A private sector bank and financial services company in India with three principal business activities: retail banking, wholesale banking and treasury operations.
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From a valuation standpoint, it's extremely difficult to justify a large bank trading at 30x earnings and 4.6x tangible book.
As India develops over the next few decades, interest rates will normalize and banking ROEs will fall. This is a headwind that will partly counteract their growth.
For comparison, you can buy Banco Santander Brasil (BSBR) and Banco do Brasil (BDORY) for 7x earnings and 1.3x tangible book.
You can also buy banks in emerging markets like South Africa, Indonesia, Turkey, Chile, Peru, etc. trading at much lower valuations than HDFC.