HDFC Bank shares gain in response to Q1 results, no analyst has a ‘sell’ call

None among the 49 analysts who have coverage on HDFC Bank Ltd., India’s largest private lender, have a “sell” recommendation on the stock, after its June quarter results, that were reported on Saturday, July 19.The lender’s results were largely in-line with expectations with a marginal impact on asset quality. The bank also saw a sharp rise in provisions, which was due to a floating provision of ₹9,000 crore and another ₹1,700 crore as contingency provision.
Brokerage firm Nomura has maintained its “buy” recommendation on the stock and raised its price target to ₹2,190 from ₹2,140 earlier.
Nomura expects HDFC Bank to deliver Return on Assets (RoA) of 1.7% to 1.9% and Return on Equity (RoE) of 13% to 14.5% over financial year 2026-2028. It values the lender at 2.3 times June 2027 book value per share.Nuvama too has a “buy” rating on the stock with a price target of ₹2,270. Calling HDFC Bank’s asset quality “best-in-class”, Nuvama said that it has repriced its EBLR book faster than its pees, and that seasonality in the agri book led to higher slippages.

Bernstein has a “buy” recommendation on HDFC Bank with a price target of ₹2,300 per share. It said that the bank is on track to mend its balance sheet and get back to healthy loan growth in financial year 2027.

Out of the 49 analysts that have coverage on HDFC Bank, 46 of them have a “buy” rating on the stock, while the other three have a “hold” recommendation.

Shares of HDFC Bank have opened 1.1% higher on Monday in response to their results. The stock, as of Friday’s close, was 3% away from its record high levels.