HDFC Bank Limited (H1DB34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of HDFC Bank Limited BRL 16.17, price BRL 23.50, upside -31.2%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range R$22.45 – R$43.40 · fair‑value band R$14.26 – R$18.36 · the R$23.50 price screens above the R$16.17 fair value. Dashed = 300-day average. As of Sep 29, 2026.
HDFC Bank Limited provides banking and financial products and services to individuals and businesses in India, Bahrain, Hong Kong, Singapore, and Dubai. The company operates through Treasury, Retail Banking, Wholesale Banking, Other Banking Business, Insurance Business, and Other segments.
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HDFC Bank Limited provides banking and financial products and services to individuals and businesses in India, Bahrain, Hong Kong, Singapore, and Dubai. The company operates through Treasury, Retail Banking, Wholesale Banking, Other Banking Business, Insurance Business, and Other segments. It offers savings, salary, current, rural, public provident fund, pension, and demat accounts; fixed and recurring deposits; and safe deposit lockers, as well as offshore accounts and deposits, and overdrafts against fixed deposits. The company also provides personal, home, car, two-wheeler, business, doctor, educational, gold, consumer, and rural loans; loans against properties, securities, mutual funds, rental receivables, and assets; loans for professionals; government sponsored programs; and loans on credit card, as well as working capital and commercial/construction equipment finance, healthcare/medical equipment, commercial vehicle finance, dealer finance, and term loans. In addition, it offers credit, debit, prepaid, forex, and kisan gold cards; payment and collection, export, import, remittance, bank guarantee, letter of credit, trade, hedging, and merchant and cash management services; and insurance and investment products. Further, the company provides short term finance, bill discounting, structured finance, export credit, loan repayment, custodial, and documents collection services; online, mobile, and phone banking services; unified payment interface, immediate payment, national electronic funds transfer, and real time gross settlement services; channel financing, vendor financing, reimbursement account, money market, derivatives, employee trusts, cash surplus corporates, tax payment, and bankers to rights/public issue services; and financial solutions for supply chain partners and agricultural customers. It operates branches and automated teller machines in various cities/towns. The company was incorporated in 1994 and is headquartered in Mumbai, India.
Stock analysis
HDFC Bank Limited (H1DB34) currently trades at R$23.50, while our model-based Fair Value estimate is R$16.17, 31.2% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 20 models at a data quality of 92/100, which puts the evidence level at high.
Scenario range: R$14.26 (bear) to R$18.36 (bull), the price of R$23.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
HDFC Bank Limited reported revenue of R$2.4T in FY2025 versus R$937B in FY2021, a compound +26.1%/yr. Reported net income was R$708B in FY2025, compounding +21.4%/yr from FY2021.
Key figures
Market cap R$687B (≈ $131B) · P/E ratio 15.9 · P/S ratio 4.74 · EPS (TTM) R$1.48 · Net margin 29.9% · Return on equity 13.8% · Return on assets 1.7% · Operating margin 40.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −31%, H1DB34 screens cheaper than that median.
Fair Value models
Bear R$14.26Fair Value R$16.17Bull R$18.36
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.5%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.5%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "HDFC Bank Limited Fair Value". https://www.fairvalue-calculator.com/stock/H1DB34
Frequently asked questions
Is HDFC Bank Limited (H1DB34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$16.17 versus a price of R$23.50, about −31% upside (overvalued).
What is the fair value of H1DB34?
Our model-based fair value for HDFC Bank Limited is R$16.17 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$23.50.
What is the quality score of H1DB34?
HDFC Bank Limited has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HDFC Bank Limited (H1DB34)?
Our model-based price target is the fair value of R$16.17 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario R$14.26, optimistic scenario R$18.36. It is a calculation from audited fundamentals, not an analyst target.
What is the HDFC Bank Limited stock forecast for 2026?
Our models put fair value at R$16.17, about −31% upside versus a price of R$23.50 (overvalued). Cautious scenario R$14.26, optimistic scenario R$18.36. The calculation is refreshed regularly with new filings.
What is the revenue of HDFC Bank Limited (H1DB34)?
HDFC Bank Limited reported trailing-twelve-month revenue of about R$2.8T (latest available figure, as of Sep 29, 2026).
What is the intrinsic value of HDFC Bank Limited (H1DB34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HDFC Bank Limited it is R$16.17 per share (as of Sep 29, 2026), against a price of R$23.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is HDFC Bank Limited stock overvalued or undervalued in 2026?
As of Sep 29, 2026, H1DB34 trades above its calculated fair value: price R$23.50, fair value R$16.17, a gap of about −31% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of H1DB34?
No. The price is what the market pays today (R$23.50); the fair value is what the company's own numbers justify (R$16.17). For HDFC Bank Limited the two are R$7.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is HDFC Bank Limited worth?
The market values HDFC Bank Limited at about R$687B (market capitalisation, as of Sep 29, 2026). Per share that is R$23.50; our models calculate a fair value of R$16.17 per share.
What do the bullish and bearish scenarios say about H1DB34?
Our models span a range for HDFC Bank Limited: cautious scenario R$14.26, base R$16.17, optimistic R$18.36 per share (as of Sep 29, 2026, price R$23.50). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is H1DB34 from its 52-week high?
HDFC Bank Limited trades at R$23.50, about 46% below its 52-week high of R$43.40 and 5% above the low of R$22.45 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$16.17 is for.
Which stocks are comparable to HDFC Bank Limited?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HDFC Bank Limited stock attractive at the current price?
The data as of Sep 29, 2026: price R$23.50, calculated fair value R$16.17 (−31%), Quality Score 51/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of H1DB34 calculated?
We run HDFC Bank Limited through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$16.17, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. HDFC Bank Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HDFC Bank Limited (H1DB34)?
The closing price on Oct 2, 2026 was R$23.50. Our model-based fair value is R$16.17, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HDFC Bank Limited right now?
The price sits above even our optimistic bull case (R$18.36). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of HDFC Bank Limited
How large is the market capitalisation of HDFC Bank Limited (H1DB34)?
The market capitalisation of HDFC Bank Limited is R$687B (≈ $131B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of HDFC Bank Limited (H1DB34)?
The price-to-earnings ratio of HDFC Bank Limited is 15.9. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of HDFC Bank Limited (H1DB34)?
The price-to-sales ratio of HDFC Bank Limited is 4.74 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HDFC Bank Limited (H1DB34)?
Earnings per share at HDFC Bank Limited are R$1.48 (price ÷ EPS = P/E 15.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of HDFC Bank Limited (H1DB34)?
The net margin of HDFC Bank Limited is 29.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HDFC Bank Limited (H1DB34)?
The return on equity (ROE) of HDFC Bank Limited is 13.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of HDFC Bank Limited (H1DB34)?
The return on assets (ROA) of HDFC Bank Limited is 1.7% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of HDFC Bank Limited (H1DB34)?
The operating margin of HDFC Bank Limited is 40.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HDFC Bank Limited (H1DB34)?
Revenue at HDFC Bank Limited is growing −1.8% versus a year earlier (3y avg +32.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HDFC Bank Limited (H1DB34)?
Earnings per share at HDFC Bank Limited are growing +7.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does HDFC Bank Limited (H1DB34) generate?
The free cash flow of HDFC Bank Limited is R$1.1T (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does HDFC Bank Limited (H1DB34) carry?
The net debt of HDFC Bank Limited is R$3.9T (fiscal year 2025, ≈ 3.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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