NOMURA ON HDB FINANCIAL ; UPGRADE TO BUY | TP ₹790

• Healthy disbursement momentum continues to support growth. • Management targets NIM of ~8% and RoA of ~2.5% despite higher rates and potential drought conditions. • Q2FY27 net profit missed estimates by ~2%, partly due to weaker non-lending BPO income. • FY27–29 RoA expected at 2.3–2.4%. • FY27–29 RoE expected at 14.1–15.2%.

HDB FINANCIAL SERVICES L

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