Maintained an 'outperform' rating on HDFC Bank with a price target of ₹1,150. The bank is balancing healthy loan growth with a stable Loan-Deposit ratio and tight margins. While CASA deposits improved, growth in average loan and deposit balances lagged period-end rates, suggesting Net Interest Income (NII) expansion might trail headline loan and deposit growth.
HDFC BankBullishCalled 06 Jul 2026Graded 04 Sep 2026
Verdict:MISS

HDFC Bank fell from ₹829.85 to ₹709.90, a 14.45% decline, contradicting the bullish target of ₹1,150

Tracking HDFC Bank since this call

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