HDFC Bank Ltd made history on April 22, 2025, by becoming only the third Indian company to surpass a market capitalization of ₹15 lakh crore, following the footsteps of Reliance Industries and Tata Consultancy Services.
The milestone came as shares of the private sector lender climbed nearly 2% in Tuesday’s session, hitting ₹1,965.10 in intraday trade. The stock touched an intraday high of ₹1,970.60—its new 52-week peak—before holding steady with a gain of ₹38.00 from its previous close of ₹1,927.10.
The rally was driven by strong Q4 FY25 earnings that exceeded analyst expectations. HDFC Bank reported a standalone net profit of ₹17,616 crore for the quarter, up 6.7% year-on-year and ahead of the projected ₹17,072 crore. Sequentially, profit rose 5.3%.
The bank’s board also announced a dividend of ₹22 per share (face value ₹1) for FY25, with June 27, 2025, as the record date.
Strong operating metrics
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Net Interest Income (NII): ₹32,070 crore, up 10.3% YoY
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Net Interest Margin (NIM): 3.54% (core NIM at 3.46%)
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Gross NPA: 1.33% (down from 1.42% QoQ)
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Net NPA: 0.43%
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Provisions: ₹3,190 crore, down from ₹13,510 crore in Q4 FY24
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Deposits: ₹25.28 lakh crore, up 15.8% YoY
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Gross Advances: ₹26.44 lakh crore
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Retail loans: +9%
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Rural/Commercial: +12.8%
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Corporate loans: -3.6%
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CASA Ratio: 34.8%
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Capital Adequacy Ratio (CAR): 19.6% (vs 18.8% YoY)
Brokerage upgrades
The solid Q4 showing has prompted several brokerages to revise their target prices:
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Axis Capital: Maintains ‘Buy’, raises TP to ₹2,205 from ₹2,000
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Jefferies: Reiterates ‘Buy’, hikes TP to ₹2,340 from ₹2,120
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CLSA: Maintains ‘Buy’, ups TP to ₹2,200 from ₹1,785
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Macquarie: ‘Outperform’ maintained, raises TP to ₹2,300
With robust financials, improved asset quality, and positive brokerage outlooks, HDFC Bank continues to strengthen its leadership among private sector banks and is well-positioned to sustain its growth momentum.
