HDFC BANK LIMITED vs HSBC HOLDINGS PLC, two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
24.75 against 15.5: HDFC Bank's multiple over HSBC's, nine turns of premium for India's compounding banking market over a completed Asia pivot. The current economics argue closer: HSBC earns 11.3% on equity against HDFC's post-merger 7.8%, and a 33.9% net margin against 30.8%. HDFC's 1.4% return on assets, though, is the tell of genuinely superior banking economics, nearly double HSBC's 0.72%, temporarily diluted at the equity line by its mortgage-giant merger. Dividends sit near 1%. The pair prices demographic destiny against demonstrated scale: India's decade at a premium, Asia's incumbent at a discount, both earning well by their own geographies' rules.
Comparison updated 2026-07-10.
| Metric | HDB | HSBC |
|---|---|---|
| Price | $25.74 | $93.76 |
| Market cap | $197.2B | $326.8B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | 24.8 | 15.5 |
| P/B | 1.95 | 1.59 |
| P/S | 7.69 | 4.79 |
| EV/EBITDA | — | -3.8 |
| Revenue growth | +26.0% | +9.0% |
| Operating margin | — | 41.0% |
| Net margin | 30.8% | 33.9% |
| Return on equity | 7.8% | 11.3% |
| Return on assets | 1.4% | 0.7% |
| Dividend yield | 1.0% | — |
| Debt / equity | 0.83 | 0.00 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.