Stock (Tables)

12 Months Ended

Mar. 31, 2025

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of employee stock option schemes has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:


		Fiscal years ended March 31,
		2023		2024		2025
Dividend yield		0.51%-0.97%		0.67%-0.71%		0.73%-1.03%
Expected volatility		21.97%-33.50%		21.91%-27.42%		23.30%-27.70%
Risk-free interest rate		6.14%-7.59%		7.21%-7.55%		6.75%-7.24%
Expected term (in years)		2.53-7.25		4.50-7.25		4.49-7.21

Schedule of Share-based Compensation, Stock Options, Activity

Activity in the options available to be granted under the employee stock option scheme is as follows:


		Number of options available to be granted fiscal year ending March 31,
		2023				2024				2025
Options available to be granted, beginning of period			81,992,420				54,214,165				32,491,917
Equity shares allocated for grant under the plan			—				—				95,000,000
Options granted			(30,480,145	)			(24,384,690	)			(23,146,660	)
Forfeited/lapsed			2,701,890				2,662,442				4,476,527

Options available to be granted, end of period			54,214,165				32,491,917				108,821,784

Activity in the options outstanding under the employee stock option scheme is as follows:


		Fiscal years ended March 31,
		2023								2024								2025
		Options				Weighted average exercise price				Options				Weighted average exercise price				Options				Weighted average exercise price
Options outstanding, beginning of period			158,106,016			Rs.	1,175.65				151,682,461			Rs.	1,264.86				175,659,424			Rs.	1,307.93
Addition on account of eHDFC merger			—				—				48,559,681				1,124.77				—				—
Granted			30,480,145				1,425.69				24,384,690				1,611.84				23,146,660				1,729.84
Exercised			(34,201,810	)			998.73				(46,304,966	)			1,133.72				(52,955,047	)			1,198.42
Forfeited			(2,175,700	)			1,274.53				(2,198,002	)			1,363.80				(3,977,478	)			1,481.42
Lapsed			(526,190	)			1,033.65				(464,440	)			1,151.88				(499,049	)			1,279.26

Options outstanding, end of period			151,682,461			Rs.	1,264.86				175,659,424			Rs.	1,307.93				141,374,510			Rs.	1,413.25

Options exercisable, end of period			65,124,916			Rs.	1,162.96				98,829,856			Rs.	1,201.65				81,335,537			Rs.	1,279.91
Weighted average fair value of options granted during the year						Rs.	548.11							Rs.	607.28							Rs.	656.66

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following summarizes information about stock options outstanding as of March 31, 2025:


				As of March 31, 2025
Plan		Range of exercise price		Number of shares arising out of options				Weighted average remaining life (years)				Weighted average exercise price

Plan E		Rs. 1,636.9 (or US $ 19.16)			4,793,680				4.96			Rs.	1,636.90
Plan F		Rs. 1,636.9 (or US $ 19.16)			11,490,680				4.94			Rs.	1,636.90
Plan G		Rs. 882.85 to Rs. 1,673.1 (or US $ 10.33 to US $ 19.58)			74,981,293				2.48			Rs.	1,360.69
Plan H		Rs. 1,677.3 to Rs. 1,734.2 (or US $ 19.63 to US $ 20.30)			22,572,860				6.06			Rs.	1,733.15
eHDFC		Rs. 160.79 to Rs. 1,535.27 (or US $ 1.88 to US $ 17.97)			27,535,997				2.58			Rs.	1,139.68

Schedule of Share Based Compensation By Share Based Award Restricted Stock Units Valuation Assumptions

The fair value of restricted stock units has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:


		Fiscal years ended March 31,
		2023		2024		2025
Dividend yield		0.47%-0.75%		0.65%-1.17%		0.77%-1.20%
Expected volatility		23.68%-35.35%		21.32%-35.35%		20.32%-27.55%
Risk-free interest rate		7.07%-7.57%		6.85%-7.18%		6.84%-6.89%
Expected term (in years)		1.0- 4.0		1.0- 4.0		1.0- 4.0

Schedule Of Movement In Restricted Stock Units

Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme as of March 31, 2025:


		Number of RSUs available to be granted fiscal year ending March 31,
		2023				2024				2025
RSUs available to be granted, beginning of period			—				97,109,000				87,961,576
Equity shares allocated for grant under the plan			100,000,000				—				—
Options granted			(2,891,000	)			(9,354,224	)			(6,254,575	)
Forfeited/lapsed			—				206,800				734,986

RSUs available to be granted, end of period			97,109,000				87,961,576				82,441,987

Schedule of Share-based Compensation, Restricted Stock Units, Activity

Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme is as follows:


		Fiscal years ended March 31,
		2023								2024								2025
		Units				Weighted average exercise price				Units				Weighted average exercise price				Units				Weighted average exercise price
RSUs outstanding, beginning of period			—			Rs.	—				2,891,000			Rs.	1.0				11,721,804			Rs.	1.0
Granted			2,891,000				1.00				9,354,224				1.0				6,254,575				1.0
Exercised			—				—				(316,620	)			1.0				(2,355,965	)			1.0
Forfeited			—				—				(203,500	)			1.0				(683,831	)			1.0
Lapsed			—				—				(3,300	)			1.0				(51,155	)			1.0

RSUs outstanding, end of period			2,891,000			Rs.	1.00				11,721,804			Rs.	1.0				14,885,428			Rs.	1.0

RSUs exercisable, end of period			—			Rs.					376,070			Rs.	1.0				1,207,198			Rs.	1.0
Weighted average fair value of RSUs granted during the year						Rs.	1,382.34							Rs.	1,565.43							Rs.	1,724.68

Schedule of Share-based Compensation, Shares Authorized under Restricted Stock Units Plans, by Exercise Price Range

The following summarizes information about RSUs outstanding as of March 31, 2025:

As of March 31, 2025

Plan

Range of exercise price

Number of
shares arising
out of units

Weighted
average
remaining life
(years)

Weighted
average
exercise price

ESIS 2022

Rs. 1.00 (or US$ 0)

14,885,428

2.36

1.00