FY26 AR Analysis: Deposit Growth Aided by Corp Client; PSL Improving; Buy Stays

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FY26 AR Analysis: Deposit Growth Aided by Corp Client; PSL Improving; Buy Stays

India | Banks

HDFC Bank EquityJulyResearch16, 2026

ESTIMATE CHANGEFY26 AR Analysis: Deposit Growth Aided by

RATING BUYCorp Client; PSL Improving; Buy Stays

PRICE INR815.35^

HDFCB's FY26 annual report points that (1) deposit growth pick-up was

aided by Top-20 clients forming 8% of new deposits, (2) PSL achievement PRICE TARGET | % TO PT INR1,050 | +29%

(overall & SMF) has improved, (3) fee growth lagged despite scope for 52W HIGH-LOW INR1,020.35 - INR726.75

cross-sell, (4) attrition rate was stable with lower trx with relatives of KMP, FLOAT (%) | ADV MM (USD) 99.7% | 313.55

(5) NPLs stay low & buffers seem sufficient for ECL. CEO reappointment MARKET CAP INR12.6T | $130.4B

can be a catalyst, given 15% CAGR in core profit over FY26-29 vs. 14x FY27 TICKER HDFCB IN ^Prior trading day's closing price unless otherwise

PE. Stays among top-picks noted. Price: Intra-day 19/03/2026

Steady deposit growth with higher share of Top-20 clients. In FY26, deposits grew by 14% RATING BUY

YoY vs. 12% for sector. That implies 14% share in incremental deposits vs. 12% share in the TICKER HDB

stock. Growth in deposits from Top-20 depositors was stronger at 27% YoY & formed 8% of

PRICE $26.19^

incremental deposits vs. 5% in total. Bank's branch growth of 2% was slowest in 3yrs (5% Cagr

over 2yrs) and reflects focus on ramp-up. ALM is in balance & focus is on longer-term deposit PRICE TARGET | % TO PT $34.00 ($36.00) | +30%

growth to refinance long-term bonds.

FY (Mar) CHANGE TO JEFe JEF vs CONS

Loan growth led by corporate & SME loans. Loan growth improved to 12% YoY with higher

2027 2028 2027 2028

growth in gold, SME & Corp loans; mortgage & auto growth is lower at 6-8%. LDR is at 95% &

REV NA NA NA NA