# HDFC Bank Limited (HDB)

> Source: Nexqual · https://nexqual.com/HDB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, HDFC Bank Limited (HDB), nexqual.com/HDB" · informational, not investment advice.

**Price:** USD 22.44 (-1.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.67 · day 22.28–22.6 · 52w 21.71–37.35 · market cap $115B · NYQ

## Key facts
- 5 of 80 tracked superinvestors hold HDB (13F, Q2 2026): 0 new, 2 added, 1 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $190K; 3 not under a Rule 10b5-1 plan ($190K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 30.3 (range 26.2–33).
- Total return with dividends: 1Y -38.5% vs S&P 500 +14.9%; 5Y -38.1% vs S&P 500 +80.3%.
- Next earnings: 2027-01-16, EPS estimate USD 0.41, revenue estimate $495B.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold HDB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.12% | $41.7M | Added +6.2% |
| Sarah Ketterer | Causeway Capital Management | 0.11% | $10.2M | Reduced -0.8% |
| Dodge & Cox Funds | Dodge & Cox | 0.09% | $173M | Added +17.4% |
| Mason Hawkins | Southeastern Asset Management | 0.01% | $270K | Unchanged |
| John Rogers | Ariel Investments | <0.01% | $363K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-07 | Srinivasan N | Group Head - Operations | 10,000 | $87K | 1.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-28 | Parthasarthy Ashish | Group Head - Treasury | 5,600 | $49K | 0.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-21 | Parthasarthy Ashish | Group Head - Treasury | 6,000 | $54K | 0.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 30.3 (low 26.2, high 33).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -38.5% | -38.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -38.6% | -9.1% |
| Volatility (annualized) | 30.0% | 27.3% |
| Max drawdown | -41.2% (Nov 2025→Sep 2026) | -42.0% (Jul 2025→Oct 2026) |

## Peers (Banks - Regional)
MFG (Mizuho Financial Group, Inc. Sp) USD 9.71 -3.00% · IBN (ICICI Bank Limited) USD 29.94 +1.35% · ITUB (Itau Unibanco Banco Holding SA) USD 9.49 -2.16% · USB (U.S. Bancorp) USD 60.02 +1.64% · PNC (PNC Financial Services Group, I) USD 225.53 +1.18% · LYG (Lloyds Banking Group Plc) USD 5.38 -2.00%

## More
Full page: https://nexqual.com/HDB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HDB's own 20-F filed 2026-07-29 (https://www.sec.gov/Archives/edgar/data/1144967/000119312526322004/d88195d20f.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | India International Bullion Exchange IFSC | "We are also registered as a Trading cum Clearing member of IIBX and support qualified jewelers and suppliers for the facilitation of trade and clearing on IIBX." |
| Customer | India | "Our goal is to be the preferred provider of financial services to our customers in India across metro, urban, semi-urban and rural markets." |
| Customer | Adobe (ADBE) | "We offer these services to customers through multiple distribution channels: internet banking, mobile banking, phone banking, Sprinkler, Mycards and Adobe." |
| Customer | HDFC Bank and HDFC | "See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Introduction—Certain Factors and Trends Affecting Our Results of Operations." Although both HDFC Bank and HDFC Limited made detai…" |
| Partner | Kopvoorn | "Following receipt of regulatory approval in February 2024, as directed by the RBI in connection with the Transaction, we divested a portion of the share capital of HDFC Credila to Kopvoorn B.V., Moss Investments Limited,…" |
| Partner | Moss Investments | "Following receipt of regulatory approval in February 2024, as directed by the RBI in connection with the Transaction, we divested a portion of the share capital of HDFC Credila to Kopvoorn B.V., Moss Investments Limited,…" |
| Partner | Defati Investments Holding | "Following receipt of regulatory approval in February 2024, as directed by the RBI in connection with the Transaction, we divested a portion of the share capital of HDFC Credila to Kopvoorn B.V., Moss Investments Limited,…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.41 | $0.40 | +3.8% | $495.46B | 1 |
| Next quarter (ends 2027-03-31) | $0.45 | $0.42 | +7.1% | $516.16B | 1 |
| Current fiscal year (ends 2027-03-31) | $1.23 | $1.59 | -22.5% | $1.99T | 2 |
| Next fiscal year (ends 2028-03-31) | $1.38 | $1.43 | -3.1% | $3.00T | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-04-16 (includes earnings 2027-01-16): ±20.5%; earnings reaction alone ±11.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.5% | ±6.9% |
| 2026-12-18 | 56 | 36.1% | ±11.6% |
| 2027-01-15 | 84 | 30.6% | ±11.8% |
| 2027-04-16 | 175 | 36.7% | ±20.5% |