HDBFS Q2 FY27 Guidance vs Delivery (HDBFS Management Mirror)

Q2 FY27 NIM Reported at 8.23%, Meeting the 8%+ Target Guided in Mar'26 Qtr

In Q2 FY27 results, the company reported a Net Interest Margin of 8.23%. This delivered the non-negotiable target of maintaining an 8%+ NIM originally guided in the Mar'26 Qtr and reaffirmed in the Jun'26 Qtr concall. Going forward, management intends to manage NIM within a narrow range around 8.2%+ in the near term and maintain an 8.0%+ level over the long term, despite the 25 bps repo rate hike on 7th Oct'26. Margin defense will be aided by floating rate transmission on the LAP book and favorable Q3 product mix shifts.