Archive · 5 Oct 2026
Brokerages Assess HDFC Bank After Anup Bagchi Appointment
HDFC Bank has received approval for Anup Bagchi to become its managing director and chief executive.
Several financial firms discussed what this could mean for the bank and its shares.
Jefferies recommends buying the shares and set price targets for both the Indian shares and US-traded ADRs.
Nomura also named HDFC Bank among its top banking picks, saying the leadership uncertainty has eased.
MOFSL expects earnings to improve from FY28 and estimates the bank’s return on assets will stay at 1.7%.
Nuvama sees possible difficulties in bringing together the organisations and rebuilding the leadership team.
It also raised its share-price target.
These are brokerage opinions and forecasts, not guaranteed outcomes.
The Reserve Bank of India approved Anup Bagchi as HDFC Bank’s MD and CEO, with the appointment effective October 27, according to Nomura.
Jefferies maintained a Buy rating, setting targets of ₹880 for the shares and $28 for the ADRs.
Nomura added HDFC Bank to its top banking picks, citing the removal of the succession overhang and potential for a strategic reset.
MOFSL expects improved earnings from FY28 onward and estimates return on assets will remain at 1.7%, accounting for a possible cut in insurance commissions.
Nuvama flagged challenges in combining organisational cultures and rebuilding leadership, but raised its target to ₹950 from ₹75.
- Who
- HDFC Bank, incoming MD and CEO Anup Bagchi, and brokerages Jefferies, Nomura, MOFSL and Nuvama.
- What
- Brokerages assessed HDFC Bank’s outlook and issued ratings, forecasts and share-price targets following approval of Bagchi’s appointment.
- When
- The articles discuss the appointment and market outlook; Nomura said Bagchi’s role would begin October 27. Jefferies referred to a valuation comparison since March 18, 2026.
- Where
- HDFC Bank in India; Jefferies also discussed the bank’s US-traded ADRs.
- Why
- Brokerages cited reduced leadership-succession uncertainty and the possibility of a strategic reset, while also noting execution and organisational challenges.
Bullish brokerage assessments
Challenges and risks highlighted
Leadership succession and re-rating
Bullish brokerage assessments
Jefferies and Nomura said the appointment reduces succession uncertainty; Jefferies said timely team changes could support stronger execution and a re-rating.
Challenges and risks highlighted
Nuvama said rebuilding the leadership team, sustaining growth, strengthening governance and restoring stakeholder confidence would be priorities.
Growth and earnings
Bullish brokerage assessments
Jefferies pointed to possible benefits from retail deposits, cross-selling and adjustments to the loan mix; MOFSL expects improved earnings from FY28 onward.
Challenges and risks highlighted
Nuvama warned that combining the distinct organisational cultures of HDFC Bank and ICICI Bank could pose near-term challenges. Jefferies also noted slower fee growth and potential effects from changes to bancassurance norms.
- Jefferies rating
- Buy
- Jefferies Indian share target
- ₹880, based on 1.6 times September 2028 estimated price-to-book value
- Jefferies ADR target
- $28; the article described this as about 25% upside from a reported $22.34 close
- Nomura view
- Added HDFC Bank to its top banking-sector picks
- MOFSL earnings outlook
- Expects improved earnings performance from FY28 onward
- MOFSL return-on-assets estimate
- 1.7%, factoring in a potential cut in insurance commissions
- Nuvama target
- Raised its target to ₹950 from ₹75, as reported
- Share performance reported
- One article said HDFC Bank shares were down more than 27% year to date and up over 2% in one month
