HDFC Bank Ltd. share price target

NIM Recovery through FY27 - FY28E: Incomplete deposit repricing (only ~40–50 bps vs 125 bps rate cuts on assets) and gradual run-down of high-cost legacy borrowings should lower CoF from ~4.99% to ~4.60% by Q4FY28E.

Despite geopolitical uncertainties, the bank's quarterly performance was flat due to diversified corporate demand from emerging sectors, sustained retail momentum, enhanced digital capabilities and a stronger distribution reach across customer segments. Growth is likely to be supported by opportunities in electronics, food processing, auto ancillaries, renewables and semiconductors, along with acquisitions and project financing. On the retail side, continued traction in auto and...

We maintain our BUY recommendation on the stock.

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...

HDFCB saw a soft quarter as core PAT at INR 173bn missed PLe by ~5% due to lower NII and fees. Asset quality was under control that resulted in lower provisions. Deposit growth was strong at 8.6% QoQ and bank attributed this to focus on granular deposits. While LDR is not a constraint as per the bank, LCR is a bit lower at 114%. We are factoring a loan/deposit CAGR of 12/13% over FY26-28E that may translate to deposit requirement of INR 4.0-4.5trn. We trim NIM and fees for 27/28E which has led to cut in core PAT by avg. 3.0%. Due to cautious sector outlook on growth and NIM, we trim multiple to 2.2x from 2.5x but roll forward to FY28 core ABV. Hence, we tweak TP to...

4Q was relatively better for HDFC Bank with deposit growth accelerating to 14.4% y/y (vs. 11.6% in Q3), 406bps q/q improvement in LDR, +3bps q/q NIM expansion, and improved asset quality both on q/q and y/y basis.

advances up 12% YoY (4.1% QoQ) to 29.6 lakh crore, driven by Gold (up 10.2% QoQ), MSME (5.3% QoQ) and corporate (5.1%). Deposits were up 14.4% YoY (8.6% QoQ) to 31,05,300 crore, led CASA which grew by 10.3% sequentially. NII grew 3.2% YoY (1.4% QoQ) to 33,082 crore, while NIM improved 3 bps QoQ to 3.38%, though still below YoY levels due to lagged transmission. Other income was flat 0.4% QoQ, amid treasury normalization offsetting steady fee income. Provisions declined 18.3% YoY (-8% QoQ) on the back of benign asset quality and recoveries, aided PAT growth of 9.1% YoY (3% QoQ) to 19,221 crore. Asset quality remained stable, with GNPA/NNPA at 1.15%/0.38% (vs 1.24%/0.42% in Q3FY26), with...

Earnings largely in line with our estimates; deposit growth picks up, leading to an ease in the credit deposit (CD) ratio

HDFC Bank (HDFCB) reported 4QFY26 profit at INR192.2b (9% YoY growth, in line), aided by steady revenue growth and lower provisions. NII grew 3.2% YoY to INR330.8b (largely in line).

We reiterate our BUY recommendation on the stock with a revised target price of Rs 1,020/share, implying an upside of 28% from the CMP, on reasonable valuations.

HDFC Bank’s part-time chairman, Mr. Atanu Chakraborty, has resigned (link), citing certain practices of the bank to be inconsistent with his personal values and ethics. On investors’ call addressed by the new interim chairman and some Board members, the bank mentioned that the outgoing chairman did not disclose any specifics.

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio....

Mr. Atanu Chakraborty, Part-time Chairman and Independent Director of HDFC Bank, tendered his resignation on 18th Mar’26 with immediate effect.

In Q3FY26, net interest income grew 8.2% YoY to Rs. 41,246cr supported by a decrease in cost of funds to 4.5% in Q3FY26 from 4.9% in Q3FY25, because of downward re-pricing of term deposits and lower borrowing. However, net interest...

HDFC Bank delivered a resilient Q3 performance characterized by steady balance- sheet expansion and stable asset quality, albeit with margin pressures.

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. Post merger, the bank has become the second largest in terms of size with diversified portfolio. Largest private sector bank with loan book of ~ 28.5 lakh crore Q3FY26 performance: HDFC Bank reported steady Q3FY26 performance, with advances up 11.9% YoY (2.7% QoQ) to 28.5 lakh crore, driven by MSME and corporate segments, while deposits grew 11.6% YoY (2.1% QoQ) to 28.6 lakh crore, led by term deposits (+12.3% YoY). NII rose 6.4% YoY to 32,615 crore, while NIMs...

HDFC Bank reported a steady Q3 FY26 performance, with NII growing ~6% YoY. NIM stood at 3.35%, flat sequentially but down ~8 bps YoY. Non-interest income rose ~16% YoY, though declined ~8% QoQ, resulting in operating income growth of ~9% YoY. Operating expenses increased ~10% YoY, led by higher staff costs, keeping the cost-to-income ratio broadly stable at ~41%. Lower provisions supported profitability, with PAT rising ~11% YoY and remaining flat sequentially. Balance sheet growth remained healthy, with advances up ~12% YoY, while deposits grew ~12% YoY, indicating improving business momentum....

We maintain our BUY recommendation on the stock.

HDFC Bank (HDFCB) reported 3QFY26 profit of INR186.54b (11% YoY growth, in-line), as lower provisions offset the impact of new labor code.