HDFC Bank vs ICICI Bank: One has the growth, the other has the valuation edge. Which stock to buy?

ICICI Bank has outperformed HDFC Bank in 2026, supported by stronger loan growth, deposits and profitability. While ICICI commands a valuation premium, HDFC’s 28% stock decline has created a potential recovery opportunity. Brokerages see scope for HDFC’s margins to improve, but narrowing the growth and funding gap remains key.