HDFC Bank reported strong credit growth of 12% YoY (7% in 3QFY26), highest since post-merger integration while deposit growth at 14.4% YoY continued to outpace credit, aiding CD ratio normalisation. NIMs declined further due to faster EBLR asset repricing vs. deposit costs; ~70% of the loan book remains EBLR-linked. Asset quality improved with GNPA at 1.15% vs. 1.24% QoQ as seasonal slippages normalised. Net income grew 11% YoY, with ROA stable at 1.9% supported by cost efficiencies, cost-to-income improved to 39.5% from 40.5%. We have largely maintained estimates. We maintain BUY with revised...