Buy HDFC Bank; target of Rs 2136: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on HDFC Bank

HDFCB continued to deliver strong operational performance led by strong NII & other income. The blip on the strong performance was from by elevated credit cost which was done on one project loan exposure as contingent provision (Rs4.0bn + Rs3.0bn from floating). Loan growth continued to be decent and led by retail helping maintain overall margin trend.

Outlook
We continue to remain positive given the market leadership in most products, steady margin, improved fee trends and better RORWAs. Maintain BUY with a revised TP of Rs2,136 (up from Rs1,945) based on 4.3x Sep‐19 ABV (rolled over from Mar‐19).

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