Abans HDFC Bank Magnifier 160% (Series 171)
Abans Jewels Ltd · HDFC Bank
You get 1.6 times HDFC Bank's rise, up to 96% (reached if the stock is up 60%), but you fall with the stock on the way down.
How well this structure fits each investor profile, derived from its protection, return potential, downside and real backtested track record. It is a fit score, not a quality grade. Best fit here: Aggressive.
No principal protection, so it carries the full market downside. Backtested track record: strong.
Balances 0% protection with up to 96% upside. Backtested track record: strong.
Prioritises up to 96% upside, accepting the full market downside. Backtested track record: strong.
What is this product
A 935-day non-principal-protected market-linked debenture from Abans (Series 171), linked to the HDFC Bank share price on the NSE. If the stock ends at or above its initial fixing level, you earn 160% of its gain measured up to a 60% move, so the return is capped at 96%. If the stock ends below the initial level, the loss is one-for-one.
- 01On the upside you earn 1.6 times HDFC Bank's gain, measured from the initial fixing level to the final fixing level.
- 02The stock's gain is counted only up to 60%, so the maximum product return is 96% (60% x 160%), which the term sheet puts at about 30% a year over the 935-day tenor.
- 03If HDFC Bank ends below its initial fixing level, you take the fall one-for-one. Principal is not protected.
- 04Entry and exit are point to point. The initial fixing level is HDFC Bank's settlement price on the NSE on 8 October 2026, the final fixing level is its settlement price on 24 April 2029, and redemption follows on 30 April 2029. There is no averaging window and no add-on.
- 05Each debenture has a face value of ₹1,00,000, invested at face value on the launch date and at a daily mark-to-market offering price after that. Gains at maturity are taxed at your own slab rate under Section 50AA of the Income-tax Act, with 10% TDS deducted on the gain, and NRIs cannot invest.
The settlement price of the HDFC Bank share on the NSE on the initial fixing date (8 October 2026). Point to point: no averaging window and no add-on.
The settlement price of the HDFC Bank share on the NSE on the final fixing date (24 April 2029). Point to point, with no averaging window. Redemption follows on 30 April 2029.
Your return is measured between these two levels, not from the underlying's level on the day you invest. Read both definitions in the term sheet before investing.
Payoff visualisation
Indicative profile of the structure's mechanics at maturity, shown out to a +100% move in the underlying. Not a forecast.
How to read this. The horizontal axis is how far the underlying (the index or stock this note tracks) moves by maturity. The gold line is what this structure pays you at each of those moves. The teal dashed line is break-even. Where the gold line is above it you make money; where it flattens, the return is capped or the capital is protected. For example, read across to a plus 10 percent move on the axis, then up to the gold line to see your return if the underlying finished 10 percent higher.
Scenario analysis
Illustrative investor return across a grid of underlying-return shocks at maturity, out to +100%. Pre-tax and post-cost; returns are not guaranteed and past performance is not indicative of future results.
| Underlying at maturity | -30% | -20% | -10% | +0% | +10% | +20% | +30% | +50% | +75% | +100% |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor return | -30.0% | -20.0% | -10.0% | +0.0% | +16.0% | +32.0% | +48.0% | +80.0% | +96.0% | +96.0% |
Underlying level history
Closing level of HDFC Bank over time. This is the history of the underlying itself, not the performance of this note.
Level of HDFC Bank. As of the 22 Oct 2026 close. History available from 1 Jan 2008.
In 89% of the 30-month holding windows since Jan 2008, Abans HDFC Bank Magnifier 160% (Series 171) would have returned more than simply holding HDFC Bank.
Data as of Oct 2026 · updated on the 1st of each month
Each point is one 30-month holding window, plotted at its maturity date; gold is this structure's return, navy is HDFC Bank over the same period, both on the note's own entry and exit convention. Indicative backtest, not a forecast.
| HDFC Bank return | % of windows | Avg HDFC Bank return | Avg structure return |
|---|---|---|---|
| Below 0% | 5% | -4.89% | -4.89% |
| 0% to 10% | 7% | +3.83% | +6.13% |
| 10% to 50% | 37% | +29.07% | +46.51% |
| Above 50% | 52% | +78.01% | +94.76% |
Across 196 rolling 30-month windows with monthly starts, from Jan 2008 to Apr 2024, grouped by what HDFC Bank did over each window. Backtested and indicative; past performance is not indicative of future results.
How often it beat the alternatives
Across every tenor-length window in the underlying's real history, how often this structure would have beaten the simple alternatives, measured on its own entry and exit levels. A historical frequency, indicative, not a forecast or a probability.
Across 196 rolling 30-month windows with monthly starts, from Jan 2008 to Apr 2024, each computed on this note's own entry and exit convention. Inflation uses CPI (World Bank / MoSPI); the fixed-deposit benchmark uses a representative 1 to 3 year bank rate. Indicative and pre-tax; past performance is not indicative of future results.
If it had matured into a crisis or a peak
Each card assumes the note matured at that moment in history. The figures are the full 30-month return ending then, on this note's own single-close entry and exit levels, so the exit is the closing level on the final fixing date itself. Real HDFC Bank path; not a forecast.
Maturing into the depths of the 2008 crash.
Price history does not reach back to the entry date this tenor needs.
Maturing just as the COVID crash hit.
Maturing near the top of the 2021 rally.
Maturing in the 2022 to 2023 range, after the full post-COVID recovery.
Risk analytics
- 160% geared upside up to a 60% move in HDFC Bank
- A 96% maximum return, which the term sheet puts at about 30% a year
- Point-to-point fixing on a single close, so no averaging drag on entry or exit
- No principal protection; the full one-for-one downside
- Upside capped at a 96% product return, so a move beyond 60% earns nothing more
- Single-stock concentration, an unrated and unlisted issuer, and low secondary liquidity
Suitable market conditions
Notes that give you a larger share of the underlying's rise in exchange for taking its falls in full. Your original money is not protected. The ceiling varies by note, from around 14 to 15% a year on the index notes to roughly twice that on the geared Magnifier series, so read each note's own stated maximum.
Documents and downloads
The official term sheet and offer document for this structure are available on request. Always read them before investing.