HDFC Bank Ltd. share price target

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.

Growth in loans was seen across segments and is expected to continue in the *over or under performance to benchmark index second half of the year due to the festival season and rising credit demand in the small and medium enterprises (SME) segment. It expects to hold on to its market share gain in deposits. Savings rate repricing has led to a decrease in the cost of funds in the quarter. HDFC Bank expects time deposit repricing to become beneficial after six quarters. It is focusing on creating an operational leverage in the long term through investments in distribution and technology. The bank expects...

HDFC Bank’s Q2FY26 performance underscores steady earnings delivery and resilient balance sheet strength. Core profitability remains stable, supported by improving asset quality and healthy capital buffers.

Asset quality remains pristine with healthy provision buffer (FP+CP) of Rs 381bn or 1.4% of net loans

For Q1FY26, Net interest income (NII) grew by 5.4% YoY (-2.0% QoQ) to INR 314.4 Bn., above our estimates by 4.8%, primarily driven by lower interest expenses on account of decline in cost of funds, reflecting efficient liability management.

HDFC Bank’s (HDFCB) annual report highlights the bank’s focus on sustainable growth over the medium term as it continues to invest in strengthening its physical infrastructure and digital capabilities.

We maintain our BUY recommendation on the stock.

HDFC Bank reported improvement in credit growth to 7% YoY (5% YoY Q4 FY25) while deposit growth stood at 16% YoY (2% QoQ) led by focus on lowering of CD ratio; at 95.1% vs 96.5% QoQ. Management maintained guidance for improvement in credit growth similar to industry average during FY26 and higher than industry during FY27. NIMs declined to 3.35% vs 3.46% led by rate cut impact; however, we need to watch out for further impact of rate cut on NIMs as ~70% loan book is linked to EBLR. Asset quality slightly deteriorated as GNPA stood at 1.4% vs 1.33% QoQ due to seasonality. NII grew by 5% YoY led by...

HDFC Bank is gradually stepping up credit growth, although margin slipped by 23bps QoQ from a higher base in 4Q due to swift rate cuts and lower interest on IT refund.

HDFC Bank (HDFCB) reported a 1QFY26 profit of INR181.6b (12% YoY growth, 4% beat), aided by tax reversals (tax rate of 15%).