HDBNYSECommercial Banks, NECFiscal year ends March 31
HDFC BANK LTD
Financials through fiscal 2025, year ended Mar 31, 2025Last filing: 20-F on Jul 29, 2026
$23.08−0.76 (-3.19%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
30.8%−7.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +18.1% | +34.9% | +26.6% | +22.0% | |
| Net income | +8.2% | +20.4% | +20.9% | +21.1% | |
| EPS, diluted | +1.5% | +8.9% | +13.7% | +16.0% | |
| Free cash flow | +16.6% | +26.7% | +49.2% | +27.4% | |
| Dividend per share | +12.8% | +12.4% | +54.5% | +18.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.6% | 14.8% | 9.2% | |
| Return on assets | 1.7% | 1.8% | 1.5% | |
| Capex to revenue | 2.7% | 2.7% | 3.0% | |
| Diluted shares | 5.09B | 5.51B | 7.66B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Hdfc Bank generated ₹4.20T from operations and spent ₹575.46B on capital expenditure, dividends and share buybacks. 36% of that went back into the business.
Generated
₹4.20T
Used
₹575.46B
Capital expenditure₹207.99B36%Dividends₹367.48B64%Share buybacks₹00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin30.8%
×Asset turnover0.05×
×Equity multiplier6.31×
=Return on equity, FY20259.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 30.8% | 0.05× | 6.31× | 9.2% |
| FY2024 | 33.6% | 0.05× | 7.09× | 12.6% |
| FY2023 | 43.8% | 0.05× | 8.65× | 18.3% |
| FY2022 | 43.3% | 0.05× | 8.38× | 16.6% |
| FY2021 | 41.7% | 0.05× | 8.38× | 16.1% |
| FY2020 | 38.6% | 0.05× | 8.29× | 14.8% |
| FY2019 | 37.0% | 0.05× | 8.78× | 15.7% |
| FY2018 | 35.1% | 0.05× | 9.29× | 16.2% |
| FY2017 | 33.1% | 0.05× | 8.87× | 14.8% |
| FY2016 | 32.1% | 0.05× | 8.64× | 14.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero₹673.51B
- Cash generatingOperating cash flow above zero₹1.20T
- Return on assets improvedROA up on the prior year2.4% → 1.5%
- Earnings backed by cashOperating cash flow above net income₹1.20T vs ₹673.51B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise7.11B → 7.66B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.07 → 0.05