“Reiterated Buy rating on HDFC Bank with a target price of ₹2,050, implying a 28% upside. Q1FY27 results were largely in-line, supported by healthy business growth and lower provisions, despite NIM contraction. Expects NIM to improve as ₹400-500 billion of high-cost borrowings mature over the next two years, lowering funding costs and supporting profitability. Projects FY28E RoA/RoE of 1.84%/14.7%.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%