HDFC Bank delivered strong NII growth of 11% YoY. Credit-deposit ratio is normalising which was the main bear case. At CMP of ₹1,610 the stock trades at 2.1x FY26 book — reasonable for a franchise of this quality. I would add in tranches: 40% now, 60% if it touches ₹1,560.
ICICI is slightly cheaper but HDFC has better asset quality. I'd prefer HDFC for long-term portfolios.
What about ICICI vs HDFC at these levels?
HDFC Bank has been my favourite private bank for years. Good call.