BMW vs HDFC Bank: Revenue, Profit and Business Model
BMW reported ~$150.8B of revenue in FY2025 and ~$8.2B of net income. HDFC Bank reported ~$32.9B of revenue in FY2026 and ~$8.8B of net income.
Latest financial snapshot
Financial summary
BMW
BMW's financial story has turned from peak to reset in three years. Revenue reached ~$176 billion (EUR155.5 billion) in 2023 with a 9.8% automotive EBIT margin, then fell to ~$161 billion (EUR142.4 billion) in 2024 and ~$151 billion (EUR133.5 billion) in 2025 as China pricing, tariffs and currency weighed. Group profit before tax still stayed above ~$11.3 billion (EUR10 billion) in 2025 (~$11.6 billion (EUR10.236 billion), 7.7% margin), helped by ~$2.82 billion (EUR2.5 billion) of cost cuts and a stable Financial Services business. 2026 is weaker: H1 revenue fell 8.0% to ~$70.4 billion (EUR62.3 billion), Group EBT dropped 29.4% to ~$4.52 billion (EUR4.0 billion), and BMW now guides to a 1-3% automotive EBIT margin and automotive free cash flow above ~$2.82 billion (EUR2.5 billion). Shareholder returns continue through a EUR4.40 dividend for 2025 and a ~$2.26 billion (EUR2 billion) buyback due to finish by November 2026.
HDFC Bank
For FY2025-26 HDFC Bank reported net revenues of ~$22.2 billion (INR 1,91,218.60 crore) (+13.6%) and standalone profit after tax of ~$8.66 billion (INR 74,671.30 crore) (+10.9%), with net interest margin of 3.34% and gross NPAs of 1.15%. The board recommended a final dividend of INR 13 per share. Q1 FY2026-27 standalone profit was ~$2.21 billion (INR 19,060 crore), up about 5% (around 9.8% excluding one-off items in the prior-year quarter), with net interest income up 7%, deposits of ~$368 billion (INR 31.71 lakh crore) (+14.7%), gross advances of ~$355 billion (INR 30.61 lakh crore) (+15.4%) and a capital adequacy ratio of 19.6%. Margin pressure was the main reason the shares fell after the results.
Revenue and profit by year
BMW
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$150.8B | ~$8.2B | 5.5% | -6.3% | Source |
| FY2024 | ~$160.9B | ~$8.2B | 5.1% | -8.4% | Source |
| FY2023 | ~$175.7B | ~$12.8B | 7.3% | +9.0% | Source |
| FY2022 | ~$161.1B | ~$20.3B | 12.6% | +28.2% | Source |
| FY2021 | ~$125.7B | ~$14B | 11.1% | — | Source |
HDFC Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$32.9B | ~$8.8B | 26.8% | +3.8% | Source |
| FY2025 | ~$31.7B | ~$8.2B | 25.9% | +19.2% | Source |
| FY2024 | ~$26.5B | ~$7.4B | 28.0% | +102.5% | Source |
| FY2023 | ~$13.1B | ~$5.3B | 40.7% | +24.0% | Source |
| FY2022 | ~$10.6B | ~$4.4B | 41.7% | +16.5% | Source |
| FY2021 | ~$9.1B | — | 0.0% | +16.1% | Source |
| FY2020 | ~$7.8B | — | 0.0% | +13.2% | Source |
| FY2019 | ~$6.9B | — | 0.0% | +17.1% | Source |
| FY2018 | ~$5.9B | — | 0.0% | +19.8% | Source |
| FY2017 | ~$4.9B | — | 0.0% | — | Source |
Where the revenue comes from
BMW
- Automotive
~$133B (EUR117.6B) segment revenue (2025)
Sales of BMW, MINI and Rolls-Royce cars, parts and services; the segment's EBIT margin was 5.3% in 2025.
- Financial Services
~$45B (EUR39.8B) segment revenue (2025)
Leasing, retail loans, dealer financing and insurance; new business volume was ~$74.4B (EUR65.8B) in 2025.
- Motorcycles
~$3.5B (EUR3.1B) segment revenue (2025)
BMW Motorrad bikes, parts and gear; segment EBIT margin was 5.7% in 2025.
HDFC Bank
- Net Interest Income
67.3% of net revenues
Spread income from loans, investments, and funding after interest expense.
- Other Income
32.7% of net revenues
Fees, commissions, foreign exchange, derivatives, investment income, and other banking income.
- Digital, Cards, Payments, and Distribution
Embedded in fee income
Transaction, card, payment, wealth, and distribution income tied to customer relationships.
Business model and strategy
BMW
How it makes money
BMW makes money by designing, building and selling premium cars at prices that carry a brand premium, then earning a second layer of profit from financing them. In 2025 the Automotive segment (BMW, MINI, Rolls-Royce) generated ~$133 billion (EUR117.6 billion) of revenue, Financial Services ~$45 billion (EUR39.8 billion) and Motorcycles ~$3.5 billion (EUR3.1 billion) before intra-group eliminations.
Growth strategy
Under CEO Milan Nedeljković, BMW's growth plan is narrower and more regional. The group will cut variants (the 2 Series Active Tourer gets no successor), add top-end models such as the first BMW ALPINA car in 2027 and a US-focused SAV above the X7, and launch a compact Neue Klasse EV for Europe in 2028.
Competitive advantage
BMW's advantage rests on brand depth, engineering credibility and a flexible production network. Customers still pay for BMW driving dynamics, M performance models and Rolls-Royce craftsmanship, which supports pricing even when volumes are flat.
HDFC Bank
How it makes money
HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors. Net interest income was roughly two-thirds of FY2025-26 net revenues; the rest came from fees and commissions on cards, payments, third-party distribution and transaction banking, plus treasury and foreign-exchange income.
Growth strategy
Since the July 2023 merger with HDFC Ltd, the strategy has shifted from maximising loan growth to rebuilding the funding mix. Management deliberately let advances grow more slowly than deposits in FY2025 and FY2026 to bring the credit-to-deposit ratio down, then resumed faster lending: gross advances grew 15.4% and deposits 14.7% year on year in Q1 FY2026-27.
Competitive advantage
HDFC Bank's edge is a low-cost retail deposit base gathered through nearly 9,700 branches and DBUs, a long record of tight underwriting (gross NPA ratio of 1.15% at March 2026), and enough digital scale that 98% of financial transactions run online. Salary accounts, credit cards and home loans tie customers into multiple products, which lowers acquisition cost and raises switching friction.
Questions about BMW vs HDFC Bank
Which company has higher revenue — Bayerische Motoren Werke AG or HDFC Bank Limited?
Bayerische Motoren Werke AG reported ~$150.8B (FY2025), while HDFC Bank Limited reported ~$32.9B (FY2026). By last reported revenue, Bayerische Motoren Werke AG is the larger business, with HDFC Bank Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Bayerische Motoren Werke AG vs HDFC Bank Limited?
Bayerische Motoren Werke AG's market capitalisation stands at $39.8B, while HDFC Bank Limited's is $118.8B. HDFC Bank Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bayerische Motoren Werke AG.
Which is more financially efficient — Bayerische Motoren Werke AG or HDFC Bank Limited?
Bayerische Motoren Werke AG generates $976k / employee in revenue per employee, while HDFC Bank Limited generates $156k / employee. Bayerische Motoren Werke AG shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bayerische Motoren Werke AG and HDFC Bank Limited make money?
Bayerische Motoren Werke AG and HDFC Bank Limited generate revenue in fundamentally different ways. Bayerische Motoren Werke AG: BMW makes money by designing, building and selling premium cars at prices that carry a brand premium, then earning a second layer of profit from financing them. HDFC Bank Limited: HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors.
Which company is valued higher relative to revenue — Bayerische Motoren Werke AG or HDFC Bank Limited?
On a price-to-sales (P/S) basis, Bayerische Motoren Werke AG trades at 0.3x P/S and HDFC Bank Limited at 3.6x P/S. HDFC Bank Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bayerische Motoren Werke AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bayerische Motoren Werke AG bigger than HDFC Bank Limited?
By last reported revenue, Bayerische Motoren Werke AG (~$150.8B (FY2025)) is the larger company compared to HDFC Bank Limited (~$32.9B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BMW vs HDFC Bank overview