Market commentator Parag Bhai said HDFC Bank offers 30% upside on the table given cheap valuation and the appointment of Anup Bagchi, with no asset quality concerns in the bank

Mon 5 Oct 2026

Valuation PE FY28

11 PE

Return on investment

1.8 percent

Potential upside

30 percent

Heard on business television between 08:46:32 - 08:49:32 IST.

• He said HDFC Bank trades at 11 PE on FY28 with ROI of 1.8%, implying 30% upside unless bond yields or oil prices spike too much.
• He said Anup Bagchi, who spent 30 years at ICICI Bank handling retail, treasury and wholesale operations, has joined with strong experience.
• He said there is no asset quality issue or cleanup needed at HDFC Bank, as it has been prudent in lending.
• He said the bank has lost its advantage in cost of funds and needs work on customer satisfaction, and will focus on retail, MSME and SME growth for better yields while continuing corporate and mortgage relationships.

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