🏦 HDFC Bank – Q2 FY27 Business Update

• Advances Under Management: ₹33,075 Bn | YoY +15.3%

• Gross Advances: ₹32,195 Bn | YoY +16.3%

• Deposits: ₹33,275 Bn | YoY +18.8%

• CASA Deposits: ₹10,520 Bn | YoY +10.8%

• Time Deposits: ₹22,755 Bn | YoY +22.8%

• Avg Advances Under Management: ₹31,872 Bn | YoY +14.0%

• Avg Deposits: ₹31,664 Bn | YoY +16.8%

• Avg CASA: ₹9,712 Bn | YoY +10.7%

• Avg Time Deposits: ₹21,952 Bn | YoY +19.7%

💵 FCNR(B) Deposits: USD 11.5 Bn

• Loans against FCNR(B): USD 5.7 Bn

• Standby LC: USD 3.1 Bn

• USD-denominated Bonds issued during Jun–Aug 2026: USD 2.5 Bn

Q2 FY27 figures as of 30 Sep 2026; subject to limited review by statutory auditors.

OPEC+ MAKES NO CHANGE TO OIL OUTPUT QUOTAS FOR NOVEMBER AT SUNDAY MEETING

Israeli airstrike on the town of Haddatha in the Bint Jbeil district of southern Lebanon

Israeli army: Today in an airstrike on Khan Younis, we killed a member of Hamas' elite unit.

Iran oil minister steps down: state media

𝗛𝗦𝗕𝗖 𝗢𝗡 𝗕𝗔𝗝𝗔𝗝 𝗙𝗜𝗡𝗔𝗡𝗖𝗘

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,270

• Timely capital raise is positive

• Fundraise approval supports Tier 1 CAR

• Capital infusion: 2% EPS dilution

• 7.6% book value per share accretion

• AUM growth expected to offset dilution over medium term

𝗖𝗜𝗧𝗜 𝗢𝗡 𝗕𝗔𝗝𝗔𝗝 𝗙𝗜𝗡𝗔𝗡𝗖𝗘

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,300

• AUM growth comfortably exceeds guided band

• FY27 growth guidance upgrade increasingly likely

• Cost ratios expected to improve further

𝗝𝗣𝗠𝗢𝗥𝗚𝗔𝗡 𝗢𝗡 𝗕𝗔𝗝𝗔𝗝 𝗙𝗜𝗡𝗔𝗡𝗖𝗘

𝗥𝗮𝘁𝗶𝗻𝗴: Overweight

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,310

𝗘𝗮𝗿𝗹𝗶𝗲𝗿 𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,295

• Strong Q2 delivery likely to drive growth

• Customer acquisition guidance upgraded

• Meaningful upgrades to management guidance likely

• NIM outlook remains in focus

𝗝𝗘𝗙𝗙𝗘𝗥𝗜𝗘𝗦 𝗢𝗡 𝗕𝗔𝗝𝗔𝗝 𝗙𝗜𝗡𝗔𝗡𝗖𝗘

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,280

• AUM growth accelerates to 26% YoY

• New loan growth slowed due to festive season

• Remains among top picks

𝗛𝗦𝗕𝗖 𝗚𝗟𝗢𝗕𝗔𝗟 𝗢𝗡 𝗕𝗔𝗝𝗔𝗝 𝗙𝗜𝗡𝗔𝗡𝗖𝗘

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,270

• Approves ₹17,500 Cr capital raise

• Capital raise includes ₹11,700 Cr QIP

• Capital raise to ease upcoming leadership transition

• Among least dilutive capital raises in Indian financials

• Shareholder dilution estimated at ~3%

𝗠𝗢𝗥𝗚𝗔𝗡 𝗦𝗧𝗔𝗡𝗟𝗘𝗬 𝗢𝗡 𝗛𝗗𝗙𝗖 𝗕𝗔𝗡𝗞

𝗥𝗮𝘁𝗶𝗻𝗴: Overweight

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,025

• RBI approves Anup Bagchi as HDFC Bank MD & CEO for 3-year term

• CEO succession issue had been an overhang on stock

• Announcement reduces uncertainty

• Stock has underperformed Bankex by 19 percentage points YTD

𝗝𝗣 𝗠𝗢𝗥𝗚𝗔𝗡 𝗢𝗡 𝗛𝗗𝗙𝗖 𝗕𝗔𝗡𝗞

𝗥𝗮𝘁𝗶𝗻𝗴: Overweight

𝗧𝗮𝗿𝗴𝗲𝘁: ₹990

• RBI approves Anup Bagchi as HDFC Bank MD & CEO

• External CEO appointment seen as positive inflection point

• Strategic reset could reduce stock overhang

• NII growth revival remains key for rerating

• Stock has de-rated 32% YTD

𝗞𝗢𝗧𝗔𝗞 𝗜𝗡𝗦𝗧𝗜𝗧𝗨𝗧𝗜𝗢𝗡𝗔𝗟 𝗢𝗡 𝗛𝗗𝗙𝗖 𝗕𝗔𝗡𝗞

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,050

• HDFC Bank names Anup Bagchi as MD & CEO

• Strong track record in franchise building and execution

• Senior management changes likely under new leadership

• Bank should improve liability mix before chasing faster growth

• Re-rating likely to be gradual

𝗖𝗜𝗧𝗜 𝗢𝗡 𝗛𝗗𝗙𝗖 𝗕𝗔𝗡𝗞

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹970

• FCNR fuels headline growth; core advances trail system average

• Ex-FCNR, core deposits and advances at 15.3%/14.5%

• Asset quality expected to remain resilient and stable

𝗖𝗟𝗦𝗔 𝗢𝗡 𝗔𝗩𝗘𝗡𝗨𝗘 𝗦𝗨𝗣𝗘𝗥𝗠𝗔𝗥𝗧𝗦

𝗥𝗮𝘁𝗶𝗻𝗴: Outperform

𝗧𝗮𝗿𝗴𝗲𝘁: ₹5,723

• Top line above expectations

• 18 stores added in H1FY27 vs 17 in H1FY26

• Private labels, store growth and inflation expected to drive growth

𝗛𝗦𝗕𝗖 𝗢𝗡 𝗔𝗗𝗔𝗡𝗜 𝗣𝗢𝗥𝗧𝗦 & 𝗦𝗣𝗘𝗖𝗜𝗔𝗟 𝗘𝗖𝗢𝗡𝗢𝗠𝗜𝗖 𝗭𝗢𝗡𝗘

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹2,200

• 2QFY27 throughput at 142.3 MMT, up 15% YoY

• Throughput hit record levels despite cyclone disruption

• Container volumes rose 15% YoY

• Capacity additions to support container growth

• FY27 EBITDA estimate remains at top end of management guidance

𝗛𝗦𝗕𝗖 𝗢𝗡 𝗔𝗖𝗖𝗘𝗡𝗧𝗨𝗥𝗘

• 4QFY26 constant-currency revenue growth at 7%

• Q4 growth exceeded upper end of 1–5% guidance range

• Growth led by faster ramp-up of large deal wins

• Operating margin at 15.3%, above consensus

• FY27 growth guidance of 3–6% beat expectations of 2–5%

𝗕𝗢𝗙𝗔 𝗦𝗘𝗖𝗨𝗥𝗜𝗧𝗜𝗘𝗦 𝗢𝗡 𝗜𝗡𝗗𝗜𝗔𝗡 𝗜𝗧

• Accenture growth came above top-end of guided range

• Beat driven by more small deal wins

• FY27 guidance broadly in line with consensus

• Q4 beat and FY27 guidance imply neutral read-across for Indian IT

• AI commentary seen positive for the sector

𝗕𝗢𝗙𝗔 𝗚𝗟𝗢𝗕𝗔𝗟 𝗢𝗡 𝗗𝗥 𝗥𝗘𝗗𝗗𝗬’𝗦 𝗟𝗔𝗕𝗢𝗥𝗔𝗧𝗢𝗥𝗜𝗘𝗦

𝗥𝗮𝘁𝗶𝗻𝗴: Buy

𝗧𝗮𝗿𝗴𝗲𝘁: ₹1,480

• 2QFY27 earnings likely similar to June quarter

• Base business expected to deliver double-digit growth

• Margins likely flat QoQ after 14.5% adjusted margin in Q1

• Resumption of semaglutide supplies in early November is a key catalyst

• Abatacept approval target date remains December

𝗖𝗟𝗦𝗔 𝗢𝗡 𝗡𝗜𝗙𝗧𝗬

• Nifty breakdown from April–September trading range

• Support: 21,700–22,182

• Bullish divergence near support could signal a rebound

• Potential range: 21,700–22,182 to 26,000–26,300