HDFC Bank Limited (HDB) Q2 2027 Earnings Call October 17, 2026 6:30 AM EDT
Company Participants
Srinivasan Vaidyanathan – Chief Financial Officer
Sashidhar Jagdishan – MD, CEO & Director
Anup Bagchi
Kaizad Bharucha – Deputy MD & Director
Conference Call Participants
Mahrukh Adajania
Kunal Shah – Citigroup Inc., Research Division
Rikin Shah – IIFL Research
Parag Thakkar – Fort Capital Investment Advisory Private Limited
Piran Engineer – CLSA Limited, Research Division
Chintan Joshi
Nitin Aggarwal – Motilal Oswal Securities Limited, Research Division
Ankit Bihani – Nomura Securities Co. Ltd., Research Division
Presentation
Operator
Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q2 FY ’27 Earnings Conference Call on the financial results presented by the management of HDFC Bank.
[Operator Instructions]
Please note that this conference is being recorded. I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank. Thank you, and over to you, Mr. Vaidyanathan.
Srinivasan Vaidyanathan
Chief Financial Officer
Okay. Thank you, Nirav. Good evening, and a warm welcome to all the participants. Today, we have with us Sashi, Anup and Kaizad. Without much ado, we’ll get the meeting started. With Sashi, for your opening remarks first, please.
Sashidhar Jagdishan
MD, CEO & Director
Thank you, Srini, and thank you, everyone. Let me start with the economic environment. The GDP growth in Q1 FY ’27 has been better than anticipated and high performance indicators such as industrial production, strong e-way bill, cargo activity, credit growth reflects sustained momentum. Retail consumption growth has also been robust with passenger vehicles, 2-wheeler sales all growing upwards of 30-plus percentage. Even consumer durables grew at about 11% year-on-year. This augurs very well for the economy, especially with the festive season underway. The policy — the broader policy environment has been supportive of economic activity. Alongside this, measures in the form of credit guarantee support to MSMEs have also been effective. RBI’s proactive response through measures like the special FCNR (
