HDFC Bank Limited ADR
NYSE: HDB · FINANCIAL SERVICES · BANKS - REGIONAL
Updated 2026-06-05
HDFC Bank Limited ADR (HDB) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85.85B | $124.60B | $192.71B | $201.55B | $249.07B | $330.14B | $419.06B | $493.05B | $580.61B | $722.26B | $835.88B | $988.07B | $1.20T | $1.41T | $1.53T | $1.60T | $1.98T | $3.52T | $4.19T | $5.21T |
| Revenue growth (YoY) | — | +45.1% | +54.7% | +4.6% | +23.6% | +32.5% | +26.9% | +17.7% | +17.8% | +24.4% | +15.7% | +18.2% | +21.6% | +17.3% | +8.4% | +4.9% | +23.5% | +77.7% | +19.1% | +24.3% |
| Cost of revenue | $41.50B | $62.78B | $106.51B | $95.91B | $103.47B | $158.99B | $209.49B | $247.07B | $281.61B | $354.60B | $411.71B | $479.71B | $606.49B | $736.08B | $746.51B | $711.28B | $849.75B | $1.67T | $2.00T | $2.23T |
| Gross profit | $44.35B | $61.81B | $86.20B | $105.64B | $145.60B | $171.15B | $209.57B | $245.98B | $299.00B | $367.66B | $424.17B | $508.36B | $595.35B | $674.12B | $782.43B | $892.43B | $1.13T | $1.85T | $2.19T | $2.98T |
| Gross margin | 51.7% | 49.6% | 44.7% | 52.4% | 58.5% | 51.8% | 50.0% | 49.9% | 51.5% | 50.9% | 50.7% | 51.4% | 49.5% | 47.8% | 51.2% | 55.6% | 57.1% | 52.7% | 52.2% | 57.2% |
| R&D | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
| SG&A | $11.46B | $34.72B | $47.50B | $49.47B | $62.25B | $74.80B | $91.21B | $96.99B | $117.35B | $150.54B | $167.30B | $191.76B | $213.61B | $263.95B | $292.98B | $320.22B | $400.22B | $951.76B | $1.12T | $395.68B |
| Operating income | $16.22B | $19.55B | $22.94B | $37.23B | $63.23B | $73.84B | $91.97B | $121.75B | $154.02B | $185.59B | $219.97B | $277.11B | $339.96B | $365.84B | $439.83B | $519.16B | $662.38B | $705.46B | $861.55B | $1.07T |
| Operating margin | 18.9% | 15.7% | 11.9% | 18.5% | 25.4% | 22.4% | 21.9% | 24.7% | 26.5% | 25.7% | 26.3% | 28.0% | 28.3% | 25.9% | 28.8% | 32.4% | 33.4% | 20.0% | 20.5% | 20.6% |
| EBITDA | $24.16B | $22.37B | $29.94B | $45.13B | $70.92B | $81.75B | $100.97B | $130.27B | $161.15B | $193.02B | $228.85B | $286.79B | $352.21B | $378.64B | $453.69B | $535.98B | $685.87B | $757.81B | $924.57B | $1.12T |
| EBITDA margin | 28.1% | 18.0% | 15.5% | 22.4% | 28.5% | 24.8% | 24.1% | 26.4% | 27.8% | 26.7% | 27.4% | 29.0% | 29.3% | 26.9% | 29.7% | 33.4% | 34.6% | 21.5% | 22.0% | 21.5% |
| EBIT | $16.22B | $19.55B | $22.94B | $37.23B | $63.23B | $73.84B | $91.97B | $121.75B | $154.02B | $185.59B | $219.97B | $277.11B | $339.96B | $365.84B | $439.83B | $519.16B | $662.38B | $705.46B | $861.55B | $1.07T |
| Interest expense | $33.23B | $49.41B | $86.11B | $77.72B | $93.85B | $151.15B | $196.80B | $229.64B | $264.61B | $333.07B | $373.76B | $420.31B | $534.21B | $618.46B | $592.28B | $584.30B | $775.54B | $1.53T | $1.82T | $1.95T |
| Income tax | $5.15B | $6.31B | $7.74B | $12.34B | $21.70B | $23.83B | $29.84B | $42.30B | $54.52B | $67.54B | $79.22B | $98.27B | $119.39B | $105.48B | $113.82B | $132.56B | $166.12B | $77.83B | $175.01B | — |
| Effective tax rate | 31.8% | 32.4% | 33.9% | 33.4% | 34.5% | 32.4% | 32.6% | 34.8% | 35.5% | 36.4% | 36.1% | 35.5% | 35.2% | 28.8% | 25.9% | 25.6% | 25.1% | 11.1% | 20.6% | 0.0% |
| Net income | $11.06B | $13.15B | $15.10B | $24.57B | $41.20B | $49.78B | $61.82B | $79.32B | $99.24B | $117.92B | $140.53B | $178.51B | $220.10B | $260.27B | $325.98B | $386.00B | $495.45B | $622.66B | $673.51B | $799.95B |
| Net income growth (YoY) | — | +18.9% | +14.8% | +62.7% | +67.7% | +20.8% | +24.2% | +28.3% | +25.1% | +18.8% | +19.2% | +27.0% | +23.3% | +18.2% | +25.2% | +18.4% | +28.4% | +25.7% | +8.2% | +18.8% |
| Profit margin | 12.9% | 10.6% | 7.8% | 12.2% | 16.5% | 15.1% | 14.8% | 16.1% | 17.1% | 16.3% | 16.8% | 18.1% | 18.3% | 18.5% | 21.3% | 24.1% | 25.0% | 17.7% | 16.1% | 15.3% |
Frequently asked questions
What is HDFC Bank Limited ADR's revenue?
HDFC Bank Limited ADR's trailing twelve-month revenue is $2.83T, and consensus projects about $3.21T by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is HDB?
In its most recent fiscal year, HDB ran a gross margin of 57.18%, an operating margin of 20.62%, and a net margin of 15.34%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does HDB generate?
HDB produced $1.72T in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is HDB's balance sheet healthy?
HDB holds $3.06T in cash and equivalents against — in long-term debt, on $5.74T of shareholder equity. That debt is best read against the cash flow the business throws off each year.