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Indian (NIFTY) Financials Sector Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies636
  • 7D4.8%
  • 3M-12.5%
  • 1Y3.8%
  • YTD-11.6%

The Financials industry is up 4.7% in the last week, with HDFC Bank up 5.5%. During this same period, the Piramal Finance underperformed, falling 7.2%. In the last 12 months, the industry was up 6.0%. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026₹105.2t₹37.0t₹6.8t19.9x15.5x2.8x
Fri, 06 Mar 2026₹115.7t₹37.0t₹6.8t21.2x17x3.1x
Sun, 01 Feb 2026₹117.0t₹36.2t₹6.7t22.4x17.5x3.2x
Tue, 30 Dec 2025₹117.4t₹35.2t₹6.6t23.4x17.8x3.3x
Thu, 27 Nov 2025₹112.5t₹26.0t₹6.0t23.9x18.6x4.3x
Sat, 25 Oct 2025₹114.7t₹34.9t₹6.5t24.7x17.6x3.3x
Mon, 22 Sep 2025₹109.6t₹35.0t₹6.4t23.4x17.1x3.1x
Wed, 20 Aug 2025₹109.3t₹35.1t₹6.5t23x16.9x3.1x
Fri, 18 Jul 2025₹110.1t₹34.3t₹6.4t25.6x17.2x3.2x
Sun, 15 Jun 2025₹107.3t₹34.3t₹6.4t25x16.8x3.1x
Tue, 13 May 2025₹103.2t₹34.5t₹6.4t20.7x16.2x3x
Thu, 10 Apr 2025₹94.6t₹34.0t₹6.3t19.1x15x2.8x
Sat, 08 Mar 2025₹92.3t₹34.0t₹6.3t19.4x14.7x2.7x
Mon, 03 Feb 2025₹95.5t₹34.1t₹6.2t21.7x15.3x2.8x
Wed, 01 Jan 2025₹98.9t₹34.4t₹6.1t23.6x16.2x2.9x
Fri, 29 Nov 2024₹100.3t₹34.3t₹6.1t22.7x16.5x2.9x
Sun, 27 Oct 2024₹97.8t₹33.9t₹6.0t22.5x16.4x2.9x
Tue, 24 Sep 2024₹105.3t₹33.2t₹5.9t23.4x17.9x3.2x
Thu, 22 Aug 2024₹100.4t₹33.1t₹5.9t22.6x17.1x3x
Sat, 20 Jul 2024₹101.0t₹32.0t₹5.6t23.2x18.1x3.2x
Mon, 17 Jun 2024₹98.0t₹32.0t₹5.6t21.5x17.6x3.1x
Wed, 15 May 2024₹90.8t₹31.1t₹5.6t21.4x16.3x2.9x
Fri, 12 Apr 2024₹93.9t₹29.7t₹5.1t21.9x18.2x3.2x
Sun, 10 Mar 2024₹91.6t₹29.7t₹5.2t22.1x17.8x3.1x
Tue, 06 Feb 2024₹89.3t₹29.4t₹5.1t24.4x17.4x3x
Thu, 04 Jan 2024₹90.9t₹29.3t₹5.3t21.7x17.2x3.1x
Sat, 02 Dec 2023₹85.1t₹29.3t₹5.2t20.6x16.2x2.9x
Mon, 30 Oct 2023₹80.0t₹29.2t₹5.3t20.9x15.2x2.7x
Wed, 27 Sep 2023₹82.1t₹28.5t₹5.0t22x16.3x2.9x
Fri, 25 Aug 2023₹79.2t₹28.5t₹5.0t20x15.8x2.8x
Sun, 23 Jul 2023₹78.4t₹27.2t₹4.7t23.5x16.7x2.9x
Tue, 20 Jun 2023₹70.9t₹26.6t₹4.6t21.6x15.3x2.7x
Thu, 18 May 2023₹68.6t₹26.5t₹4.4t20.1x15.5x2.6x
Sat, 15 Apr 2023₹65.4t₹25.5t₹4.3t19.6x15.2x2.6x
Price to Earnings Ratio

15.2x


Total Market Cap: ₹65.4tTotal Earnings: ₹4.3tTotal Revenue: ₹25.5tTotal 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 17% 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 Market4.18%
Financials4.82%
Capital Markets6.57%
Diversified Financial5.14%
Banks5.00%
Consumer Finance4.91%
Insurance2.07%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 24.8x.
    • Analysts are expecting annual earnings growth of 18.4%, which is higher than its past year's earnings growth of 4.9% 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 21% over the next 5 years.
  • This is better than its past earnings growth rate of 12% 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
HDFCBANK HDFC Bank₹772.005.5%
+₹622.7b		-12.7%PB2.1x
SBIN State Bank of India₹1.03k5.2%
+₹470.8b		34.1%PB1.6x
BAJFINANCE Bajaj Finance₹855.106.7%
+₹332.6b		-3.1%PE29.5x
ICICIBANK ICICI Bank₹1.25k3.3%
+₹283.6b		-4.2%PB2.6x
532215 Axis Bank₹1.25k7.6%
+₹275.9b		16.1%PB1.9x

Latest News

360ONE
₹929.25
360 One Wam
7D
-2.1%
1Y
9.6%
HDFCBANK
₹772.00
HDFC Bank
7D
5.5%
1Y
-12.7%

HDFC Bank Limited: Navigating the "HDFC 2.0" Integration Era

HDFC Bank (HDFCBANK) , India's largest private sector lender and a global systemic powerhouse, closed the April 6, 2026, trading session at ₹771.20 on the National Stock Exchange (NSE). Following its 2023 mega-merger with HDFC Ltd, the bank has spent the last two years digesting a massive mortgage book and restructuring its liabilities.
M&MFIN
₹277.50
Mahindra & Mahindra Financial Services
7D
-3.0%
1Y
7.2%

M&MFIN: Undervalued Case Will Rely On Upcoming Board And RSU Decisions

Analysts have trimmed their price target on Mahindra & Mahindra Financial Services to about ₹370 from roughly ₹376, citing slightly revised assumptions for fair value, discount rate and forward P/E, while keeping revenue growth and profit margin expectations largely in line with earlier estimates. What's in the News Shareholders are scheduled to vote via postal ballot on 7 February 2026 on appointing Ms. Padmaja Chunduru as an Independent Director for a five year term from 10 November 2025 to 9 November 2030, not liable to retire by rotation (company filing).
BAJFINANCE
₹855.10
Bajaj Finance
7D
6.7%
1Y
-3.1%
BSE
₹2,950.80
BSE
7D
10.0%
1Y
59.8%

BSE: Board Meeting And Refined Assumptions Will Support Future Upside

Analysts have maintained the fair value for BSE at ₹3,760 while refining assumptions on the discount rate, revenue growth, profit margin and future P/E. This has led to a recalibrated price target supported by updated views on earnings quality and valuation multiples.
KARURVYSYA
₹262.05
Karur Vysya Bank
7D
-9.5%
1Y
49.2%

KARURVYSYA: Higher Future P/E Assumptions Will Support More Optimistic Outlook

Analysts have maintained their fair value estimate for Karur Vysya Bank at ₹390. A slightly higher assumed future P/E multiple is offset by reduced expectations for revenue growth and profit margins.
539177
₹411.90
Authum Investment & Infrastructure
7D
-4.3%
1Y
24.9%
511218
₹930.55
Shriram Finance
7D
6.7%
1Y
44.8%

511218: Resource Mobilisation Plans Will Support Stronger Prospects Ahead

Analysts have made a small adjustment to their fair value estimate for Shriram Finance, trimming the target from about ₹1,175.93 to around ₹1,172.73 as they fine tune assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on January 23, 2026, to consider unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
PIRAMALFIN
₹1,701.50
Piramal Finance
7D
-7.2%
1Y
n/a
SAMMAANCAP
₹145.18
Sammaan Capital
7D
-2.9%
1Y
36.6%
ICICIBANK
₹1,245.50
ICICI Bank
7D
3.3%
1Y
-4.2%

ICICIBANK: Future GST Dispute Resolutions Will Support Bullish Case

Analysts have made a small cut to the ICICI Bank price target, trimming it by about ₹5 to reflect slightly adjusted fair value, discount rate, growth and margin assumptions, while keeping the forward P/E view largely consistent. What's in the News GST order from Maharashtra authority raises a tax demand of ₹3,843,353,972 with an equivalent penalty and applicable interest on services linked to specified minimum balance accounts.
LICI
₹743.20
Life Insurance Corporation of India
7D
2.4%
1Y
-5.3%

LICI: Future Government Stake Dilution Will Unlock Undervalued Upside Potential

Analysts have trimmed their price target on Life Insurance Corporation of India from about ₹1,110 to roughly ₹1,080, reflecting updated assumptions that combine higher revenue growth expectations with slightly lower profit margins and a modestly reduced forward P/E. What's in the News The government is considering a further public offering of LIC shares in the next financial year, with Financial Services Secretary M Nagaraju stating that LIC stake dilution will be handled gradually and in coordination with DIPAM (Financial Services Secretary briefing).
532215
₹1,250.70
Axis Bank
7D
7.6%
1Y
16.1%

532215: Preferred EV Financing Partnership Will Support Medium Term Upside

Analysts have made a small trim to the Axis Bank fair value estimate, with the price target moving from about ₹1,499.70 to roughly ₹1,496.18 as they refresh assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News Axis Bank has been named a preferred financing partner for Tesla in India, offering loan tenures of up to 10 years for premium electric vehicles, with end to end digital loan processing and no paperwork for buyers.
SBIN
₹1,030.40
State Bank of India
7D
5.2%
1Y
34.1%

SBIN: Upcoming Shareholder Meetings Will Strengthen Governance And Support Bullish Outlook

Analysts have inched their fair value estimate for State Bank of India slightly lower from about ₹1,207.82 to around ₹1,207.05, reflecting modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E rather than any major shift in the core outlook. What's in the News Board meeting scheduled for Feb 07, 2026 at 10:00 Indian Standard Time to consider financial results for the quarter ended Dec 31, 2025 and review related regulatory disclosures, including security cover certificates on non convertible debt securities and statements of deviation or variation under SEBI LODR regulations (Company event filing).
HDFCLIFE
₹581.70
HDFC Life Insurance
7D
-1.5%
1Y
-15.2%

HDFCLIFE: January Results Review Will Reinforce Case For Bullish Repricing

Analysts have made a small trim to their price target on HDFC Life Insurance, taking it from about ₹887.86 to around ₹887.06. This reflects fine tuning of assumptions around fair value, revenue growth, profit margin and future P/E.
530927
₹66.82
Haryana Financial
7D
-9.7%
1Y
n/a