Nomura reiterated a Buy rating for HDFC Bank on Monday. The stock currently trades at decade-low valuation multiples.
The brokerage expects the Reserve Bank of India’s FCNR (B) scheme to improve liquidity and deposit growth. HDFC Bank could capture 15% of total FCNR flows. This inflow represents approximately 3% of the bank's current deposit base.
CEO succession remains a significant risk for investors. The current leadership term ends in October 2026.