# HDFCBANK (HDFCBANK) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/hdfcbank

## Current market snapshot

- Exchange: BSE
- Country: India
- Price: ₹714
- Change: +1.29%
- As of: 2026-10-13
- 1D return: +1.29%
- 5D return: +0.36%
- 1M return: +0.81%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-10-13_

### Technical Outlook

As of October 13, 2026, HDFCBANK's technical setup indicates a bearish trend across daily, weekly, and monthly timeframes, with weak conviction on the daily chart (ADX 13.71) and developing conviction on longer timeframes (monthly ADX 20.07, weekly ADX 21.45). The stock is trading below key moving averages and the Supertrend indicator on all observed timeframes, suggesting downward pressure. Daily momentum shows mixed signals with the price above the 20-period EMA but below other significant averages. The stock is positioned near the lower end of its 252-day range (+9.5%), indicating limited upside potential within that broader context.

Participation and risk are characterized by recent anomalies, including a high-severity volume-with-price move on October 5, 2026. The annualized volatility stands at +20.0%, with a current drawdown of -29.5% and a maximum drawdown of -32.2%. Key levels to monitor include immediate support at ₹711.05 (0.41% below current price) and resistance at ₹717.2 (0.45% above current price). A confirmed break below ₹705.7 (1.16% below current price) could signal further downside, while a sustained move above ₹722.55 (1.20% above current price) would be needed to challenge the bearish setup.

- Bearish trend across daily, weekly, and monthly timeframes with weak to developing conviction.
- Positioned near the lower end of the 252-day range (+9.5%) with significant drawdown (-29.5%).
- Nearest support at ₹711.05 (0.41% below) and resistance at ₹717.2 (0.45% above).
- Invalidation of the bearish setup requires a sustained move above ₹722.55 (1.20% above).
- Confirmation of further downside would be indicated by a break below ₹705.7 (1.16% below).

- Outside Bar
- Inside Bar
- Harami
- Bearish Engulfing Reversal

### News Context

On October 7, 2026, IIFL's Rikin Shah commented on HDFC Bank's market performance. While Shah holds a positive long-term view on large private banks, he anticipates HDFC Bank's earnings growth to be slower compared to peers like Axis Bank, Kotak Mahindra Bank, and ICICI Bank over the next two years. This perspective was shared in the context of the bank's recent CEO clarity and a Q2 update, which Shah believes has not yet translated into stock outperformance.

- October 7, 2026: IIFL's Rikin Shah noted HDFC Bank's stock is underperforming despite recent CEO clarity and a Q2 update.
- October 7, 2026: Shah expects HDFC Bank's earnings to grow at a slower pace than peers like Axis, Kotak, and ICICI Bank over the next two years.
- October 7, 2026: Shah expressed a bullish stance on large private banks from a two-year perspective.

- [HDFC Bank shares are underperforming despite CEO clarity, Q2 update - IIFL's Rikin Shah explains why](https://www.cnbctv18.com/market/hdfc-bank-share-price-why-the-stock-is-underperforming-despite-ceo-news-q2-update-iifl-rikin-shah-explains-buy-sell-20007086.htm)

### What Changed

HDFC Bank Limited confirmed an annual interest payment of ₹5,36,92,93,800 on October 12, 2026, for a debt instrument with outstanding principal of ₹6,653.40 crores. The record date for this payment was September 26, 2026. This filing aligns with SEBI regulations for listed entities. In terms of recent trading, the bank's stock closed at ₹714.0 on October 13, 2026, an increase from its previous close of ₹704.9.

- On October 12, 2026, HDFC Bank executed an annual interest payment of ₹5,36,92,93,800.
- The interest payment related to a principal amount of ₹6,653.40 crores.
- The stock closed at ₹714.0 on October 13, 2026, up from ₹704.9 on the previous trading day.

- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_12102026160910_SE_Intimation_Reg_30_57_AA011_121026.pdf)

### Official Filings

HDFC Bank Limited has disclosed key leadership changes and debt-related information. The Reserve Bank of India (RBI) approved the appointment of Mr. Anup Bagchi as Managing Director & Chief Executive Officer for a three-year term, effective October 27, 2026, succeeding Mr. Sashidhar Jagdishan whose term concludes on October 26, 2026. Mr. Bagchi's appointment as an Additional Director is subject to shareholder approval via postal ballot, with the voting period concluding on November 6, 2026. His proposed annual compensation is ₹35,89,74,637, comprising fixed pay of ₹8,97,43,659 and target variable pay of ₹26,92,30,978, with a significant portion of the variable pay in share-linked instruments. Additionally, the bank confirmed an annual interest payment of ₹5,36,92,93,800 on October 12, 2026, for a debt instrument with an outstanding principal of ₹6,653.40 crores, based on a record date of September 26, 2026.

- Mr. Anup Bagchi appointed MD & CEO for three years from October 27, 2026, subject to shareholder approval.
- Proposed annual compensation for Mr. Bagchi is ₹35,89,74,637, including fixed and variable components.
- Shareholder approval for Mr. Bagchi's appointment is being sought via postal ballot, with voting ending November 6, 2026.
- HDFC Bank made an interest payment of ₹5,36,92,93,800 on October 12, 2026, for debt with a principal of ₹6,653.40 crores.

- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_12102026160910_SE_Intimation_Reg_30_57_AA011_121026.pdf)
- [HDFC Bank Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK3_08102026122324_SE_Intimation-_Newspaper_adv.pdf)
- [Chapter VIII - Specifications related to ISIN for debt |SUBJECT: Chapter VIII - Specifications related to ISIN for debt](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_07102026123244_statement_containing_details_of_ISIN_300926.pdf)
- [HDFC Bank Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_797_WebXMLFile_20261007_161244927.xml)
- [HDFC Bank Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HDFCBANK_07102026160736_SEIntimationPostalBallotNoticeOct2026.pdf)
- [HDFC Bank Limited has informed the Exchange regarding intimation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK_04102026220033_initial_Final_disclosure_Sep2026.pdf)
- [Disclosure under Regulation 6(1) |SUBJECT: Disclosure under Regulation 6(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140220_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [Disclosure under Regulation 7(1) |SUBJECT: Disclosure under Regulation 7(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140349_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [HDFC Bank Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/HDFCBANK3_01102026182319_SE_Intimation-_Anup_Bagchi.pdf)
- [HDFC BANK LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_797_WebXMLFile_20261001_230943208.xml)

### Fundamentals

HDFC Bank reported its financial results for Q1 FY2026-27, showing an increase in Income to ₹1,33,110.36 crore from ₹1,16,919.94 crore in Q4 FY2025-26. However, Operating Expenses also rose sequentially to ₹54,488.73 crore from ₹40,587.82 crore. This led to a slight decrease in Operating Profit, which fell to ₹30,996 crore in Q1 FY2026-27 compared to ₹31,111.68 crore in the prior quarter. Profit Before Tax saw a marginal increase to ₹27,193.16 crore from ₹26,948.17 crore. Despite the increase in pre-tax profit, Net Profit After Minority Interest declined sequentially to ₹19,244.71 crore from ₹20,350.76 crore, indicating pressure on the bottom line conversion.

- Income increased sequentially to ₹1,33,110.36 crore in Q1 FY2026-27.
- Net Profit After Minority Interest decreased sequentially to ₹19,244.71 crore, indicating weaker profit conversion.
- Operating Profit saw a sequential decrease to ₹30,996 crore.
- Monitor the trend in Operating Expenses relative to Income in the next reporting period.

### Bull Case

The company's market capitalization stood at ₹10,867,231,948,423.2 as of October 13, 2026. The stock experienced a slight positive return of +0.8% over the last month and +1.3% over the last day. Nearest support levels were identified at ₹711.05, ₹705.70, ₹699.55, and ₹694.50, while resistance levels were noted at ₹717.20, ₹722.55, ₹798.27, and ₹838.93.

- Market capitalization: ₹10,867,231,948,423.2 as of October 13, 2026.
- Monthly return: +0.8%.
- Daily return: +1.3%.
- Nearest support level: ₹711.05.
- Nearest resistance level: ₹717.20.

- [HDFC Bank shares are underperforming despite CEO clarity, Q2 update - IIFL's Rikin Shah explains why](https://www.cnbctv18.com/market/hdfc-bank-share-price-why-the-stock-is-underperforming-despite-ceo-news-q2-update-iifl-rikin-shah-explains-buy-sell-20007086.htm)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_12102026160910_SE_Intimation_Reg_30_57_AA011_121026.pdf)
- [HDFC Bank Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK3_08102026122324_SE_Intimation-_Newspaper_adv.pdf)
- [Chapter VIII - Specifications related to ISIN for debt |SUBJECT: Chapter VIII - Specifications related to ISIN for debt](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_07102026123244_statement_containing_details_of_ISIN_300926.pdf)
- [HDFC Bank Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_797_WebXMLFile_20261007_161244927.xml)
- [HDFC Bank Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HDFCBANK_07102026160736_SEIntimationPostalBallotNoticeOct2026.pdf)
- [HDFC Bank Limited has informed the Exchange regarding intimation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK_04102026220033_initial_Final_disclosure_Sep2026.pdf)
- [Disclosure under Regulation 6(1) |SUBJECT: Disclosure under Regulation 6(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140220_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [Disclosure under Regulation 7(1) |SUBJECT: Disclosure under Regulation 7(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140349_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [HDFC Bank Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/HDFCBANK3_01102026182319_SE_Intimation-_Anup_Bagchi.pdf)

### Bear Case

HDFC Bank's recent performance shows a year-to-date return of -28.0% and a one-year return of -26.9%, indicating a significant decline over these periods. The stock is currently in a bearish trend across daily, weekly, and monthly timeframes, as suggested by technical indicators like the supertrend direction. Analyst commentary notes that HDFC Bank's earnings may compound at a slower pace compared to peers such as Axis, Kotak, and ICICI Bank, even with CEO clarity. The stock is trading below its 20-day and 50-day simple moving averages, with negative slopes observed in their 5-period trends (-5.67 for EMA 20 and -4.08 for SMA 50 on a daily basis). The current drawdown stands at -29.5%, with a maximum drawdown of -32.2%, highlighting considerable volatility and price erosion.

- Year-to-date return is -28.0% and one-year return is -26.9% as of 2026-10-13.
- Technical indicators show a bearish trend across daily, weekly, and monthly timeframes.
- Current drawdown is -29.5%, with a maximum drawdown of -32.2%.
- Analyst commentary suggests a potentially slower earnings growth rate compared to some private banking peers.

- [HDFC Bank shares are underperforming despite CEO clarity, Q2 update - IIFL's Rikin Shah explains why](https://www.cnbctv18.com/market/hdfc-bank-share-price-why-the-stock-is-underperforming-despite-ceo-news-q2-update-iifl-rikin-shah-explains-buy-sell-20007086.htm)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_12102026160910_SE_Intimation_Reg_30_57_AA011_121026.pdf)
- [HDFC Bank Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK3_08102026122324_SE_Intimation-_Newspaper_adv.pdf)
- [Chapter VIII - Specifications related to ISIN for debt |SUBJECT: Chapter VIII - Specifications related to ISIN for debt](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_07102026123244_statement_containing_details_of_ISIN_300926.pdf)
- [HDFC Bank Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_797_WebXMLFile_20261007_161244927.xml)
- [HDFC Bank Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HDFCBANK_07102026160736_SEIntimationPostalBallotNoticeOct2026.pdf)
- [HDFC Bank Limited has informed the Exchange regarding intimation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK_04102026220033_initial_Final_disclosure_Sep2026.pdf)
- [Disclosure under Regulation 6(1) |SUBJECT: Disclosure under Regulation 6(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140220_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [Disclosure under Regulation 7(1) |SUBJECT: Disclosure under Regulation 7(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140349_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [HDFC Bank Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/HDFCBANK3_01102026182319_SE_Intimation-_Anup_Bagchi.pdf)

### FAQs

**What is the latest update regarding the appointment of a new Managing Director & CEO at HDFC Bank?**

HDFC Bank is seeking shareholder approval via postal ballot for the appointment of Mr. Anup Bagchi as Managing Director & CEO for a three-year term from October 27, 2026, to October 26, 2029. This follows Reserve Bank of India approval dated October 1, 2026. The proposed total annual compensation is ₹35,89,74,637, comprising fixed pay of ₹8,97,43,659 and target variable pay of ₹26,92,30,978. This appointment is necessary as the incumbent MD & CEO, Mr. Sashidhar Jagdishan, will not seek re-appointment after his term ends on October 26, 2026. The postal ballot voting period runs from October 8, 2026, to November 6, 2026.

**What was the recent interest payment made by HDFC Bank?**

On October 12, 2026, HDFC Bank made an annual interest payment of ₹5,36,92,93,800 for the debt instrument with ISIN INE040A08799. This payment relates to an outstanding principal amount of ₹6,653.40 crores, with the record date set as September 26, 2026.

**What is the recent performance and outlook for HDFC Bank shares compared to peers?**

While analysts are generally bullish on large private banks over a two-year horizon, HDFC Bank's earnings are expected to grow at a slower pace compared to peers like Axis Bank, Kotak Bank, and ICICI Bank, according to IIFL's Rikin Shah. Despite this, the CEO has provided clarity, though the shares are currently underperforming.

**What are the key technical support and resistance levels for HDFC Bank as of October 13, 2026?**

As of October 13, 2026, key technical levels for HDFC Bank are: Support levels are identified at ₹711.05 (0.41% below current price), ₹705.70 (1.16% below), ₹699.55 (2.02% below), and ₹694.50 (2.73% below). Resistance levels are noted at ₹717.20 (0.45% above current price), ₹722.55 (1.20% above), ₹798.27 (11.80% above), and ₹838.93 (17.50% above).

- [HDFC Bank shares are underperforming despite CEO clarity, Q2 update - IIFL's Rikin Shah explains why](https://www.cnbctv18.com/market/hdfc-bank-share-price-why-the-stock-is-underperforming-despite-ceo-news-q2-update-iifl-rikin-shah-explains-buy-sell-20007086.htm)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_12102026160910_SE_Intimation_Reg_30_57_AA011_121026.pdf)
- [HDFC Bank Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK3_08102026122324_SE_Intimation-_Newspaper_adv.pdf)
- [Chapter VIII - Specifications related to ISIN for debt |SUBJECT: Chapter VIII - Specifications related to ISIN for debt](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_07102026123244_statement_containing_details_of_ISIN_300926.pdf)
- [HDFC Bank Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_797_WebXMLFile_20261007_161244927.xml)
- [HDFC Bank Limited has informed the Exchange regarding Notice of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/HDFCBANK_07102026160736_SEIntimationPostalBallotNoticeOct2026.pdf)
- [HDFC Bank Limited has informed the Exchange regarding intimation under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HDFCBANK_04102026220033_initial_Final_disclosure_Sep2026.pdf)
- [Disclosure under Regulation 6(1) |SUBJECT: Disclosure under Regulation 6(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140220_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [Disclosure under Regulation 7(1) |SUBJECT: Disclosure under Regulation 7(1)](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140349_SE_Intimation_Regulation_6_7_Sep26.pdf)
- [HDFC Bank Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/HDFCBANK3_01102026182319_SE_Intimation-_Anup_Bagchi.pdf)
## Technical analytics

- As of: 2026-10-13
- Daily trend: Weak Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹705.7
- Risk regime: Price Risk Requires Attention

### Support levels
- 694.5
- 681.9
- 711.0499999999998

### Resistance levels
- 798.265625
- 838.92578125
- 848.9

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.29% |
| return_10 | -0.70% |
| return_1m | +0.81% |
| return_1y | -26.92% |
| return_20 | +0.81% |
| return_3m | -12.71% |
| return_5 | +0.36% |
| return_6m | -10.15% |
| return_since_start | -19.90% |
| return_ytd | -27.96% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -32.17% |
| annualized_volatility | +19.96% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Flat Total Income and Falling Provisions Lift Pre-Tax Profit, but EPS Declines

HDFC Bank Limited’s quarter ended 30 June 2026 produced a mixed financial result. Total income was nearly unchanged from the same quarter last year, but operating expenses rose significantly. A sharp decline in provisions pushed profit before tax higher, and profit for the period increased even after a substantially higher tax charge. Per-share earnings, however, fell sharply as the higher profit was spread across a larger number of shares.

## Revenue and Income Composition

Total income was ₹1,33,110.36 crore, representing a negligible increase of 0.04% compared to ₹1,33,054.97 crore in the first quarter of the previous fiscal year. The stability in total income masked offsetting movements within its components. 

Interest earned increased by 3.67% year-over-year to ₹90,575.33 crore, rising from ₹87,371.87 crore in the prior year quarter. Conversely, other income decreased by 6.89% to ₹42,535.03 crore, down from ₹45,683.10 crore. 

On a sequential basis, comparing the current quarter to the immediately preceding quarter (ended 31 March 2026), total income increased by 13.85%, moving from ₹1,16,919.94 crore.

## Operating Expenses

Operating expenses for the quarter totaled ₹54,488.73 crore. This marks a 10.79% increase compared to ₹49,183.00 crore in the same quarter of the previous year. The sequential increase was more pronounced, rising 34.25% from ₹40,587.82 crore in the fourth quarter of the previous fiscal year.

Employee costs contributed to this rise, increasing by 5.00% year-over-year to ₹9,342.49 crore. Because total operating expenses grew faster than employee costs, other operating expense categories also increased. As a result, operating expenses as a percentage of total income widened to 40.94%, up from 36.96% a year earlier.

## Profitability and Provisioning

The relationship between operating performance and final profitability shifted materially. Interest expended was ₹47,625.63 crore, slightly lower than ₹47,708.51 crore a year earlier. With total income flat and interest expended marginally lower, the increase in operating expenses drove operating profit before provisions down 14.29% to ₹30,996 crore from ₹36,163.46 crore.

However, a significant reduction in credit charges reversed this trend. Provisions other than tax and contingencies fell by 75.17% year-over-year, dropping from ₹15,313.63 crore to ₹3,802.84 crore. This reduction effectively neutralized the decline in operating profit; profit from ordinary activities before tax increased by 30.42% to ₹27,193.16 crore.

Tax expense also increased significantly, rising 81.16% year-over-year to ₹6,810.47 crore from ₹3,759.40 crore. Consequently, profit for the period increased by 19.26% to ₹20,382.69 crore.

## Earnings Per Share Divergence

While profit for the period grew by 19.26% year-over-year, basic earnings per share (EPS) decreased by 41.12% to ₹12.50 per share, down from ₹21.23 per share in the prior year quarter. Diluted EPS followed a similar trajectory, declining 40.96% to ₹12.47 per share.

This divergence occurred alongside an increase in the profit measure most relevant to shareholders. Profit after taxes, minority interest, and share of profit/loss of associates rose to ₹19,244.71 crore from ₹16,257.91 crore. Because this profit base increased while both basic and diluted EPS fell, the per-share results reflect a higher number of shares in the current quarter compared to a year earlier.

## Key Takeaway

In the quarter ended 30 June 2026, HDFC Bank maintained stable total income while facing higher operating costs. A dramatic reduction in credit provisions allowed the bank to grow its pre-tax profit significantly despite weaker operating margins. However, the benefit of higher net profit did not translate into higher earnings per share, which fell substantially compared to the previous year due to a larger share count.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +0.00%
- FII holding: +41.82%
- DII holding: +41.75%
- Mutual fund holding: +30.62%
- Retail holding: +10.32%
- Promoter pledged: +0.00%

### Major reported shareholders

- SBI NIFTY 50 ETF — +7.48%
- ICICI PRUDENTIAL LARGE CAP FUND — +4.84%
- LIFE INSURANCE CORPORATION OF INDIA — +4.77%
- HDFC TRUSTEE COMPANY LIMITED-HDFC FLEXI CAP FUND — +3.05%
- NPS TRUST- A/C HDFC PENSION FUND MANAGEMENT LIMITED SCHEME E - TIER I — +3.02%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA ETF NIFTY 50 BEES — +2.93%
- UTI NIFTY 50 ETF — +2.46%
- GOVERNMENT OF SINGAPORE — +2.17%
- GOVERNMENT PENSION FUND GLOBAL — +1.34%
- VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND — +1.25%

## Official filings

- 2026-10-12 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_12102026160910_SE_Intimation_Reg_30_57_AA011_121026.pdf)
- 2026-10-08 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK3_08102026122324_SE_Intimation-_Newspaper_adv.pdf)
- 2026-10-07 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_07102026123244_statement_containing_details_of_ISIN_300926.pdf)
- 2026-10-07 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_797_WebXMLFile_20261007_161244927.xml)
- 2026-10-07 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK_07102026160736_SEIntimationPostalBallotNoticeOct2026.pdf)
- 2026-10-04 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK_04102026220033_initial_Final_disclosure_Sep2026.pdf)
- 2026-10-01 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140220_SE_Intimation_Regulation_6_7_Sep26.pdf)
- 2026-10-01 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_01102026140349_SE_Intimation_Regulation_6_7_Sep26.pdf)
- 2026-10-01 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK3_01102026182319_SE_Intimation-_Anup_Bagchi.pdf)
- 2026-10-01 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_797_WebXMLFile_20261001_230943208.xml)
- 2026-09-30 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK3_30092026183242_SE_Intimation-_CCO.pdf)
- 2026-09-30 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK3_30092026203611_SE_intimation-_sudhir.pdf)
- 2026-09-30 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_797_WebXMLFile_20260930_210409880.xml)
- 2026-09-30 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_797_WebXMLFile_20260930_215505042.xml)
- 2026-09-29 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK3_29092026121137_SE_Intimation_-_Special_window.pdf)
- 2026-09-28 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_28092026142314_SE_Intimation_Reg_30_57_Srs_1_2122_280926.pdf)
- 2026-09-25 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK_25092026121829_SELetterESOP23092026.pdf)
- 2026-09-25 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_797_WebXMLFile_20260925_122320966.xml)
- 2026-09-24 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_24092026153738_SE_Intimation_Reg_30_57_Z004_240926.pdf)
- 2026-09-22 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_797_WebXMLFile_20260922_105634856.xml)
- 2026-09-22 — Board Meeting Notice: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HDFCBANK3_22092026105217_SE_Intimation-_Board_meeting.pdf)
- 2026-09-22 — Board Meeting Notice: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_797_WebXMLFile_20260922_105634856.xml)
- 2026-09-22 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_797_WebXMLFile_20260922_112040533.xml)
- 2026-09-21 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_21092026161550_RECORD_DATE_INTIMATION_TO_NSE_BSE_21092026.pdf)
- 2026-09-21 — Generic Announcement: HDFC Bank Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/HDFCBANK2_21092026161550_RECORD_DATE_INTIMATION_TO_NSE_BSE_21092026.pdf)

## News and market events

- 2026-10-07 — CNBC-TV18: **HDFC Bank shares are underperforming despite CEO clarity, Q2 update - IIFL's Rikin Shah explains why** — While IIFL's Rikin Shah is very bullish on large private banks from a two-year standpoint, he expects HDFC Bank's earnings to compound at a relatively slower pace in comparison to its other private peers such as Axis, Kotak and ICICI Bank. — [Source](https://www.cnbctv18.com/market/hdfc-bank-share-price-why-the-stock-is-underperforming-despite-ceo-news-q2-update-iifl-rikin-shah-explains-buy-sell-20007086.htm)
- 2026-10-05 — BUSINESSTODAY: **HDFC Bank share price falls despite new MD & CEO; expert says avoid fresh buying, more pain left** — HDFC Bank share price, HDFC Bank stock, HDFC Bank share price today, HDFC Bank stock price, HDFC Bank MD CEO, HDFC Bank new MD CEO, HDFC Bank share price target, HDFC Bank outlook, HDFC Bank latest news, HDFC Bank investment, HDFC Bank technical analysis, HDFC Bank stock performance, ICICI Bank vs HDFC Bank, Federal Bank share price, Why is HDFC Bank share price falling, Should you buy HDFC Bank shares, HDFC Bank stock outlook, HDFC Bank share price expert view, HDFC Bank latest MD CEO appointment, HDFC Bank short-term trading strategy — [Source](https://www.businesstoday.in/markets/trending-stocks/story/hdfc-bank-share-price-falls-despite-new-md-ceo-expert-says-avoid-fresh-buying-sees-690-680-levels-559580-2026-10-05)
- 2026-10-05 — MONEYCONTROL: **Brokerages yet to revise price targets on HDFC Bank despite CEO appointment** — HDFC Bank, Motilal Oswal, Emkay Global, Bloomberg, brokerages, Anup Bagchi, Sashidhar Jagdishan, CEO, appointment — [Source](https://www.moneycontrol.com/news/business/banks/brokerages-yet-to-revise-price-targets-on-hdfc-bank-despite-ceo-appointment-14044757.html)
- 2026-10-05 — The Hindu: **Gap-Up fades as IT and HDFC Bank drag Nifty to near-flat; crude, Rupee weigh** — Bank Nifty, which had surged over 600 points in early trade, surrendered nearly all its gains through the session — [Source](https://www.thehindubusinessline.com/markets/gap-up-fades-as-it-and-hdfc-bank-drag-nifty-to-near-flat-crude-rupee-weigh/article71546207.ece)
- 2026-10-05 — Economic Times: **How to trade HDFC Bank shares after new CEO appointment? Technical indicators still signal weakness** — HDFC Bank shares remain under pressure despite a relief rally following the appointment of Anup Bagchi as CEO. Technical analysts see resistance around Rs 755–760, while support lies at Rs 685–680. The stock has fallen 28% in 2026, underperforming the Nifty 50, which is down 14% this year. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/how-to-trade-hdfc-bank-shares-after-new-ceo-appointment-technical-indicators-still-signal-weakness/articleshow/134687576.cms)
- 2026-10-05 — MONEYCONTROL: **Brokerages bullish on HDFC Bank as Anup Bagchi's appointment as CEO 'resolves leadership overhang'** — HDFC Bank, HDFC Bank share price — [Source](https://www.moneycontrol.com/news/business/markets/brokerages-bullish-on-hdfc-bank-as-anup-bagchi-s-appointment-as-ceo-resolves-leadership-overhang-14044657.html)
- 2026-10-05 — MONEYCONTROL: **Buy HDFC Bank; target of Rs 1225: Emkay Global Financial** — Emkay Global Financial, HDFC Bank, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-hdfc-bank-target-of-rs-1225-emkay-global-financial-14044642.html)
- 2026-10-05 — Economic Times: **Nifty’s ailing warhorse HDFC Bank gets an all-rounder CEO. Can Anup Bagchi make the elephant dance?** — Anup Bagchi takes charge as HDFC Banks new CEO at a critical juncture, with the lender seeking to revive deposit and loan growth, improve margins and unlock HDFC Ltd merger synergies. With the stock 29% below its peak, investors will closely watch whether Bagchi can restore growth and confidence. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/niftys-ailing-warhorse-hdfc-bank-gets-an-all-rounder-ceo-can-anup-bagchi-make-the-elephant-dance/articleshow/134687302.cms)
- 2026-10-05 — The Hindu: **HDFC Bank shares rise 2% after Bagchi appointment, Q2 update** — HDFC Bank shares rose close to 2% in early trade on Monday after the bank announced managerial developments and reported growth in advances and deposits for the September 2026 quarter. — [Source](https://www.thehindubusinessline.com/markets/hdfc-bank-shares-rise-nearly-2-after-bagchi-appointment-q2-business-update/article71545827.ece)
- 2026-10-05 — The Hindu: **Markets break 8-week losing streak as Financials lead, healthcare & IT drag** — Markets snap eight-week fall as Nifty, Sensex rise; financials lead gains while healthcare and IT drag amid RBI visit, global cues. — [Source](https://www.thehindubusinessline.com/markets/markets-snap-eight-week-losing-streak-financials-lead-healthcare-and-it-drag/article71545803.ece)
- 2026-10-01 — MONEYCONTROL: **Why big Indian banks are not biting into Apple Pay** — Fintech, Apple Pay, payments, Axis Bank, Apple Wallet, credit cards, rewards, large banks, HDFC, iPhone — [Source](https://www.moneycontrol.com/technology/why-big-indian-banks-are-not-biting-into-apple-pay-article-14042574.html)
- 2026-10-01 — BUSINESSTODAY: **HDFC shares rise as bank names V. N. Srivatsan as new Chief Compliance Officer** — HDFC Bank, HDFC Bank shares, Jigar Shah, Sudhir Kumar Jha, HDFC Bank General Counsel, HDFC Bank senior management, HDFC Bank news, banking stocks — [Source](https://www.businesstoday.in/markets/stocks/story/hdfc-shares-rise-as-bank-names-v-n-srivatsan-as-new-chief-compliance-officer-558972-2026-10-01)
- 2026-10-01 — The Hindu: **HDFC Bank shares rise over 1% as lender announces leadership changes** — The stock touched an intraday high of ₹718.55 after opening nearly flat at ₹708.40, compared with its previous close of ₹708.70 — [Source](https://www.thehindubusinessline.com/markets/hdfc-bank-shares-rise-over-1-as-lender-announces-leadership-changes/article71531493.ece)
- 2026-10-01 — Economic Times: **Sensex falls over 100 pts, Nifty below 22,550 as market heads for 8th weekly loss, overtaking COVID crash. More pain ahead?** — Indian equity benchmarks Sensex and Nifty fell for a fourth straight session on Thursday, heading for their eighth consecutive weekly loss. Driven by intense FII outflows and surging US bond yields, the market weakness marks the longest losing streak since 2001, surpassing the seven-week Covid crash. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/sensex-falls-100-pts-nifty-below-22550-as-market-heads-for-8th-weekly-loss-overtaking-covid-crash-more-pain-ahead/articleshow/134608284.cms)
- 2026-10-01 — CNBC-TV18: **What Kotak Bank's choice of new CEO signals to investors** — The Reserve Bank of India, on Thursday, October 1, granted approval for Anup Kumar Saha to become the next MD & CEO of Mumbai-based Kotak Mahindra Bank Ltd. Saha will replace outgoing MD & CEO Ashok Vaswani from January 1, 2027 for a period of three years. — [Source](https://www.cnbctv18.com/business/companies/what-kotak-bank-choice-of-new-ceo-signals-to-investors-alpha-article-20002654.htm)
- 2026-10-01 — News18: **Market Today: Sensex Falls 172 Points, Nifty Opens Below 22,600; Auto, Pharma Drag** — The domestic equity markets open lower on Thursday, October 1, with selling pressure visible across broader markets. — [Source](https://www.news18.com/business/markets/market-today-sensex-falls-172-points-nifty-opens-below-22600-auto-pharma-drag-10361957.html)
- 2026-10-01 — BUSINESSTODAY: **Chandrasekaran, Venu Srinivasan did not disclose family firm deal to Tata Sons board: Report** — n chandrasekaran, venu srinivasan, chandrasekaran's family deal, chandrasekaran's family deal tvs, tata sons, tata trusts, noel tata, chandrasekaran vs noel tata — [Source](https://www.businesstoday.in/latest/corporate/story/chandrasekaran-venu-srinivasan-did-not-disclose-family-firm-deal-to-tata-sons-board-report-558939-2026-10-01)
- 2026-10-01 — BUSINESS: **Stocks to watch: RIL, NSE, HDFC Bank, IRFC, Infosys, Cupid, Blue Dart, OMCs** — Stocks to watch today: Reliance Industries, NSE, HDFC Bank, IRFC, Infosys, Cupid, Blue Dart, OMCs, STL Networks, RBL Bank, among others will be in focus today — [Source](https://www.business-standard.com/markets/news/stocks-to-watch-ril-nse-hdfc-bank-irfc-infosys-cupid-blue-dart-omcs-126100100107_1.html)
- 2026-10-01 — MONEYCONTROL: **Chandra, Venu didn't disclose second family firm deal to Tata Sons board: Report** — N Chandrasekaran, Hanno One, TVS Motor, Venu Srinivasan, Tata Sons, Karnataka industrial park — [Source](https://www.moneycontrol.com/news/business/chandra-venu-didn-t-disclose-second-family-firm-deal-to-tata-sons-board-report-14042381.html)
- 2026-10-01 — The Hindu: **These stocks will see heightened activity on October 1** — Stocks across autos, tech, and infrastructure set for mixed moves — [Source](https://www.thehindubusinessline.com/markets/these-stocks-will-see-heightened-activity-on-october-1/article71531230.ece)
- 2026-10-01 — Mint: **Top stocks to watch today: Infosys, IRFC, Muthoot Finance among shares in focus on Thursday, 1 Oct | Full list** — Top stocks to watch on Thursday, 1 October: Infosys, HDFC Bank, Acme Solar, Muthoot Finance, Jio Financial Services, IRFC among shares that will remain in focus on Thursday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-and-why-infosys-irfc-muthoot-finance-among-shares-in-focus-on-thursday-1-oct-full-list-11790817912219.html)
- 2026-10-01 — Economic Times: **Stocks in news: Infosys, HDFC Bank, Jio Financial, IRFC, NCC and Blue Dart** — Indian equity benchmarks experienced a decline over two sessions due to profit booking and rising oil prices. The Nifty 50 index closed down by 95.75 points, reaching 22,620.45. Jio Financial Services and Allianz Europe B.V. have invested in their joint venture for business operations. Infosys has expanded its partnership with ABN AMRO for AI-driven transformation initiatives. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-infosys-hdfc-bank-jio-financial-irfc-ncc-and-blue-dart/articleshow/134599953.cms)
- 2026-10-01 — Economic Times: **HDFC Bank names ICICI veteran banker V.N. Srivatsan as Chief Compliance Officer** — HDFC Bank has appointed V.N. Srivatsan as its Chief Compliance Officer for a three-year term, effective from his joining date on January 4, 2027. Srivatsan, currently Head – Compliance: Overseas Banking and Subsidiaries & Data Privacy Officer at ICICI Bank, has around 34 years of professional experience, including 25 years in BFSI. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/hdfc-bank-names-v-n-srivatsan-as-chief-compliance-officer/articleshow/134605603.cms)
- 2026-09-30 — Economic Times: **HDFC Bank Group General Counsel Sudhir Kumar Jha retires after 22 years** — Sudhir Kumar Jha has retired from HDFC Bank effective September 30, 2026, concluding his 22-year tenure. Following his retirement, Jha will no longer hold a senior management position at the bank. HDFC Bank recognized Jha's significant contributions to its legal and compliance framework over the years. Jigar Shah is set to succeed Jha as General Counsel starting October 1, 2026. The transition marks another leadership change within the HDFC Group. — [Source](https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-group-general-counsel-sudhir-kumar-jha-retires-after-22-years/articleshow/134598267.cms)
- 2026-09-30 — Mint: **HDFC Bank appoints VN Srivatsan as Chief Compliance Officer for 3-year term: Who is he? | Mint** — HDFC Bank has appointed VN Srivatsan as Chief Compliance Officer for a three-year term from January 2027. Currently with ICICI Bank, Srivatsan has 34 years of experience, including 25 years in BFSI and nearly a decade in compliance and regulatory inspection. — [Source](https://www.livemint.com/industry/banking/hdfc-bank-appoints-vn-srivatsan-as-chief-compliance-officer-for-3-year-term-who-is-he-11790775661608.html)

## Business profile

**Strategic vision:** Indian financial services offering retail, corporate, and wealth management.

### Business segments
- **Retail Banking:** Manages depository accounts, vehicle loans, personal loans, credit card processing, and wealth management advisory services.
- **Wholesale Banking:** Provides working capital facilities, term loans, trade finance, cash management solutions, and transaction banking services to corporate entities and public sector undertakings.
- **Commercial & Rural Banking:** Provides customized lending programs, agricultural credit, and rural banking solutions to support agricultural supply chains and semi-urban businesses.
- **Group Subsidiaries:** Offers life insurance, asset management, and general insurance products through its subsidiaries.

### Competitive strengths
- Integrated financial services model
- Branch network as a distribution platform for group services
- Unified customer-facing interface for banking and housing finance

## Related stocks

- [ICICI Bank Limited (Financial Services)](https://faxioms.com/stocks/icicibank) — +1.51%
- [State Bank of India (Financial Services)](https://faxioms.com/stocks/sbin) — +1.70%
- [Axis Bank Limited (Financial Services)](https://faxioms.com/stocks/axisbank) — +1.23%
- [Kotak Mahindra Bank Limited (Financial Services)](https://faxioms.com/stocks/kotakbank) — -0.99%
- [IndusInd Bank Limited (Financial Services)](https://faxioms.com/stocks/indusindbk) — +2.85%

## Freshness and sources

- Data as of: 2026-10-13
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/hdfcbank
Markdown representation: https://faxioms.com/stocks/hdfcbank?render=md