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Indian (NIFTY) Financials Sector Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies634
  • 7D-2.3%
  • 3M1.6%
  • 1Y17.5%
  • YTD-1.2%

Over the last 7 days, the Financials industry has remained flat, although notably ICICI Bank gained 3.6%. As for the the longer term, the industry is up 16% over the past 12 months. 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
Sat, 10 Jan 2026₹117.5t₹35.2t₹6.6t23.6x17.8x3.3x
Mon, 08 Dec 2025₹117.3t₹35.1t₹6.6t22.9x17.9x3.3x
Wed, 05 Nov 2025₹115.2t₹34.7t₹6.5t24.9x17.7x3.3x
Fri, 03 Oct 2025₹109.0t₹35.0t₹6.4t24.3x17x3.1x
Sun, 31 Aug 2025₹104.1t₹35.1t₹6.4t22.3x16.2x3x
Tue, 29 Jul 2025₹107.4t₹34.6t₹6.4t24.7x16.7x3.1x
Thu, 26 Jun 2025₹108.8t₹34.3t₹6.4t25x17.1x3.2x
Sat, 24 May 2025₹105.6t₹34.1t₹6.3t21.1x16.7x3.1x
Mon, 21 Apr 2025₹101.9t₹34.2t₹6.3t20.2x16.1x3x
Wed, 19 Mar 2025₹93.7t₹34.0t₹6.3t18.8x14.9x2.8x
Fri, 14 Feb 2025₹94.0t₹34.1t₹6.3t20.9x14.9x2.8x
Sun, 12 Jan 2025₹94.6t₹34.4t₹6.1t22.8x15.5x2.8x
Tue, 10 Dec 2024₹104.3t₹34.4t₹6.1t23.8x17.1x3x
Thu, 07 Nov 2024₹102.0t₹34.0t₹6.0t24.4x16.9x3x
Sat, 05 Oct 2024₹101.5t₹33.2t₹5.9t23.5x17.2x3.1x
Mon, 02 Sep 2024₹101.9t₹33.1t₹5.9t23.4x17.4x3.1x
Wed, 31 Jul 2024₹102.3t₹32.9t₹5.8t24.5x17.7x3.1x
Fri, 28 Jun 2024₹99.1t₹32.0t₹5.6t22.7x17.8x3.1x
Sun, 26 May 2024₹95.4t₹31.2t₹5.5t20.8x17.2x3.1x
Tue, 23 Apr 2024₹91.3t₹30.1t₹5.2t21.7x17.5x3x
Thu, 21 Mar 2024₹86.6t₹29.7t₹5.2t20.2x16.8x2.9x
Sat, 17 Feb 2024₹90.7t₹29.7t₹5.2t22.9x17.6x3.1x
Mon, 15 Jan 2024₹92.1t₹29.4t₹5.3t22.4x17.4x3.1x
Wed, 13 Dec 2023₹89.2t₹29.3t₹5.3t21.1x16.9x3x
Fri, 10 Nov 2023₹81.4t₹29.5t₹5.3t21.4x15.3x2.8x
Sun, 08 Oct 2023₹82.8t₹28.5t₹5.0t22.2x16.5x2.9x
Tue, 05 Sep 2023₹80.5t₹28.5t₹5.0t20.4x16x2.8x
Thu, 03 Aug 2023₹77.4t₹27.9t₹4.8t21.8x16.1x2.8x
Sat, 01 Jul 2023₹72.7t₹26.6t₹4.6t21.9x15.7x2.7x
Mon, 29 May 2023₹69.3t₹27.0t₹4.6t20x15.1x2.6x
Wed, 26 Apr 2023₹66.3t₹25.7t₹4.4t19x15.2x2.6x
Fri, 24 Mar 2023₹62.4t₹25.5t₹4.3t18.3x14.5x2.5x
Sun, 19 Feb 2023₹64.9t₹25.4t₹4.3t19.9x15x2.6x
Tue, 17 Jan 2023₹67.6t₹24.2t₹3.8t21.8x17.7x2.8x
Price to Earnings Ratio

17.7x


Total Market Cap: ₹67.6tTotal Earnings: ₹3.8tTotal Revenue: ₹24.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Financials Sector Price to Earnings3Y Average 16.5x202420252026
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 16.5x.
  • The 3-year average PS ratio of 3.0x is lower than the industry's current PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 20% 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-2.80%
Financials-2.27%
Mortgage Finance0%0
Capital Markets-1.84%
Banks-1.85%
Insurance-2.26%
Consumer Finance-2.77%
Diversified Financial-3.53%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 23.5x.
    • Analysts are expecting annual earnings growth of 18.6%, which is higher than its past year's earnings decline of 4.2% per year.
  • Investors are most pessimistic about the Banks industry, which is trading close to its 3-year average of 14.2x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 22% 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
ICICIBANK ICICI Bank₹1.40k3.6%
+₹349.7b		12.4%PB3x
UNIONBANK Union Bank of India₹162.263.5%
+₹42.4b		56.6%PB1x
PIRAMALFIN Piramal Finance₹1.87k9.1%
+₹35.3b		n/aPE167.9x
GROWW Billionbrains Garage Ventures₹158.972.4%
+₹23.3b		n/aPE51.2x
CRISIL CRISIL₹4.74k6.4%
+₹20.8b		-16.4%PE46.3x

Latest News

UNIONBANK
₹162.26
Union Bank of India
7D
3.5%
1Y
56.6%
532215
₹1,271.95
Axis Bank
7D
0.4%
1Y
22.2%
JIOFIN
₹287.25
Jio Financial Services
7D
-4.8%
1Y
2.4%
CRISIL
₹4,742.80
CRISIL
7D
6.4%
1Y
-16.4%

CRISIL: Dividend Timelines And Steady Margins Will Shape Measured Future Upside

Analysts have raised their price target on CRISIL to ₹5,106.50 from ₹5,056.50, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E that modestly adjust their valuation framework. What's in the News A board meeting is scheduled on February 13, 2026 to consider and approve the audited consolidated and standalone financial results for the fourth quarter and year ended December 31, 2025, and to consider the payment of a final dividend for the financial year ending December 31, 2025 (Key Developments).
500247
₹2,126.75
Kotak Mahindra Bank
7D
-3.1%
1Y
21.1%

500247: Profit Margin Resilience And Share Split Will Support Future Upside

Analysts have nudged their price target for Kotak Mahindra Bank higher to ₹2,427.97 from ₹2,407.97, citing slightly more favourable assumptions on the discount rate, revenue contraction, profit margin, and forward P/E as key drivers of the update. What's in the News The Memorandum of Association has been amended after approvals from the Reserve Bank of India and shareholders, updating authorised share capital to INR 1,000,00,000 split into 1,400,00,00,000 equity shares of Re. 1 each and 100,00,00,000 preference shares of INR 5 each, with flexibility to alter capital and related rights as per applicable laws (Key Developments).
GROWW
₹158.97
Billionbrains Garage Ventures
7D
2.4%
1Y
n/a
BAJFINANCE
₹959.60
Bajaj Finance
7D
-3.1%
1Y
31.7%

BAJFINANCE: Future Returns Will Strengthen As Block Deal Refines Overhang

Analysts have kept their fair value estimate for Bajaj Finance unchanged at ₹1,329.00, with only modest tweaks to assumptions such as a slightly lower discount rate, a small adjustment to revenue growth and profit margin expectations, and a marginally reduced future P/E multiple. Together, these changes refine rather than rethink their overall view.
IRFC
₹121.25
Indian Railway Finance
7D
-5.6%
1Y
-10.7%
M&MFIN
₹348.50
Mahindra & Mahindra Financial Services
7D
-13.5%
1Y
26.5%

M&MFIN: Joint Venture Plans And Board Changes Will Mask Overvaluation

Analysts have raised their price target for Mahindra & Mahindra Financial Services to ₹335.78 from ₹325.31, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples in their models. What's in the News A board meeting is scheduled on January 28, 2026 to consider and approve unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, subject to limited review by the joint statutory auditors (company filing).
LICI
₹829.00
Life Insurance Corporation of India
7D
-3.7%
1Y
-1.3%
YESBANK
₹22.84
Yes Bank
7D
2.5%
1Y
27.2%
HDFCBANK
₹939.00
HDFC Bank
7D
-6.3%
1Y
13.4%
ICICIBANK
₹1,404.30
ICICI Bank
7D
3.6%
1Y
12.4%
PIRAMALFIN
₹1,868.20
Piramal Finance
7D
9.1%
1Y
n/a
SBIN
₹1,000.50
State Bank of India
7D
0.2%
1Y
34.6%

SBIN: Subsidiary Stake Sale And Audit Changes Will Shape Future Earnings Profile

Analysts have nudged their price target on State Bank of India slightly higher to ₹1,077.36 from ₹1,076.59, citing marginal improvements in long term profit margin assumptions and a modestly lower discount rate that together support a slightly richer future earnings multiple. What's in the News State Bank of India received regulatory approval to appoint 10 Chartered Accountant firms as Statutory Central Auditors for FY 2025-26, including 8 continuing and 2 newly appointed firms, reinforcing audit oversight for the bank.
IDBI
₹103.43
IDBI Bank
7D
-9.8%
1Y
49.0%