HDFCBANK

HDFC Bank remains India’s largest private lender with robust retail and corporate presence. Q1 FY26 results showed 12% YoY loan growth and net profit of ₹17,000 crore. NIMs at 3.6% were stable, while asset quality remained strong with GNPA at 1.2%. The bank is focusing on cross-selling products post-merger with HDFC Ltd. At ~2.2x book value, valuations are slightly expensive but justified by scale and execution. HDFC Bank remains a structural long-term compounder in Indian financials.