HDFC Bank Future Growth

Future criteria checks 1/6

HDFC Bank's revenue is forecast to decline at 5.2% per annum while its annual earnings are expected to grow at 10.4% per year. EPS is expected to grow by 10.2% per annum. Return on equity is forecast to be 15.1% in 3 years.

Key information

10.4%

Earnings growth rate

10.2%

EPS growth rate

Banks earnings growth	10.1%
Revenue growth rate	-5.2%
Future return on equity	15.1%
Analyst coverage	Good
Last updated	03 Jan 2025

Recent future growth updates

No updates

Recent updates

With Banks Getting Ready To Kick Off Earnings Season, I Like HDFC Bank Better Than Most

Jul 08

HDFC Bank: Favor Quality On The Recovery Path

Nov 07

Earnings and Revenue Growth Forecasts

NYSE:HDB - Analysts future estimates and past financials data (INR Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
3/31/2027	2,261,243	891,844	N/A	N/A	27
3/31/2026	1,961,121	766,933	N/A	N/A	37
3/31/2025	1,710,482	674,459	N/A	N/A	33
9/30/2024	2,761,061	691,810	-1,511,225	-1,467,762	N/A
6/30/2024	2,663,374	681,665	N/A	N/A	N/A
3/31/2024	2,288,379	640,620	-3,221,822	-3,178,955	N/A
12/31/2023	1,933,224	590,341	N/A	N/A	N/A
9/30/2023	1,380,478	488,373	-2,684,034	-2,641,700	N/A
6/30/2023	1,206,281	487,884	N/A	N/A	N/A
3/31/2023	1,130,321	459,971	-3,073,131	-3,038,465	N/A
12/31/2022	1,063,617	438,457	N/A	N/A	N/A
9/30/2022	994,716	418,044	-2,437,532	-2,409,089	N/A
6/30/2022	960,154	397,098	N/A	N/A	N/A
3/31/2022	911,858	380,528	-2,384,780	-2,362,417	N/A
12/31/2021	875,561	360,435	N/A	N/A	N/A
9/30/2021	828,142	335,679	-1,776,099	-1,756,857	N/A
6/30/2021	804,006	328,281	N/A	N/A	N/A
3/31/2021	777,974	318,332	-1,467,334	-1,450,373	N/A
12/31/2020	752,659	306,796	N/A	N/A	N/A
9/30/2020	774,294	323,507	-2,132,380	-2,115,191	N/A
6/30/2020	715,435	285,051	N/A	N/A	N/A
3/31/2020	712,309	272,540	-2,422,094	-2,405,735	N/A
12/31/2019	698,242	262,745	N/A	N/A	N/A
9/30/2019	665,892	239,671	-1,836,323	-1,820,021	N/A
6/30/2019	646,879	232,001	N/A	N/A	N/A
3/31/2019	620,129	223,324	-1,986,197	-1,969,991	N/A
12/31/2018	592,785	213,133	N/A	N/A	N/A
9/30/2018	561,237	206,261	-1,141,234	-1,129,102	N/A
6/30/2018	543,546	193,450	N/A	N/A	N/A
3/31/2018	523,911	185,100	N/A	-1,280,265	N/A
12/31/2017	500,618	177,508	N/A	-1,139,834	N/A
9/30/2017	477,325	169,916	N/A	-999,402	N/A
6/30/2017	459,245	161,086	N/A	-899,598	N/A
3/31/2017	441,166	152,256	N/A	-799,794	N/A
12/31/2016	422,287	144,819	N/A	-1,030,153	N/A
9/30/2016	403,409	137,382	N/A	-1,260,513	N/A
6/30/2016	388,419	132,697	N/A	-1,280,382	N/A
3/31/2016	373,429	128,013	N/A	-1,300,250	N/A
12/31/2015	355,511	122,182	N/A	-1,155,394	N/A
9/30/2015	337,593	116,351	N/A	-1,010,538	N/A
6/30/2015	322,081	111,620	N/A	-1,027,690	N/A
3/31/2015	306,570	106,889	N/A	-1,044,843	N/A
12/31/2014	293,499	101,394	N/A	-819,449	N/A
9/30/2014	280,428	95,900	N/A	-594,055	N/A
6/30/2014	268,616	91,667	N/A	-630,917	N/A
3/31/2014	256,803	87,435	N/A	-667,779	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: HDB's forecast earnings growth (10.4% per year) is above the savings rate (2.6%).

Earnings vs Market: HDB's earnings (10.4% per year) are forecast to grow slower than the US market (14.9% per year).

High Growth Earnings: HDB's earnings are forecast to grow, but not significantly.

Revenue vs Market: HDB's revenue is expected to decline over the next 3 years (-5.2% per year).

High Growth Revenue: HDB's revenue is forecast to decline over the next 3 years (-5.2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: HDB's Return on Equity is forecast to be low in 3 years time (15.1%).

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/05 01:59
End of Day Share Price	2025/01/03 00:00
Earnings	2024/09/30
Annual Earnings	2024/03/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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 80 analysts. 38 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Pankaj Agarwal	Ambit Capital
Kaitav Shah	Anand Rathi Shares and Stock Brokers Limited
Jaikishan Parmar	Angel Broking Private Limited

HDFC Bank Future Growth

Future criteria checks 1/6

Key information

Recent future growth updates

Recent updates

HDFC Bank Reportedly Restarts Talks with Mitsubishi UFJ for HDB Financial Stake Sale Ahead of IPO

HDFC Bank Limited to Report Q3, 2025 Results on Jan 22, 2025

Hdfc Bank Appoints Santhosh Iyengar Keshavan as Independent Director

HDFC Bank: The Clouds Are Finally Clearing (Rating Upgrade)

HDFC Bank Limited (NSEI:HDFCBANK) acquired an additional minority stake in HDF.C Capital Advisors Limited for approximately INR 670 million.

Vama Sundari Investments (Delhi) Private Limited signed a letter of intent to acquire 91% stake in HDFC Education and Development Services Pvt. Ltd. from HDFC Bank Limited (NSEI:HDFCBANK) for INR 1.92 billion.

HDFC Bank Limited Appoints C R P Balasuriya as CEO for Sri Lanka

HDFC Bank Limited to Report Q2, 2025 Results on Oct 19, 2024

HDFC Reportedly in Talks with Global Banks to Offload $1 Billion in Loans

HDFC Bank Reportedly Plans to Sell $1.2 Billion of Loans Via Rare Debt Tool

HDFC Bank Rejects MUFG's $2 Billion Cheque for NBFC Arm

HDFC Bank: Focus On Fundamentals Over The Upcoming $2bn Catalyst

HDFC Bank Limited Approves Dividend for the Financial Year Ended March 31, 2024

HDFC Bank Limited Appoints Ajay Agarwal as Company Secretary (Key Managerial Personnel) and Compliance Officer

HDFC Bank Limited to Report Q1, 2025 Results on Jul 20, 2024

HDFC Bank Limited, Annual General Meeting, Aug 09, 2024

HDFC Bank: Negatives Are Priced In

Yudiz Solutions Limited Issues Legal Notice to HDFC Bank Limited

HDFC Bank Limited Announces Executive Changes

MUFG Reportedly Likely to Sweeten $1.7 Billion Offer for HDB Finance

HDFC Bank: The Jury Is Still Out, Although The Risk-Reward Is In A Better Place

HDFC Bank Limited Announces Change in Management

HDFC Bank Limited Announces Executive Changes

HDFC Bank Limited to Report Fiscal Year 2024 Results on Apr 20, 2024

HDFC Bank Limited Announces Cessation of Umesh Chandra Sarangi as Independent Director

HDFC Bank Limited (NSEI:HDFCBANK) agreed to acquire 9.5% stake in IndusInd Bank Limited (NSEI:INDUSINDBK).

Jio Financial Services Reportedly Eying Paytm Wallet Business

HDFC Bank: Why The $21bn Rout Was Not Unjustified

HDFC Bank Limited announced that it has received $500 million in funding from MUFG Bank, Ltd.

HDFC Bank Limited to Report Q3, 2024 Results on Jan 16, 2024

HDFC Bank Limited's Board Approves Appointment of Dr. Harsh Kumar Bhanwala as an Additional Independent Director

HDFC Bank Limited's Board Approves Appointment of Dr. Harsh Kumar Bhanwala as an Additional Independent Director

Hdfc Bank Limited Announces Appointment of V. Srinivasa Rangan as Executive Director

HDFC Bank: Cleaning Out The Closet

Hdfc Bank Limited Announces Appointment of Chief of Internal Vigilance Changes

HDFC Bank Limited Announces Executive Changes

HDFC Bank Limited to Report Q2, 2024 Results on Oct 16, 2023

HDFC Bank Limited Announces Chief Compliance Officer Changes

HDFC Bank: Merger Done, A New Chapter Begins (Rating Downgrade)

HDFC Bank Limited Announces Cessation of Sanjiv Sachar as Independent Director

HDFC Bank: A Bet On The Rapid Emergence Of India

HDFC Bank Limited, Annual General Meeting, Aug 11, 2023

An unknown buyer executed an agreement to acquire 9.95% stake in Softcell Technologies Global Private Limited from HDFC Bank Limited (NSEI:HDFCBANK) for INR 99.5 million.

HDFC Bank: Market's Attention Is On Pending Merger

HDFC Bank Limited to Report Q3, 2023 Results on Jan 14, 2023

HDFC Bank Limited (NSEI:HDFCBANK) agreed to acquire unknown minority stake in Mintoak Innovations Private Limited for approximately INR 100 million.

HDFC Bank Promotes Jahid Ahmed to Senior VP & Digital Marketing Head

HDFC Bank Limited Announces Director Changes

An unknown buyer executed an agreement to acquire 3.21% stake in Lentra AI Private Limited from HDFC Bank Limited (NSEI:HDFCBANK) for approximately INR 540 million.

HDFC Bank: Steady As She Goes

HDFC Bank GAAP EPS of ₹19.00, core net revenue of ₹28,869.8 crore

HDFC Bank Limited to Report First Half, 2023 Results on Oct 15, 2022

HDFC Bank: Sustainability At Its Core

HDFC Bank Limited (NSEI : HDFCBANK) agreed to acquire 9.54% stake in Perfios Account Aggregation Services Private Ltd. for INR 40.3 million

HDFC Bank: Best-In-Class Indian Bank Weighed Down By Transitory Headwinds

HDFC Bank Limited to Report Q1, 2023 Results on Jul 16, 2022

HDFC Bank Limited, Annual General Meeting, Jul 16, 2022

HDFC Bank Limited Recommends Dividend for the Year Ended March 31, 2022

HDFC Bank Limited to Report Fiscal Year 2022 Results on Apr 23, 2022

HDFC Bank Limited (NSEI:HDFCBANK) entered into scheme of amalgamation to acquire Housing Development Finance Corporation Limited (BSE:500010) for approximately INR 4580 billion.

HDFC Bank: Turning A New Chapter Post RBI Restrictions

HDFC Bank Limited to Report Q4, 2022 Results on Apr 16, 2022

HDFC Bank Limited Announces the Resignation of Srikanth Nadhamuni as Non-Executive (Non-Independent) Director

HDFC: Well Positioned To Profit From India's Economic Upswing

HDFC Bank: Long-Term Growth Potential Overshadowed By Short-Term Challenges

5 Lenders Reportedly in Race for Citi India's Retail Business

With Banks Getting Ready To Kick Off Earnings Season, I Like HDFC Bank Better Than Most

HDFC Bank Limited to Report Fiscal Year 2021 Results on Apr 17, 2021

HDFC Bank Limited Informs That Mrs. Shyamala Gopinath Ceased to Be the Part-Time Chairperson and Independent Director

HDFC Bank Limited Announces Management Changes

HDFC Bank: Favor Quality On The Recovery Path

HDFC Bank Limited Announces the Retirement of Aditya Puri as Managing Director of the Bank

HDFC Bank Limited Approves Appointment of Sashidhar Jagdishan as Chief Executive Officer, Effective October 27, 2020

Rosen Law Firm Reminds HDFC Bank Limited Investors of Important Deadline in Securities Class Action; Encourages Investors with Losses in Excess of $100,000 to Contact the Firm – HDB

Earnings and Revenue Growth Forecasts