HDFC Bank vs L'Oreal: Revenue, Profit and Business Model
HDFC Bank reported ~$32.9B of revenue in FY2026 and ~$8.8B of net income. L'Oreal reported ~$49.8B of revenue in FY2025 and ~$6.9B of net income.
Latest financial snapshot
Financial summary
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.
L'Oreal
L'Oréal's 2025 sales reached ~$49.8 billion (€44.05 billion), up 4.0% like-for-like and 1.3% as reported because of currency headwinds. Gross profit was ~$37 billion (€32.74 billion) (74.3% of sales), operating profit ~$10 billion (€8.89 billion) (20.2%) and net profit after non-controlling interests ~$6.93 billion (€6.13 billion). Net cash flow rose 7.8% to ~$8.14 billion (€7.2 billion). Growth sped up in 2026: first-quarter sales were ~$13.7 billion (€12.15 billion) (+7.6% like-for-like), and first-half sales were ~$26.9 billion (€23.77 billion), up 6.8% like-for-like and 5.8% reported. First-half operating profit rose 6.8% to ~$5.72 billion (€5.06 billion), a record 21.3% margin, and net profit excluding non-recurring items rose 4.7% to ~$4.47 billion (€3.96 billion). On 28 September 2026 L'Oréal's market value was about $232 billion (€205 billion), with the share near €380.
Revenue and profit by year
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 |
L'Oreal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$49.8B | ~$6.9B | 13.9% | +1.3% | Source |
| FY2024 | ~$49.1B | ~$7.2B | 14.7% | +5.6% | Source |
| FY2023 | ~$46.5B | ~$7B | 15.0% | +7.6% | Source |
| FY2022 | ~$43.2B | ~$6.4B | 14.9% | +18.5% | Source |
| FY2021 | ~$36.5B | ~$5.2B | 14.2% | — | Source |
Where the revenue comes from
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.
L'Oreal
- Consumer Products36.5%
~$18.2 billion (€16.09 billion) of 2025 sales. Mass-market brands L'Oréal Paris, Maybelline New York, Garnier, NYX Professional Makeup and Essie, sold through supermarkets, drugstores, mass retailers and e-commerce.
- L'Oréal Luxe35.4%
~$17.6 billion (€15.60 billion) of 2025 sales. Prestige brands including Lancôme, YSL Beauty, Giorgio Armani Beauty, Kiehl's, Aesop, Prada and Valentino, sold through department stores, Sephora-type specialists, travel retail and boutiques. Creed and the Kering licences joined from April 2026.
- Dermatological Beauty16.4%
~$8.14 billion (€7.20 billion) of 2025 sales. CeraVe, La Roche-Posay, Vichy and SkinCeuticals, sold mainly through pharmacies, health channels and online with dermatologist recommendation.
- Professional Products11.7%
~$5.83 billion (€5.16 billion) of 2025 sales. Salon brands Kérastase, L'Oréal Professionnel, Redken and Matrix, sold to hair salons and through their online channels.
Business model and strategy
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.
L'Oreal
How it makes money
L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Growth strategy
L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci.
Competitive advantage
L'Oréal's edge comes from three things competitors rarely combine: a portfolio covering mass, luxury, dermatological and salon beauty; a research organisation of roughly 4,000 people that files about 500 patents a year; and distribution in about 150 countries across every channel. Because beauty is its only business, capital and talent are not split with food or household goods, unlike Unilever or Procter & Gamble.
Questions about HDFC Bank vs L'Oreal
Which company has higher revenue — HDFC Bank Limited or L'Oréal SA?
HDFC Bank Limited reported ~$32.9B (FY2026), while L'Oréal SA reported ~$49.8B (FY2025). By last reported revenue, L'Oréal SA 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 HDFC Bank Limited vs L'Oréal SA?
HDFC Bank Limited's market capitalisation stands at $118.8B, while L'Oréal SA's is $204.9B. L'Oréal SA carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HDFC Bank Limited.
Which is more financially efficient — HDFC Bank Limited or L'Oréal SA?
HDFC Bank Limited generates $156k / employee in revenue per employee, while L'Oréal SA generates $524k / employee. L'Oréal SA 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 HDFC Bank Limited and L'Oréal SA make money?
HDFC Bank Limited and L'Oréal SA generate revenue in fundamentally different ways. HDFC Bank Limited: HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors. L'Oréal SA: L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Which company is valued higher relative to revenue — HDFC Bank Limited or L'Oréal SA?
On a price-to-sales (P/S) basis, HDFC Bank Limited trades at 3.6x P/S and L'Oréal SA at 4.1x P/S. L'Oréal SA commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to HDFC Bank Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is HDFC Bank Limited bigger than L'Oréal SA?
By last reported revenue, L'Oréal SA (~$49.8B (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 HDFC Bank vs L'Oreal overview