Company Valuation: HDFC Bank Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 8,153,886 8,980,875 10,999,567 13,989,792 11,261,019 11,235,395 - -
Change - 10.14% 22.48% 27.18% -19.51% -0.23% - -
Enterprise Value (EV) 8,153,886 8,980,875 10,999,567 13,989,792 11,261,019 11,235,395 11,235,395 11,235,395
Change - 10.14% 22.48% 27.18% -19.51% -0.23% 0% 0%
P/E 22.2x 20.4x 16.9x 20.8x 15.1x 13.7x 11.7x 10x
PBR 3.4x 3.08x 2.5x 2.79x 2x 1.8x 1.61x 1.44x
PEG - 1.1x 2.04x 7.22x 1.5x 1.4x 0.7x 0.6x
Capitalization / Revenue 8.03x 7.61x 6.97x 8.31x 5.89x 5.6x 4.85x 4.24x
EV / Revenue 0x 0x 0x 0x 0x 5.6x 4.85x 4.24x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 9.11x 7.75x 6.61x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 7.75 9.5 9.75 11 15.5 13.96 15.97 18
Rate of return 1.05% 1.18% 1.35% 1.2% 2.12% 1.92% 2.19% 2.47%
EPS 2 33.15 39.44 42.72 43.95 48.4 53.29 62.17 72.64
Distribution rate 23.4% 24.1% 22.8% 25% 32% 26.2% 25.7% 24.8%
Net sales 1 1,015,195 1,180,571 1,577,734 1,683,024 1,912,186 2,007,951 2,315,507 2,651,207
EBITDA - - - - - - - -
EBIT 1 640,773 704,050 943,874 1,001,275 1,185,583 1,233,062 1,450,121 1,699,107
Net income 1 369,613 441,087 608,123 673,474 746,713 820,886 957,855 1,121,289
Net Debt - - - - - - - -
Reference price 2 735.18 804.78 723.95 914.10 731.55 728.90 728.90 728.90
Nbr of stocks (in thousands) 11,091,082 11,159,486 15,193,821 15,304,443 15,393,368 15,414,179 - -
Announcement Date 16/04/22 15/04/23 20/04/24 19/04/25 18/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.38x - - 1.89% 897B
6.25x - - 4.95% 408B
12.04x - - 2.13% 392B
12.28x - - 4.25% 344B
6.22x - - 4.95% 330B
6.8x - - 4.66% 298B
17.33x - - 2.43% 276B
14.47x - - 2.72% 257B
11.2x - - 2.33% 248B
Average 11.11x 3.37% 383.39B
Weighted average by Cap. 11.26x 3.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield