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Indian (NIFTY) Banks Industry Analysis

UpdatedAug 21, 2026
DataAggregated Company Financials
Companies41
  • 7D-0.6%
  • 3M4.9%
  • 1Y1.3%
  • YTD-5.6%

The Banks industry has been flat over the last week, but State Bank of India has lost 3.2%. Furthermore, the industry has been flat for the past year as well. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 21 Aug 2026₹55.2t₹15.6t₹4.4t11.2x12.7x3.5x
Sun, 19 Jul 2026₹56.7t₹15.4t₹4.2t12x13.6x3.7x
Tue, 16 Jun 2026₹54.9t₹15.5t₹4.1t12x13.3x3.5x
Thu, 14 May 2026₹51.8t₹15.6t₹4.2t12x12.5x3.3x
Sat, 11 Apr 2026₹55.0t₹15.1t₹4.0t11.9x13.6x3.6x
Mon, 09 Mar 2026₹57.3t₹15.1t₹4.0t12.7x14.2x3.8x
Wed, 04 Feb 2026₹58.7t₹15.0t₹4.0t12.2x14.6x3.9x
Fri, 02 Jan 2026₹58.1t₹14.7t₹4.0t12.4x14.7x3.9x
Sun, 30 Nov 2025₹58.3t₹14.7t₹4.0t11.6x14.8x4x
Tue, 28 Oct 2025₹56.9t₹14.7t₹4.0t12.1x14.4x3.9x
Thu, 25 Sep 2025₹53.8t₹14.9t₹3.9t11.7x13.7x3.6x
Sat, 23 Aug 2025₹53.4t₹14.9t₹3.9t12x13.6x3.6x
Mon, 21 Jul 2025₹54.1t₹14.3t₹3.8t13x14.3x3.8x
Wed, 18 Jun 2025₹53.5t₹14.7t₹4.0t12.4x13.5x3.6x
Fri, 16 May 2025₹53.1t₹14.9t₹4.0t11.2x13.2x3.6x
Sun, 13 Apr 2025₹49.0t₹14.3t₹3.9t9.7x12.4x3.4x
Tue, 11 Mar 2025₹46.6t₹14.3t₹3.9t9.7x11.9x3.3x
Thu, 06 Feb 2025₹49.0t₹14.2t₹3.9t10.4x12.7x3.4x
Sat, 04 Jan 2025₹49.7t₹14.1t₹3.8t10x13.2x3.5x
Mon, 02 Dec 2024₹51.0t₹14.1t₹3.8t10.5x13.5x3.6x
Wed, 30 Oct 2024₹50.9t₹14.0t₹3.7t9.9x13.6x3.6x
Fri, 27 Sep 2024₹52.5t₹13.7t₹3.6t10.5x14.5x3.8x
Sun, 25 Aug 2024₹50.4t₹13.7t₹3.6t10.9x13.9x3.7x
Tue, 23 Jul 2024₹51.9t₹13.4t₹3.5t11.8x14.7x3.9x
Thu, 20 Jun 2024₹51.4t₹13.1t₹3.4t11.8x14.9x3.9x
Sat, 18 May 2024₹48.3t₹13.2t₹3.5t11.5x13.9x3.7x
Mon, 15 Apr 2024₹48.8t₹11.9t₹3.2t12.2x15.4x4.1x
Wed, 13 Mar 2024₹47.3t₹11.9t₹3.2t11.3x14.9x4x
Fri, 09 Feb 2024₹46.4t₹11.9t₹3.2t12.7x14.7x3.9x
Sun, 07 Jan 2024₹46.2t₹11.1t₹3.0t12.3x15.2x4.2x
Tue, 05 Dec 2023₹43.9t₹11.1t₹3.0t12.1x14.4x4x
Thu, 02 Nov 2023₹40.4t₹10.8t₹3.0t12x13.4x3.7x
Sat, 30 Sep 2023₹42.5t₹10.3t₹2.8t13.6x15.1x4.1x
Mon, 28 Aug 2023₹40.9t₹10.3t₹2.8t13.1x14.5x4x
Price to Earnings Ratio

14.5x


Total Market Cap: ₹40.9tTotal Earnings: ₹2.8tTotal Revenue: ₹10.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Banks Industry Price to Earnings3Y Average 13.9x202420252026
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 13.9x.
  • The industry is trading close to its 3-year average PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 15% 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-0.52%
Financials-0.32%
Banks-0.56%
Diversified Banks-0.55%
Regional Banks-0.71%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 18.1x.
    • Analysts are expecting annual earnings growth of 24.3%, which is higher than its past year's earnings growth of 21.8% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 13.8x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified 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
500247 Kotak Mahindra Bank₹402.802.5%
+₹97.5b		1.4%PB2.2x
532215 Axis Bank₹1.25k2.4%
+₹89.9b		16.4%PB1.7x
FEDERALBNK Federal Bank₹361.002.8%
+₹23.9b		83.9%PB2.2x
ICICIBANK ICICI Bank₹1.42k0.2%
+₹21.5b		-1.1%PB2.7x
AUBANK AU Small Finance Bank₹1.11k2.4%
+₹19.7b		49.3%PB4.2x

Latest News

J&KBANK
₹149.01
Jammu and Kashmir Bank
7D
-4.2%
1Y
44.9%
Analysis Article • 11h

Jammu and Kashmir Bank (NSE:J&KBANK) Ticks All The Boxes When It Comes To Earnings Growth

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
539437
₹86.60
IDFC First Bank
7D
1.2%
1Y
24.3%
Narrative Update • Aug 17

539437: Fraud Review And Board Changes Will Support Future Repricing Narrative

Analysts have raised the IDFC First Bank price target from ₹96.00 to about ₹110.93, based on updated assumptions regarding fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News for IDFC First Bank IDFC First Bank has proposed amendments to its Articles of Association, including modification of Article 101A and insertion of a new Article 101B, to allow eligible investors to nominate non executive, non independent directors, subject to approvals and applicable laws.
FEDERALBNK
₹361.00
Federal Bank
7D
2.8%
1Y
83.9%
Narrative Update • Aug 16

FEDERALBNK: Lower Discount Rate Will Test Execution Against Emerging Regulatory Friction

Analysts have lifted the Federal Bank price target to ₹284 from ₹267.77, citing updated assumptions on revenue growth, profit margins and future P/E that feed into a slightly lower discount rate in their valuation models. Analyst Commentary Recent research on Federal Bank sits alongside a wider pattern of cautious tweaks to financial sector price targets.
CANBK
₹129.96
Canara Bank
7D
-1.0%
1Y
18.2%
Narrative Update • Aug 11

CANBK: New CEO And Capital Plan Will Drive Future Rerating

Analysts have nudged their price target on Canara Bank to ₹170 from ₹165, citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E that lead to a slightly higher assessed fair value. What’s in the News for Canara Bank New Chief Executive Officer.
RBLBANK
₹392.50
RBL Bank
7D
1.9%
1Y
55.0%
Narrative Update • Aug 11

RBLBANK: Terminated Emirates NBD Deal Will Continue To Cap Upside

Analysts have raised the RBL Bank price target from ₹280 to ₹290, citing updated assumptions that include a revised discount rate, an adjusted revenue growth outlook, higher profit margin expectations, and a different future P/E multiple. What's in the News for RBL Bank RBL Bank has scheduled a board meeting on July 17, 2026 to review unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 and to consider a proposal for issuing debt securities on a private placement basis, subject to regulatory and shareholder approvals.
SBIN
₹1,048.70
State Bank of India
7D
-1.8%
1Y
28.5%
Narrative Update • Aug 10

SBIN: Upcoming CFO Transition And Debt Raise Will Support Bullish Outlook

Analysts have raised their price target for State Bank of India from ₹1,195.61 to ₹1,245.89, citing changes to discount rate assumptions, revenue growth expectations, profit margins and forward P/E inputs in their valuation models. What’s in the News for State Bank of India State Bank of India scheduled a Board meeting on August 7, 2026, to consider the financial results for the quarter ended June 30, 2026.
CUB
₹217.30
City Union Bank
7D
4.2%
1Y
36.9%
Narrative Update • Aug 07

CUB: Upcoming Dividend And Capital Raise Will Support Bullish Outlook

Analysts have raised their price target for City Union Bank from ₹237.15 to ₹255.61, citing updated assumptions related to revenue growth, profit margins, and a slightly lower discount rate and future P/E multiple. What’s in the News for City Union Bank Board meeting scheduled on July 28, 2026, to consider and approve the unaudited standalone financial results for the quarter ended June 30, 2026, subject to limited review by the joint statutory central auditors of City Union Bank.
INDUSINDBK
₹1,005.60
IndusInd Bank
7D
-1.5%
1Y
32.3%
Narrative Update • Aug 06

INDUSINDBK: Upcoming Board Actions And Higher Margin Outlook Will Support Upside

Analysts have lifted their price target for IndusInd Bank from ₹1,143.40 to ₹1,250.00, citing updated assumptions that reflect slightly adjusted revenue growth expectations, a modestly different discount rate, a higher projected profit margin, and a revised future P/E estimate. What’s in the News for IndusInd Bank A board meeting is scheduled on Jul 22, 2026 to review and approve unaudited consolidated and standalone financial results for the quarter ended Jun 30, 2026.
532215
₹1,246.30
Axis Bank
7D
2.4%
1Y
16.4%
ICICIBANK
₹1,420.00
ICICI Bank
7D
0.2%
1Y
-1.1%
Narrative Update • Aug 05

ICICIBANK: Dividend And Improved Profitability Assumptions Will Support Bullish Case

Analysts have lifted their price target for ICICI Bank from ₹1,698.55 to ₹1,733.37, citing updated assumptions that reflect a slightly lower discount rate, less severe revenue decline, a higher profit margin of 43.12%, and a reduced future P/E of 22.71x. What's in the News for ICICI Bank ICICI Bank has scheduled a board meeting on June 29, 2026 at 14:00 Indian Standard Time to consider the reappointment of Ms. Vibha Paul Rishi as an Independent Director for a second term from January 23, 2027 to December 31, 2028, and to convene the 32nd Annual General Meeting.
PNB
₹116.55
Punjab National Bank
7D
-1.2%
1Y
10.7%
Narrative Update • Aug 04

PNB: Slower Revenue Outlook And Richer P/E Will Pressure Returns

Analysts have lifted their price target on Punjab National Bank from about ₹92 to roughly ₹96. This change reflects updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples.
AUBANK
₹1,108.20
AU Small Finance Bank
7D
2.4%
1Y
49.3%
IOB
₹33.01
Indian Overseas Bank
7D
-1.7%
1Y
-13.3%
500247
₹402.80
Kotak Mahindra Bank
7D
2.5%
1Y
1.4%
INDIANB
₹876.90
Indian Bank
7D
-2.0%
1Y
30.8%
Analysis Article • Jul 12

Should You Be Adding Indian Bank (NSE:INDIANB) To Your Watchlist Today?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
UNIONBANK
₹183.45
Union Bank of India
7D
-2.1%
1Y
36.1%