HDFC Bank Limited provides banking and financial products and services to individuals and businesses in India, Bahrain, Hong Kong, Singapore, and Dubai.
FAIL · Does not pass the screen
22.70 USD
Price as of 2 Nov 2026Daily close, not a live quote
Screened 2026-11-02 · the tape above runs as of 20:14 UTC · 3 Nov · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price22.70 USD at the 2 Nov 2026 close
Our value readUndervalued vs our fair value, as of 2 Nov 2026
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.85, read 2026-11-01
Ethical does not pass the values gate
Price22.70 USD
Fair value25.86
Ethical score10.0/100
Value readUndervaluedas of 2 Nov 2026
Our investment reviews on this name
2026-10-25Read Distribution23.53-3.5% to today ✓Markup gives way to Distribution first Distribution read since October
2026-10-11Read Markup23.01-1.3% to today Distribution gives way to Markup
2026-10-02Read Distribution23.01-1.3% to today ✓Markdown gives way to Distribution
2026-08-31Read Markdown23.34-2.7% to today ✓Distribution gives way to Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
HDFC Bank holds its Distribution at $22.70. Consolidating, no directional conviction, held for 16 days.
As held on the ledger · 2026-11-02
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 16 days
Price at the screen
$22.70
Valuation
14.06 trailing · 15.78 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.41
The Workings
Five Screens, Shown in Full
Does not pass. Business activity exclusion: FAIL
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Business activity exclusion: FAIL
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
HDFC Bank does not clear the screen at the business-activity stage. It operates in an area the screen excludes: Business activity exclusion: FAIL, so the financial ratios are not the deciding factor here.
Read as at 2026-11-02. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 2 Nov 2026: it trades at roughly a 14% discount to our $25.86 fair value, 80.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-02 screen. The gold marker is the market price at the same screen. A 12.2% discount to the base estimate.
Where our models see it going: fair-value estimate $25.86, with a range of $23.58 to $29.74, dated to the 2026-11-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 81%-growth business trading at just 15.8x forward earnings. That is a 14% discount to our $25.86 fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 4 analysts rate it Buy with a $31.00 average target, about 37% above the screened price.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to India and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
HDB trades on NYSE (ADR) (the company is based in India). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Distribution$22.18-5.7%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 5.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
2026-10-18Markup$23.53+2.3%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
2026-10-11Markup · changed$23.01+0.0%Entry 9
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
2026-08-31Markdown · changed$23.34+0.5%Entry 7
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
2026-08-01Distribution$23.23-0.8%Entry 6
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34.
2026-07-18Distribution$23.41+0.0%Entry 5
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-17Distribution$23.41+0.0%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-16Distribution$23.41+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 38%. Our forward projection puts the odds of a 10% gain over the next month near 11%. The street (4 analysts) rates it none, with a mean price target of $34. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.