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HDFC Consensus Forecast

No. of reports in last year
10
No. of analysts
6
Average Consensus Forecast
2391.3
Consensus Potential
24.73%

HDFC Price Target Potential

BrokerageTargetPotential
Prabhudas Lilladher209314.90%
Motilal Oswal215017.16%
Nirmal Bang270334.11%
ICICIdirect.com265032.79%
Geojit Financial Services228422.02%

HDFC Targets in FrontPage Forums

9 Users have submitted 10 trade ideas of Rs. 2,130,863.65 for HDFC
90% Bullish
10% Bearish
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HDFC Ratings

Long term HDFC rating by FrontPage users
4.5/5 (8 Ratings)

10 HDFC share price target reports by brokerages below. See what is analyst's view on HDFC share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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HDFC Share Price Target

HDFC Share Price Target - Broker Reports - 2020

30-Jul-20
Price @ Call: 1850.38
Target: 2093
ACCUMULATE
1-Jul-20
Price @ Call: 1814.68
Target: 2150
BUY
HDFC's most of subsidiaries are among the top three players in their respective segments. The company continues to support them when needed; for example, it infused INR85b equity capital in HDFCB in FY19 and is likely to do so again in the future, in our view. Importantly, the value contribution of subsidiaries/associates has been increasing; they now contribute ~54% to our SOTP v/s 37% five years ago and 34% 10 years ago (refer to Exhibit 29). Due to the COVID-19 crisis, near-term growth is likely to be challenging. However, the medium- to long-term outlook remains strong, especially given the much lower competitive intensity within housing finance companies (HFCs). Sharp decline in incremental cost of funds over the past three months would help maintain stable spreads at 2.1-2.3%. Maintain Buy, with SOTP (FY22E-based) of INR2,150
... Read more
25-May-20
Price @ Call: 1529.68
Target: 1992
ACCUMULATE
COVID provisioning (Rs5.9bn; total provisions up 220%YoY) and weak other income (down 92%QoQ/38%YoY) dented Q4FY20 earnings for HDFC with reported PAT at Rs22.33bn (declined 73%QoQ/22%YoY). While NII grew 10%QoQ/12%YoY to Rs35.4bn, it failed to save PPoP that de-grew 67%QoQ/3%YoY. Loans at Rs4509bn stood in-line growing 11%YoY/2%QoQ. Pandemic shutdown contributed to asset quality woes (NPA ~2%) as distorted recovery efforts (3% of borrowers’ follow-up at long odds) in latter half of Mar’20 led to 15bps/176bps QoQ spike in individual/non-individual NPAs respectively. This coupled with likelihood of increased morat loans than current 26% (albeit std category) and delay in IBC proceedings can further exasperate NPA stress. While steady spreads at 3.4% cushioned earnings, same could come under tad pressure with competition intensifying (lending rates pared down by 15bps vs 75bps by SBI). We, therefore, forecast NPA estimates higher to 2.45% (earlier 1.8%) but maintain growth estimates at 7%; EPS trim by 11% for FY21. We confide in HDFC’s customer quality (80% salaried), strong CAR (17%Tier I) and liquidity sufficiency. However, we buildin LRD/corporate loan stress into our growth estimates (14%YoY; earlier 17%) yet expect better operating profit for FY22. Our SOTP metrics value mortgage business at 2.3x PBV FY22e (earlier 2.4x); subsidiaries at Rs1116 arriving at TP of Rs1992 (earlier Rs2201). Maintain Accumulate.
... Read more
4-Mar-20
Price @ Call: 2195.42
Target: 2703
BUY
Top quality at slight premium; maintain BUY
Recent correction in the HDFC Ltd stock offers an opportunity to play one of India’s top quality stocks and one of the largest housing finance companies with a balance sheet size of Rs5.3trn (FY20E). At CMP, the stock is trading 12% below its peak. We think that the current valuation is attractive as it does not fully capture the strong balance sheet, the quality of the HDFC group franchise and the reputation in the investor community. In a nutshell, the risk-to-reward ratio is favorable. For a company that can potentially deliver 13-14% RoE over FY21/22E, HDFC Ltd’s standalone business is available at a slight premium over Sep’21 BV. Upon extending the valuation framework to account for the economic value of the subsidiaries (rather than merely looking at the subs through the accounting lens), the stock offers 23% upside from the current level. Note that the subsidiaries – banks, life insurance, asset management, health/general insurance – are leaders in their own respective industries and nearly equally favored by the investor community as evidenced by the valuation multiples they command. In the note below, we highlight the key characteristics that set apart HDFC Ltd from its peers. We retain BUY rating on the stock with a SoTP-based fair value of Rs2,703 (see exhibit 12: SoTP valuation framework).
... Read more
29-Jan-20
Price @ Call: 2429.53
Target: 2650
HOLD
HDFC Ltd reported fair value gain on stake sale of Gruh Finance. The management decided to deploy partial gain to improve provision coverage ratio. Further, with a prolonged slump within real estate coupled with lower volumes & difficult business situation, HFCs are facing problems of moderation in growth and risk of deterioration in asset quality, especially on developer’s financing. HDFC Ltd, led by superior fundamental, is expected to remain undisputed leader within the pack. However, being a prominent player in real estate, lending will be impacted in terms of slower growth and marginal asset quality pain. Accordingly, we maintain our HOLD rating with a revised target price of Rs 2650 (earlier | 2200), valuing core HFCs at ~2.5x FY22 ABV & Rs 1422 for subsidiary post 15% holding company discount.
... Read more
28-Jan-20
Price @ Call: 2395.8
Target: 2612
ACCUMULATE
FY20 would witness increased investment gains and subsequent elevated provisions. While FY21-22 should see normalized investment gains lowering other income, the same should stand offset by lower provisioning. Against this backdrop, we tweak aforesaid parameters leading to EPS traction over FY20-22E. Subsequently, our SOTP price now stands at Rs2,612 (earlier Rs 2,568). We value core mortgage business at 2.5xPABV Sep’21E and subsidiaries contribute 55% to SoTP. Reiterate ACCUMULATE on persisting real estate structural weakness and macro headwinds.
... Read more

HDFC Share Price Target - Broker Reports - 2019

18-Dec-19
Price @ Call: 2430.8
Target: 2568
ACCUMULATE
We are increasing our target price for HDFC to Rs2568 (Rs2361 earlier) on rising confidence to improve growth rates and ROE led by sustained growth in retail lending and bottoming of developer loan cycle. We expect (a) 16.5% loan CAGR over FY21-22E with renewed focus on quality project, LRD & affordable financing (b) maintenance of healthy spreads (2.26%) led by retention of pricing power despite competition (c) downward movement in credit costs post FY21 (30bps improvement in FY21) with pacing up of Stage 3 asset resolutions and existing buffer through monetization of subsidiary investments. We tweak core book value multiple to 2.6x on Sep’21E (earlier 2.1x) and AMC multiple to 12x (earlier <10x) arriving at SoTP of Rs2,568. We believe HDFC is best placed HFC in an environment of structurally weak real estate cycle and sustained pressures on housing finance industry despite run-up in subsidiaries’ valuations. Retain Accumulate.
... Read more
5-Nov-19
Price @ Call: 2181.35
Target: 2361
ACCUMULATE
On subsidiaries front, life and general insurance revenues grew 8%/25%YoY respectively. Asset management business stood tepid as the revenues grew mere 5% YoY. While we moderately tweak our provision estimates higher, affordable housing focus and optimistically cautious lending traction prompt us to value core mortgage business at 2.1x PABV Sep’21e. With acquisition in general insurance at play and consistent value add from subsidiaries, the latter now contributes 59% to our SOTP price of Rs2,361 (earlier Rs 2,365). Reiterate ACCUMULATE.
... Read more
4-Sep-19
Price @ Call: 2096.68
Target: 2284
HOLD
GNPA increased 11bps YoY in Q1FY20 to 1.3% (vs. 1.2% in Q4FY19). Net profit stood at Rs 3,203cr in Q1FY20, a growth of 46.3% YoY, driven by proceeds from the sale of GRUH Finance. We maintain our HOLD rating on the stock, with a revised target price of Rs 2,284, based on SOTP valuation.
... Read more
27-Aug-19
Price @ Call: 2148.25
Target: 2500
BUY
Best of the lot, outlook improves as supportive measures providea boost:
HDFC is currently available at ~4x its FY2021E BV, which we believe is reasonable considering its strong operating metrics, consistency and sustainable business model. Despite the NBFC industry facing challenges, we expect the consistency and relative outperformance of HDFC will help it to sustain premium valuations. Going forward, improving appetite for HDFC’s sell-down/funding paper will result in pricing advantage. For the past year, while strong NBFCs were able to raise funds (from banks), it was at a higher cost and HDFC alsosaw a 5 BPS impact on its spreads in Q1. In our view, AUM growth should remainhealthy (on market share gains) with upside potential for spreads. We believe the outlook for HDFC has improved with supportive government measures, which will provide growth momentum with potential of margin expansion. We maintain our Buy rating on the stock with an unchanged PT of Rs. 2,500.
... Read more
2-Aug-19
Price @ Call: 2103.15
Target: 2500
BUY
HDFC is currently available at ~4x its FY2021E BV, which we believe is reasonable considering strong operating metrics, consistency and sustainable business model. While the NBFC industry faces its own challenges, the consistency and relative outperformance of HDFC will help it to sustain premium valuations. We maintain our loan growth estimates over FY2019-FY2021, intact at a ~16% CAGR, considering easein competition, HDFC’s diversified liability franchise and higher coverage.In our view, AUM growth should remain healthy (on market share gains)with spreads maintained (diversified liability franchise but cautious stanceof management on riskier assets) and well-contained credit costs. We maintain our Buy rating on the stock with an unchanged PT of Rs. 2,500.
... Read more
3-Aug-19
Price @ Call: 2103.15
Target: 2270
BUY
While HDFC maintains competitive superiority the spreads should stand maintained, however, GNPA and loan traction (15%) should see slight downward pressures for FY20. Against this backdrop, we trim our core book multiple to 2.6x (earlier 2.7x) arriving at TP of Rs2,270 (earlier Rs 2,274) at Mar-21 PABV. Downgrade to ACCUMULATE.
... Read more
8-Jul-19
Price @ Call: 2267.97
Target: 2539
BUY
26-Jun-19
Price @ Call: 2165.86
Target: 2539
BUY
14-Jun-19
Price @ Call: 2190.98
Target: 2500
BUY
HDFC is trading at 4.1x of its FY2021E book value, which we believe is reasonable considering strong operating metrics, consistencyand sustainable business model. While the NBFCindustry faces its own challenges, the consistency and relative outperformance of HDFC will help itto sustain premium valuations. We maintain ourBuy rating on the stock with a revised price target(PT) of Rs 2,500.
... Read more
14-May-19
Price @ Call: 1951.01
Target: 2330
BUY
HDFC has maintained a cautious stance on the wholesale segment over the last five years (~13% CAGR), when the sector was growing at a rapid pace. The share of wholesale in overall AUM has declined 350bp+ to 29% over FY14-19. In the current stress liquidity period for NBFCs, the preference of debt markets/banks would be toward well-established and strong parentage companies, and HDFC is well placed to capitalize on this. The company is sitting with strong capitalization (Tier I 17.6%) – networth has doubled (to INR737b+) over FY17-19, helped by a capital raise of INR120b+, warrant conversion of INR55b+ and strong internal accruals. We largely maintain our estimates. Maintain Buy with an SOTP-based TP of INR 2,330.
... Read more
14-May-19
Price @ Call: 1951.01
Target: 2300
BUY
HDFC is available at 3.7x its FY2021E book value, which we believe is reasonable considering its strong operating metrics, consistency and sustainable business model. Thus, we maintain our Buy rating on the stock with an unchanged price target (PT) of Rs. 2,300.
... Read more
13-May-19
Price @ Call: 1961.45
Target: 2274
BUY
Sequential asset quality improved as GNPA declined 4bps QoQ, absolute GNPA still grew higher 18% YoY. While our loan growth (16-18%) and NIM (3.3-3.4%) estimates spell conservatism on account of market apprehensions (competition from PSBs, falling corporate loans traction on concerns), the same stand rightly offset with improving credit costs (~30bps) and GNPA estimates at 1.25-1.3% over FY20-21. Capital sufficiency (19%+), extra provisioning and superior asset quality prompt us to reiterate BUY. Our TP at Rs2,274 based on SOTP metrics values HDFC at 2.7x at Mar-21 PABV incorporating slight moderation in earnings of subsidiaries on account of anticipated subdued capital markets.
... Read more
31-Jan-19
Price @ Call: 1885.5
Target: 2050
BUY
HDFC Ltd, due to its superior fundamentals, commanded premium valuations compared to its peers. The company has maintained superior return ratios across economic cycles with RoA at ~2-2.5% & credit growth at 20% CAGR since FY07. Going ahead, we expect PAT of | 9344 crore in FY20E. With moderation in credit growth seen in the past quarter, we alter our loan estimates and expect 14.2% CAGR to | 467610 crore by FY20E. Other parameters such as NIM/spread and asset quality are expected to moderate, going ahead. We value the standalone business at 2.5x FY20E ABV. We maintain our SOTP (15% discount) based target price at Rs 2050/share. We maintain our BUY rating on the stock. With its leadership position intact in the housing finance space, in the current environment, we expect the company to be able to further gain market share and deliver a strong operating performance.
... Read more
30-Jan-19
Price @ Call: 1918.8
Target: 2300
BUY
HDFC’s retail loan growth is impressive, despite intense competition and a high base. The next few quarters would be even better, given easing competition due to liquidity issues. Over the past nine months, HDFC has hiked its home loan rate by 60-70bp, resulting in improved profitability versus the past two years. While corporate loan growth has slowed down, we believe it is only cyclical and should revert to normal soon. We largely maintain our FY19/20 estimates. Maintain Buy with an SOTP-based TP of INR2,300.
... Read more
30-Jan-19
Price @ Call: 1918.8
Target: 2266
BUY
We expect 20% YoY growth in Q4FY19E and 19.4% growth in FY19E while seasonal destocking to decrease EBITDA margin to 32.2% in Q4FY19E and result in 35.7% margin in FY19E. While Guwahati plant utilisaiton rate is 60%, the management guided for more capacity addition to manufacture more products from Strides portfolio. This will lead to better tax management as Guwahati being a tax benefit zone. With better traction of new products/brands as well as generation of incremental Rx, we expect stronger cash flow, lower debt and higher return ratios. With stability of sales from the acquired portfolios and better visibility of earnings, we incorporate earnings estiamtes of FY21E as well as adjust our new TP to R695 on PE 26.5x of FY21E earnigns. We maintian ‘Accumulate’.
... Read more
22-Jan-19
Price @ Call: 1980.41
Target: 2200
BUY

HDFC Share Price Target - Broker Reports - 2018

30-Nov-18
Price @ Call: 1976.5
Target: 2112
HOLD
2-Nov-18
Price @ Call: 1761.7
Target: 2265
BUY
17-Sep-18
Price @ Call: 1883.33
Target: 2115
BUY
31-Jul-18
Price @ Call: 2028.05
Target: 2160
HOLD
31-Jul-18
Price @ Call: 2028.05
Target: 2454
BUY
31-Jul-18
Price @ Call: 2028.05
Target: 2335
BUY
31-Jul-18
Price @ Call: 2028.05
Target: 2287
BUY
27-Jun-18
Price @ Call: 1916.93
Target: 2190
BUY
2-May-18
Price @ Call: 1894.34
Target: 2250
BUY
30-Apr-18
Price @ Call: 1882.48
Target: 2200
BUY
2-May-18
Price @ Call: 1884.65
Target: 2160
HOLD
30-Apr-18
Price @ Call: 1882.48
Target: 2225
BUY
30-Apr-18
Price @ Call: 1882.48
Target: 2228
BUY
17-Apr-18
Price @ Call: 1870.7
Target: 2294
BUY
3-Apr-18
Price @ Call: 1828.78
Target: 2225
BUY
30-Jan-18
Price @ Call: 1953.87
Target: 2160
BUY
29-Jan-18
Price @ Call: 1948.45
Target: 2130
HOLD
29-Jan-18
Price @ Call: 1948.45
Target: 2260
BUY
8-Jan-18
Price @ Call: 1725.95
Target: 1995
BUY

HDFC Share Price Target - Broker Reports - 2017

21-Nov-17
Price @ Call: 1691.9
Target: 1995
BUY
13-Nov-17
Price @ Call: 1678.92
Target: 1800
BUY
9-Nov-17
Price @ Call: 1746.85
Target: 1900
BUY
7-Nov-17
Price @ Call: 1784.3
Target: 1995
BUY
6-Nov-17
Price @ Call: 1775.35
Target: 1980
BUY
31-Oct-17
Price @ Call: 1705.5
Target: 1777
HOLD
31-Oct-17
Price @ Call: 1706.35
Target: 2000
BUY
10-Oct-17
Price @ Call: 1752
Target: 2056
BUY
28-Jul-17
Price @ Call: 1785
Target: 1995
BUY
14-Jul-17
Price @ Call: 1654.5
Target: 1786
BUY
25-May-17
Price @ Call: 1525
Target: 1710
BUY
9-May-17
Price @ Call: 1529
Target: 1850
BUY
5-May-17
Price @ Call: 1546.36
Target: 1690
ACCUMULATE
5-May-17
Price @ Call: 1546.36
Target: 1750
BUY
28-Apr-17
Price @ Call: 1564
Target: 1593
HOLD
5-May-17
Price @ Call: 1564.4
Target: 1797
BUY
30-Jan-17
Price @ Call: 1372
Target: 1564
HOLD
31-Jan-17
Price @ Call: 1365
Target: 1570
BUY
3-Feb-17
Price @ Call: 1395.78
Target: 1540
BUY
6-Jan-17
Price @ Call: 1217
Target: 1400
BUY

HDFC Share Price Target - Broker Reports - 2016

26-Oct-16
Price @ Call: 1335
Target: 1450
HOLD
18-Aug-16
Price @ Call: 1374.45
Target: 1500
BUY
29-Jul-16
Price @ Call: 1380
Target: 1560
BUY
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  • HDFC Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 31,853.62
    Upside Target 21,824.03
    Upside Target 11,802.57
    Pivot1,772.98
    Downside Target 11,751.52
    Downside Target 21,721.93
    Downside Target 31,700.47
  • HDFC Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 32,040.13
    Upside Target 21,979.32
    Upside Target 11,880.63
    Pivot1,819.82
    Downside Target 11,721.13
    Downside Target 21,660.32
    Downside Target 31,561.63
  • HDFC Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 32,074.47
    Upside Target 22,003.18
    Upside Target 11,892.57
    Pivot1,821.28
    Downside Target 11,710.67
    Downside Target 21,639.38
    Downside Target 31,528.77
  • HDFC Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 31,824.03
    Upside Target 21,804.53
    Upside Target 11,792.48
    Pivot1,772.98
    Downside Target 11,753.48
    Downside Target 21,741.43
    Downside Target 31,721.93
  • HDFC Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 31,979.32
    Upside Target 21,918.39
    Upside Target 11,880.75
    Pivot1,819.82
    Downside Target 11,758.89
    Downside Target 21,721.25
    Downside Target 31,660.32
  • HDFC Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 32,003.18
    Upside Target 21,933.7
    Upside Target 11,890.77
    Pivot1,821.28
    Downside Target 11,751.8
    Downside Target 21,708.87
    Downside Target 31,639.38
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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