What the next CEO must deliver
Jefferies expects the leadership transition to weigh on HDFC Bank’s near-term revenue momentum, particularly deposit mobilisation and fee income. The brokerage cut its FY27-FY29 earnings estimates by 3% each and reduced its price target from ₹1,050 to ₹880, saying the uncertainty could raise the cost of equity and weigh on valuations. It nevertheless retained its ‘buy’ rating, citing balanced risk-reward after the stock fell more than 27% in 2026, and limited risk to asset quality.
