
We believe HDFCB has managed to outperform large private sector peers previously by effectively navigating business cycles, delivering stronger profitability and margins, coupled with better asset quality. Return ratios to stay healthy with ROA of 1.7-2.0% and ROE of 13.4-15.7% in FY26-FY28E. Hence, we maintain BUY with revised SOTP-based TP of Rs 2,298 (from Rs 2,213) and roll over valuation to 2.5x Jun’27E ABV
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