HDFC Bank Q2FY26: What should investors expect from results?

HDFC Bank Q2FY26 results may show flat profit growth, said analysts. They expect strong loan growth but pressure on margins. Results to be announced on Saturday, October 18, 2025

HDFC Bank Q2 results preview: Analysts remain divided on the earnings outlook for HDFC Bank, which is scheduled to report its second quarter results for the current financial year (Q2FY26) on Saturday, October 18, 2025.

 

For some, the bank may post a net profit growth of 9 per cent year-on-year, while others think the growth may be capped at 1 per cent.

 

However, consensus view remains that HDFC Bank may report a healthy loan growth for the recently concluded quarter with a mild pressure on margins.

 

HDFC Bank Q2 results: Date, time update

According to the bank’s stock exchange filing, a board meeting for the approval of unaudited standalone and consolidated financial results of the Bank for the quarter and half-year ended September 30, 2025 (Q2FY26) will be held on Saturday, October 18, 2025.

 

 

Besides, the bank will host an earnings call with analysts and investors at 6:00 PM IST on October 18, 2025, wherein the senior management of the bank will discuss the financial results with the participants.

 

HDFC Bank earnings recap

In the previous quarter of the current financial year (Q1FY26), HDFC Bank reported a net interest income (NII) of ₹31,437.9 crore with net interest margin (NIM) at 3.5 per cent. The net profit was ₹18,155.1 crore.

 

In the year-ago period (Q2FY25), NII was ₹30,113.9 crore with NIM at 3.7 per cent. Net profit stood at ₹16,821 crore for the quarter.  ALSO READ | 

HDFC Bank Q2 2025 results expectations

Nomura

The Japanese brokerage sees a flattish quarter-on-quarter (Q-o-Q) earnings growth for the bank, along with a low single-digit growth on an annual basis.

 

It expects HDFC Bank’s NII to come at ₹31,880 crore in Q2FY26, up 6 per cent Y-o-Y and 1 per cent Q-o-Q.

 

This would be on the back of 10 per cent Y-o-Y (4 per cent Q-o-Q) increase in loan book, and 12 per cent Y-o-Y (1 per cent Q-o-Q) in the deposit base. In absolute terms, total loans are seen at ₹27,44,100 crore and deposits at ₹28,02,800 crore.

 

The NIM, it said, may compress around 10 basis points (bps) Q-o-Q to 3.3 per cent in Q2FY26.

 

Overall, HDFC Bank’s net profit is expected to come at ₹17,540 crore in the September quarter.  ALSO READ | RIL Q2 results preview: Jio, O2C may aid growth; retail biz could lag

Emkay Global Financial Services

According to the brokerage, HDFC Bank may clock an improvement in loan growth, along with lower margin contraction compared to Q1FY26, with credit costs support earnings growth.

 

Slippages, it said, may trend down due to lower agri-related non-performing assets.

 

Emkay Global expects Q02 NII to rise around 5 per cent Y-o-Y and 0.4 per cent Q-o-Q to ₹31,561.1 crore with NIM seen at 3.4 per cent, down 22bps Y-o-Y and 7bps Q-o-Q.

 

It, however, expects pre-provision profit (PPOP) to grow 9 per cent annually, but fall 24.6 per cent sequentially to ₹26,927.5 crore. The operating profit was ₹24,705.7 crore in Q2FY25 and ₹35,733.9 crore in Q1FY26.

 

Given this, the net profit growth, too, is capped at 9 per cent Y-o-Y and 1 per cent Q-o-Q at ₹18,328.5 crore.

ICICI Securities

This domestic brokerage expects HDFC Bank’s net profit to slip 5.3 per cent Q-o-Q to ₹17,197.4 crore amid a 28 per cent sequential decline in PPOP. The operating profit is seen at ₹ 25,778 crore for the quarter.

 

NII, meanwhile, may stay flattish Q-o-Q, at ₹31,607.2 crore, with NIM coming at 3.45 per cent (down 5bps Q-o-Q).

 

ICICI Securities factors-in slippages worth ₹7,800 crore (down 13.3 per cent Q-o-Q/flat Y-o-Y).  ALSO READ | Eternal Q2 preview: Analysts expect PAT to fall 61% YoY; revenue up 43%

Elara Securities

This brokerage pegs the bank’s NII at ₹31,607.2 crore (up 4 per cent Y-o-Y), PPOP at ₹25,852.2 crore (up 4.7 per cent Y-o-Y), and net profit at ₹16,992.7 crore (up 1 per cent Y-o-Y).

 

HDFC Bank: Key monitorables in Q2 results

As per analysts, investors should watch out for the lender’s outlook on margins and loan/deposit growth.