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HDFC Bank and State Bank of India (SBI) have both reported Q1 FY27 results for the quarter ended June 30, 2026, but the available figures do not support a fair ranking of their current growth or valuations. HDFC Bank reported net revenue of ₹463.6 billion; its year-earlier comparison included a ₹91.3 billion transaction gain from a partial divestment in HDB Financial Services. SBI’s official site lists its Q1 FY27 results, but comparable operating figures and same-date valuation inputs are not established here. That makes a useful comparison possible—but not a defensible claim that one bank is cheaper or growing faster.

What the latest results establish

The latest official quarterly results identified for both banks are for Q1 FY27, the three months ended June 30, 2026. HDFC Bank’s investor-relations results page lists materials dated July 18, 2026, and its filing says the results were approved that day. SBI’s quarterly-results page lists Q1 FY27 results.

HDFC Bank reported net revenue of ₹463.6 billion for the quarter. The prior-year quarter’s ₹531.7 billion included ₹91.3 billion in transaction gains from a partial divestment in HDB Financial Services. As a result, comparing the two headline revenue totals alone would not measure recurring growth: the earlier figure contains a material item that the current-period figure should not be assumed to match.

SBI’s official results and investor-relations pages establish that Q1 FY27 materials are available, but the underlying SBI figures needed for a like-for-like comparison are not established here. No SBI metric should be inferred from the existence of those materials.

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How to compare valuation fairly

There is not enough aligned market data here to say which share is cheaper. A valid comparison needs both share prices from the same date, the exchange and share-count basis, and consistent financial denominators. For book-value multiples, use comparable book value per share; for price-to-earnings, use the same earnings period and treatment of one-offs. The banks’ standalone or consolidated reporting basis should also match.

For a bank, price-to-book (P/B) is most informative when read alongside return on equity (ROE): a higher sustainable return can justify a higher book multiple, while weaker expected profitability or greater perceived risk can justify a lower one. A low multiple by itself is not proof of undervaluation. P/E has its own limitation: a quarter affected by non-recurring gains may not represent the earnings investors should expect to recur.

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Share prices move, so a valuation conclusion is date-specific. Refresh the prices and denominators together before deciding which stock appears less expensive; the available sources do not provide that paired snapshot.

What a growth comparison should measure

One quarter’s net revenue is not enough to determine which bank is growing faster. A robust comparison should use the same quarter or financial year, the same reporting basis, and recurring figures where possible. The key measures are:

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  • Advances and deposits: Show whether lending is expanding alongside the funding base, rather than treating loan growth alone as an unqualified positive.
  • Net interest income (NII) and net interest margin (NIM): NII tracks interest earned less interest paid; NIM relates that spread to earning assets. Both help explain how growth translates into core banking income.
  • Fees and other recurring income: Separate ordinary fee generation from asset-sale or divestment gains, which can inflate a period’s revenue without establishing a repeatable growth rate.
  • Profit: Compare the same profit measure and period, while checking for one-off items and differences in standalone versus consolidated accounts.

HDFC Bank’s disclosed prior-year transaction gain is a concrete reason to make that adjustment before interpreting its revenue trend. Without the corresponding SBI operating figures and a full aligned set of metrics, the available evidence does not establish which bank is growing faster.

Risks to assess before comparing the banks

Credit quality and loan mix

Compare gross and net non-performing asset ratios, slippages, provision coverage and credit costs, using each bank’s definitions and noting any exclusions. Loan mix matters because different borrower types and products can behave differently through an economic cycle. The figures needed to determine which bank currently has the stronger asset-quality profile are not established here.

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Deposits, funding costs and margins

Loan growth requires funding. Deposit growth, the current-account and savings-account (CASA) share, deposit costs and the loan-to-deposit dynamic help show whether a bank can fund expansion without paying materially more for deposits. A squeeze in deposit availability or higher funding costs can pressure margins; that is a risk to monitor, not evidence that either bank’s position is currently worsening.

Capital and resilience

Compare Common Equity Tier 1 (CET1) and total capital ratios, liquidity measures and the banks’ capacity to absorb losses while continuing to lend. Interpret these measures against the applicable regulatory requirements and each bank’s business mix. No aligned capital or liquidity figures are established here for a current ranking.

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Execution, regulation and operations

For both banks, current disclosures on strategy, management, technology and operational risks, regulatory developments, litigation and compliance can materially affect an investment case. SBI’s investor-relations site lists a September 2026 Investor Day presentation and shows an update date of September 14, 2026; those materials are a route to its strategy disclosures, not evidence by themselves of a particular operating outcome.

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What investors can—and cannot—conclude

The established facts are narrow but useful: both banks have official Q1 FY27 results for the quarter ended June 30, 2026; HDFC Bank reported ₹463.6 billion in net revenue; and its prior-year revenue comparator included a ₹91.3 billion transaction gain. The available material does not establish a same-date valuation ranking, a comparable growth ranking, or which bank currently has lower risk. Those conclusions require the underlying SBI and HDFC operating metrics and synchronized market valuation inputs.

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