Latest Ratios: P/E Ratio 5.5x · EV/EBITDA 14.2x · ROE 11.0%. (2001–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $139.2B | $42.6B | $169.7B | $132.8B | $124.3B | $113.9B | $143.1B | $70.6B | $104.6B | $86.2B | $64.7B |
| Enterprise Value | $167.7B | $2.75T | $4.40T | $4.86T | $1.00T | $853.2B | $586.2B | $813.4B | $947.8B | $1.08T | $551.1B |
| P/E Ratio → | 5.54 | 0.05 | 0.24 | 0.21 | 0.27 | 0.30 | 0.45 | 0.26 | 0.47 | 0.47 | 0.42 |
| P/S Ratio | 2.54 | 0.01 | 0.04 | 0.04 | 0.06 | 0.07 | 0.09 | 0.05 | 0.09 | 0.09 | 0.08 |
| P/B Ratio | 0.74 | 0.01 | 0.02 | 0.02 | 0.04 | 0.05 | 0.07 | 0.04 | 0.06 | 0.07 | 0.06 |
| P/FCF | 7.68 | 0.02 | 0.15 | 0.14 | 0.29 | 0.21 | 0.16 | 0.46 | 0.63 | 1.01 | 0.18 |
| P/OCF | 7.50 | 0.02 | 0.14 | 0.13 | 0.26 | 0.20 | 0.16 | 0.41 | 0.57 | 0.91 | 0.17 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.53 | 1.05 | 1.38 | 0.51 | 0.53 | 0.38 | 0.58 | 0.79 | 1.09 | 0.66 |
| EV / EBITDA | 14.25 | 2.46 | 4.76 | 6.41 | 1.46 | 1.59 | 1.29 | 2.15 | 2.69 | 3.76 | 2.41 |
| EV / EBIT | 14.83 | 2.56 | 5.11 | 6.88 | 1.51 | 1.64 | 1.33 | 2.22 | 2.79 | 3.89 | 2.51 |
| EV / FCF | — | 1.60 | 3.90 | 5.01 | 2.31 | 1.54 | 0.65 | 5.32 | 5.68 | 12.68 | 1.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.2% | 57.2% | 52.2% | 52.7% | 57.1% | 55.6% | 51.2% | 47.8% | 49.5% | 51.4% | 50.7% |
| Operating Margin | 20.6% | 20.6% | 20.5% | 20.0% | 33.4% | 32.4% | 28.8% | 25.9% | 28.3% | 28.0% | 26.3% |
| Net Profit Margin | 15.3% | 15.3% | 16.1% | 17.7% | 25.0% | 24.1% | 21.3% | 18.5% | 18.3% | 18.1% | 16.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 8.2% | 11.5% | 18.3% | 16.5% | 16.1% | 14.7% | 15.7% | 16.2% | 14.8% |
| ROA | 1.7% | 1.7% | 1.5% | 1.8% | 2.1% | 2.0% | 1.9% | 1.8% | 1.8% | 1.7% | 1.7% |
| ROIC | 5.8% | 5.8% | 4.0% | 4.8% | 9.0% | 9.2% | 9.4% | 8.2% | 8.2% | 8.4% | 8.9% |
| ROCE | 2.2% | 2.2% | 4.6% | 3.3% | 4.6% | 4.7% | 2.7% | 2.6% | 3.0% | 2.9% | 2.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 0.86 | 1.03 | 1.11 | 0.93 | 0.69 | 0.77 | 1.04 | 1.46 | 1.02 |
| Debt / EBITDA | 5.16 | 5.16 | 8.06 | 10.75 | 4.73 | 4.36 | 3.27 | 3.88 | 4.82 | 5.97 | 4.60 |
| Net Debt / Equity | — | 0.45 | 0.49 | 0.60 | 0.30 | 0.29 | 0.20 | 0.39 | 0.52 | 0.84 | 0.47 |
| Net Debt / EBITDA | 2.42 | 2.42 | 4.58 | 6.23 | 1.28 | 1.38 | 0.98 | 1.96 | 2.39 | 3.46 | 2.13 |
| Debt / FCF | — | 1.57 | 3.75 | 4.88 | 2.03 | 1.33 | 0.49 | 4.86 | 5.05 | 11.67 | 1.33 |
| Interest Coverage | 0.55 | 0.55 | 0.47 | 0.46 | 0.85 | 0.89 | 0.74 | 0.59 | 0.64 | 0.66 | 0.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.34 | 0.41 | 4.96 | 0.28 | 9.43 | 7.13 | 4.10 | 2.96 | 4.79 |
| Quick Ratio | — | — | 0.34 | 0.41 | 4.96 | 0.28 | 9.43 | 7.13 | 4.10 | 2.96 | 4.79 |
| Cash Ratio | — | — | 0.11 | 0.13 | 1.55 | 0.10 | 1.78 | 1.14 | 0.96 | 0.70 | 0.97 |
| Asset Turnover | — | 0.11 | 0.09 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.9% | 100.0% | 93.1% | 65.2% | 69.5% | 31.8% | 0.1% | 94.1% | 39.2% | 40.0% | 45.3% |
| Payout Ratio | 27.2% | 27.2% | 23.5% | 13.9% | 17.4% | 9.4% | 0.1% | 25.5% | 18.6% | 19.3% | 20.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 18.1% | 1872.1% | 417.2% | 482.4% | 370.1% | 334.0% | 222.4% | 385.8% | 213.6% | 214.9% | 235.4% |
| FCF Yield | 13.0% | 4039.3% | 665.5% | 729.2% | 348.9% | 487.0% | 631.7% | 216.4% | 159.6% | 98.8% | 567.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 100.0% | 93.1% | 67.0% | 69.5% | 31.8% | 0.1% | 94.1% | 39.2% | 40.0% | 45.3% |
| Shares Outstanding | — | $1.7B | $5.1B | $4.7B | $3.7B | $3.7B | $3.7B | $3.7B | $3.6B | $3.5B | $3.4B |
Post-merger liquidity and margin pressure
According to recent market data, HDB trades at a P/B of 0.70, a valuation level that suggests investors are heavily discounting the bank's historical franchise premium while awaiting evidence of sustained ROTCE recovery following the complex merger with its parent housing finance entity.
The current valuation multiple appears to reflect a market shift from viewing HDB as a high-growth retail engine to a more mature, integration-heavy institution. This pricing implies that the market is demanding a higher risk premium for the bank's expanded balance sheet and the potential for long-term margin compression.
Based on the bank's reported figures, the ROE has fluctuated significantly, reaching 6.9% in 2026Q4, which indicates that the traditional DuPont drivers of NIM and asset utilization are currently being pressured by the structural costs of integrating a large-scale, lower-yielding mortgage portfolio.
The volatility in ROE suggests that the bank's profitability is currently in a state of transition rather than steady-state performance. Investors should monitor whether the bank can successfully leverage its expanded customer base to improve non-interest income contribution, which remains essential for offsetting the dilution of its historical NIM.
As reported in financial statements, the efficiency ratio has shown extreme variance, ranging from 0.2% to 39.9% over the last ten quarters, which suggests that the bank is currently absorbing significant one-time integration costs that obscure its underlying ability to manage operating leverage.
The erratic nature of the efficiency ratio warrants further investigation into whether the bank's branch expansion strategy is yielding the expected scale benefits. A sustained improvement in this metric is necessary to confirm that the bank can maintain its cost-control advantage in a post-merger environment.
Based on the bank's quarterly filings, the equity-to-assets ratio of 0.12 in 2026Q4 indicates that management is maintaining a disciplined capital buffer to navigate the regulatory and liquidity complexities inherent in its significantly expanded post-merger balance sheet.
This capital position appears adequate to support current growth, though the bank's elevated credit-to-deposit ratio may necessitate further capital preservation. The ability to maintain these buffers while managing a larger loan book will be a critical indicator of the bank's long-term financial resilience.
The P/E ratio is frequently misapplied to HDB, as it fails to account for the significant impact of non-recurring provision expenses and merger-related accounting adjustments that can artificially distort earnings and mask the bank's true underlying profitability and capital generation capacity.
For a bank of this complexity, the P/E ratio obscures the core banking performance by focusing on bottom-line volatility rather than the structural health of the balance sheet. Analysts should prioritize P/TBV and ROE decomposition to better assess the bank's franchise value and operational efficiency.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying HDB stock.
HDFC Bank Limited's current P/E ratio is 5.5x. The historical average is 0.3x. This places it at the 100th percentile of its historical range.
HDFC Bank Limited's current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.0x.
HDFC Bank Limited's return on equity (ROE) is 11.0%. The historical average is 14.7%.
Based on historical data, HDFC Bank Limited is trading at a P/E of 5.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HDFC Bank Limited's current dividend yield is 4.93% with a payout ratio of 27.2%.
HDFC Bank Limited has 57.2% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
HDFC Bank Limited's Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.