HDFCBANK vs ICICIBANK
Side-by-side comparison of HDFC Bank Ltd. and ICICI Bank Ltd.. Descriptive only — not investment advice.
HDFC Bank Ltd.
Banking
Quality Score: 67/100
ICICI Bank Ltd.
Banking
Quality Score: 72/100
At a glance
| Metric | HDFCBANK | ICICIBANK |
|---|---|---|
| Quality Score | 67/100 | 72/100 |
| P/E (trailing) | 17.4 | 18.0 |
| Forward P/E | 12.4 | 14.8 |
| ROE | +13.8% | +16.4% |
| Profit margin | +26.8% | +24.9% |
| Debt-to-equity | — | — |
| Dividend yield | +1.67% | +0.82% |
| 1Y price return | -16.7% | -4.7% |
| From 52w high | -22.3% | -9.5% |
| Analyst rating1 = Strong Buy, 5 = Strong Sell | 1.15 | 1.23 |
Highlighted value = better on the metric (lower for P/E, D/E, drawdown, analyst rating; higher elsewhere). Descriptive only.
Snapshots
HDFC Bank trades at ₹779.80 as of the analysis date, down 16.7% over 12 months and 22.3% below its 52-week high, with the price currently above its 50-DMA (₹761) but 11.8% below its 200-DMA (₹884). Trailing PE of 17.4 compresses to a forward PE of 12.4, while ROE of 13.82% and a profit margin of 26.83% reflect the ongoing integration phase following the HDFC Ltd merger completed in 2023.
ICICI Bank trades at ₹1,346.50, fractionally above its 200-DMA (₹1,345.44) and 4.4% above its 50-DMA (₹1,289.74), after a -4.66% return over the past 12 months and a -9.54% drawdown from its 52-week high. Trailing PE is 18.0x versus a forward PE of 14.8x, with ROE at 16.36% — the second-highest among 6 ranked sector peers — and the bank holds the top quality score (64) in the peer group.
Pros
- ✓Profit margin of 26.83% and positive free cash flow in 4 of the available years demonstrate earnings durability across varying rate cycles.
- ✓Forward PE of 12.4 represents a 29% compression from the trailing PE of 17.4, indicating that consensus earnings growth expectations are already priced into a materially lower multiple.
- ✓The USD 750 million senior unsecured offshore bond issued via GIFT City IFSC in June 2026 — described as the largest such deal by Indian banks since 2023 — points to continued international capital-market access.
- ✓5-year earnings growth of 7.5% has remained positive through the merger integration period, alongside a dividend yield of 1.67%.
- ✓Highest quality score in the peer group: 64 out of 100, ahead of HDFCBANK (47), BAJFINANCE (51), AXISBANK (50), HDFCLIFE (20), and BAJAJFINSV (23).
- ✓ROE of 16.36% ranks 2nd among 6 sector peers; trailing PE of 18.0x is lower than BAJAJFINSV (29.0x) and BAJFINANCE (31.6x), and broadly comparable to HDFCBANK (17.4x).
- ✓Forward PE of 14.8x implies earnings growth embedded in consensus estimates, with 5-year earnings growth recorded at 8.4% and 5-year revenue growth at 66.9%.
- ✓RBI cleared the reappointment of CEO Sandeep Bakhshi through 2028, providing leadership continuity at a large-cap private bank.
Cons
- ✗ROE of 13.82% has exceeded 15% in only 2 of the available historical years and ranks 4th of 6 banking peers; ICICIBANK (16.36%) and BAJFINANCE (17.91%) both post materially higher returns on equity.
- ✗5-year revenue growth is negative at -1.8%, reflecting top-line compression in the post-merger consolidation period; the quality score of 47 places HDFCBANK 4th of 6 in its peer group.
- ✗The stock has traded below its 200-DMA for an extended period, with a 52-week drawdown of 22.3% and a 12-month price decline of 16.7%, while the broader sector median 1-year change is unavailable for direct comparison.
- ✗Debt trend is classified as rising, which in a banking context merits tracking against net interest margin compression and any shift in the Reserve Bank of India rate posture.
- ✗ROE has exceeded 15% in only 3 of the tracked persistence years, and FCF-positive years also number 3, indicating the quality metrics are not uniformly sustained across the full available history.
- ✗Debt trend is classified as rising, which in a bank context warrants monitoring against net interest margin dynamics and credit-cost evolution.
- ✗12-month price return is -4.66% despite the bank holding the highest sector quality score; the stock has not recouped its 52-week high, remaining 9.54% below it.
- ✗Three resistance clusters sit at ₹1,393, ₹1,417, and ₹1,434 — between 3% and 7% above the current price — while support levels are at ₹1,223, ₹1,214, and ₹1,188, representing 9–12% below current price.
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