HDFC Bank faces growth and margin gap versus peers
Anand Rathi set a ₹966 target for HDFC Bank while flagging 16.4% loan growth, an 8-basis-point quarterly NIM decline and continued gaps versus peers. OI Charts data showed long build-up and derivatives reference levels at ₹720 and ₹750.
after close1 source ↓machine-written, see hownot a recommendation
- HDFCBANK close
- ₹728.85
- On the day
- +0.28%
- Futures OI, long build-up
- +0.9%
- Put-call ratio
- 0.57
- Max pain
- ₹720.00
Anand Rathi maintained a positive view on HDFC Bank with a target price of ₹966, while its Q2FY27 assessment highlighted slower growth and persistent profitability gaps versus major private-sector peers. Loan growth improved to 16.4% year on year, but remained below the pace reported by ICICI Bank, Axis Bank and Kotak Mahindra Bank.
The report said net interest margin declined 8 basis points quarter on quarter, partly because of foreign-currency non-resident deposit flows. The margin gap with ICICI Bank therefore widened, while asset quality improved broadly in line with peers. CASA growth also continued to trail loan growth, limiting the pace at which the bank can reduce its funding-cost disadvantage.
Anand Rathi said the bank may take longer to close the post-merger operating gap with ICICI Bank and did not expect loan growth or return on equity to sustainably exceed 15% over the medium term. The appointment of Anup Bagchi as managing director reduced leadership uncertainty, although the report flagged potential disruption if senior executive departures continue, including Kaizad Bharucha’s request for early cessation. 💼
OI Charts data for 16 Oct 2026 showed the stock closing at ₹728.85, up 0.3% on the day, with a 28,936,902-share volume. It gained 3.0% over five sessions and 2.2% over 20 sessions, but remained below its 52-week high of ₹1,020 recorded on 23 Oct 2025. The 52-week low was ₹681.90 on 11 Sep 2026.
Derivatives positioning showed futures long build-up, with open interest rising 0.9% to 382,983,900 shares and futures trading at a 0.10% premium. The put-call ratio was 0.57. For the 27 Oct 2026 expiry, max pain stood at ₹720, while the largest call open interest was at ₹750 and the largest put open interest was at ₹720. These levels identify the immediate derivatives reference points as traders assess whether the recent recovery can extend. 📈
The next focus is the bank’s ability to sustain loan growth, rebuild margins, improve CASA momentum and manage senior-management transitions. The ₹750 call open-interest zone and ₹720 put-open-interest and max-pain levels remain key levels to monitor in the near-term options structure.
Source: TradingView, 19 Oct 2026
Not investment advice. For informational purposes only.