“Maintained Add rating on HDFC Bank with a revised target price of ₹900, implying a 10% upside. While liquidity and credit-deposit ratios limit accelerated loan growth, leading to wholesale-driven growth and NIM pressure, the firm remains constructive on the medium-term margin outlook. Expects NIM to improve as high-cost borrowings run off and strong asset quality to control credit costs. Forecasts 15% loan CAGR and 14% EPS CAGR over FY26-28E.”

JM Financial Analysis’s track record: 4 graded calls · 95% CI 5–70%