HDFC Bank
HDB · NYSECommercial Banks, NEC · Fiscal year ends Mar 31 · Reports in INR
HDFC Bank reported revenue of INR 2,190B in the fiscal year ended Mar 2025, up 18.1% from the year before. Net income was INR 674B. Operating cash flow of INR 1,196B less capital expenditure of INR 66.4B left free cash flow of INR 1,129B. Net debt was INR 5,189B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Revenue | INR 782B | INR 892B | INR 1,131B | INR 1,854B | INR 2,190B |
| Net interest incomeBanks | INR 684B | INR 749B | INR 914B | INR 1,248B | INR 1,404B |
| Interest expense | INR 592B | INR 584B | INR 776B | INR 1,534B | – |
| Pre-tax income | INR 440B | INR 519B | INR 662B | INR 705B | INR 862B |
| Income tax | INR 114B | INR 133B | INR 166B | INR 77.8B | INR 175B |
| Net income | INR 326B | INR 386B | INR 495B | INR 623B | INR 674B |
| Diluted EPS | 59.02 | 69.38 | 88.68 | 88.31 | 89.63 |
| Diluted shares | 5,523M | 5,563M | 5,587M | 7,107M | 7,659M |
Balance sheet
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | INR 931B | INR 1,122B | INR 1,387B | INR 2,086B | INR 1,983B |
| Net PP&E | INR 53.1B | INR 65.8B | INR 87.6B | INR 147B | INR 172B |
| Goodwill | – | INR 74.9B | INR 74.9B | INR 1,630B | INR 1,630B |
| Total assets | INR 17,980B | INR 21,114B | INR 25,756B | INR 44,119B | INR 48,188B |
| Short-term debt | INR 239B | INR 554B | INR 1,090B | INR 1,314B | INR 1,306B |
| Long-term debt | INR 1,175B | INR 1,554B | INR 2,054B | INR 6,649B | INR 5,866B |
| DepositsBanks | INR 13,337B | INR 15,580B | INR 18,827B | INR 23,768B | INR 27,111B |
| Total liabilities | INR 15,816B | INR 18,604B | INR 22,838B | INR 36,232B | INR 39,565B |
| Shareholders' equity | INR 2,160B | INR 2,505B | INR 2,912B | INR 6,947B | INR 7,677B |
Cash flow
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating cash flow | INR 922B | INR 581B | INR 477B | INR 1,022B | INR 1,196B |
| Capital expenditure | INR 17.8B | INR 26.3B | INR 43.6B | INR 53.8B | INR 66.4B |
| Free cash flow | INR 904B | INR 555B | INR 434B | INR 968B | INR 1,129B |
| Stock-based compensation | INR 10.6B | INR 13.9B | INR 14B | INR 20.1B | INR 24.6B |
| Dividends paid | INR 167M | INR 36.2B | INR 86.4B | INR 86.6B | INR 158B |
| Dividend per share | 6.50 | 15.50 | 19.00 | 19.50 | 22.00 |
Key ratios
| Fiscal year | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | 26.8% | 63.9% | 18.1% |
| EPS growth (YoY) | – | 17.6% | 27.8% | −0.4% | 1.5% |
| Net margin | 41.7% | 43.3% | 43.8% | 33.6% | 30.8% |
| Return on equityBlank when equity is negative | 15.1% | 15.4% | 17.0% | 9.0% | 8.8% |
| Free cash flow margin | 115.5% | 62.2% | 38.3% | 52.2% | 51.6% |
| Cash conversion (CFO ÷ net income) | 2.83x | 1.51x | 0.96x | 1.64x | 1.78x |
| Debt ÷ equity | 0.65x | 0.84x | 1.08x | 1.15x | 0.93x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | INR 483B | INR 986B | INR 1,757B | INR 5,876B | INR 5,189B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.