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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →HDFC Bank and State Bank of India (SBI) both have official results for Q1 FY27, the quarter ended June 30, 2026. But the available figures do not support a current valuation winner or a complete like-for-like comparison of growth and risk. HDFC Bank reported net revenue of ₹463.6 billion; its year-earlier comparator included a ₹91.3 billion gain from a partial divestment in HDB Financial Services, making the headline revenue comparison a poor measure of recurring growth.
For investors comparing the two listed Indian banks, the useful approach is to align reporting periods and accounting bases, separate one-offs from recurring performance, and compare market prices and valuation inputs from the same date. The official results and investor-material pages provide starting points for that analysis, but a ranking requires figures checked consistently for both banks.
What the latest results establish
The latest official quarterly results located for both banks are Q1 FY27, covering the quarter ended June 30, 2026. HDFC Bank’s filing says its results were approved on July 18, 2026. Its investor-relations page lists the results, key parameters, presentation and call materials for the quarter (HDFC Bank quarterly and annual financial results; HDFC Bank Q1 FY27 filing).
HDFC Bank reported net revenue of ₹463.6 billion. The comparable figure for Q1 FY26 was ₹531.7 billion, but that earlier quarter included ₹91.3 billion of transaction gains from a partial divestment in HDB Financial Services. The reported totals therefore do not provide a clean comparison of recurring revenue growth; the one-off needs to be separated before drawing conclusions about the trend.
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SBI’s official quarterly-results page lists Q1 FY27 results, and its investor-relations page links to a September 2026 Investor Day presentation. These materials establish where to find SBI’s disclosures, but the figures reviewed here do not establish a matched set of SBI operating metrics for direct comparison (SBI quarterly results; SBI investor relations; SBI analyst-presentation index).
Which bank is cheaper?
There is not enough same-date valuation information here to say whether HDFC Bank or SBI is cheaper on price-to-book (P/B), price-to-earnings (P/E), or another multiple. A comparison needs each bank’s share price from the same date and compatible book-value or earnings denominators. It should also use the same basis—standalone or consolidated—and account for relevant corporate actions and share-count changes.
For banks, P/B is often considered alongside return on equity (ROE), because book value is central to the business and ROE indicates how effectively equity is generating profit. P/E can add context, but the earnings period must be stated and one-off items separated. A lower multiple alone does not prove a stock is undervalued: it may reflect expectations of weaker profitability or growth, or greater perceived risk.
SBI’s September 2026 Investor Day materials do not, by themselves, provide a paired valuation comparison with HDFC Bank. Since valuation moves with share price, any conclusion about which bank is cheaper needs updated market prices and matched financial inputs captured together.
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How to compare growth fairly
Compare the banks over the same quarter or financial year, with both sets of numbers either standalone or consolidated. For recurring growth, examine advances, deposits, net interest income (NII), net interest margin (NIM), fee income and profit—not a single headline revenue figure in isolation.
- Loans and deposits: Compare their growth over the same period. Loan expansion is more informative when read alongside the funding available to support it.
- NII and NIM: NII reflects interest earned less interest paid; NIM relates that spread to earning assets. Together they help show whether balance-sheet growth is translating into interest income.
- Fees and other revenue: Distinguish recurring customer and service income from exceptional gains, including the HDB Financial Services divestment gain in HDFC Bank’s Q1 FY26 comparator.
- Profit: Check the earnings period and basis, and account for one-offs and provisions before inferring which bank is growing faster.
The figures available here do not establish which bank grew faster on these comparable measures. SBI’s underlying Q1 FY27 release and presentation, and HDFC Bank’s detailed key-parameters table, need to be read together to make that assessment.
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Funding and margins: what to inspect
Deposit competition can shape a bank’s cost of funds and ability to expand lending profitably. Compare deposit growth with advances growth, CASA mix (current and savings account deposits), deposit costs, loan-to-deposit dynamics and NIM for the same period. A bank that grows loans quickly but must pay more to attract deposits may face pressure on margins.
Those indicators should be interpreted as a group: deposit mix and costs help explain NIM, while loan-to-deposit dynamics provide context for how much balance-sheet growth is being funded by deposits. The materials identified here do not establish which bank currently has the stronger funding position or improving margins.
Asset quality and credit risk
Compare gross and net non-performing asset (NPA) ratios, slippages, provision coverage, credit costs and loan mix using each bank’s definitions and the same reporting period. NPA ratios show the stock of stressed loans; slippages indicate new deterioration, while provisions and credit costs help show the financial impact of credit losses.
Loan mix matters because different borrower and product segments can behave differently through the economic cycle. Before comparing ratios, check whether the banks’ classifications, exclusions and reporting bases align. The available figures do not establish that asset quality is improving or worsening at either bank, so no direction-of-trend claim is warranted.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Capital, liquidity and resilience
Review CET1 and total capital ratios alongside liquidity measures, using the same reporting date and the relevant regulatory requirements. Capital supports loss absorption and future lending, but a ratio should be read in the context of each bank’s business mix and planned growth. Liquidity measures add information about the capacity to meet funding needs; they are not interchangeable with capital ratios.
No aligned capital or liquidity figures for both banks are established here. A resilience comparison needs the banks’ current disclosures and a careful check that the measures use compatible definitions.
Execution, governance and investment risks
Both bank equities are exposed to changes in interest rates, deposit competition, credit costs, loan mix, regulation and the economic cycle. Those are relevant risk categories, not evidence that any specific risk is currently worsening for either bank.
For an investment decision, review recent management disclosures and strategy, technology and operational-risk reporting, regulatory updates, and material litigation or compliance matters in primary sources. The Q1 FY27 results pages and SBI’s September 2026 Investor Day materials are useful entry points, but the information summarized here does not establish a suitability verdict for any individual investor.
A practical comparison checklist
- Align the period: Start with Q1 FY27, the quarter ended June 30, 2026, for both banks.
- Align the accounting basis: Use standalone figures for both or consolidated figures for both.
- Normalize recurring performance: Separate transaction gains and other one-offs from revenue and profit comparisons.
- Compare operating drivers: Review advances, deposits, NII, NIM, fees, profit, asset quality, funding costs, capital and liquidity.
- Refresh valuation inputs together: Record both share prices on the same date and use compatible book value or earnings measures, clearly naming the period and basis.
- Assess risks from current disclosures: Check management, operational, regulatory and legal updates before deciding how the numbers affect your view.
On the information available, HDFC Bank’s revenue figure and the unusual prior-year comparator are clear, and both banks have official Q1 FY27 materials. Which bank is growing faster, carries lower current risk, or offers the more attractive valuation cannot be established without completing the matched comparison.
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