Dell vs HDFC Bank: Revenue, Profit and Business Model
Dell reported $113.5B of revenue in FY2026 and $5.9B of net income. HDFC Bank reported ~$32.9B of revenue in FY2026 and ~$8.8B of net income.
Latest financial snapshot
Financial summary
Dell
Dell's fiscal year ends in late January or early February. Revenue fell from $102.3 billion in fiscal 2023 to $88.4 billion in fiscal 2024 as post-pandemic PC demand faded, then recovered to $95.6 billion in fiscal 2025 and a record $113.5 billion in fiscal 2026, when net income reached $5.94 billion, operating cash flow topped $11 billion and $7.5 billion was returned to shareholders. Fiscal 2027 has accelerated: Q1 revenue was $43.8 billion (up 88%) and Q2 revenue was $47.0 billion (up 58%), with Q2 diluted EPS of $6.34. In September 2026 Dell raised full-year fiscal 2027 guidance to about $192 billion in revenue and $25.50 in non-GAAP EPS. The balance sheet still carries debt from the 2016 EMC deal, though leverage has fallen through the VMware spin-off and cash generation.
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
Dell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $113.5B | $5.9B | 5.2% | +18.8% | Source |
| FY2025 | $95.6B | $4.6B | 4.8% | +8.1% | Source |
| FY2024 | $88.4B | $3.4B | 3.8% | -13.6% | Source |
| FY2023 | $102.3B | $2.4B | 2.4% | +1.1% | Source |
| FY2022 | $101.2B | $5.6B | 5.5% | — | 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
Dell
- Client SolutionsMajor
Revenue from commercial and consumer PCs, workstations, peripherals, and related support.
- Infrastructure SolutionsMajor
Revenue from servers, storage, networking, AI infrastructure, and data-center systems.
- Services, Support, and Financing
Supporting
Revenue from warranties, support contracts, deployment, managed services, and financing tied to hardware and infrastructure sales.
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
Dell
How it makes money
Dell makes money by selling hardware plus attached services and financing. The Infrastructure Solutions Group sells AI-optimized servers built around Nvidia (and some AMD) accelerators, traditional PowerEdge servers, networking and storage to enterprises, cloud service providers and governments; in Q2 fiscal 2027 ISG produced $31.8 billion of revenue and $4.8 billion of operating income.
Growth strategy
Dell's growth strategy has three parts. First, win AI infrastructure share by shipping GPU-dense, liquid-cooled rack systems (PowerEdge XE servers with Nvidia Blackwell-generation GPUs) to neoclouds, sovereign AI programs and large enterprises, packaged as the Dell AI Factory.
Competitive advantage
Dell's edge is breadth and scale in enterprise relationships. It can sell a customer everything from 10,000 laptops to a liquid-cooled GPU cluster with storage, networking, deployment and financing under one contract, and support it worldwide.
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 Dell vs HDFC Bank
Which company has higher revenue — Dell Technologies Inc. or HDFC Bank Limited?
Dell Technologies Inc. reported $113.5B (FY2026), while HDFC Bank Limited reported ~$32.9B (FY2026). By last reported revenue, Dell Technologies Inc. is the larger business, with HDFC Bank Limited reporting a smaller revenue base.
What is the market cap of Dell Technologies Inc. vs HDFC Bank Limited?
Dell Technologies Inc.'s market capitalisation stands at $360.0B, while HDFC Bank Limited's is $118.8B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HDFC Bank Limited.
Which is more financially efficient — Dell Technologies Inc. or HDFC Bank Limited?
Dell Technologies Inc. generates $1.17M / employee in revenue per employee, while HDFC Bank Limited generates $156k / employee. Dell Technologies Inc. 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 Dell Technologies Inc. and HDFC Bank Limited make money?
Dell Technologies Inc. and HDFC Bank Limited generate revenue in fundamentally different ways. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing. 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 — Dell Technologies Inc. or HDFC Bank Limited?
On a price-to-sales (P/S) basis, Dell Technologies Inc. trades at 3.2x 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 Dell Technologies Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dell Technologies Inc. bigger than HDFC Bank Limited?
By last reported revenue, Dell Technologies Inc. ($113.5B (FY2026)) 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 Dell vs HDFC Bank overview