Anup Bagchi vs Sashidhar Jagdishan: How HDFC Bank’s incoming CEO pay compares with his predecessor

HDFC Bank reported Rs 35.89 crore and Rs 28.65 crore for FY26. 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 -1.5% on the day at ₹692.20, and has returned -14.6% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -1.7% over the same period, so HDFC Bank is running 12.9 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.