HDFC Bank Limited

NSEI:HDFCBANK Stock Report

Market Cap: ₹12.9t

HDFC Bank Valuation

Is HDFCBANK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of HDFCBANK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HDFCBANK (₹1692.75) is trading above our estimate of fair value (₹780.37)

Significantly Below Fair Value: HDFCBANK is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HDFCBANK?

Key metric: As HDFCBANK is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HDFCBANK. This is calculated by dividing HDFCBANK's market cap by their current earnings.
What is HDFCBANK's PE Ratio?
PE Ratio18.7x
Earnings₹691.81b
Market Cap₹12.94t

Price to Earnings Ratio vs Peers

How does HDFCBANK's PE Ratio compare to its peers?

The above table shows the PE ratio for HDFCBANK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.2x
ICICIBANK ICICI Bank
18.7x8.5%₹8.9t
SBIN State Bank of India
10x5.8%₹7.2t
532215 Axis Bank
12.6x8.8%₹3.5t
500247 Kotak Mahindra Bank
15.4x-6.7%₹3.4t
HDFCBANK HDFC Bank
18.7x10.3%₹12.9t

Price-To-Earnings vs Peers: HDFCBANK is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (14.2x).

Price to Earnings Ratio vs Industry

How does HDFCBANK's PE Ratio compare vs other companies in the IN Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
HDFCBANK 18.7xIndustry Avg. 9.7xNo. of Companies9PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HDFCBANK is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the Indian Banks industry average (9.7x).

Price to Earnings Ratio vs Fair Ratio

What is HDFCBANK's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HDFCBANK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.7x
Fair PE Ratio12.1x

Price-To-Earnings vs Fair Ratio: HDFCBANK is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HDFCBANK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹1,692.75
₹1,932.98
+14.2%
8.7%₹2,550.00₹1,545.00n/a40
Nov ’25₹1,737.30
₹1,929.23
+11.0%
8.7%₹2,550.00₹1,545.00n/a40
Oct ’25₹1,726.20
₹1,879.37
+8.9%
8.6%₹2,550.00₹1,545.00n/a41
Sep ’25₹1,636.90
₹1,867.37
+14.1%
7.9%₹2,470.00₹1,545.00n/a41
Aug ’25₹1,638.80
₹1,867.88
+14.0%
7.9%₹2,470.00₹1,545.00n/a41
Jul ’25₹1,705.20
₹1,867.20
+9.5%
8.4%₹2,470.00₹1,545.00n/a41
Jun ’25₹1,531.55
₹1,869.02
+22.0%
8.4%₹2,470.00₹1,545.00n/a41
May ’25₹1,520.10
₹1,874.52
+23.3%
8.5%₹2,410.00₹1,545.00n/a42
Apr ’25₹1,470.50
₹1,910.67
+29.9%
8.5%₹2,410.00₹1,625.00n/a39
Mar ’25₹1,430.75
₹1,937.97
+35.5%
7.9%₹2,410.00₹1,625.00n/a39
Feb ’25₹1,466.35
₹1,959.58
+33.6%
7.2%₹2,410.00₹1,625.00n/a40
Jan ’25₹1,698.10
₹1,950.58
+14.9%
6.6%₹2,210.00₹1,620.00n/a38
Dec ’24₹1,555.40
₹1,945.28
+25.1%
6.4%₹2,210.00₹1,620.00n/a39
Nov ’24₹1,474.50
₹1,947.15
+32.1%
6.3%₹2,210.00₹1,620.00₹1,737.3040
Oct ’24₹1,526.30
₹1,983.67
+30.0%
4.9%₹2,210.00₹1,690.00₹1,726.2039
Sep ’24₹1,574.70
₹2,033.79
+29.2%
4.8%₹2,300.00₹1,735.00₹1,636.9039
Aug ’24₹1,662.25
₹2,036.82
+22.5%
4.8%₹2,300.00₹1,750.00₹1,638.8039
Jul ’24₹1,701.40
₹2,004.63
+17.8%
5.5%₹2,300.00₹1,710.00₹1,705.2032
Jun ’24₹1,604.00
₹1,997.52
+24.5%
5.1%₹2,300.00₹1,710.00₹1,531.5531
May ’24₹1,687.60
₹1,982.58
+17.5%
5.5%₹2,200.00₹1,642.00₹1,520.1033
Apr ’24₹1,609.55
₹1,944.72
+20.8%
6.5%₹2,200.00₹1,642.00₹1,470.5032
Mar ’24₹1,598.05
₹1,931.97
+20.9%
6.1%₹2,200.00₹1,642.00₹1,430.7534
Feb ’24₹1,627.55
₹1,918.20
+17.9%
7.4%₹2,200.00₹1,450.00₹1,466.3535
Jan ’24₹1,628.15
₹1,833.44
+12.6%
8.2%₹2,200.00₹1,450.00₹1,698.1032
Dec ’23₹1,619.50
₹1,818.18
+12.3%
8.8%₹2,200.00₹1,450.00₹1,555.4033
Nov ’23₹1,513.25
₹1,818.20
+20.2%
8.1%₹2,040.00₹1,450.00₹1,474.5035

Analyst Forecast: Target price is less than 20% higher than the current share price.

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