# HDFC Bank (NSE: HDFCBANK) share analysis

Canonical: https://vestmind.in/stocks/hdfc-bank  
Source: VestCall by Vestmind, price as of 14 October 2026.

> HDFC Bank (NSE: HDFCBANK) was trading at ₹713.25 on 14 October 2026. VestCall scores its business health 59/100 (adequate). On valuation, the price sits in the “Valuation Premium” zone (₹694.26 and above) — above the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹601.83 – ₹633.23 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹633.23 – ₹677.46 | Below the modelled fair-value range |
| Fairly Valued | ₹677.46 – ₹694.26 | Inside the modelled fair-value range |
| Valuation Premium (current) | ₹694.26 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Business Quality 68/100
- Supports — Capital Allocation 67/100
- Needs proof — Management Stability 36/100
- Needs proof — Financial Strength 50/100
- Needs proof — Shareholding Quality 56/100
- Needs proof — Growth 59/100

## Key ratios

| Ratio | HDFC Bank | Sector median |
| --- | --- | --- |
| P/E | 20.62x | — |
| P/B | 0.09x | — |
| P/S | 0.1x | — |
| Return on equity (ROE) | 14.1% | — |
| Return on capital employed (ROCE) | 18.1% | — |
| Operating margin | 20.6% | — |
| Net margin | 16.0% | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | +1.8% | 20% | Growth decelerates to 5.8% and the multiple de-rates toward the cohort's trough. |
| Base | +16.1% | 55% | Earnings compound near the measured 16.1% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +26.0% | 25% | Growth holds at 22.5% and the market pays the full premium the measured quality supports. |

## Questions

### Is HDFC Bank overvalued or undervalued?

At ₹713.25, HDFC Bank sits in VestCall’s “Valuation Premium” zone (₹694.26 and above): above the modelled fair-value range. Its valuation scores 97/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is HDFC Bank fundamentally strong?

VestCall scores HDFC Bank’s business health 59/100 (adequate). The strongest measured pillars are business quality and capital allocation. The ones that need proof are management stability and financial strength. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is HDFC Bank’s P/E ratio?

HDFC Bank trades at a P/E of 20.62x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against HDFC Bank’s returns and growth.

### What are the risks of investing in HDFC Bank?

The review triggers VestCall watches for HDFC Bank are: return on equity falls below the quality floor (roe below 15%); drawdown from the 52-week high exceeds tolerance (drawdown from 52-week high at or beyond 25%); revenue growth falls below the thesis floor (revenue cagr below 8%). On the fundamentals, management stability is the weakest measured pillar at 36/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell HDFC Bank?

No. VestCall states where HDFC Bank’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

---

Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.