HDFC Bank Limited (HDB) Cash Flow Statement
Where HDB’s cash came from and went, FY2026
March 31, 2026 · Indian rupees- Cash from operations
- ₹1.76T +47.5% vs FY2025
- Capital expenditures
- ₹40.93B 0.8% of revenue
- Free cash flow
- ₹1.72T 33.0% margin
- Returned to shareholders
- ₹217.87B 13% of free cash flow
- Change in cash
- ₹564.91B cash at year-end ₹2.55T
Drawn to scale: where the cash came from and how it was used. Hover for values.
HDB operating cash flow, capex and free cash flow
HDB cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₹379.27BFY2017 | ₹1.76TFY2026 | +18.6%/yr | |
| Capital expenditures | ₹12.63BFY2017 | ₹40.93BFY2026 | +14.0%/yr | |
| Free cash flow | ₹366.64BFY2017 | ₹1.72TFY2026 | +18.8%/yr | |
| Free cash flow margin | 43.9%FY2017 | 33.0%FY2026 | −10.8 pts | |
| Operating cash flow / net income | 2.69FY2017 | 2.20FY2026 | −0.49 | |
| Stock-based compensation | ₹8.20BFY2017 | ₹22.17BFY2026 | +11.7%/yr | |
| Dividends paid | ₹29.28BFY2017 | ₹217.87BFY2026 | +25.0%/yr | |
| Share buybacks (net) | ₹0FY2017 | ₹0FY2025 | — | |
| Capex / revenue | 1.5%FY2017 | 0.8%FY2026 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HDB cash flow by activity
HDB net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HDB cash flow statement in Indian rupees
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₹799.95B | ₹686.53B | ₹627.63B | ₹496.26B | ₹386.60B | ₹427.73B | ₹381.53B | ₹220.57B | ₹178.83B | ₹140.74B |
| Depreciation & amortization | ₹41.15B | ₹63.02B | ₹52.35B | ₹23.49B | ₹16.82B | ₹13.85B | ₹12.80B | ₹12.25B | ₹9.68B | ₹8.88B |
| Stock-based compensation | ₹22.17B | ₹24.63B | ₹20.12B | ₹14.01B | ₹13.87B | ₹10.60B | ₹7.48B | ₹5.34B | ₹6.59B | ₹8.20B |
| Change in working capital | ₹596.82B | ₹168.58B | ₹201.32B | −₹156.47B | ₹58.91B | −₹101.21B | −₹607.56B | −₹126.27B | −₹153.62B | ₹187.19B |
| Other non-cash items | ₹303.51B | ₹252.85B | ₹120.91B | ₹99.90B | ₹104.82B | ₹73.79B | ₹37.07B | ₹71.38B | ₹52.79B | ₹34.26B |
| Cash from operating activities | ₹1.76T | ₹1.20T | ₹1.02T | ₹477.20B | ₹581.02B | ₹424.76B | −₹168.69B | ₹183.27B | ₹94.27B | ₹379.27B |
| Investing activities | ||||||||||
| Capital expenditures | −₹40.93B | −₹66.40B | −₹53.84B | −₹43.62B | −₹26.32B | −₹16.96B | −₹16.36B | −₹16.36B | −₹9.18B | −₹12.63B |
| Investments (net) | −₹518.82B | −₹3.72T | ₹53.14B | −₹4.39T | −₹3.30T | −₹16.81B | −₹2.15T | −₹1.54T | −₹2.05T | −₹1.58T |
| Acquisitions & other investing | −₹4.01T | ₹66.40B | −₹3.67T | ₹4.40T | ₹3.31T | ₹16.96B | ₹2.15T | ₹16.36B | ₹9.18B | ₹12.63B |
| Cash from investing activities | −₹4.57T | −₹3.72T | −₹3.67T | −₹34.24B | −₹22.16B | −₹16.81B | −₹16.17B | −₹1.54T | −₹2.05T | −₹1.58T |
| Financing activities | ||||||||||
| Dividends paid | −₹217.87B | −₹158.06B | −₹86.62B | −₹86.39B | −₹36.24B | −₹166.6M | −₹66.31B | −₹41.02B | −₹34.49B | −₹29.28B |
| Share repurchases & issuance (net) | — | ₹63.47B | −₹2.30B | ₹34.16B | ₹26.10B | ₹166.6M | ₹18.49B | ₹1.55T | ₹27.26B | ₹22.62B |
| Net borrowing (repayment) | −₹823.07B | −₹815.31B | −₹22.27B | ₹289.30B | ₹489.71B | −₹91.38B | ₹291.02B | ₹12.91B | ₹580.26B | −₹52.98B |
| Shares issued | ₹0 | ₹0 | ₹76.00B | ₹0 | ₹0 | ₹17.60B | ₹18.49B | ₹0 | ₹0 | ₹0 |
| Other financing | ₹4.49T | ₹3.33T | ₹3.38T | ₹3.94T | ₹2.43T | ₹561.2M | −₹17.74B | −₹635.4M | ₹1.52T | ₹1.31T |
| Cash from financing activities | ₹3.44T | ₹2.42T | ₹3.35T | ₹4.17T | ₹2.91T | −₹73.21B | ₹243.94B | ₹1.52T | ₹2.10T | ₹1.25T |
| Summary | ||||||||||
| Net change in cash | ₹564.91B | −₹103.10B | ₹698.64B | ₹265.36B | ₹191.34B | ₹333.32B | ₹61.22B | ₹160.72B | ₹143.44B | ₹53.04B |
| Cash at end of period | ₹2.55T | ₹1.98T | ₹2.09T | ₹1.39T | ₹1.12T | ₹1.21T | ₹879.40B | ₹734.87B | ₹574.15B | ₹430.71B |
| Free cash flow | ₹1.72T | ₹1.13T | ₹968.48B | ₹433.58B | ₹554.69B | ₹407.80B | −₹185.05B | ₹166.92B | ₹85.09B | ₹366.64B |
| Free cash flow margin | 33.0% | 26.9% | 27.5% | 21.9% | 34.6% | 26.7% | −13.1% | 13.9% | 8.6% | 43.9% |
| Capex / revenue | 0.8% | 1.6% | 1.5% | 2.2% | 1.6% | 1.1% | 1.2% | 1.4% | 0.9% | 1.5% |
| Operating cash flow / net income | 2.20 | 1.74 | 1.63 | 0.96 | 1.50 | 0.99 | −0.44 | 0.83 | 0.53 | 2.69 |
| Jun '26 | Mar '26 | Mar '25 | Sep '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | ₹192.45B | ₹243.20B | ₹188.35B | ₹178.26B | ₹176.22B | ₹168.11B |
| Depreciation & amortization | — | — | ₹38.05B | ₹18.88B | ₹30.92B | ₹15.11B |
| Stock-based compensation | — | — | ₹20.86B | — | — | — |
| Change in working capital | ₹596.82B | ₹596.82B | ₹288.94B | ₹670.94B | −₹557.84B | −₹741.84B |
| Other non-cash items | ₹974.34B | ₹923.58B | ₹736.22B | ₹269.92B | ₹653.21B | ₹214.43B |
| Cash from operating activities | ₹1.76T | ₹1.76T | ₹1.27T | ₹1.14T | ₹302.51B | −₹344.19B |
| Investing activities | ||||||
| Capital expenditures | −₹40.93B | −₹40.93B | −₹40.76B | −₹17.92B | −₹42.87B | −₹17.32B |
| Acquisitions & other investing | −₹4.53T | −₹4.53T | ₹2.25B | −₹252.1M | ₹96.00B | ₹505.3M |
| Cash from investing activities | −₹4.57T | −₹4.57T | −₹38.51B | −₹18.17B | ₹53.14B | −₹16.82B |
| Financing activities | ||||||
| Dividends paid | −₹217.87B | −₹217.87B | −₹148.26B | −₹148.26B | −₹84.04B | −₹84.04B |
| Share repurchases & issuance (net) | — | — | ₹63.47B | ₹39.18B | ₹84.43B | ₹67.27B |
| Shares issued | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
| Other financing | ₹3.66T | ₹3.66T | −₹939.98B | −₹635.66B | −₹40.21B | ₹356.88B |
| Cash from financing activities | ₹3.44T | ₹3.44T | −₹1.02T | −₹744.73B | −₹39.83B | ₹340.11B |
| Summary | ||||||
| Net change in cash | — | — | ₹211.13B | ₹375.51B | ₹316.87B | −₹20.16B |
| Cash at end of period | — | — | ₹2.50T | — | — | — |
| Free cash flow | ₹1.72T | ₹1.72T | ₹1.23T | ₹1.12T | ₹259.64B | −₹361.52B |
| Free cash flow margin | 128.7% | 145.1% | 177.3% | 123.8% | 38.8% | −33.6% |
| Capex / revenue | 3.1% | 3.4% | 5.9% | 2.0% | 6.4% | 1.6% |
| Operating cash flow / net income | 9.16 | 7.25 | 6.76 | 6.38 | 1.72 | −2.05 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Indian rupees as reported; data from EODHD.
HDB cash generation
In fiscal 2026 (ended March 31, 2026), HDFC Bank generated ₹1.76 trillion of cash from operations (up 47.5%) and spent ₹40.9 billion on capital expenditures, leaving free cash flow of ₹1.72 trillion, 33.0% of revenue. It returned ₹217.9 billion to shareholders through dividends (₹217.9 billion) and net share buybacks (₹0). Cash and equivalents rose by ₹564.9 billion over the year.
Related: HDB income statement, HDB balance sheet, HDB dividend history. See the HDB stock overview for the latest quote and news.
HDB cash flow FAQ
What is HDFC Bank's free cash flow?
HDFC Bank's free cash flow was ₹1.72 trillion in fiscal 2026: ₹1.76 trillion of operating cash flow minus ₹40.9 billion of capital expenditures It was ₹1.13 trillion a year earlier..
How much cash does HDFC Bank generate from operations?
HDFC Bank generated ₹1.76 trillion of cash from operating activities in fiscal 2026, 2.20 times its net income of ₹800.0 billion.
How much does HDFC Bank spend on capital expenditures?
HDFC Bank spent ₹40.9 billion on capital expenditures in fiscal 2026, 0.8% of revenue, compared with ₹66.4 billion the year before.
How much does HDFC Bank pay in dividends?
HDFC Bank paid ₹217.9 billion in dividends in fiscal 2026, 12.6% of free cash flow.