HDFC Bank Limited

NSEI:HDFCBANK Stock Report

Market Cap: ₹14.0t

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 (₹1833.25) is trading above our estimate of fair value (₹776.88)

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 Ratio20.3x
Earnings₹691.81b
Market Cap₹14.01t

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 Average14.8x
ICICIBANK ICICI Bank
19.9x8.4%₹9.4t
SBIN State Bank of India
10.6x5.8%₹7.6t
532215 Axis Bank
12.6x9.0%₹3.5t
500247 Kotak Mahindra Bank
16.1x-6.7%₹3.5t
HDFCBANK HDFC Bank
20.3x10.3%₹14.0t

Price-To-Earnings vs Peers: HDFCBANK is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the peer average (14.8x).

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 20.3xIndustry Avg. 10.4xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HDFCBANK is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the Indian Banks industry average (10.4x).

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 Ratio20.3x
Fair PE Ratio12.2x

Price-To-Earnings vs Fair Ratio: HDFCBANK is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the estimated Fair Price-To-Earnings Ratio (12.2x).

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₹1,833.25
₹1,951.08
+6.4%
8.1%₹2,550.00₹1,554.00n/a40
Dec ’25₹1,796.05
₹1,946.49
+8.4%
8.1%₹2,550.00₹1,554.00n/a39
Nov ’25₹1,737.30
₹1,941.26
+11.7%
8.2%₹2,550.00₹1,554.00n/a39
Oct ’25₹1,726.20
₹1,887.73
+9.4%
8.2%₹2,550.00₹1,609.00n/a40
Sep ’25₹1,636.90
₹1,875.43
+14.6%
7.4%₹2,470.00₹1,609.00n/a40
Aug ’25₹1,638.80
₹1,875.95
+14.5%
7.4%₹2,470.00₹1,609.00n/a40
Jul ’25₹1,705.20
₹1,875.25
+10.0%
8.0%₹2,470.00₹1,620.00n/a40
Jun ’25₹1,531.55
₹1,877.13
+22.6%
8.0%₹2,470.00₹1,620.00n/a40
May ’25₹1,520.10
₹1,882.56
+23.8%
8.1%₹2,410.00₹1,620.00n/a41
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₹1,620.00₹1,796.0539
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

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/17 00:55
End of Day Share Price 2024/12/17 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

HDFC Bank Limited is covered by 82 analysts. 37 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Pankaj AgarwalAmbit Capital
Kaitav ShahAnand Rathi Shares and Stock Brokers Limited
Jaikishan ParmarAngel Broking Private Limited