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RESEARCH NOTE22 Jul 2026

HDFC Bank Ltd.

HOLD

HDFCBANK · Target ₹1,780

Deposit mix is normalising, but NIM recovery will take longer than consensus expects.

Post-merger balance sheet integration is progressing, but the bank is still paying up for deposits. We see limited re-rating room until NIMs stabilise above 3.3%. Neutral into Q2.

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