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HDFC Bank Q4 Results Review: Operating Leverage Aids Earnings — Dolat Capital Maintains 'Accumulate', Hikes TP
Dolat Capital tweaks earnings, factoring in slightly lower NIM for FY26E, offset by improved opex assumptions, hence maintain ‘Accumulate’ rating with revised target price of Rs 2,100.
21 Apr 2025, 09:18 AM IST 
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HDFC Bank's margins factor in benefits on CoF from reduced e-HDFC borrowings and limited re-pricing impact on EBLR-linked loan.
(Photo: Vijay Sartape/NDTV Profit)
HDFC Bank stands out for its strong execution and consistent growth metrics. Contingent provision at 1% of advances provides additional comfort. However, given the LDR constraints post-merger, growth trends could remain lower relative to large private peers over the medium term. Nonetheless, with normalization in credit costs, the bank’s visibly superior AQ metrics, and benefits from operating leverage will hold it in good stead.
