HDFC Bank has made available the investor presentation for its second quarter fiscal year 2027 (Q2FY27) earnings call. The presentation was released on October 17, 2026, ahead of the analyst and investor conference hosted by the bank at 4:00 pm IST.

The filing confirms that the earnings call addressed the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The bank referred to its earlier communication dated October 13, 2026, which announced the scheduling of this event.

Presentation availability

The investor presentation is accessible on the bank's official website under the Investor Relations section. This disclosure follows standard regulatory protocols for disseminating material information to stock exchanges, including BSE Limited and National Stock Exchange of India Limited.

Context on Q2FY27 performance

Prior to this presentation release, HDFC Bank reported a net profit of ₹195.1 billion for the second quarter, marking a year-on-year increase from ₹186.4 billion in the corresponding period last year.

The bank's total revenue stood at ₹834.3 billion in Q2, compared to ₹766.9 billion recorded in the same quarter a year earlier, indicating steady top-line growth.

Asset quality metrics improve

The bank demonstrated continued improvement in asset quality during the reporting period. Gross non-performing assets (GNPA) declined to 1.11% in Q2, down from 1.17% in the previous quarter (QoQ). Similarly, net non-performing assets (NNPA) contracted to 0.37% from 0.41% on a sequential basis.

What the numbers show

The data reveals a divergence between top-line expansion and bottom-line growth. While revenue expanded by approximately 8.8% YoY, net profit grew by roughly 4.7%. This suggests that while the bank is generating more income, the conversion to profit is moderating, potentially due to higher operating costs or provisions not detailed in the summary figures. However, the simultaneous decline in both GNPA and NNPA indicates that the asset quality cleanup is progressing alongside revenue growth.

HDFC Bank Limited faces a critical deadline on October 13, 2026, for investors to file lead plaintiff applications in a securities fraud class action. Multiple law firms, including Faruqi & Faruqi, LLP, have issued final alerts urging investors who suffered losses between July 17, 2023, and May 26, 2026, to act immediately.

The complaint alleges that defendants made materially false and misleading statements and failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, the lawsuit alleges HDFC Bank camouflaged payments as marketing spend to pay higher interest to a state firm to induce deposits; these activities were approved by senior management; the activities likely violated regulations and the company's own policies prohibiting improper inducement; and as a result, the company's interest income and operating expenses were overstated.

Lead Plaintiff Deadlines and Firm Reminders

Multiple law firms have issued reminders regarding the upcoming deadlines for lead plaintiff applications. While most firms cite October 12 or October 13, 2026, The Portnoy Law Firm noted a slightly later deadline of October 17, 2026.

• Bragar Eagel & Squire, P.C.: Announced on September 29, 2026, that a class action has been filed in the United States District Court for the Southern District of New York. In a new notice on October 5, 2026, the firm encouraged investors who suffered losses to contact partners Brandon Walker or Melissa Fortunato at investigations@bespc.com or (212) 355-4648 to discuss their legal rights regarding HDB securities purchased during the Class Period.
• DJS Law Group: Reminded investors on September 22, 2026, citing an October 12, 2026 deadline.
• Schall, Brown & Schwartz LLP: Issued a reminder on September 22, 2026, citing an October 12, 2026 deadline.
• Rosen Law Firm: Reminded investors on September 25, 2026, again on September 26, 2026, and on September 27, 2026, citing an October 13, 2026 deadline. The firm specifically encouraged investors with losses in excess of $100,000 to secure counsel. Rosen emphasized its ranking by ISS Securities Class Action Services for settlements in 2017 and secured over $438 million for investors in 2019. The firm also noted it achieved the largest ever securities class action settlement against a Chinese Company and has been ranked in the top 4 each year since 2013. In its latest update dated October 12, 2026, Rosen Law Firm reiterated the October 13, 2026 lead plaintiff deadline, specifically targeting purchasers who suffered losses during the Class Period. The firm stressed that appointment as lead plaintiff is not required to partake in any recovery and warned that many firms issuing notices are merely middlemen rather than litigators. Founding partner Laurence Rosen was named by Law360 as a Titan of Plaintiffs' Bar in 2020. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
• Bernstein Liebhard LLP: Issued a reminder on September 24, 2026, confirming a shareholder has filed a securities fraud class action, reiterating the October 13, 2026 deadline. The firm has recovered over $3.5 billion for clients since 1993 and has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years.
• SueWallSt (Levi & Korsinsky LLP): Issued a reminder on September 24, 2026, citing an October 13, 2026 deadline. Joseph E. Levi, Esq., stated, "Investors deserve transparency about material risks that could affect their investments. The lawsuit asserts that reported net interest income and operating expense figures did not reflect the alleged routing of deposit inducement payments through a marketing budget." On September 29, 2026, SueWallSt issued a further alert highlighting that HDB ADSs declined a cumulative $3.11 per share across two disclosure events. In a new notice on October 1, 2026, SueWallSt reiterated the October 13, 2026 deadline, noting that eligibility is based on purchase date and documented losses, not current holdings. The firm highlighted that U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence. On October 2, 2026, Levi & Korsinsky issued a specific notice to institutional holders, funds, advisers, and trustees holding HDB American Depositary Shares (ADSs) across the Class Period. The firm emphasized that each ADS represents three equity shares, meaning aggregate exposure at the fund level can be substantially larger than per-share figures suggest. Fiduciaries with discretionary authority are advised to document whether HDB positions held during the Class Period generated recoverable losses. The firm noted it is ranked among ISS Top 50 for seven consecutive years and provides evaluations at no cost and without obligation. In a subsequent notice on October 5, 2026, Levi & Korsinsky detailed the alleged gap between promised metrics and reported figures, noting quarterly releases reported net interest income of ₹306.5 billion for the quarter ended December 31, 2024, while allegedly routing deposit costs through marketing. In its latest alert on October 6, 2026, SueWallSt emphasized that boilerplate risk warnings did not alert shareholders to specific practices observed over two years, reiterating the October 13, 2026, deadline.
• Pomerantz LLP: Issued a reminder on September 22, 2026, citing an October 13, 2026 deadline.
• Kirby McInerney LLP: Issued a reminder on September 23, 2026, citing an October 13, 2026 deadline.
• ClaimsFiler: Issued reminders on September 18, 2026, highlighting that investors with losses exceeding $100,000 should consider applying. On October 8, 2026, ClaimsFiler reiterated that investors with losses in excess of $100,000 have until October 13, 2026, to file lead plaintiff applications. The service directs users to its website or to call toll-free (833) 538-3601, noting that lawyers at Kahn Swick & Foti, LLC are available to discuss legal options.
• The Law Offices of Frank R. Cruz: Issued a notice on September 30, 2026, reiterating the October 13, 2026 deadline. The complaint alleges defendants failed to disclose that HDFC Bank camouflaged payments as marketing spend to pay higher interest to a state firm to induce deposits, that these activities were approved by senior management, and that these activities likely violated regulations and company policies prohibiting improper inducement.
• Robbins LLP: Issued a notice on September 16, 2026, reiterating the October 13, 2026 deadline. In a new notice on September 29, 2026, Robbins LLP stated it has helped recover more than $2 billion for investors and obtained significant corporate governance reforms. Founding Partner Brian J. Robbins stated, "Our work is about reinforcing the principles that make our markets function: honest disclosures, responsible leadership, and accountability when fiduciary obligations are breached."
• Kahn Swick & Foti, LLC (KSF): Reminded investors on September 25, 2026, and again on September 29, 2026, reiterating the October 13, 2026 deadline. KSF Managing Partner Lewis Kahn and partner Charles C. Foti, Jr., emphasized that the firm was ranked by ISS Securities Class Action Services among the top 10 firms nationally based upon total settlement value this past year. The case is Soneji v. HDFC Bank Limited, Case No. 26-cv-06943. The firm detailed how HDFC secretly funneled approximately ₹45 crore (approx. $4.7 million USD) to the Maharashtra State Road Development Corporation (MSRDC) to induce large deposits, with senior management routing differential payments through the marketing department disguised as sponsorship contributions for a road safety awareness campaign to circumvent regulations and provide MSRDC with a 6.01% interest rate (a 2.51% markup over standard retail savings accounts).
• Hagens Berman Sobol Shapiro LLP: Notified investors on September 25, 2026, reiterating the October 13, 2026 deadline. In a new alert on September 29, 2026, Hagens Berman highlighted the two-week window remaining before the deadline and detailed the same MSRDC payment scheme. The firm has secured more than $2.9 billion in this area of law. Partner Reed Kathrein emphasized that the suit alleges violations of RBI Master Directions on interest rates and internal anti-bribery policies. The firm also urged whistleblowers with non-public information regarding HDFC to consider their options under the SEC Whistleblower program, which offers rewards up to 30% of successful recoveries. In a new notice on October 8, 2026, Hagens Berman reiterated the October 13, 2026 lead plaintiff deadline, emphasizing that HDFC secretly funneled approximately ₹45 crore (approx. $4.7 million USD) to MSRDC to induce deposits via disguised marketing spend. The firm noted that these practices violated RBI Master Directions and internal anti-bribery policies, leading to overstated financials. Investors can contact Reed Kathrein at 844-916-0895 or HDB@hbsslaw.com . On October 12, 2026, Hagens Berman issued a final deadline alert, notifying investors of the pending securities fraud class action and reiterating the October 13, 2026 deadline for those who purchased securities between July 17, 2023, and May 26, 2026, and suffered significant losses.
• Kaplan Fox & Kilsheimer LLP: Issued a reminder on September 29, 2026, confirming the October 13, 2026 deadline. In a new notice on October 1, 2026, the firm reiterated the deadline for investors who purchased or acquired HDFC Bank securities, including American Depositary Shares (ADS), during the Class Period. Kaplan Fox highlighted its recovery of more than $10 billion for clients, including a $2.425 billion recovery for Bank of America shareholders and $475 million in In re Merrill Lynch. The firm emphasized that serving as lead plaintiff provides direct oversight of litigation strategy without increasing individual recovery, and that investors need not seek lead plaintiff status to share in any possible recovery. On October 5, 2026, Kaplan Fox issued a new notice encouraging investors to contact the firm ahead of the lead plaintiff deadline. The firm reiterated that the complaint alleges HDFC Bank camouflaged payments as marketing spend to pay higher interest to MSRDC, approved by senior management, violating regulations and internal policies. Kaplan Fox noted its history of securing large recoveries, including $800 million in ATRS v. Allianz Global Investors, and emphasized that contacting the firm does not create an attorney-client relationship. In its latest alert dated October 13, 2026, Kaplan Fox announced the approaching deadline for lead plaintiff motions. The firm noted that if investors have suffered losses, they may move the court no later than October 13, 2026, to serve as lead plaintiff. Kaplan Fox emphasized that participation in any possible recovery does not require seeking lead plaintiff status. The firm, founded in 1956, has recovered more than $10 billion for clients and classes represented, including landmark cases such as In re Bank of America ($2.425 billion) and ATRS v. Allianz Global Investors ($800 million). Contact details provided include Pamela A. Mayer at pmayer@kaplanfox.com or (646) 315-9003, and Laurence D. King at lking@kaplanfox.com or (415) 772-4704.
• Faruqi & Faruqi, LLP: Issued a notice on October 1, 2026, reminding investors of the October 12, 2026 deadline to seek the role of lead plaintiff. Securities Litigation Partner James (Josh) Wilson encourages investors who suffered losses to contact him directly. The firm, founded in 1995, has recovered hundreds of millions of dollars for investors and maintains offices in New York, Pennsylvania, California, and Georgia. In a new update dated October 7, 2026, Faruqi & Faruqi reiterated the October 12, 2026 deadline, emphasizing that eligibility extends to those who acquired securities between July 17, 2023, and May 26, 2026. The firm highlighted that whistleblowers, former employees, and shareholders with information regarding HDFC Bank’s conduct are encouraged to contact the firm. Faruqi & Faruqi noted that lead plaintiff status is awarded to the investor with the largest financial interest who is adequate and typical, but clarified that any class member may move the court for appointment through counsel of their choice. In its latest alert on October 13, 2026, Faruqi & Faruqi explicitly reminded investors of the October 13, 2026 deadline to seek the role of lead plaintiff, directing them to contact partner James (Josh) Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). The firm reiterated that eligibility covers those who purchased or acquired securities between July 17, 2023, and May 26, 2026, and encouraged anyone with information regarding the bank's conduct, including whistleblowers and former employees, to reach out.
• Glancy Prongay Wolke & Rotter LLP: Issued a final alert on October 12, 2026, reminding investors of the upcoming October 13, 2026 deadline to file a lead plaintiff motion. The firm highlighted the resignation of Atanu Chakraborty on March 18, 2026, which cited practices not congruent with his personal values, causing ADS prices to fall 7.28%. It also cited the May 27, 2026, media report on the MSRDC scheme, which caused a further 4.1% decline. The firm urged affected shareholders to contact Charles H. Linehan, Esq., to inquire about pursuing claims.

Alleged Chronology of Disclosure Events

New details from the filing outline key dates where the lawsuit alleges misstatements occurred:

• July 17, 2023: The Class Period opens with quarterly results reporting net interest income growth of 21.1% and a core net interest margin of 4.1% on total assets. The action alleges these figures did not reflect interest payments routed through the marketing department.
• July 29, 2024 and July 14, 2025: Annual reports on Form 20-F state internal control over financial reporting was effective.
• March and April 2026: An internal probe reportedly concluded that more than ten senior officials bore responsibility.
• March 18, 2026: HDFC Bank reported the resignation of Atanu Chakraborty from his roles as part-time Chairman and Independent Director. His letter cited practices not congruent with his personal values. Following this disclosure, HDFC's ADS price fell $2.09, or 7.28%, to close at $26.62 per share.
• May 27, 2026: The Indian Express reported the scheme involving a 2.51% interest markup disguised as road safety sponsorship payments. Shares fell $1.02, or 4.1%, to close at $23.78 per share.

Individual Defendants and Control Person Liability

Beyond the corporate entity, the action names Sashidhar Jagdishan, Chief Executive Officer at all relevant times, and Srinivasan Vaidyanathan, Chief Financial Officer at all relevant times. The pleading asserts that both officers possessed the power and authority to control the contents of the bank's SEC reports, quarterly results releases, and presentations to analysts and institutional investors.

The complaint charges the individual defendants under Section 20(a) of the Exchange Act in addition to Section 10(b). Key allegations regarding their control include:

• Both officers are alleged to have controlled the content of the Form 20-F annual reports for fiscal years 2024 and 2025.
• Those filings stated that management "concluded that our internal control over financial reporting was effective."
• The arrangement that routed a 2.51% interest markup through the marketing department was allegedly approved by senior management.
• A reported internal probe in March and April 2026 concluded that more than ten top officials bore responsibility, including the CEO.
• The complaint contends net interest income, net interest margin, and operating expenses were consequently misstated throughout the Class Period.

Regulatory Compliance and Internal Controls

The complaint challenges whether the bank's filings adequately conveyed conduct allegedly already underway. SEC filings stated in the Form 20-F for fiscal year 2024 that "management has concluded that our internal control over financial reporting was effective as of March 31, 2024." The fiscal 2025 annual report repeated the same conclusion as of March 31, 2025. Both filings warned in general terms that regulatory investigations, fines, sanctions, and requirements relating to conduct of business and financial crime could negatively affect the business and financial results, or cause serious reputational harm.

Joseph E. Levi, Esq., stated, "Corporate officers have a duty to ensure their companies' public statements are accurate and complete. Here the complaint alleges that internal control certifications were signed while an arrangement to route deposit inducements through a marketing budget was allegedly known to senior management." Reed Kathrein, partner at Hagens Berman, added, "We're focused on whether HDFC's senior leadership concealed a covert scheme to funnel millions in disguised payments to induce state-firm deposits while publicly painting a picture of strong governance and compliance, as the complaint alleges."

What the Numbers Show

The alleged reclassification of ₹45 crore (approximately $4.7 million) in interest premiums as marketing costs highlights a divergence between reported operating expenses and actual funding costs. By characterizing the premium payment to the Maharashtra State Road Development Corporation as sponsorship for a road safety awareness initiative, the bank potentially suppressed the visibility of its net interest margin pressure. The 2.51 percentage point spread represents a material concession that distorts the assessment of the bank's true cost of funds if not properly disclosed.

Because an internal review reportedly concluded that more than ten senior officials bore responsibility, the lawsuit maintains that the alleged misclassification touched both reported margin metrics and the company's representations about its control environment. Plaintiffs assert that investors purchasing during the Class Period paid prices that did not reflect these allegedly undisclosed facts. Levi & Korsinsky noted that quarterly releases reported net interest income figures such as ₹306.5 billion for the quarter ended December 31, 2024, alongside core net interest margin and cost-to-income ratios presented as reflecting ordinary banking operations, which the lawsuit maintains were inaccurate due to the alleged routing of deposit-related costs.

Institutional Investor Considerations

Levi & Korsinsky, LLP issued a specific notice to institutional holders, funds, advisers, and trustees holding HDB American Depositary Shares (ADSs) across the Class Period. A critical structural detail highlighted is that each ADS represents three equity shares, meaning aggregate exposure at the fund level can be substantially larger than per-share figures suggest.

The firm outlined several key points for institutional fiduciaries:

• Fiduciaries with discretionary authority may wish to document whether HDB positions held during the Class Period generated recoverable losses.
• Lead plaintiff status is generally awarded to the movant with the largest documented financial interest that is otherwise adequate and typical.
• Serving as lead plaintiff provides direct oversight of counsel, litigation strategy, and settlement posture, without increasing an individual claimant's recovery.
• Institutions that decline to seek appointment remain absent class members and may still participate in any court-approved recovery.
• Custodial and transfer-agent records are typically sufficient to substantiate Class Period purchases of HDB ADSs.
• Evaluations are conducted at no cost and without obligation.

Investor Rights and Lead Plaintiff Deadline

Investors who purchased HDFC Bank securities between July 17, 2023, and May 26, 2026, may be entitled to compensation without payment of any out-of-pocket fees through a contingency fee arrangement. No class has been certified yet; until then, investors are not represented by counsel unless they retain one independently. To be a member of the class action, no action is required at this time; investors may retain counsel of their choice or remain an absent member of the class action.

Investors may contact the following firms to participate or learn more:

• Rosen Law Firm: Visit https://rosenlegal.com/cases/hdfc-bank-limited/join or contact Phillip Kim, Esq., at 866-767-3653 or case@rosenlegal.com .
• The Law Offices of Frank R. Cruz: Visit www.frankcruzlaw.com or contact Frank R. Cruz at 310-914-5007 or info@frankcruzlaw.com . Inquiries by email should include mailing address, telephone number, and number of shares purchased.
• DJS Law Group: Contact David J. Schwartz at 914-206-9742 or David@djslawllp.com .
• Kaplan Fox & Kilsheimer LLP: Email pmayer@kaplanfox.com or call (646) 315-9003.
• Levi & Korsinsky LLP (SueWallSt): Contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500, or via SueWallSt at jlevi@SueWallSt.com or (888) SueWallSt.
• Hagens Berman Sobol Shapiro LLP: Visit www.hbsslaw.com/cases/hdfc or contact Reed Kathrein at 844-916-0895 or HDB@hbsslaw.com .
• Kahn Swick & Foti, LLC: Contact Managing Partner Lewis Kahn toll-free at 1-833-538-3666 or lewis.kahn@ksfcounsel.com .
• Robbins LLP: Email attorney Aaron Dumas, Jr., or call (800) 350-6003.
• Bernstein Liebhard LLP: Contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com .
• Pomerantz LLP: Contact Danielle Peyton at newaction@pomlaw.com or call 646-581-9980 ext. 7980.
• Kirby McInerney LLP: Contact Lauren Molinaro, Esq., at 212-699-1171 or investigations@kmllp.com .
• Schall, Brown & Schwartz LLP: Contact Brian Schall or David Schwartz at 310-301-3335 or email david@schallfirm.com .
• Bragar Eagel & Squire, P.C.: Contact Brandon Walker, Esq., or Melissa Fortunato, Esq., at (212) 355-4648 or investigations@bespc.com .
• Gainey McKenna & Egleston: Contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. at (212) 983-1300 or tjmckenna@gme-law.com or egleston@gme-law.com .
• Glancy Prongay Wolke & Rotter LLP: Contact Charles Linehan, Esq., at 310-201-9150 or 888-773-9224, or email shareholders@glancylaw.com .
• Bronstein, Gewirtz & Grossman LLC: Contact Peretz Bronstein, Esq., or Nathan Miller at 917-590-0911.
• Faruqi & Faruqi, LLP: Contact James (Josh) Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310).