HDFC Bank shares: Valuation gap with ICICI Bank widens; 3 triggers for rerating, target
HDFC Bank is in focus with March 18 in focus.
28 Sept 2026 · Business Today Mkts
Jefferies said HDFC Bank is now valued at 26 per cent discount to ICICI Bank on a price-to-book value basis against 11 per cent discount on March 18.
Key facts
- Dates in focus
- March 18
The analysis
HDFC Bank reported movement of 26% and 11%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.9% on the day at ₹705.30, and has returned -15.3% over three months. It sits 30% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -4.0% over the same period, so HDFC Bank is running 11.3 points behind its peers.
For HDFC Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The company directly in focus is HDFCBANK.
- Sector exposure: Banks.
In this story
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