Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Sreemant Dudhoria is a CFA Charterholder with 15 years of experience in equity research and information technology. He is also a SEBI-registered Research Analyst (Registration Number: INH000016861). His focus is on analyzing companies with bottom-up specific triggers. Previously, he has worked with Unifi Capital and Infosys Technologies Limited.

Equity Analyst - Fundamental & Thematic

HDFC Bank ("HDFCB"): Separating the Wheat from the Chaff

HDFC Bank Limited:  Record Ownership and Dominance Among EM Financials

HDFC Bank (HDFCB): Management Upbeat on Growth

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>'s Q1FY26 PAT up 12% YoY, driven by strong other income; core NII growth remained modest at 5.4%.</li>
<li>Deposit growth remained robust; CASA revival and CD ratio improvement are key near-term priorities. However, margins under pressure from EBLR resets,but contingent provisions and stable asset quality offer medium-term stability.</li>
<li>Bank should come back to its pre-merger metric by end of FY26. However, current valuation at 3x P/B leaves little room for error.</li>
</ul>



HDFC Bank (HDFCB IN)'s Q1FY26 PAT up 12% YoY, driven by strong other income; core NII growth remained modest at 5.4%.
Deposit growth remained robust; CASA revival and CD ratio improvement are key near-term priorities. However, margins under pressure from EBLR resets,but contingent provisions and stable asset quality offer medium-term stability.
Bank should come back to its pre-merger metric by end of FY26. However, current valuation at 3x P/B leaves little room for error.


HDFC Bank-Quality Franchise but Credit Growth Will Lag in near Term; Likely Revive in H2FY26 & FY27