HDFC, before its merger with HDFC Bank, traded at ₹2,724 apiece on its last trading day on 12 July 2023. If the market value per share of HDFC’s investments in various group companies was deducted from its market price, then HDFC was valued at ₹1,200 with standalone earnings per share (EPS) of ₹89 for FY23—translating into a price-to-earnings (P/E) multiple of nearly 14x.
