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Indian (NIFTY) Banks Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies41
  • 7D-6.7%
  • 3M-7.3%
  • 1Y13.2%
  • YTD-8.0%

Over the last 7 days, the Banks industry has dropped 6.7%, driven by State Bank of India declining 2.9%. In contrast, Jammu and Kashmir Bank has gained 10%. Over the past 12 months, the industry was up 13%. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

Has the Indian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026₹53.4t₹15.1t₹4.0t11.9x13.2x3.5x
Wed, 11 Feb 2026₹59.8t₹15.1t₹4.0t13.5x14.8x4x
Fri, 09 Jan 2026₹58.1t₹14.7t₹4.0t12.6x14.7x3.9x
Sun, 07 Dec 2025₹58.0t₹14.7t₹4.0t11.4x14.7x3.9x
Tue, 04 Nov 2025₹57.1t₹14.7t₹3.9t12.4x14.5x3.9x
Thu, 02 Oct 2025₹54.1t₹14.9t₹3.9t11.8x13.7x3.6x
Sat, 30 Aug 2025₹51.9t₹14.9t₹3.9t11.6x13.2x3.5x
Mon, 28 Jul 2025₹54.4t₹14.8t₹4.0t12.6x13.6x3.7x
Wed, 25 Jun 2025₹54.0t₹14.7t₹4.0t12.6x13.6x3.7x
Fri, 23 May 2025₹52.8t₹14.6t₹4.0t10.9x13.2x3.6x
Sun, 20 Apr 2025₹52.2t₹14.3t₹3.9t10.4x13.3x3.7x
Tue, 18 Mar 2025₹46.8t₹14.3t₹3.9t9.2x11.9x3.3x
Thu, 13 Feb 2025₹47.8t₹14.3t₹3.9t9.7x12.1x3.3x
Sat, 11 Jan 2025₹47.1t₹14.1t₹3.8t9.4x12.5x3.3x
Mon, 09 Dec 2024₹52.7t₹14.1t₹3.8t10.4x14x3.7x
Wed, 06 Nov 2024₹51.1t₹14.0t₹3.7t10.4x13.7x3.6x
Fri, 04 Oct 2024₹50.2t₹13.7t₹3.6t10.4x13.9x3.7x
Sun, 01 Sep 2024₹50.6t₹13.7t₹3.6t10.9x14x3.7x
Tue, 30 Jul 2024₹51.6t₹13.7t₹3.6t11.9x14.4x3.8x
Thu, 27 Jun 2024₹52.0t₹13.1t₹3.4t12.4x15.1x4x
Sat, 25 May 2024₹49.5t₹13.2t₹3.5t11.9x14.3x3.8x
Mon, 22 Apr 2024₹47.7t₹12.3t₹3.2t12.1x14.9x3.9x
Wed, 20 Mar 2024₹46.2t₹11.9t₹3.2t11.3x14.6x3.9x
Fri, 16 Feb 2024₹47.3t₹11.9t₹3.2t12x15x4x
Sun, 14 Jan 2024₹45.9t₹11.1t₹3.0t12.5x15.1x4.1x
Tue, 12 Dec 2023₹45.0t₹11.1t₹3.0t12.6x14.8x4.1x
Thu, 09 Nov 2023₹41.3t₹11.0t₹3.0t12.3x13.6x3.7x
Sat, 07 Oct 2023₹42.3t₹10.3t₹2.8t14.2x15x4.1x
Mon, 04 Sep 2023₹41.0t₹10.3t₹2.8t13.1x14.5x4x
Wed, 02 Aug 2023₹41.9t₹10.0t₹2.7t13.4x15.6x4.2x
Fri, 30 Jun 2023₹36.9t₹9.5t₹2.5t11.5x14.8x3.9x
Sun, 28 May 2023₹36.7t₹9.8t₹2.5t11x14.7x3.7x
Tue, 25 Apr 2023₹35.9t₹8.8t₹2.4t11.2x15.1x4.1x
Thu, 23 Mar 2023₹33.6t₹8.6t₹2.3t10.7x14.3x3.9x
Price to Earnings Ratio

14.3x


Total Market Cap: ₹33.6tTotal Earnings: ₹2.3tTotal Revenue: ₹8.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Banks Industry Price to Earnings3Y Average 14.1x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Banks 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 14.1x.
  • The industry is trading close to its 3-year average PS ratio of 3.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 20% per year over the last three years.
  • Revenues for these companies have grown 21% 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 industry?

IN Market-4.42%
Financials-5.37%
Banks-6.70%
Diversified Banks-6.68%
Regional Banks-7.45%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 17.1x.
    • Analysts are expecting annual earnings growth of 31.0%, which is higher than its past year's earnings growth of 10.0% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 14.1x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 10% per year.
  • In contrast, the Diversified 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
J&KBANK Jammu and Kashmir Bank₹123.6610.5%
+₹12.9b		32.0%PB0.9x
KTKBANK Karnataka Bank₹217.705.8%
+₹4.5b		27.8%PB0.7x
TMB Tamilnad Mercantile Bank₹603.001.5%
+₹1.4b		48.2%PB1x
JSFB Jana Small Finance Bank₹348.351.9%
+₹684.4m		-16.5%PB0.9x
DCBBANK DCB Bank₹168.910.6%
+₹299.3m		59.3%PB0.9x

Latest News

IDBI
₹76.90
IDBI Bank
7D
-22.3%
1Y
6.4%
532215
₹1,214.75
Axis Bank
7D
-5.7%
1Y
17.5%

532215: Preferred EV Financing Role And Governance Moves Will Support Medium Term Upside

Analysts have made a small upward tweak to their Axis Bank price target, raising it from ₹1,497.20 to ₹1,499.69. This reflects updated views on fair value, discount rate, revenue growth, profit margins and future P/E assumptions.
JSFB
₹348.35
Jana Small Finance Bank
7D
1.9%
1Y
-16.5%

JSFB: Steady Model Assumptions Will Support Upcoming Quarterly Results Outlook

Analysts have kept their price target for Jana Small Finance Bank steady at ₹490, with only very minor tweaks to inputs such as discount rate and future P/E assumptions. This reflects broadly unchanged views on the bank's risk profile and earnings potential.
INDUSINDBK
₹825.05
IndusInd Bank
7D
-6.4%
1Y
21.8%

INDUSINDBK: Digital And Gold Loan Expansion Will Support Future Upside

Analysts have lifted their price target for IndusInd Bank from ₹1,084.96 to ₹1,151.68, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Digital banking channels are now live on the Next-gen UPI 6.0 processing platform built by Mindgate Solutions, designed for high speed, scalability and reliability in real-time payments for customers and merchants across India (Key Developments).
DCBBANK
₹168.91
DCB Bank
7D
0.6%
1Y
59.3%

DCBBANK: Board Review And Updated Assumptions Will Shape Fair Outlook

Analysts have raised their price target on DCB Bank from ₹145.00 to about ₹166.38, citing updated assumptions that include the latest fair value estimate, discount rate, revenue growth, profit margin and future P/E inputs. What's in the News DCB Bank has scheduled a Board Meeting for January 23, 2026, to consider and approve the unaudited financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
SBIN
₹1,066.70
State Bank of India
7D
-2.9%
1Y
47.5%

SBIN: New Leadership And Upcoming Governance Reviews Will Guide Balanced Outlook

The analyst price target for State Bank of India has been adjusted slightly higher from ₹1,200.26 to ₹1,207.82 as analysts refine their assumptions regarding the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled for Feb 07, 2026 at 10:00 IST to consider financial results for the quarter ended Dec 31, 2025, review the security cover certificate on non convertible debt securities under SEBI LODR Regulation 54(3), and review statements of deviation or variation under Regulations 32 and 52(7)/52(7A) (Key Developments).
PNB
₹110.97
Punjab National Bank
7D
-3.6%
1Y
26.9%

PNB: Bad Loan Auctions Will Drive Upside To Current Valuation

Analysts have made only a marginal adjustment to their Punjab National Bank fair value estimate. They have kept it broadly steady around ₹132 per share, as minor tweaks to the discount rate and future P/E assumptions did not materially alter their overall view.
BANKBARODA
₹279.95
Bank of Baroda
7D
-2.8%
1Y
36.1%

BANKBARODA: Bond Issue Plan Will Drive Bullish Long Term Outlook

Analysts have inched up their Bank of Baroda price target from about ₹331 to roughly ₹333, citing small refinements to fair value drivers such as discount rate and assumed future P/E, rather than any major shift in the underlying outlook. What's in the News United Forum of Bank Unions has issued a strike notice for January 27, 2026, over various issues and demands affecting staff at Bank of Baroda branches and offices (Key Developments).
500247
₹370.00
Kotak Mahindra Bank
7D
-4.3%
1Y
-7.2%

500247: IDBI Stake Bid Will Drive Future Upside

Analysts have made a small upward adjustment to their price target for Kotak Mahindra Bank to about ₹488, reflecting marginal tweaks to fair value estimates and assumptions around discount rate, revenue growth, profit margins and future P/E. What's in the News A special and extraordinary shareholders meeting is scheduled for March 4, 2026, via postal ballot in India, to vote on appointing Anup Kumar Saha as whole time director and approving his remuneration, and to consider issuing unsecured, redeemable, non convertible debentures or bonds or other debt securities on a private placement basis during FY 2026 27.
KTKBANK
₹217.70
Karnataka Bank
7D
5.8%
1Y
27.8%
CSBBANK
₹357.15
CSB Bank
7D
0.4%
1Y
29.3%

CSBBANK: Leadership Pay And Board Actions Will Support Future Upside Potential

Analysts have kept their fair value estimate for CSB Bank steady at ₹436.67 per share, with only minor tweaks to assumptions such as a slightly lower discount rate and a marginally revised future P/E. This has resulted in a broadly unchanged price target narrative.
J&KBANK
₹123.66
Jammu and Kashmir Bank
7D
10.5%
1Y
32.0%

J&KBANK: Upcoming Results And Shareholder Meeting Will Guide Fairly Valued Outlook

Analysts have kept their price target for Jammu and Kashmir Bank broadly steady at about ₹131, reflecting only marginal tweaks to assumptions around discount rate, revenue growth, profit margin, and future P/E, rather than a change in their core view on the stock. What's in the News Board meeting scheduled for January 20, 2026, to consider and approve the unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025 (company filing).
CANBK
₹134.51
Canara Bank
7D
-3.9%
1Y
63.1%

CANBK: Interim Leadership And Updated Assumptions Will Shape A Balanced Outlook

Analysts have trimmed their fair value estimate for Canara Bank from ₹160.23 to ₹159.34, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on January 29, 2026 to consider and approve the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
TMB
₹603.00
Tamilnad Mercantile Bank
7D
1.5%
1Y
48.2%

Is Now The Time To Put Tamilnad Mercantile Bank (NSE:TMB) On Your Watchlist?

Feb 18
Is Now The Time To Put Tamilnad Mercantile Bank (NSE:TMB) On Your Watchlist?