Guidance ledger · Q4 FY26

HDFC Bank Ltd HDFCBANK

3 revisions on record · 0 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↔ widened LDR / CD ratio as binding constraint Q1 FY26 → Q4 FY26

~~explicit downward glide path, medium term to 90s/low-90s~~ → not a constraint; no longer a binding constraint

“Hence, it's no longer a binding constraint”

↔ widened FY27 NIM trajectory Q1 FY26 → Q4 FY26

~~refused quarterly outlook; managed in narrow band~~ → range bound; rate cycle paused; 5-6 quarter TD repricing residual

“So it remains to be seen, but it's range bound is what I would”

→ narrowed FY27 loan growth ambition Q1 FY26 → Q3 FY26

~~system growth rate at FY26 and higher than the system in FY27 (unquantified)~~ → 12-13% system + couple of hundred basis points above (Q3FY26); reaffirmed but tempered by geopolitical caveat

“We do believe that we have the customer segmentation to be able to grow at a couple of hundred basis points over system growth next year”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.