HDFC Bank shares slip today post Q3 results despite bullish brokerage calls

HDFC Bank

• HDFC Bank Q3 net profit rose 11.5 percent to Rs 18,650 crore
• Brokerages remain positive, with target prices up to Rs 1,240 per share
• Deposit growth flagged as key near-term monitor for further stock upside

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HDFC Bank shares slipped in early trade on Monday as investors reacted to the lender’s Q3 FY26 results, even as brokerage commentary on the quarter remained largely constructive over the bank's medium-term outlook.

The stock was trading at Rs 926.65 in the opening minutes, down 0.48 percent. Ahead of the quarterly results, HDFC Bank shares had risen 0.55 percent on Friday to close at Rs 930.55 on the NSE. The stock has gained 13.7 percent over the past one year, outperforming the benchmark Nifty 50, which has returned less than 11 percent over the same period.

Over the weekend, HDFC Bank reported an 11.5 percent year-on-year rise in standalone net profit to Rs 18,650 crore for the December quarter, supported by steady core earnings, margin expansion and lower credit costs. Net interest income grew 6.4 percent, while asset quality remained stable, with gross NPAs unchanged sequentially at 1.24 percent.

Brokerage reactions to the results were largely constructive. CLSA and Bernstein reiterated Outperform ratings with target prices of Rs 1,200 per share, citing a modest earnings beat, improving margins and disciplined cost control. Jefferies maintained a Buy call with a higher target price of Rs 1,240, while Kotak Institutional Equities retained an Add rating with a target of Rs 1,050.

While analysts broadly praised the bank’s margin improvement and consistent earnings delivery, several brokerages flagged moderating deposit growth as the key near-term monitor, noting that a pickup in deposits would be important for reducing the loan-to-deposit ratio and supporting further upside in the stock.

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