HDFC Bank Limited
Financial ratios & Valuation

Forward Multiples (2026 – 2028)

202620272028
Price/Earnings ratio
0.230.190.18
Price/Sales ratio
0.060.050.05
Earnings per Share (EPS)
$319.94$382.20$411.23

Historical Multiples (2015 – 2024)

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM Median
Valuation Ratios
Price/Earnings ratio
30.2129.4029.8031.3932.7020.4432.1022.4020.5952.0661.7332.70
Price/Sales ratio
9.488.909.069.8710.786.7111.178.488.4613.135.126.71
Price/Book Value ratio
3.993.984.084.774.402.814.843.453.507.308.844.40
Price/Cash Flow ratio
27.4220.3811.0459.4439.2731.0711.3514.8821.38174.90N/A31.07
Price/Free Cash Flow ratio
29.8521.6511.4265.8543.1234.7911.5715.5823.53225.62N/A34.79
Price/Earnings Growth ratio
1.292.041.661.241.861.191.301.260.74-0.780.031.19
Dividend Yield
0.64%0.70%0.69%0.61%0.56%1.24%0.00%0.41%0.84%0.25%0.02%1.24%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%80.28%98.79%100%
Operating Profit Margin
48.65%47.65%47.55%48.75%50.85%46.19%46.95%50.86%54.88%30.16%29.98%46.19%
Pretax Profit Margin
48.74%47.68%47.59%48.80%50.92%46.20%46.95%50.92%54.95%30.16%30.15%46.20%
Net Profit Margin
31.40%30.29%30.40%31.44%32.96%32.87%34.80%37.86%41.10%25.23%24.85%32.87%
Effective Tax Rate
35.39%36.39%36.01%35.46%35.12%28.83%25.87%25.53%25.07%14.52%15.68%28.83%
Return on Assets
1.58%1.52%1.54%1.57%1.65%1.63%1.81%1.82%1.92%1.58%1.70%1.65%
Return On Equity
13.22%13.56%13.69%15.20%13.48%13.74%15.09%15.41%17.01%14.03%15.24%13.48%
Return on Capital Employed
2.59%2.52%2.58%2.67%2.74%2.38%2.52%2.56%2.73%1.89%2.05%2.38%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Quick Ratio
6.256.184.782.964.097.129.436.764.95N/AN/A7.12
Cash ratio
1.541.310.970.690.951.141.771.731.54N/AN/A1.14
Days of Sales Outstanding
84.2087.0682.2076.5690.84186.9479.6382.51100.15N/AN/A186.94
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.100.100.110.150.120.080.070.090.120.180.160.12
Debt Equity Ratio
0.890.891.021.451.040.740.650.841.071.601.411.04
Long-term Debt to Capitalization
0.370.370.410.440.390.350.350.380.410.610.580.39
Total Debt to Capitalization
0.470.470.500.590.500.420.390.450.510.610.580.50
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.47N/A
Cash Flow to Debt Ratio
0.160.210.360.050.100.120.650.270.150.02N/A0.12
Company Equity Multiplier
8.348.898.839.688.138.438.328.428.848.838.418.13
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.340.430.820.160.270.210.980.560.390.07N/A0.21
Free Cash Flow / Operating Cash Flow Ratio
0.910.940.960.900.910.890.980.950.900.77N/A0.89
Cash Flow Coverage Ratio
0.160.210.360.050.100.120.650.270.150.02N/A0.12
Short Term Coverage Ratio
0.510.671.170.120.280.453.851.040.43N/AN/A0.45
Dividend Payout Ratio
19.44%20.66%20.83%19.32%18.63%25.53%0.05%9.38%17.43%13.11%N/A25.53%