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Indian (NIFTY) Financials Sector Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies638
  • 7D-0.7%
  • 3M1.3%
  • 1Y20.9%
  • YTD0.8%

In the last week, Financials has been flat. As for the the longer term, the industry is up 21% over the past 12 months. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026₹120.0t₹37.0t₹6.8t21x17.6x3.2x
Sun, 18 Jan 2026₹118.9t₹35.6t₹6.6t23.7x17.9x3.3x
Tue, 16 Dec 2025₹116.4t₹35.1t₹6.6t23.7x17.7x3.3x
Thu, 13 Nov 2025₹116.2t₹35.0t₹6.5t25.3x17.8x3.3x
Sat, 11 Oct 2025₹112.2t₹35.1t₹6.5t24.8x17.3x3.2x
Mon, 08 Sep 2025₹106.1t₹35.1t₹6.4t22.8x16.5x3x
Wed, 06 Aug 2025₹106.7t₹34.7t₹6.4t24.9x16.7x3.1x
Fri, 04 Jul 2025₹110.0t₹34.2t₹6.4t25.6x17.2x3.2x
Sun, 01 Jun 2025₹107.2t₹34.4t₹6.4t23.2x16.8x3.1x
Tue, 29 Apr 2025₹103.1t₹34.2t₹6.3t20.2x16.3x3x
Thu, 27 Mar 2025₹98.3t₹34.0t₹6.3t19.4x15.6x2.9x
Sat, 22 Feb 2025₹93.4t₹34.0t₹6.3t20.2x14.9x2.7x
Mon, 20 Jan 2025₹95.5t₹34.1t₹6.1t22.8x15.6x2.8x
Wed, 18 Dec 2024₹102.8t₹34.4t₹6.1t23.9x16.9x3x
Fri, 15 Nov 2024₹96.7t₹34.0t₹6.1t22.6x15.9x2.8x
Sun, 13 Oct 2024₹101.4t₹33.2t₹5.9t23.9x17.2x3.1x
Tue, 10 Sep 2024₹101.2t₹33.1t₹5.9t23.5x17.2x3.1x
Thu, 08 Aug 2024₹98.4t₹32.9t₹5.8t23.5x16.9x3x
Sat, 06 Jul 2024₹100.6t₹31.9t₹5.6t23.1x18x3.1x
Mon, 03 Jun 2024₹94.3t₹32.1t₹5.6t20.5x16.9x2.9x
Wed, 01 May 2024₹95.1t₹30.9t₹5.4t22.4x17.5x3.1x
Fri, 29 Mar 2024₹89.7t₹29.7t₹5.2t20.4x17.4x3x
Sun, 25 Feb 2024₹91.5t₹29.7t₹5.2t22.5x17.8x3.1x
Tue, 23 Jan 2024₹92.7t₹30.1t₹5.4t22.7x17.1x3.1x
Thu, 21 Dec 2023₹88.9t₹29.3t₹5.3t20.8x16.8x3x
Sat, 18 Nov 2023₹82.6t₹29.5t₹5.4t20.6x15.4x2.8x
Mon, 16 Oct 2023₹82.5t₹28.5t₹5.0t22.3x16.4x2.9x
Wed, 13 Sep 2023₹81.8t₹28.5t₹5.0t21.2x16.3x2.9x
Fri, 11 Aug 2023₹77.7t₹28.2t₹5.0t21.1x15.7x2.8x
Sun, 09 Jul 2023₹73.7t₹26.5t₹4.6t23.1x15.9x2.8x
Tue, 06 Jun 2023₹70.0t₹26.9t₹4.6t21.4x15.1x2.6x
Thu, 04 May 2023₹67.6t₹26.0t₹4.3t19.9x15.6x2.6x
Sat, 01 Apr 2023₹62.8t₹25.5t₹4.3t18.6x14.6x2.5x
Mon, 27 Feb 2023₹62.9t₹25.4t₹4.3t19.2x14.6x2.5x
Price to Earnings Ratio

14.6x


Total Market Cap: ₹62.9tTotal Earnings: ₹4.3tTotal Revenue: ₹25.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Financials Sector Price to Earnings3Y Average 16.6x202420252026
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 16.6x.
  • 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 16% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market-1.63%
Financials-0.70%
Banks0.17%
Mortgage Finance0%0
Insurance-0.48%
Diversified Financial-0.83%
Consumer Finance-1.78%
Capital Markets-3.42%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 24.1x.
    • Analysts are expecting annual earnings growth of 19.7%, which is higher than its past year's earnings growth of 4.4% per year.
  • Investors are most pessimistic about the Banks industry, which is trading close to its 3-year average of 14.1x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 12% 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
SBIN State Bank of India₹1.22k1.5%
+₹161.5b		68.4%PB1.9x
PNB Punjab National Bank₹129.599.1%
+₹124.5b		37.5%PB1x
HDFCBANK HDFC Bank₹911.850.9%
+₹122.3b		7.8%PB2.5x
UNIONBANK Union Bank of India₹193.988.4%
+₹115.3b		67.7%PB1.1x
CANBK Canara Bank₹154.158.7%
+₹112.3b		76.5%PB1.2x

Latest News

MUTHOOTFIN
₹3,460.00
Muthoot Finance
7D
-3.5%
1Y
56.4%
CANBK
₹154.15
Canara Bank
7D
8.7%
1Y
76.5%

CANBK: Interim Leadership And Stable Assumptions Will Shape A Measured Outlook

Analysts have kept their price target for Canara Bank broadly unchanged at about ₹160, reflecting similar fair value estimates. They have fine-tuned assumptions such as a slightly lower discount rate, steady revenue growth, a stable profit margin and a marginally adjusted future P/E multiple.
511243
₹1,671.05
Cholamandalam Investment and Finance
7D
-2.2%
1Y
20.7%

511243: Board Meeting, Interim Dividend And Governance Review Will Shape Balanced Outlook

Analysts have nudged their price target for Cholamandalam Investment and Finance slightly higher to ₹1,816 from about ₹1,794. This reflects updated assumptions on discount rate, revenue growth, profit margin and forward P/E that together point to a modest recalibration of fair value rather than a major shift in outlook.
ICICIBANK
₹1,394.50
ICICI Bank
7D
-1.4%
1Y
13.1%

ICICIBANK: Future GST Dispute Resolutions Will Support Bullish Case

Analysts have slightly lifted their fair value estimate for ICICI Bank, with the price target moving from about ₹1,704 to roughly ₹1,709. This reflects small adjustments to the discount rate, long term revenue assumptions, profit margins and future P/E expectations.
GROWW
₹169.16
Billionbrains Garage Ventures
7D
-2.2%
1Y
n/a

Investors Still Waiting For A Pull Back In Billionbrains Garage Ventures Limited (NSE:GROWW)

Feb 13
Investors Still Waiting For A Pull Back In Billionbrains Garage Ventures Limited (NSE:GROWW)
BSE
₹2,739.50
BSE
7D
-9.4%
1Y
42.7%

Need To Know: Analysts Are Much More Bullish On BSE Limited (NSE:BSE) Revenues

Feb 12
Need To Know: Analysts Are Much More Bullish On BSE Limited (NSE:BSE) Revenues
HDFCBANK
₹911.85
HDFC Bank
7D
0.9%
1Y
7.8%

HDFCBANK: Lower Discount Rate Will Support Rebound Despite Recent Regulatory Penalty

Analysts have lifted their price target for HDFC Bank from ₹1,138.35 to ₹1,155.18, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels that together support a slightly higher assessed fair value. What's in the News Penalty of ₹9.1 million imposed on HDFC Bank by the Reserve Bank of India for contraventions related to interest rate directions, outsourcing guidelines and KYC norms, with the bank stating that corrective actions have been taken and that it is in compliance as of the latest communication (regulatory filing).
532215
₹1,368.25
Axis Bank
7D
2.6%
1Y
35.7%

532215: Boardroom Changes And Stable Risk Oversight Will Support Medium Term Earnings Quality

Analysts have raised their price target for Axis Bank from ₹1,428 to ₹1,490, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News A board meeting is scheduled for November 26, 2025, at 15:00 IST to consider the appointment of Anand Viswanathan as Chief Risk Officer for a 3-year term starting January 1, 2026, replacing Amit Talgeri, and to discuss other matters (Key Developments).
INDIANB
₹946.70
Indian Bank
7D
8.4%
1Y
83.4%

INDIANB: Governance Decisions And Refined Risk Assumptions Will Shape A Balanced Outlook

Analysts have raised their price target on Indian Bank from ₹950.31 to ₹989.83, incorporating updated assumptions on discount rate, revenue growth, profit margin and future P/E. This reflects a refined view of the bank's risk profile and earnings potential within their models.
PNB
₹129.59
Punjab National Bank
7D
9.1%
1Y
37.5%
UNIONBANK
₹193.98
Union Bank of India
7D
8.4%
1Y
67.7%

UNIONBANK: Stable Outlook As CFO Transition And Results Guide Fair Assessment

Analysts have kept their fair value estimate for Union Bank of India broadly unchanged at ₹194.73. The slight adjustment is linked mainly to a lower discount rate and a marginally reduced future P/E assumption, which together refine rather than reset their valuation view.
SBIN
₹1,216.10
State Bank of India
7D
1.5%
1Y
68.4%

SBIN: New Leadership And Auditor Appointments Will Shape Earnings Outlook

Analysts have nudged up their fair value estimate for State Bank of India from ₹1,112.31 to ₹1,122.69, citing tweaks to discount rate assumptions, slightly different revenue growth and profit margin expectations, and a modest adjustment to future P/E multiples. What's in the News A board meeting is scheduled on February 7, 2026 at 10:00 Indian Standard Time to consider the financial results for the quarter ended December 31, 2025, along with the Limited Review Report (company filing).
BANKBARODA
₹309.05
Bank of Baroda
7D
7.5%
1Y
47.0%

BANKBARODA: Bond Plan For Infrastructure And Housing Will Support Bullish Outlook

Analysts have nudged their price target for Bank of Baroda higher from ₹323.65 to ₹330.94, citing updated assumptions around expected revenue growth, profit margins and future P/E levels. What's in the News United Forum of Bank Unions has given notice of a proposed strike on January 27, 2026, over various issues and demands, and the bank has indicated that while it is planning for smooth operations, branch and office functioning may still be affected if the strike goes ahead (Key Developments).
HDFCAMC
₹2,715.70
HDFC Asset Management
7D
-3.5%
1Y
43.2%

HDFCAMC: Stable Margins And Upcoming Results Will Support Future Confidence

Analysts have made a marginal upward adjustment to their fair value estimate for HDFC Asset Management to ₹3,060, reflecting updated assumptions around the discount rate, revenue growth, profit margins, and future P/E multiple. What's in the News A board meeting is scheduled on January 14, 2026, to review and approve the unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025, subject to a limited review by the statutory auditors (Key Developments).
TATACAP
₹345.00
Tata Capital
7D
-2.3%
1Y
n/a
JIOFIN
₹258.60
Jio Financial Services
7D
-2.0%
1Y
10.7%