Whalesbook
Profit Badha, Par Margin Mein Tension?
So, HDFC Bank ne Q4 FY26 mein ₹19,221.05 crore ka standalone net profit kamaya hai, jo pichhle saal ke ₹17,616.14 crore se 9.11% zyada hai. Unka Net Interest Income (NII) bhi 3.8% badh kar ₹33,281.5 crore ho gaya. Saath hi, Board ne ₹13.00 per equity share ka final dividend bhi declare kiya hai FY26 ke liye. Gross NPA ratio bhi sudhar kar 0.38% ho gaya hai, jo achhi baat hai.
Par yahan ek twist hai. Bank ka Net Interest Margin (NIM) iss quarter mein 3.39% raha. Yeh pichhle quarter jitna hi hai, par merger se pehle ke levels se thoda kam hai. Iska main reason hai borrowing costs ka badhna aur CASA ratio ka girna, jo HDFC Limited ke merger ke baad hua hai.
Stock ki baat karein toh, ye merger ke baad apne highs se neeche trade kar raha hai, around ₹799.90 ke aas-paas.
Dusre Banks Ke Muqable Kaisa Hai?
HDFC Bank ki market cap lagbhag ₹12.31 lakh crore hai. Agar valuation dekhein toh iska P/E ratio 16.5 se 18.5 ke beech hai. State Bank of India (SBI) jismein P/E 11-13 hai, aur ICICI Bank ka P/E 16.7 se 18.4 ke beech hai, jo HDFC Bank ke aas-paas hi hai.
Overall Indian banking sector mein credit growth 16.1% aur deposit growth 13.5% raha hai FY26 mein. Lekin liquidity thodi tight hai, jiske karan margin par pressure sabhi banks par aa sakta hai.
HDFC Bank ka management FY26 mein system ke barabar loan growth aur FY27 mein usse zyada karne ka target rakhe hue hai.
Merger Ka Asar Aur Governance Concerns
Merger ke baad sabse bada challenge raha CASA ratio ka girna. Pehle yeh 44-48% tha, jo ab lagbhag 34% aa gaya hai. Isse bank ke low-cost funding par asar pada hai. Borrowings bhi badhi hain, jisse funding costs upar gayin.
Iske alawa, recent mein kuch board members ke jaane ke baad governance ko lekar bhi kuch sawaal uth rahe hain, jo stock ke liye thoda negative ho sakta hai.
Analysts Kya Kehte Hain?
Analysts mostly positive hain. 33 reports mein se 46 analysts 'Buy' keh rahe hain, ek 'Hold' aur koi 'Sell' nahi. Consensus price target current price se lagbhag 37.64% upar ka hai. Motilal Oswal jaise analysts expect kar rahe hain ki FY27 mein RoA 1.9% aur RoE 14.6% ke aas-paas rahega. Aage jaake liquidity aur funding costs ko manage karna bank ke liye important rahega.