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HDFC Bank share price: HDFC Bank is once again drawing attention from investors, but the key question is whether its recent recovery marks the beginning of a sustained turnaround or merely a rebound after months of underperformance.
HDFC Bank shares are staging a strong comeback, rising in 8 of last 10 sessions, after months of pressure from governance concerns, leadership uncertainty and lacklustre operational performance.
The country's largest private sector lender has had to contend with concerns over corporate governance, leadership continuity, deposit mobilisation and pressure on margins. With a management transition underway and its latest quarterly performance offering some signs of improvement, the focus is shifting towards whether the bank can regain investor confidence and deliver stronger earnings growth.
HDFC Bank shares have rallied around 22% in 10 trading sessions (up in 8 of those) after hitting a 52-week low of ₹669.20 apiece on the NSE at the end of October. It has jumped 18% from its 52-week low. It had hit its 52-week high of ₹1,017.90 in December 2025.
The stock climbed to ₹813.90 on Thursday, with the sharp recovery adding approximately ₹2.2 lakh crore to the bank's market capitalisation.
It has risen 15% in 1 month, 11% in 3 months and 8% in 6 months. However, it was down 18% in the last 1 year. It is up 18% in November so far.
The rebound follows a significant selloff earlier this year after former part-time Chairman Atanu Chakraborty resigned, citing that certain practices within the bank did not align with his personal values and ethics. The development raised governance concerns and triggered substantial selling pressure in the stock. Sentiment recovered somewhat after the bank announced leadership changes.
The prolonged weakness had also reflected concerns around operational performance and uncertainty surrounding the management transition.
Analysts believe that with the management overhang addressed and operating performance showing signs of improvement, investor interest could gradually return.
Vinit Bolinjkar, Head of Research at Ventura, said HDFC Bank continued to be an important stock to watch, supported by its strong capital position, healthy asset quality and improving balance-sheet structure.
“HDFC Bank remains a key stock to watch, supported by its strong capital position, healthy asset quality and improving balance-sheet structure. A gradual recovery in net interest margins, alongside sustained credit growth and better deposit mobilisation, could support earnings growth,” he said
Meanwhile, global brokerage Bernstein has maintained its Outperform rating on HDFC Bank with a target price of ₹1,150, implying an upside of approximately 42% from Friday's closing price.
The brokerage noted that the bank's earnings growth remained weak, with return on assets moderating to 1.8% despite cost discipline. However, net interest income growth remained healthy despite margin pressure, while asset quality continued to be resilient.
Nomura has also retained its Buy rating, with a target price of ₹940, indicating nearly 16% upside. The brokerage cautioned that lower liquidity coverage could constrain loan growth, making deposit mobilisation an important factor for the bank. Foreign currency non-resident (FCNR(B)) inflows contributed around three percentage points to sequential deposit growth.
According to Jigar S Patel, Senior Manager – Technical Research at Anand Rathi Share and Stock Brokers, HDFC Bank was currently trading within a defined range of ₹780-820. The ₹780 level remained an important support, while ₹820 was a crucial resistance.
"HDFCBANK is currently trading within a defined range of ₹780–820. The ₹780 level is an important support, while ₹820 remains a crucial resistance. As of now, the stock lacks a clear directional breakout, and hence, a wait-and-watch approach is recommended. A decisive close above ₹820 could signal a fresh improvement in momentum and create a potential buying opportunity. Until then, fresh buying should be avoided. We are also expecting a pullback in HDFCBANK, which could provide a better opportunity to assess the stock's price behaviour and momentum near support levels. Traders should remain cautious and avoid taking premature positions. A sustained breakout above ₹820 would be the key trigger for initiating fresh long positions," Patel said.
The technical view suggests that despite the recent rally, the stock has yet to establish a decisive breakout. Traders may therefore watch the ₹820 level for confirmation of renewed upward momentum, while the ₹780 support remains important.
HDFC Bank reported a nearly 5% year-on-year increase in standalone net profit to ₹19,509.96 crore in Q2 FY27, compared with ₹18,641.28 crore in the corresponding quarter last year. Sequentially, profit increased 2.83% from ₹19,069.72 crore in the June 2026 quarter.
Net interest income rose 9.72% year on year to ₹34,619.18 crore from ₹31,551.50 crore. Total interest earned during the quarter stood at ₹83,426.60 crore. Net interest margin was 3.16% on total assets and 3.32% on interest-earning assets.
The quarter was also significant as it was expected to be the final earnings report under Managing Director and CEO Sashidhar Jagdishan, whose tenure ends on October 26. Anup Bagchi is set to replace him.
With governance concerns easing, earnings growth showing improvement and brokerages retaining positive ratings, HDFC Bank's next move will depend on its ability to sustain operational momentum and overcome the technical resistance at ₹820.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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