HDFC Bank shares fall for 2nd day but Jefferies, others brokerages remain bullish. Should you buy the dip?

HDFC Bank's Q1 FY27 standalone net profit rose 5% YoY to Rs 19,060 crore, with net interest income up 7% at Rs 33,534 crore, even as net interest margin contracted 12 bps QoQ to 3.26%. Shares fell for a second straight session after results, but brokerages Jefferies, Nomura, Motilal Oswal and JM Financial retained Buy or Add ratings with target prices between Rs 900 and Rs 1,050, implying 16 to 35 percent upside. Analysts cited attractive valuations, steady loan growth of 16% YoY, and potential margin expansion as high-cost borrowings run off over the next two years.