Accumulate HDFC Bank; target of Rs 1020: Emkay

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26 Aug, 2025 12:21

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Emkay's research report on HDFC Bank

HDFCB reports +4% beat on NII (Rs55bn), in line PPOP and PAT (Rs40.6/23.8bn) for Q2FY15. Positives on all counts NII growth, loan growth and asset quality. NIMs too play part as they expand 10bp qoq

Loan growth at 22% yoy (4.5% qoq) driven by 17/22% yoy growth in retail/wholesale loan. Incremental market share in TTM loans stands at 9.5% vs. current market share of 5.2%

Asset quality improves with flat GNPA qoq and 9% qoq decline in NNPAs. Provision cover improves to 72.7% vs.70% qoq

"We upgrade our TP to 1,020, valuing stock at 17/3.6x FY16/17 average earnings and ABV, Upgrade to ACCUMULATE", says Emkay Global Financial Services research.

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