HDFC Bank
HDB on NYSE. Commercial banks, nec. Market value $340.3bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to March 2025.
The latest annual report is over 15 months old, so we don't rank it.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 16 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.79.
Profit per $100 you pay: $2.32.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$22.11 a share, at its 1-year low
Over the past year the price has ranged from $21.77 to $37.45.
Dividend: 0.5% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $10.7bn | $11.8bn | $13.8bn | $22.2bn | $25.6bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 5.51bn | 5.55bn | 5.58bn | 7.60bn | 7.65bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 23.5% a year
- Buying back its own sharesNo, 39% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 29 July 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
13 long-term investors we follow own it, down from 17 last quarter. 554 funds in all.
- Marathon Asset ManagementNeil Ostrer
- Value
- $24m
- Share of fund
- 1.0%
- Elliott Investment ManagementPaul Singer
- Value
- $21m
- Share of fund
- 0.1%
- Causeway Capital ManagementSarah Ketterer
- Value
- $10m
- Share of fund
- 0.1%
- Ariel InvestmentsJohn Rogers Jr.
- Value
- $363,480
- Share of fund
- <0.1%
- Southeastern Asset Management (Longleaf)Mason Hawkins
- Value
- $270,233
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $244m | 0.8% | Added |
| Boston PartnersBoston Partners team | $214m | 0.2% | Added |
| Dodge & CoxDodge & Cox investment committee | $173m | <0.1% | Added |
| Mondrian Investment PartnersMondrian team | $78m | 1.2% | Added |
| Mawer Investment ManagementMawer team | $68m | 0.5% | Cut |
| Pzena Investment ManagementRichard Pzena | $42m | 0.1% | Added |
| Marathon Asset ManagementNeil Ostrer | $24m | 1.0% | |
| Elliott Investment ManagementPaul Singer | $21m | 0.1% | |
| Letko BrosseauLetko Brosseau team | $13m | 0.2% | Added |
| Causeway Capital ManagementSarah Ketterer | $10m | 0.1% | |
| Brandes Investment PartnersCharles Brandes | $9m | <0.1% | Added |
| Ariel InvestmentsJohn Rogers Jr. | $363,480 | <0.1% | |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $270,233 | <0.1% |
Sold out this quarter
Largest holders overall
- Morgan Stanley$1.4bnAdded
- Royal Bank of Canada$1.1bn
- Schroder Investment Management Group$565mCut
- JPMorgan Chase$495mAdded
- Bank of America$446mAdded
- FIL$433m
- Temasek Holdings (Private)$395mAdded
- Robeco Institutional Asset Management B.V.$380mAdded
- Fisher Asset Management$301mCut
- Lazard Asset Management$295mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $271,660.
- Srinivasan NGroup Head - OperationsSold
- Date
- 7 May 2026
- Shares
- 10,000
- Price
- $8.72
- Value
- $87,200
- Parthasarthy AshishGroup Head - TreasurySold
- Date
- 28 April 2026
- Shares
- 5,600
- Price
- $8.70
- Value
- $48,720
- Parthasarthy AshishGroup Head - TreasurySold
- Date
- 21 April 2026
- Shares
- 6,000
- Price
- $8.94
- Value
- $53,640
- Srinivasan NGroup Head - OperationsSold
- Date
- 23 March 2026
- Shares
- 10,000
- Price
- $8.21
- Value
- $82,100
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 7 May 2026 | Srinivasan N Group Head - Operations | Sold | 10,000 | $8.72 | $87,200 |
| 28 April 2026 | Parthasarthy Ashish Group Head - Treasury | Sold | 5,600 | $8.70 | $48,720 |
| 21 April 2026 | Parthasarthy Ashish Group Head - Treasury | Sold | 6,000 | $8.94 | $53,640 |
| 23 March 2026 | Srinivasan N Group Head - Operations | Sold | 10,000 | $8.21 | $82,100 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
HDFC Bank doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.