HDFC Bank, ICICI Bank shares hit all-time high ahead of Q4 results. Which stock to buy?

HDFC Bank share price and ICICI Bank share price hit their all-time levels on Thursday ahead of their Q4 results announcements. The continued rally in banking stocks supported the outperformance of the Nifty Bank index against the benchmark Nifty 50, driving the banking index close to its 52-week high. ICICI Bank shares and HDFC Bank shares were also the top gainers on the banking pack ahead of their Q4 results this weekend.

HDFC Bank share price jumped over a per cent on Thursday to hit its record high, while ICICI Bank share price surged more than 2% to touch its lifetime high ahead of the Q4 results. HDFC Bank shares gained as much as 2.02% to their lifetime high of ₹1919.35 apiece on the BSE. Meanwhile, ICICI Bank share price also hit a record high of ₹1408.60 apiece, rallying as much as 3.82% on the BSE.

It is to be noted that the lifetime high prices of HDFC Bank shares and ICICI Bank shares include price adjustment after their respective stock splits, merger and bonus issues.

The top private lenders in the country, HDFC Bank and ICICI Bank, will declare their financial results for the fourth quarter of FY25 on April 19, Saturday. As there is a stock market holiday on Friday, April 18, investors have only one day, i.e. today, to buy or sell HDFC Bank shares or ICICI Bank shares ahead of their Q4 results 2025.

Here’s what to expect from HDFC Bank Q4 Results and ICICI Bank Q4 Results:

HDFC Bank Q4 Results Preview

HDFC Bank, the largest private sector lender in India, is expected to report marginal growth in its net profit and net interest income (NII), with margins likely to remain under pressure.

According to estimates by brokerage firm Motilal Oswal Financial Services (MOFSL), HDFC Bank is expected to post a 3.2% year-on-year (YoY) rise in net profit for Q4FY25, with NII growth seen at 5.5% YoY. Cost ratios are projected to remain stable, while margins may see a slight moderation. Slippages are expected to be contained, and asset quality is anticipated to improve.

The bank’s deposit growth in the March 2025 quarter is estimated at 14.6%, while loan growth is seen at 3.8%.

“HDFC Bank is enhancing operational efficiency to maintain stable cost ratios while continuing investments. The cost-to-income and cost-to-asset ratios are expected to decline to ~40% and 1.7%, respectively, by FY27. With strategic liability management, margin recovery, and disciplined asset quality, HDFC Bank is poised for steady growth,” MOFSL said.

It projects RoA and RoE at 1.8% and 14.1% by FY27, with the bank trading at 2.2x FY26E ABV.

ICICI Bank Q4 Results Preview

ICICI Bank is estimated to report strong performance in Q4FY25, supported by healthy business growth and further improvement in asset quality. The private lender’s net profit is expected to rise 12.3% YoY, with NII likely to grow 9.2% YoY. Margins are also expected to expand during the quarter.

“ICICI Bank is set for top performance with robust loan growth, solid asset quality, and leading returns, targeting RoA and RoE of 2.2% and 17% by FY27E. The standalone bank trades at 2.2x FY26E ABV, adjusted for subsidiaries,” MOFSL said.

Both HDFC Bank shares and ICICI Bank shares are among the top picks in the banking sector for MOFSL.

The brokerage firm has a ‘Buy’ rating for both the banking stocks, with HDFC Bank share price target at ₹2,100 and ICICI Bank share price target of ₹1,600 apiece.

Technical View

Anshul Jain, Head of Research at Lakshmishree Investment, believes ICICI Bank could outperform in the near term and the stock offers a more attractive risk-reward.

“ICICI Bank stock price has broken out of a 140-day long Volatility Contraction Pattern (VCP) at ₹1,362. While volumes are yet to pick up, the price action remains strong, suggesting further upside. A move towards ₹1,500 appears likely in the short term. Meanwhile, HDFC Bank is hovering around its all-time high of ₹1,880, where some profit booking may occur,” said Jain.

Heading into Q4 results, Jain said that ICICI Bank offers a more attractive risk-reward setup and could outperform in the near term.

HDFC Bank shares closed 1.53% higher at ₹1906.55 apiece, while ICICI Bank shares settled 3.68% higher at ₹1406.65 apiece on the BSE.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.