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Indian (NIFTY) Financials Sector Analysis

UpdatedMay 23, 2026
DataAggregated Company Financials
Companies634
  • 7D0.3%
  • 3M-8.9%
  • 1Y-1.4%
  • YTD-7.6%

Over the last 7 days, the Financials industry has dropped 1.1%, driven by State Bank of India declining 1.5%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

Has the Indian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 23 May 2026₹110.8t₹37.6t₹7.1t22.6x15.7x3x
Mon, 20 Apr 2026₹115.0t₹37.1t₹6.8t21.9x16.8x3.1x
Wed, 18 Mar 2026₹109.2t₹37.0t₹6.8t19.9x16.1x2.9x
Fri, 13 Feb 2026₹120.7t₹36.9t₹6.8t22.4x17.8x3.3x
Sun, 11 Jan 2026₹117.5t₹35.2t₹6.6t23.6x17.8x3.3x
Tue, 09 Dec 2025₹115.7t₹35.1t₹6.6t22.8x17.6x3.3x
Thu, 06 Nov 2025₹115.2t₹34.7t₹6.5t24.9x17.8x3.3x
Sat, 04 Oct 2025₹109.4t₹35.0t₹6.4t24.3x17x3.1x
Mon, 01 Sep 2025₹104.1t₹35.1t₹6.4t22.3x16.2x3x
Wed, 30 Jul 2025₹107.9t₹34.6t₹6.4t25x16.8x3.1x
Fri, 27 Jun 2025₹109.9t₹34.2t₹6.4t25.2x17.3x3.2x
Sun, 25 May 2025₹105.6t₹34.1t₹6.3t21.1x16.7x3.1x
Tue, 22 Apr 2025₹103.9t₹34.2t₹6.3t20.9x16.4x3x
Thu, 20 Mar 2025₹95.1t₹34.0t₹6.3t19.2x15.2x2.8x
Sat, 15 Feb 2025₹92.6t₹34.1t₹6.3t20.3x14.7x2.7x
Mon, 13 Jan 2025₹94.6t₹34.4t₹6.1t22.7x15.5x2.8x
Wed, 11 Dec 2024₹104.4t₹34.4t₹6.1t23.9x17.1x3x
Fri, 08 Nov 2024₹101.4t₹34.0t₹6.0t24.6x16.8x3x
Sun, 06 Oct 2024₹101.5t₹33.2t₹5.9t23.5x17.2x3.1x
Tue, 03 Sep 2024₹102.6t₹33.1t₹5.9t23.5x17.5x3.1x
Thu, 01 Aug 2024₹102.5t₹32.9t₹5.8t24.5x17.7x3.1x
Sat, 29 Jun 2024₹99.0t₹32.0t₹5.6t22.5x17.7x3.1x
Mon, 27 May 2024₹95.2t₹31.2t₹5.5t20.8x17.2x3.1x
Wed, 24 Apr 2024₹92.9t₹30.1t₹5.2t22x17.8x3.1x
Fri, 22 Mar 2024₹88.0t₹29.7t₹5.2t20.6x17.1x3x
Sun, 18 Feb 2024₹90.7t₹29.7t₹5.2t23.1x17.6x3.1x
Tue, 16 Jan 2024₹93.0t₹29.4t₹5.3t22.9x17.5x3.2x
Thu, 14 Dec 2023₹89.6t₹29.3t₹5.3t21.1x16.9x3.1x
Sat, 11 Nov 2023₹81.7t₹29.5t₹5.4t21.2x15.3x2.8x
Mon, 09 Oct 2023₹82.8t₹28.5t₹5.0t22.2x16.5x2.9x
Wed, 06 Sep 2023₹80.7t₹28.5t₹5.0t20.9x16.1x2.8x
Fri, 04 Aug 2023₹77.0t₹27.9t₹4.8t21.5x16x2.8x
Sun, 02 Jul 2023₹72.7t₹26.6t₹4.6t21.9x15.7x2.7x
Tue, 30 May 2023₹69.8t₹26.9t₹4.6t19.9x15.2x2.6x
Price to Earnings Ratio

15.2x


Total Market Cap: ₹69.8tTotal Earnings: ₹4.6tTotal Revenue: ₹26.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Financials Sector Price to Earnings3Y Average 16.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Financials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 16.7x.
  • The industry is trading close to its 3-year average PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Financials sector?

IN Market0.48%
Financials0.30%
Insurance1.36%
Capital Markets0.61%
Banks0.27%
Diversified Financial0.20%
Mortgage Finance0%0
Consumer Finance-0.58%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 25.6x.
    • Analysts are expecting annual earnings growth of 17.5%, which is higher than its past year's earnings growth of 4.8% per year.
  • Investors are most pessimistic about the Banks industry, which is trading below its 3-year average of 14.0x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 24% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ICICIBANK ICICI Bank₹1.26k1.6%
+₹141.9b		-12.8%PB2.5x
532215 Axis Bank₹1.29k3.2%
+₹125.6b		6.2%PB1.9x
LICI Life Insurance Corporation of India₹812.951.7%
+₹87.3b		-5.5%PE9.1x
BSE BSE₹4.19k4.8%
+₹78.8b		71.3%PE68.8x
BAJAJFINSV Bajaj Finserv₹1.77k2.2%
+₹60.4b		-13.3%PE28.7x

Latest News

LICI
₹812.95
Life Insurance Corporation of India
7D
1.7%
1Y
-5.5%
POLICYBZR
₹1,792.40
PB Fintech
7D
6.2%
1Y
0.8%
Narrative Update • May 22

POLICYBZR: Future Upside Will Rely On Disciplined Margin Expansion

Analysts have nudged their price target for PB Fintech slightly higher to ₹2,310 from ₹2,300, reflecting revised assumptions on discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Board meeting scheduled on May 06, 2026, to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, along with related regulatory declarations (Key Developments).
BSE
₹4,193.80
BSE
7D
4.8%
1Y
71.3%
Narrative Update • May 19

BSE: Elevated Future P/E Will Limit Returns Despite Higher Margin Expectations

Analysts have lifted their price target for BSE from ₹1,751.82 to ₹3,620.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. What's in the News BSE plans to pay an annual dividend of ₹10.00 per share, with payment scheduled for September 17, 2026, and ex-date and record date on July 10, 2026 (Key Developments).
MCX
₹3,269.90
Multi Commodity Exchange of India
7D
-3.6%
1Y
151.8%
Narrative Update • May 18

MCX: Coal Exchange Subsidiary Will Sustain Elevated P/E And Restrain Future Returns

Analysts have raised their fair value estimate for Multi Commodity Exchange of India from ₹2,577.00 to about ₹2,647.82, citing updated assumptions related to discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for May 8, 2026 at 15:00 IST to review and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider a dividend recommendation for the full year (Key Developments).
LTF
₹270.15
L&T Finance
7D
-3.8%
1Y
54.3%
532215
₹1,285.25
Axis Bank
7D
3.2%
1Y
6.2%
Narrative Update • May 16

532215: EV Financing Partnership Will Support Stronger Long Term Outlook

Analysts have lifted Axis Bank's price target from ₹1,483.92 to ₹1,581.45, citing updated assumptions around revenue growth, profit margins and future P/E, which they say support a higher fair value estimate. What's in the News Axis Bank has scheduled a board meeting on April 25, 2026, to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, consider a final dividend for the year, evaluate fund raising options, and approve convening the 32nd Annual General Meeting (Key Developments).
SBIN
₹949.20
State Bank of India
7D
-1.5%
1Y
20.1%
BAJFINANCE
₹916.55
Bajaj Finance
7D
0.7%
1Y
-0.8%
Analysis Article • May 15

Here's Why We Think Bajaj Finance (NSE:BAJFINANCE) Is Well Worth Watching

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
PFC
₹430.55
Power Finance
7D
-3.4%
1Y
6.1%
500247
₹384.20
Kotak Mahindra Bank
7D
-0.8%
1Y
-8.6%
Narrative Update • May 11

500247: Dividend And Governance Decisions Will Support Future Upside Potential

Analysts have reduced their fair value estimate for Kotak Mahindra Bank from ₹468.47 to ₹461.33, citing updated assumptions that include slightly softer revenue expectations, a modestly higher profit margin outlook, and a somewhat lower future P/E multiple. What's in the News Kotak Mahindra Bank's board has recommended a dividend of ₹0.65 per equity share with a face value of ₹1 for the year ended March 31, 2026, subject to shareholder approval (Key Developments).
M&MFIN
₹299.55
Mahindra & Mahindra Financial Services
7D
-6.6%
1Y
17.0%
Narrative Update • May 10

M&MFIN: Dividend Timeline And Tweaked Assumptions Will Shape Balanced Outlook

Analysts have trimmed their price target on Mahindra & Mahindra Financial Services by about ₹12.55 to ₹348, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News Mahindra & Mahindra Financial Services declared an annual dividend of ₹7.50 per share, with payment scheduled for August 20, 2026, and an ex date and record date of July 13, 2026 (Key Developments).
BAJAJFINSV
₹1,766.00
Bajaj Finserv
7D
2.2%
1Y
-13.3%
CENTRALBK
₹31.27
Central Bank of India
7D
-8.4%
1Y
-16.1%
ICICIBANK
₹1,264.30
ICICI Bank
7D
1.6%
1Y
-12.8%
TATACAP
₹299.70
Tata Capital
7D
-2.7%
1Y
n/a
JIOFIN
₹238.19
Jio Financial Services
7D
2.2%
1Y
-15.5%
New Narrative • Apr 23

Digital And AI Led Finance Platform Will Shape A Broad Long Term Growth Opportunity

Catalysts About Jio Financial Services Jio Financial Services operates a broad-based financial platform in India across lending, payments, investments and insurance. What are the underlying business or industry changes driving this perspective?