HDFC Bank Limited

KIRA view

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Business overview

• Retail and wholesale lending, deposits, payments and treasury; merged with parent HDFC Ltd in 2023. 9,689 branches across 4,175 cities/towns as of 31-Mar-2026. SOURCED S10

Revenue drivers

• Net interest income ANALYSIS
• Fee income ANALYSIS
• Treasury income ANALYSIS

Competitive position — peers

• ICICI Bank ANALYSIS
• Axis Bank ANALYSIS
• Kotak Mahindra Bank ANALYSIS
• SBI ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

Growth drivers

• Deposit franchise deepening ANALYSIS
• Merger cross-sell of mortgages ANALYSIS
• Margin recovery as merged liabilities reprice ANALYSIS
• Fee-income scaling ANALYSIS

Recent developments

• The AGM notice (29 Jun 2026; AGM held 5 Aug 2026) sought a special resolution to raise up to ₹60,000 crore through perpetual debt (AT1), Tier II and long-term infrastructure bonds by private placement within one year. The voting outcome has not been retrieved. SOURCED S17
• Chairman resignation, 18 Mar 2026 (see Governance). SOURCED S13
• Q4FY26 results 18-Apr-2026; total FY26 dividend Rs15.50 (Rs2.50 special interim + Rs13.00 final) SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

• note: Bank — industrial CFO framework not applicable; funding quality tracked via deposit franchise ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

Governance, regulatory & litigation

• Joint statutory auditors: Batliboi & Purohit (FRN 101048W) and B S R & Co. LLP (FRN 101248W/W-100022). The AGM notice seeks approval of ₹10.40 crore overall audit fees for FY2026-27. [Company disclosure] SOURCED S17
• 18 Mar 2026 — Atanu Chakraborty resigned as Part-time Chairman and Independent Director with immediate effect; his letter states that 'certain happenings and practices within the bank' were 'not in congruence with my personal values and ethics'. RBI approved Keki Mistry as interim Part-time Chairman from 19 Mar 2026 for three months. [Company disclosure — established event] SOURCED S13, S14
• Pending US securities class action — ALLEGATIONS ONLY, not established facts. A complaint against HDFC Bank and certain executives (class period 17 Jul 2023 – 26 May 2026) alleges concealment of adverse facts, including an alleged scheme routing about ₹45 crore through marketing as 'sponsorship contributions' to induce deposits. Lead-plaintiff deadline 13 Oct 2026. Source is a plaintiff-firm notice; the court docket has not been retrieved. [Pending matter / allegation] SOURCED S16

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

• NII growth only ~3.8% YoY (margin compression) ANALYSIS
• Industry-wide deposit competition ANALYSIS
• CD-ratio normalisation execution ANALYSIS
• US class-action overhang ANALYSIS

Key questions to monitor

• US securities class action: allegations in pending litigation — track the court record, not media reports. ANALYSIS
• Pace of NIM recovery and deposit growth as merged HDFC Ltd liabilities reprice. ANALYSIS

Sources

Research status

Status

READY

Confidence

HIGH

Data as of

2026-09-26

KIRA Score

74.0/100 · A- · GREEN
Framework V1 · 17 Sep 2026 · KIRA Score methodology

Method

Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.

Withheld

8 item(s) not yet verified are not shown.

Data conflicts

• Resolved · valuation (P/E, EPS, dividend yield)
  Implied price from EPS×P/E (₹731) disagreed with DPS÷yield (₹871); price date '2026-09-23/25' was ambiguous.
  Kimi's EPS 51.19 matches neither filed basic EPS (48.62 standalone, 49.50 consolidated; S11). The observation date and basis behind P/E and yield cannot be reconstructed, so P/E, EPS 51.19 and yield were removed from verified output (NOT VERIFIED; kept in qa.lineage). Filed EPS added. A dated valuation pass is still required. S11
• Resolved · financials.NII.Q4FY26
  Kimi's note gave Q4FY26 NII of 33,281.5 crore (+3.8% YoY); its risk list repeats '~3.8%'.
  S10 reports standalone NII of ₹330.8 bn (+3.2% YoY). The S10 figure is canonical; Kimi's figure is not found in S10 (possibly a different basis — unconfirmed). The analysis premise '~3.8%' should read 3.2%. S10
• Resolved · basis
  Standalone FY26 PAT sat inside a record declared consolidated; bank ratios were defaulted to consolidated.
  S10 gives both: standalone PAT 74,670 and consolidated PAT 76,030 crore. Both are stored with explicit basis. NIM, GNPA, NNPA, CAR, Tier 1 and CET1 in S10 are standalone and are now labelled standalone. S10