outcome is not stated in later filings. "the bank is very well positioned to move ahead in the manner that we have committed earlier" (Q3FY26) — no measurable target, and the outcome is not stated in later filings. "you will see the kind of growth that we have used to pre-merger coming back" (Q3FY26) — no measurable target, and the outcome is not stated in later filings.
Management red flags: CFO / PAT ratio — HEALTHY 166%; Debt trend vs sales — Data gap; Related-party transactions — RPTs DISCLOSED — VERIFY; Fraud / criminal cases — NOT ASSESSED

🔍 What To Track

#Management Said (Verbatim)Pass ConditionBy WhenTier
1“We will continue to have a good momentum and trajectory in our growth” loan growth: loan growth: good momentum and trajectory delivered as statedFY27 results🟢 NICE TO HAVE
2“We will continue to focus on all these areas” business growth: business growth: focus on all these areas delivered as statedFY27 results🟢 NICE TO HAVE
3“Our endeavor for LCR is to be between 110% and 120%” LCR: LCR ≥ 110%FY27 results🟢 NICE TO HAVE
4“We will continue to have a good momentum and trajectory in our growth” loan growth: loan growth: good momentum and trajectory delivered as statedFY27 results🟢 NICE TO HAVE
5“We will continue to focus on all these areas” business growth: business growth: focus on all these areas delivered as statedFY27 results🟢 NICE TO HAVE
Management has earned trust. These are not doubts — they are checkpoints. Expect delivery. At the next concall, check items 1 and 2 first. If both pass, the thesis is intact. If either misses, re-run the full analysis.

⚠️ Risk Register

HIGH
Loan book growth vs system: LOSING SHARE. Loan book grew 12.1%, slower than the 14% system benchmark — losing share by definition. Peers: IndusInd Bank -8.4%.
HIGH
ROE direction: ROE FALLING. ROE 14.4% → 14.1%.
MED
Margin pressure (raised by management). Raised on the Q4FY26 concall.“leading to a NIM drop”
MED
Asset quality: STABLE — WATCH. GNPA 1.36% (Q2FY25) → 1.42% (Q3FY25) → 1.33% (Q4FY25) → 1.4% (Q1FY26) → 1.24% (Q2FY26) → 1.24% (Q3FY26) → 1.15% (Q4FY26) → 1.17% (Q1FY27); NNPA 0.41% (Q2FY25) → 0.46% (Q3FY25) → 0.43% (Q4FY25) → 0.47% (Q1FY26) → 0.42% (Q2FY26) → 0.42% (Q3FY26) → 0.38% (Q4FY26) → 0.41% (Q1FY27). PCR not in the data. Credit cost is not in the data. Management talk: disbursals.“We have seen our disbursals go up quarter-on-quarter” “we have grown our business banking, which is mainly representative of our MSME, we've grown at about 20% year-on-year” “the disbursals would have started to kick in during this quarter.”
MED
Related-party transactions: RPTs DISCLOSED — VERIFY. 12 related-party transactions in the FY26 annual report totalling ₹12,015.2 Cr — 3.2% of FY26 revenue: HDFC Life Insurance Company Limited (derivative transactions); HDFC Life Insurance Company Limited (license fee received for usage of corporate logo/name); HDFC Life Insurance Company Limited (receipt of commission on sale of life insurance policies); HDFC Life Insurance Company Limited (payment of insurance premium); HDFC Life Insurance Company Limited (sale/purchase of Non-SLR securities); HDFC Life Insurance Company Limited (receipt of fee for acting as investment banking arranger, investor in securities); HDFC Life Insurance Company Limited (payment/receipt of rent and deposits on premises); HDFC Life Insurance Company Limited (investment in bonds/NCDs acquired through secondary market); HDFC Life Insurance Company Limited (payment of interest on bonds); HDFC Life Insurance Company Limited (incentive for sourcing Pradhan Mantri Jeevan Jyoti Bima Yojana); HDFC Life Insurance Company Limited (receipt of cash management services fees); HDFC Life Insurance Company Limited (banking service charges). Check whether they are large or growing.“the Bank proposes to modify the approved limit of derivative transaction(s) (notional value) from ` 900 crore to ` 2,500 crore” “License fee received for usage of corporate logo/ name 316.18” “Receipt of commission on sale of life insurance policies 3,524.93” “Payment of insurance premium 274.47” “Sale/Purchase of Non-SLR securities 851.75” “Receipt of Fee for acting as investment banking arranger, investor in securities 0.29” “Payment/Receipt of rent and deposits on premises 1.51” “Investment in the bonds/NCDs of the Bank acquired through secondary market (outstanding balance) 4,191.80” “Payment of interest on bonds 346.85” “Incentive to bank for sourcing Pradhan Mantri Jeevan Jyoti Bima Yojana 2.18” “Receipt of cash management services fees 0.80” “Banking service charges 4.44”
MED
CFO multi-year volatility: Erratic. CFO negative in FY22: FY22 ₹-14,208.7 Cr, FY23 ₹27,313.39 Cr, FY24 ₹35,014.96 Cr, FY25 ₹1,45,177.31 Cr, FY26 ₹1,23,617 Cr.
MED
Related-party transactions: Monitor. Significant transactions with subsidiary HDFC Life Insurance, including derivatives, commissions, and investments, warrant monitoring for governance.“the Bank proposes to modify the approved limit of derivative transaction(s) (notional value) from ` 900 crore to ` 2,500 crore” “License fee received for usage of corporate logo/ name 316.18” “Receipt of commission on sale of life insurance policies 3,524.93” “Payment of insurance premium 274.47” “Sale/Purchase of Non-SLR securities 851.75” “Receipt of Fee for acting as investment banking arranger, investor in securities 0.29” “Payment/Receipt of rent and deposits on premises 1.51” “Investment in the bonds/NCDs of the Bank acquired through secondary market (outstanding balance) 4,191.80” “Payment of interest on bonds 346.85” “Incentive to bank for sourcing Pradhan Mantri Jeevan Jyoti Bima Yojana 2.18” “Receipt of cash management services fees 0.80” “Banking service charges 4.44”
LOW
Cash Flow Quality: VOLATILE. Operating cash flow: FY22 ₹-14,208.7 Cr, FY23 ₹27,313.39 Cr, FY24 ₹35,014.96 Cr, FY25 ₹1,45,177.31 Cr, FY26 ₹1,23,617 Cr. Negative in FY22.
LOW
Revenue & Profit Growth: DECELERATING. Revenue growth 12.5% → 6.9%; PAT growth 10.9%.

📣 Official Updates Since the Latest Results

Material announcements the company filed with the exchange after its latest results, in the company's own words. Checked 15 Oct 2026.

  • 8 Oct 2026 · General Updates — HDFC Bank Limited has informed the Exchange about General Updates Open filing ↗
  • 4 Oct 2026 · General Updates — HDFC Bank Limited has informed the Exchange regarding intimation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Open filing ↗
  • 1 Oct 2026 · Change in Director(s) — HDFC Bank Limited has informed the Exchange regarding Change in Director(s) of the company. Open filing ↗
  • 30 Sep 2026 · Change in Management — HDFC Bank Limited has informed the Exchange about change in Management Open filing ↗
  • 29 Sep 2026 · General Updates — Newspaper publication regarding special window for transfer and dematerialization of physical shares of HDFC Bank Limited. Open filing ↗
  • 12 Sep 2026 · Disclosure of material issue — HDFC Bank Limited has informed regarding Disclosure of material information Open filing ↗
  • 6 Sep 2026 · Updates — HDFC Bank Limited has informed the Exchange regarding 'Grant of stock options under Employees Stock Option Scheme 2024 and Grant of Restricted Stock Units under Employees Stock Incentive Master Scheme 2022'. Open filing ↗
  • 29 Aug 2026 · General Updates — HDFC Bank Limited has informed the Exchange regarding Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Open filing ↗
  • 20 Aug 2026 · Credit Rating — HDFC Bank Limited has informed the Exchange about Credit Rating Open filing ↗
  • 19 Aug 2026 · Updates — HDFC Bank Limited has informed the Exchange regarding 'Intimation under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations )'. Open filing ↗
  • 27 Jul 2026 · Updates — HDFC Bank Limited has informed the Exchange regarding conclusion of internal review pertaining to Maharashtra State Road Development Corporation arrangement Open filing ↗
  • 24 Jul 2026 · General Updates — HDFC Bank Limited has informed the Exchange regarding intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Exercise of call option on US$ 1,000,000,000 3.7% Additional Tier 1 Notes issued by HDFC Bank Limited Open filing ↗

⚡ One Actionable Takeaway

CAUTIOUS WATCH: at the next concall check items 1 and 2 first — "We will continue to have a good momentum and trajectory in our growth" (loan growth: good momentum and trajectory delivered as stated) and "We will continue to focus on all these areas" (business growth: focus on all these areas delivered as stated); if both pass the thesis is intact, if either misses re-run the analysis.

🕳️ Data Gaps

These inputs were not found in the company's exchange filings, so the sections that need them say so instead of estimating:
  • 1 quarter's transcript not found on NSE (3 of the last 4 used)
  • FY22 balance sheet is not in any Q4 results filing
  • FY23 balance sheet is not in any Q4 results filing
  • Only 3 of 4 recent earnings call transcripts available
  • The Q1FY27 earnings call transcript could not be read after several tries, so it was left out.
Sources — every figure links to the filing it came from. Price snapshot 15 Oct 2026. Ruleset stockiq-rules-1; extraction extract-7. Framework: Masoom's Investment Checklist + Marcellus Forensic Accounting.
StockIQ applies a published investment framework to company filings. It is not investment advice and not a recommendation by a SEBI-registered research analyst. Verify every figure against the linked filing before acting.