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STOCK COMPARISON

DBS Group Holdings vs HDFC Bank: Fair Value & Quality

Both stocks run through our valuation models. Here is how DBS Group Holdings (D05) and HDFC Bank (HDFCBANK) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees HDFC Bank as the less overvalued of the two: DBS Group Holdings trades at S$77.48 versus a fair value of S$40.39 (-48%), while HDFC Bank trades at ₹729 versus ₹406 (-44%).
DBS Group Holdings
D05.SG · SGD · Financials
-48%
upside to fair value
overvalued
PriceS$77.48
Fair ValueS$40.39
Quality65/100
HDFC Bank
HDFCBANK.NSE · INR · Financials
-44%
upside to fair value
overvalued
Price₹729
Fair Value₹406
Quality51/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

DBS Group HoldingsHDFC Bank
Valuation
19.8×P/E (TTM)15.9×
7.58×P/S (TTM)3.81×
2.49×P/B1.92×
n/aEV/EBITDA12.5×
2.63×PEG0.89×
−47.9%Fair value upside−44.2%
3.7%Dividend yield1.8%
S$2.85Dividend per share₹13.00
Profitability
61%Operating margin33%
0.99×EBIT margin trend (5Y)0.12×
16%Return on equity14%
1%Return on assets2%
Growth
7%Revenue growth (YoY)17%
11.6%Avg. growth/yr (3Y)34.3%
9.4%Avg. growth/yr (5Y)51.7%
+12.7%Value creation/yr+2.5%
Balance & size
0.6×Interest coverage (EBIT/interest)0.6×
0.69×Debt / equity0.87×
$172BMarket cap$117B
healthyGrowth qualityhealthy

HDFC Bank leads: 5 to 8 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

DBS Group Holdingsof which business quality 61 · market factors 94 HDFC Bankof which business quality 49 · market factors 42
ProfitabilityMargins and returns on capital today
38
31
Quality GrowthAre margins and returns improving?
54
67
CashflowEarnings quality: real cash, not paper profit
84
100
Fin. StrengthBalance sheet, leverage, solvency risk
56
21
InvestmentDisciplined investing over empire-building
78
33
Low VolatilityCalm price path (market factor)
100
93
MomentumPrice trend over the last 3–12 months (market factor)
88
26
52W MomentumDistance to the 52-week high (market factor)
98
11
Net IssuanceShare count: buybacks or dilution?
65
37

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyDBS Group HoldingsPrice S$77.48HDFC BankPrice ₹729
Dividend Discount-35%below the priceS$50.43-68%below the price₹236
Multiples-46%below the priceS$41.94-20%below the price₹587
Asset-Based-79%below the priceS$16.22-65%below the price₹255
Economic Profit-60%below the priceS$31.19-39%below the price₹446
Minimum-79%below the priceS$16.22-68%below the price₹236
Maximum-35%below the priceS$50.43-20%below the price₹587
Median-53%below the priceS$36.57-52%below the price₹350
Geometric mean-58%below the priceS$32.16-51%below the price₹354

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

DBS Group Holdings: 6 of 6 models see the stock below the current price.

HDFC Bank: 6 of 6 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

DBS Group Holdings
Price S$77.48
Fair Value S$40.39
Bear S$29.31Bull S$50.48
HDFC Bank
Price ₹729
Fair Value ₹406
Bear ₹336Bull ₹560

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

DBS Group Holdings · Financials

Quality score65 · Top 25%
Fair value upside-48% · bottom 25%

HDFC Bank · Financials

Quality score51 · below median
Fair value upside-44% · bottom 25%

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees HDFC Bank as the less overvalued of the two: DBS Group Holdings trades at S$77.48 versus a fair value of S$40.39 (-48%), while HDFC Bank trades at ₹729 versus ₹406 (-44%).

DBS Group Holdings has the higher quality score (65/100).

Open HDFC Bank live analysis →
DBS Group Holdings · HDFC Bank

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.