MACQUARIE ON HDFC BANK
Target 1150
Recommendation Outperform
KEY TAKEAWAYS
CEO uncertainty persists; tenure slated to expire on October 26, 2026
There are two main options now, considering the paucity of time
Either the MD & CEO gets a tenure extension of say around 6 months or a full 3-year tenure
In case of the former, the messaging here is that the board is looking for candidates apart from the current CEO and wants time from RBI to recommend a new list
In case of latter, the uncertainty ends with respect to the CEO tenure
August 28, 2026 59
