Hdfc Bank Ltd. (HDB) intrinsic value & 10-year financials
Hdfc Bank Ltd. (HDB) has a Graham intrinsic value of $2,977.12 per share. Over the last 10 fiscal years revenue grew 21.9% a year to $2.2T, with an average return on invested capital of 9.6%.
- Graham intrinsic value
- $2,977.12
- Revenue (FY2025)
- $2.2T
- Revenue growth (10-yr CAGR)
- 21.9%
- ROIC (10-yr avg)
- 9.6%
- Free cash flow (FY2025)
- $1.1T
HDB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.2T | $673.5B | $89.63 | $1.1T | — | 5.2% |
| FY2024 | $1.9T | $622.7B | $88.31 | $968.5B | — | 7.1% |
| FY2023 | $1.1T | $495.4B | $88.68 | $433.6B | — | 12.1% |
| FY2022 | $892.4B | $386.0B | $69.38 | $554.7B | — | 12.6% |
| FY2021 | $782.4B | $326.0B | $59.02 | $904.0B | — | 12.2% |
| FY2020 | $674.1B | $260.3B | $47.27 | $152.9B | — | 9.9% |
| FY2019 | $595.3B | $220.1B | $40.66 | $166.9B | — | 9.0% |
| FY2018 | $508.4B | $178.5B | $34.15 | $85.1B | — | 9.0% |
| FY2017 | $424.2B | $140.5B | $27.29 | $366.6B | — | 9.6% |
| FY2016 | $367.7B | $117.9B | $23.16 | $160.1B | — | 9.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HDFC BANK LTD is a consistent compounder, expanding top-line revenue at 21.9% annually over the past decade.
HDFC BANK LTD returns on capital have been average, hovering around 9.6% ROIC over the decade.
Over the decade, HDFC BANK LTD shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HDFC BANK LTD is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2977.12 per share.