For sure , but its more about the time horizon. In the long run (approx 3 years or more) Vaidyanathan has given a guidance of high teens in terms of ROE(~17%, could be even higher considering his general conservative nature) . So if you look at the long term the price is still reasonable.
Banks like HDFC and ICICI are stable banks and ROE can not increase further from here. So short to medium term they look more value for money. But in the long term I still think IDFC will provide better returns.
Disclaimer – Invested
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