Goldman sees HDFC Bank market cap crossing $100 billion by 2019/2020.
Shares of HDFC Bank rose as much as 1.1 per cent to a record high of 1,659.40; the stock is up 36 per cent this year as of Wednesday's close.
Goldman Sachs sees the bank's market capitalisation rising to around $137 billion by 2019/20 under bull case scenario; its current market cap is over $65 billion.
Goldman Sachs says the key driver will be doubling of the bank's profit to $5 billionby 2020/21 as it leverages market share shift from state-owned banks and retail under-penetration using its large distribution network and low cost of funds.
It says in a note dated June 7 that the bank's positioning remains better compared to the near past to deliver a healthy 21 per cent FY17-20 EPS compound annual growth rate, with higher visibility.
The brokerage adds the shift of household savings from deposits to other financial products will aid fee growth for the lender's broking business.
It says the bank's retail broking and non-bank finance units could further add to the upside.