- Parag Thakkar expects HDFC Bank shares to rise nearly 30% to Rs 925 in 12-15 months
- HDFC Bank's valuation is attractive at 10 PE and 1.3 price-to-book ratio, says Thakkar
- HDFC Bank may announce its new CEO before Q2FY27 results on October 17, 2026
Parag Thakkar On HDFC Bank: Veteran market investor Parag Thakkar sees major upside in HDFC Bank shares, betting on the stock's attractive valuation and absence of asset-quality concerns. Thakkar has pegged a 12-15-month target of Rs 925 for HDFC Bank, implying nearly 30% upside from the stock's current market price.
Thakkar said HDFC Bank's valuation looks compelling at around 10 times price-to-earnings (PE) and 1.3 times price-to-book (P/B). In his view, the stock can reach the Rs 925 level over the next 12–15 months irrespective of who takes charge as the bank's next MD and CEO, given the valuation and asset-quality profile.
“In my view, at 10 PE and 1.3x price book, Rs 925 HDFC view will go for sure in 12-15 months irrespective of whoever takes charge as new MD and CEO. The valuation is so compelling and there is no asset quality issue,” Thakkar said.
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He also expects HDFC Bank to announce its new CEO before the bank's October 17 Q2FY27 results, saying the leadership appointment could come ahead of the earnings announcement.
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HDFC Bank CEO Race: Anup Bagchi, Kaizad Bharucha In Fray
HDFC Bank has sent the names of Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance, and Kaizad Bharucha, Deputy MD of HDFC Bank, to the Reserve Bank of India for approval for the lender's top job, people familiar with the matter told NDTV Profit.
Bharucha has been with the HDFC group since 1995 and has worked across corporate banking, retail assets, mortgages, emerging corporates and business banking. He became HDFC Bank's Deputy Managing Director in 2023 and was closely involved in the integration of HDFC Ltd with the bank.
Bagchi brings around three decades of experience across banking and financial services. An ICICI Group veteran, he has worked across retail and corporate banking, MSME, rural banking, treasury and markets, and has also led ICICI Securities. He became MD & CEO of ICICI Prudential Life Insurance in 2023.
Why HDFC Bank Is Looking For A New CEO
The search for a new chief executive accelerated after incumbent MD & CEO Sashidhar Jagdishan announced on August 29 that he would not seek reappointment for a third term.
Jagdishan is set to retire at the close of business hours on October 26, 2026, when his current term concludes. He took over from founding CEO Aditya Puri in October 2020 and also oversaw the bank through the integration of its 2023 merger with HDFC Ltd.
The choice between Bharucha and Bagchi comes at an important transition point for India's largest private-sector lender, with one candidate offering internal continuity and the other bringing experience from outside HDFC Bank.
HDFC Bank CEO Appointment: Regulatory Hurdle For Bharucha
Bharucha's potential elevation could face a regulatory timeline constraint. RBI guidelines cap the continuous tenure of a whole-time director or CEO at a private bank at 15 years.
Bharucha joined HDFC Bank's board as an executive director in June 2014 and would reach the 15-year ceiling in June 2029.
The external search reportedly attracted more than 150 applications before being narrowed down to candidates including Bagchi.
To strengthen the management bench during the leadership transition, HDFC Bank's board has also approved the appointment of Jimmy Tata as an executive director for a three-year term, subject to RBI clearance.
HDFC Bank Allots Shares To Employees
Last week, HDFC Bank allotted 18,97,180 equity shares to employees following the exercise of options and RSUs under its Employee Stock Options Schemes (ESOS), according to a regulatory filing.
Following the allotment, the bank's paid-up share capital increased to 15,41,85,97,348 equity shares of Re 1 each, from 15,41,67,00,168 shares earlier.
HDFC Bank Share Price History
HDFC Bank shares have delivered muted returns across several time frames. The stock is down around 2.1% over the past five trading sessions, while it has gained around 0.8% in the past month.
The stock has declined nearly 4% over the past six months, is down around 28% year-to-date (YTD) and has fallen about 25% over the past year.
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