News & Updates

HDFC Bank – Q3 FY26 RESULTS (17Jan)

Posted by
0
Research Report

HDFC Bank Q3 FY26:
The Giant Wakes Up?

Deep Dive Analysis • Jan 17, 2026
“The numbers look green, but a specific metric is flashing caution.”

The headline profit beat estimates, but beneath the surface lies a “Liquidity Trap.” Here is the institutional-level breakdown of India’s biggest bank.

✅ 1. The Headline Numbers
Net Profit
₹18,654 Cr
▲ 11.5% YoY
Beat Estimates: Driven by lower provisions and utilization of buffers.
Net Interest Income
₹32,615 Cr
▲ 6.4% YoY
Core Income: Decent growth, but explosive phase is paused.
Net Interest Margin
3.35%
Stable
Control: Good operational strength in high-rate era.
⚠️ 2. The “LDR” Trap Explained
Deposits
₹100
Loans
₹99.5

Why is 99.5% LDR a Crisis?

Prudent banking says: Lend ₹85 for every ₹100 deposit. HDFC is lending nearly ₹99.5.

The Trap: To fix this, they must either Slow Down Loans (hurts growth) or Pay High Interest (hurts profit).
⚔️ 3. Battle of Banks: Q3 Comparison
MetricHDFC Bank 🐘ICICI Bank 🐆SBI 🐅
NIM (Margins)3.35% (Stable)~4.4% (High)~2.8% (Avg)
LDR Ratio99.5% (Risky)84% (Ideal)72% (Safe)
Stock TrendSidewaysUptrendBullish
📊 4. Portfolio & Ownership Mix

Loan Portfolio Mix

Retail Loans (55%)
Wholesale (45%)

Who Owns HDFC Bank?

FIIs (~52%)
DIIs (~30%)
Public (~18%)
🏰 5. Asset Quality & Subsidiaries
🛡️
Gross NPA: 1.24% (Flat)

Insight: The “Slippage Ratio” is under control. Even in unsecured loans, HDFC shows resilience. The fortress is safe.

HDB Financial (NBFC)
Profit: ₹644 Cr
▲ 36% Surge

Concern: Bad loans (Stage 3) rose to 2.81%.

HDFC AMC (Mutual Fund)
Profit: ₹770 Cr
▲ 20% Growth

Verdict: A consistent cash cow.

🚪
Key Departure: Mr. Bhavesh Zaveri (Executive Director) to retire in April 2026. Losing a veteran during this transition adds short-term uncertainty.
THE FINAL VERDICT
🟢 THE GOOD
  • Profitability is intact (11.5% Up).
  • Asset quality is pristine.
  • Subsidiaries are firing.
 🔴 THE BAD
  • LDR at 99.5% is unsustainable.
  • Deposit growth only matches loans.
  • “Catch-up” hasn’t started yet.

🎯 Strategy for Investors

FOR TRADERS

View: Rangebound.
The 99% LDR acts as a ceiling. Avoid aggressive buys until deposit growth outpaces loan growth for 2 quarters.

FOR SIP / LONG TERM

View: Accumulate.
This is a “Time Correction.” You are buying the “Elephant” while it rests. Classic accumulation zone for 3-5 years.

📉 Don’t Settle for Average Growth.

HDFC gives you stability. We give you Financial Freedom.

  • ✓ Algo Execution: Zero emotions, 100% discipline.
  • ✓ Nifty + Gold: The ultimate hedge strategy.
  • ✓ Passive Wealth: No screen time required.
EXCLUSIVE COMMUNITY

Join The 17% Club

UNLOCK THE STRATEGY ➔ Start compounding your wealth today.
Newer
Effortless 17% CAGR by Mitul Mehta (Recording of 18-Jan)
Back to list
Older The Wealth Architecture Protocol: 10 Rules to Target 17% CAGR (Automated)

Related Posts