HDFCB saw soft quarter as core PAT was 3.0% lower to PLe due to lower fees and NII. Adjusted for tax refund, NIM at 3.53% was 4bps lower to PLe. However, asset quality was better as GNPA declined by ~8bps QoQ to 1.33% owing to lower net slippages. LDR declined over FY24 to FY25 from 104.5% to 96.5% but further reduction may happen at a slower pace in FY26 as credit growth would pick-up. Bank has guided to reach LDR of 85-90% in FY27; we are factoring LDR to reach 92.5%/89.0% in FY26/27E which would imply a loan CAGR of 10%. Due...