HDFC Bank
NSE: HDFCBANK · Model build
Analyst
S. Rahman
Status
drafting
Model reviewer
HDFCBANK_Financial_Model_2026-08-29.xlsx · 350 editable inputs · recalculated 2026-08-29 16:36:08
Assumptions blue workbook inputs
YoY growth % - FY2027EE8
YoY growth % - FY2028EF8
YoY growth % - FY2029EG8
YoY growth % - FY2030EH8
YoY growth % - FY2031EI8
CASA ratio % (of total deposits) - FY2027EE9
CASA ratio % (of total deposits) - FY2028EF9
CASA ratio % (of total deposits) - FY2029EG9
CASA ratio % (of total deposits) - FY2030EH9
CASA ratio % (of total deposits) - FY2031EI9
Borrowings - FY2027EE12
Borrowings - FY2028EF12
Borrowings - FY2029EG12
Borrowings - FY2030EH12
Borrowings - FY2031EI12
Loan-to-deposit ratio % (driver) - FY2027EE20
Loan-to-deposit ratio % (driver) - FY2028EF20
Loan-to-deposit ratio % (driver) - FY2029EG20
Loan-to-deposit ratio % (driver) - FY2030EH20
Loan-to-deposit ratio % (driver) - FY2031EI20
Investments as % of deposits - FY2027EE23
Investments as % of deposits - FY2028EF23
Investments as % of deposits - FY2029EG23
Investments as % of deposits - FY2030EH23
Investments as % of deposits - FY2031EI23
Balances with banks as % of deposits - FY2027EE25
Balances with banks as % of deposits - FY2028EF25
Balances with banks as % of deposits - FY2029EG25
Balances with banks as % of deposits - FY2030EH25
Balances with banks as % of deposits - FY2031EI25
Yield on average advances % - FY2027EE30
Yield on average advances % - FY2028EF30
Yield on average advances % - FY2029EG30
Yield on average advances % - FY2030EH30
Yield on average advances % - FY2031EI30
Yield on average investments % - FY2027EE32
Yield on average investments % - FY2028EF32
Yield on average investments % - FY2029EG32
Yield on average investments % - FY2030EH32
Yield on average investments % - FY2031EI32
Yield on average balances with banks % - FY2027EE34
Yield on average balances with banks % - FY2028EF34
Yield on average balances with banks % - FY2029EG34
Yield on average balances with banks % - FY2030EH34
Yield on average balances with banks % - FY2031EI34
Other interest income - FY2027EE36
Other interest income - FY2028EF36
Other interest income - FY2029EG36
Other interest income - FY2030EH36
Other interest income - FY2031EI36
Cost of average deposits % - FY2027EE38
Cost of average deposits % - FY2028EF38
Cost of average deposits % - FY2029EG38
Cost of average deposits % - FY2030EH38
Cost of average deposits % - FY2031EI38
Cost of average borrowings % - FY2027EE40
Cost of average borrowings % - FY2028EF40
Cost of average borrowings % - FY2029EG40
Cost of average borrowings % - FY2030EH40
Cost of average borrowings % - FY2031EI40
Other interest expense - FY2027EE42
Other interest expense - FY2028EF42
Other interest expense - FY2029EG42
Other interest expense - FY2030EH42
Other interest expense - FY2031EI42
YoY growth % - FY2027EE51
YoY growth % - FY2028EF51
YoY growth % - FY2029EG51
YoY growth % - FY2030EH51
YoY growth % - FY2031EI51
YoY growth % - FY2027EE53
YoY growth % - FY2028EF53
YoY growth % - FY2029EG53
YoY growth % - FY2030EH53
YoY growth % - FY2031EI53
Profit on sale of investments, net (recurring, ex one-off) - FY2027EE54
Profit on sale of investments, net (recurring, ex one-off) - FY2028EF54
Profit on sale of investments, net (recurring, ex one-off) - FY2029EG54
Profit on sale of investments, net (recurring, ex one-off) - FY2030EH54
Profit on sale of investments, net (recurring, ex one-off) - FY2031EI54
Profit / (loss) on revaluation of investments, net - FY2027EE55
Profit / (loss) on revaluation of investments, net - FY2028EF55
Profit / (loss) on revaluation of investments, net - FY2029EG55
Profit / (loss) on revaluation of investments, net - FY2030EH55
Profit / (loss) on revaluation of investments, net - FY2031EI55
Profit on sale of building and other assets, net - FY2027EE56
Profit on sale of building and other assets, net - FY2028EF56
Profit on sale of building and other assets, net - FY2029EG56
Profit on sale of building and other assets, net - FY2030EH56
Profit on sale of building and other assets, net - FY2031EI56
YoY growth % - FY2027EE58
YoY growth % - FY2028EF58
YoY growth % - FY2029EG58
YoY growth % - FY2030EH58
YoY growth % - FY2031EI58
YoY growth % - FY2027EE60
YoY growth % - FY2028EF60
YoY growth % - FY2029EG60
YoY growth % - FY2030EH60
YoY growth % - FY2031EI60
One-off gains (FY2024 HDFC Credila dilution; FY2026 HDB Financial Services OFS) - FY2027EE62
One-off gains (FY2024 HDFC Credila dilution; FY2026 HDB Financial Services OFS) - FY2028EF62
One-off gains (FY2024 HDFC Credila dilution; FY2026 HDB Financial Services OFS) - FY2029EG62
One-off gains (FY2024 HDFC Credila dilution; FY2026 HDB Financial Services OFS) - FY2030EH62
One-off gains (FY2024 HDFC Credila dilution; FY2026 HDB Financial Services OFS) - FY2031EI62
YoY growth % - FY2027EE73
YoY growth % - FY2028EF73
YoY growth % - FY2029EG73
YoY growth % - FY2030EH73
YoY growth % - FY2031EI73
YoY growth % - FY2027EE75
YoY growth % - FY2028EF75
YoY growth % - FY2029EG75
YoY growth % - FY2030EH75
YoY growth % - FY2031EI75
YoY growth % - FY2027EE77
YoY growth % - FY2028EF77
YoY growth % - FY2029EG77
YoY growth % - FY2030EH77
YoY growth % - FY2031EI77
YoY growth % - FY2027EE79
YoY growth % - FY2028EF79
YoY growth % - FY2029EG79
YoY growth % - FY2030EH79
YoY growth % - FY2031EI79
Employee cost YoY growth % - FY2027EE38
Employee cost YoY growth % - FY2028EF38
Employee cost YoY growth % - FY2029EG38
Employee cost YoY growth % - FY2030EH38
Employee cost YoY growth % - FY2031EI38
Non-employee operating cost YoY growth % - FY2027EE50
Non-employee operating cost YoY growth % - FY2028EF50
Non-employee operating cost YoY growth % - FY2029EG50
Non-employee operating cost YoY growth % - FY2030EH50
Non-employee operating cost YoY growth % - FY2031EI50
Credit cost (bps on average gross advances) (driver) - FY2027EE61
Credit cost (bps on average gross advances) (driver) - FY2028EF61
Credit cost (bps on average gross advances) (driver) - FY2029EG61
Credit cost (bps on average gross advances) (driver) - FY2030EH61
Credit cost (bps on average gross advances) (driver) - FY2031EI61
Provision for depreciation on non-performing investments - FY2027EE62
Provision for depreciation on non-performing investments - FY2028EF62
Provision for depreciation on non-performing investments - FY2029EG62
Provision for depreciation on non-performing investments - FY2030EH62
Provision for depreciation on non-performing investments - FY2031EI62
Provision for standard assets - FY2027EE63
Provision for standard assets - FY2028EF63
Provision for standard assets - FY2029EG63
Provision for standard assets - FY2030EH63
Provision for standard assets - FY2031EI63
Floating provisions created (discretionary) - FY2027EE64
Floating provisions created (discretionary) - FY2028EF64
Floating provisions created (discretionary) - FY2029EG64
Floating provisions created (discretionary) - FY2030EH64
Floating provisions created (discretionary) - FY2031EI64
Other provisions and contingencies - FY2027EE65
Other provisions and contingencies - FY2028EF65
Other provisions and contingencies - FY2029EG65
Other provisions and contingencies - FY2030EH65
Other provisions and contingencies - FY2031EI65
Effective tax rate % (driver) - FY2027EE70
Effective tax rate % (driver) - FY2028EF70
Effective tax rate % (driver) - FY2029EG70
Effective tax rate % (driver) - FY2030EH70
Effective tax rate % (driver) - FY2031EI70
Weighted average shares outstanding (m, restated for the FY2026 1:1 bonus) - FY2027EE75
Weighted average shares outstanding (m, restated for the FY2026 1:1 bonus) - FY2028EF75
Weighted average shares outstanding (m, restated for the FY2026 1:1 bonus) - FY2029EG75
Weighted average shares outstanding (m, restated for the FY2026 1:1 bonus) - FY2030EH75
Weighted average shares outstanding (m, restated for the FY2026 1:1 bonus) - FY2031EI75
Dividend per share declared for the year (INR) (driver) - FY2027EE77
Dividend per share declared for the year (INR) (driver) - FY2028EF77
Dividend per share declared for the year (INR) (driver) - FY2029EG77
Dividend per share declared for the year (INR) (driver) - FY2030EH77
Dividend per share declared for the year (INR) (driver) - FY2031EI77
Employees stock options and units outstanding - FY2027EE8
Employees stock options and units outstanding - FY2028EF8
Employees stock options and units outstanding - FY2029EG8
Employees stock options and units outstanding - FY2030EH8
Employees stock options and units outstanding - FY2031EI8
add: proceeds from share capital and ESOP exercises (driver) - FY2027EE14
add: proceeds from share capital and ESOP exercises (driver) - FY2028EF14
add: proceeds from share capital and ESOP exercises (driver) - FY2029EG14
add: proceeds from share capital and ESOP exercises (driver) - FY2030EH14
add: proceeds from share capital and ESOP exercises (driver) - FY2031EI14
Other liabilities as % of deposits - FY2027EE18
Other liabilities as % of deposits - FY2028EF18
Other liabilities as % of deposits - FY2029EG18
Other liabilities as % of deposits - FY2030EH18
Other liabilities as % of deposits - FY2031EI18
Cash reserve ratio requirement (RBI, % of net demand and time liabilities) - FY2027EE24
Cash reserve ratio requirement (RBI, % of net demand and time liabilities) - FY2028EF24
Cash reserve ratio requirement (RBI, % of net demand and time liabilities) - FY2029EG24
Cash reserve ratio requirement (RBI, % of net demand and time liabilities) - FY2030EH24
Cash reserve ratio requirement (RBI, % of net demand and time liabilities) - FY2031EI24
Fixed assets, net - FY2027EE28
Fixed assets, net - FY2028EF28
Fixed assets, net - FY2029EG28
Fixed assets, net - FY2030EH28
Fixed assets, net - FY2031EI28
Other assets as % of deposits - FY2027EE30
Other assets as % of deposits - FY2028EF30
Other assets as % of deposits - FY2029EG30
Other assets as % of deposits - FY2030EH30
Other assets as % of deposits - FY2031EI30
Contingent liabilities as % of total assets - FY2027EE44
Contingent liabilities as % of total assets - FY2028EF44
Contingent liabilities as % of total assets - FY2029EG44
Contingent liabilities as % of total assets - FY2030EH44
Contingent liabilities as % of total assets - FY2031EI44
RWA density (RWA / total assets) % - FY2027EE50
RWA density (RWA / total assets) % - FY2028EF50
RWA density (RWA / total assets) % - FY2029EG50
RWA density (RWA / total assets) % - FY2030EH50
RWA density (RWA / total assets) % - FY2031EI50
CET 1 capital as % of net worth - FY2027EE52
CET 1 capital as % of net worth - FY2028EF52
CET 1 capital as % of net worth - FY2029EG52
CET 1 capital as % of net worth - FY2030EH52
CET 1 capital as % of net worth - FY2031EI52
Additional Tier 1 capital - FY2027EE53
Additional Tier 1 capital - FY2028EF53
Additional Tier 1 capital - FY2029EG53
Additional Tier 1 capital - FY2030EH53
Additional Tier 1 capital - FY2031EI53
Tier 2 capital - FY2027EE55
Tier 2 capital - FY2028EF55
Tier 2 capital - FY2029EG55
Tier 2 capital - FY2030EH55
Tier 2 capital - FY2031EI55
Regulatory minimum total capital ratio (incl. CCB and D-SIB surcharge) % - FY2027EE60
Regulatory minimum total capital ratio (incl. CCB and D-SIB surcharge) % - FY2028EF60
Regulatory minimum total capital ratio (incl. CCB and D-SIB surcharge) % - FY2029EG60
Regulatory minimum total capital ratio (incl. CCB and D-SIB surcharge) % - FY2030EH60
Regulatory minimum total capital ratio (incl. CCB and D-SIB surcharge) % - FY2031EI60
Gross NPA ratio % (driver) - FY2027EE65
Gross NPA ratio % (driver) - FY2028EF65
Gross NPA ratio % (driver) - FY2029EG65
Gross NPA ratio % (driver) - FY2030EH65
Gross NPA ratio % (driver) - FY2031EI65
Provision coverage ratio % (specific, excluding write-offs) (driver) - FY2027EE67
Provision coverage ratio % (specific, excluding write-offs) (driver) - FY2028EF67
Provision coverage ratio % (specific, excluding write-offs) (driver) - FY2029EG67
Provision coverage ratio % (specific, excluding write-offs) (driver) - FY2030EH67
Provision coverage ratio % (specific, excluding write-offs) (driver) - FY2031EI67
Floating provisions, closing balance (held in other liabilities) - FY2027EE70
Floating provisions, closing balance (held in other liabilities) - FY2028EF70
Floating provisions, closing balance (held in other liabilities) - FY2029EG70
Floating provisions, closing balance (held in other liabilities) - FY2030EH70
Floating provisions, closing balance (held in other liabilities) - FY2031EI70
Deposit growth, CAGR FY2027E-FY2031E % - BullB7
Deposit growth, CAGR FY2027E-FY2031E % - BaseC7
Deposit growth, CAGR FY2027E-FY2031E % - BearD7
Loan-to-deposit ratio, FY2031E % - BullB8
Loan-to-deposit ratio, FY2031E % - BaseC8
Loan-to-deposit ratio, FY2031E % - BearD8
Investments as % of deposits, FY2031E - BullB9
Investments as % of deposits, FY2031E - BaseC9
Investments as % of deposits, FY2031E - BearD9
Net interest margin on average earning assets, FY2031E % - BullB10
Net interest margin on average earning assets, FY2031E % - BaseC10
Net interest margin on average earning assets, FY2031E % - BearD10
Fee and other core income growth, CAGR % - BullB11
Fee and other core income growth, CAGR % - BaseC11
Fee and other core income growth, CAGR % - BearD11
Cost-to-income ratio, FY2031E % - BullB12
Cost-to-income ratio, FY2031E % - BaseC12
Cost-to-income ratio, FY2031E % - BearD12
Credit cost, FY2031E (bps on average gross advances) - BullB13
Credit cost, FY2031E (bps on average gross advances) - BaseC13
Credit cost, FY2031E (bps on average gross advances) - BearD13
Standard-asset and other provisions, FY2031E - BullB14
Standard-asset and other provisions, FY2031E - BaseC14
Standard-asset and other provisions, FY2031E - BearD14
Effective tax rate % - BullB15
Effective tax rate % - BaseC15
Effective tax rate % - BearD15
Weighted average shares, FY2031E (m) - BullB16
Weighted average shares, FY2031E (m) - BaseC16
Weighted average shares, FY2031E (m) - BearD16
Dividend payout ratio % - BullB17
Dividend payout ratio % - BaseC17
Dividend payout ratio % - BearD17
RWA density (RWA / total assets) % - BullB18
RWA density (RWA / total assets) % - BaseC18
RWA density (RWA / total assets) % - BearD18
CET 1 capital as % of net worth - BullB19
CET 1 capital as % of net worth - BaseC19
CET 1 capital as % of net worth - BearD19
Target operating CET 1 ratio % (driver) - FY2024AB19
Target operating CET 1 ratio % (driver) - FY2025AC19
Target operating CET 1 ratio % (driver) - FY2026AD19
Target operating CET 1 ratio % (driver) - FY2027EE19
Target operating CET 1 ratio % (driver) - FY2028EF19
Target operating CET 1 ratio % (driver) - FY2029EG19
Target operating CET 1 ratio % (driver) - FY2030EH19
Target operating CET 1 ratio % (driver) - FY2031EI19
Risk-free rate - India 10-year government security % - FY2024AB28
Equity risk premium - India % - FY2024AB29
Beta (levered, versus Nifty 50) - FY2024AB30
Size and liquidity adjustment % - FY2024AB31
Terminal growth rate % - FY2024AB33
Share price (INR, NSE close 28 August 2026) - FY2024AB37
Shares outstanding (m, as at 30 June 2026) - FY2024AB38
USD / INR (29 August 2026) - FY2024AB39
RBI policy repo rate % - FY2024AB49
Cash reserve ratio % of NDTL - FY2024AB50
Statutory liquidity ratio % of NDTL - FY2024AB51
System credit growth, FY2026 % YoY - FY2024AB52
System deposit growth, FY2026 % YoY - FY2024AB53
System credit-deposit ratio (31 January 2026) % - FY2024AB54
System net interest margin, FY2026 % - FY2024AB55
System return on assets, FY2026 % - FY2024AB56
System return on equity, FY2026 % - FY2024AB57
System gross NPA ratio, March 2026 % - FY2024AB58
India real GDP growth, FY2027E % - FY2024AB59
India CPI inflation, FY2027E % - FY2024AB60
Net interest margin % - FY2024AB64
Net interest margin % - FY2025AC64
Net interest margin % - FY2026AD64
Return on assets % - FY2024AB65
Return on assets % - FY2025AC65
Return on assets % - FY2026AD65
Return on equity % - FY2024AB66
Return on equity % - FY2025AC66
Return on equity % - FY2026AD66
Cost-to-income ratio % - FY2024AB67
Cost-to-income ratio % - FY2025AC67
Cost-to-income ratio % - FY2026AD67
Gross NPA ratio % - FY2024AB68
Gross NPA ratio % - FY2025AC68
Gross NPA ratio % - FY2026AD68
Net NPA ratio % - FY2024AB69
Net NPA ratio % - FY2025AC69
Net NPA ratio % - FY2026AD69
CET 1 ratio % - FY2024AB70
CET 1 ratio % - FY2025AC70
CET 1 ratio % - FY2026AD70
Total capital adequacy ratio % - FY2024AB71
Total capital adequacy ratio % - FY2025AC71
Total capital adequacy ratio % - FY2026AD71
Deposit growth % YoY - FY2024AB72
Deposit growth % YoY - FY2025AC72
Deposit growth % YoY - FY2026AD72
Advances growth % YoY - FY2024AB73
Advances growth % YoY - FY2025AC73
Advances growth % YoY - FY2026AD73
CASA ratio % - FY2024AB74
CASA ratio % - FY2025AC74
CASA ratio % - FY2026AD74
Edits write to the Excel master; every dependent figure, table and chart input recalculates.
HDFC Bank Limited - Bull / Base / Bear Scenarios (FY2031E outcomes)
INR billion | self-contained engine run off the FY2026A audited base | Base case reproduces the full model | Blue = driver assumption (editable)
BullBaseBear
DRIVER ASSUMPTIONS (FY2027E - FY2031E)
Deposit growth, CAGR FY2027E-FY2031E %14%12.1%9.5%
Loan-to-deposit ratio, FY2031E %95%93%90%
Investments as % of deposits, FY2031E28%28.5%30%
Net interest margin on average earning assets, FY2031E %3.9%3.64%3.25%
Fee and other core income growth, CAGR %13.5%11.2%8%
Cost-to-income ratio, FY2031E %32.5%34.7%38.5%
Credit cost, FY2031E (bps on average gross advances)4055110
Standard-asset and other provisions, FY2031E222955
Effective tax rate %24.5%24.5%24.5%
Weighted average shares, FY2031E (m)15,70015,70015,700
Dividend payout ratio %28%29.5%32%
RWA density (RWA / total assets) %67%68%70%
CET 1 capital as % of net worth91%91%90.5%
FY2031E OUTCOMES
Deposits, FY2031E59,78954,97048,884
Advances, net, FY2031E56,79951,12243,996
Investments, FY2031E16,74115,66614,665
Total earning assets, FY2031E75,39468,49260,176
Average earning assets, FY2031E70,76464,79657,566
Net interest income, FY2031E2,7602,3591,871
Core non-interest income, FY2031E1,005907.16783.93
Net revenue, FY2031E3,7653,2662,655
Operating expenses, FY2031E1,2241,1331,022
Pre-provision operating profit, FY2031E2,5412,1331,633
Gross advances, FY2031E57,24251,52044,339
Provisions and contingencies, FY2031E250.97312.36542.72
Profit before tax, FY2031E2,2901,8201,090
NET PROFIT, FY2031E1,7291,374822.95
Earnings per share, FY2031E (INR)110.1487.5352.42
Total assets, FY2031E (approx., earning assets / 0.925)81,50774,04665,055
Return on total assets, FY2031E %2.12%1.86%1.26%
Net worth, FY2031E (retained-earnings roll-forward)10,8179,7318,123
Return on net worth, FY2031E %15.99%14.12%10.13%
Book value per share, FY2031E (INR)688.97619.84517.40
CET 1 ratio, FY2031E %18.02%17.59%16.14%
Net profit CAGR, FY2026A to FY2031E %18.29%12.97%1.96%
Net profit versus base case %25.83%0%-40.12%
SCENARIO RATIONALE
BULL - deposit growth holds at the 14% run-rate seen in Q1 FY2027 and the loan-to-deposit ratio is held near 95%; the cash reserve ratio cut to 3.0% and the run-off of legacy eHDFC borrowings at 7.8% lift the margin to 3.90%; operating leverage takes cost-to-income to 32.5%; credit costs stay at the current 40bps through the ECL transition.
BASE - deposit growth decelerates from 13.5% to 11.0%; the loan-to-deposit ratio drifts down from 95.0% to 93.0% as management continues to rebuild the deposit-funded balance sheet; margin recovers from the 3.34% FY2027E trough to 3.64% as deposits reprice and wholesale funding costs fall; cost-to-income falls to 34.7%; credit cost normalises to 55bps with a 60bps step in FY2028E on RBI expected-credit-loss adoption.
BEAR - a deposit war and the continuing shift from CASA into term deposits caps deposit growth at 9.5% and forces the loan-to-deposit ratio down to 90%; margin compresses to 3.25% as funding costs reprice faster than the floating-rate loan book; cost-to-income stalls at 38.5%; the unsecured retail and commercial book seasons and credit cost doubles to 110bps, with the ECL transition front-loading it.
The scenario engine is a reduced-form model run off the FY2026A audited base. It is not the full three-statement model. Base-case outputs are calibrated to the detailed model on the other tabs; small differences arise because this engine approximates total assets and the net worth roll-forward.
FY2026A audited base: deposits INR 31,052.5bn, advances INR 29,371.7bn, earning assets INR 39,191.5bn, net interest income INR 1,286.9bn, core non-interest income INR 533.5bn (reported INR 625.3bn less the INR 91.8bn HDB Financial Services gain), net profit INR 746.7bn, net worth INR 5,629.0bn.