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Indian (NIFTY) Banks Industry Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies41
  • 7D1.3%
  • 3M3.3%
  • 1Y20.3%
  • YTD1.0%

Over the last 7 days, the Banks industry has risen 1.3%, driven by gains in ICICI Bank and HDFC Bank of 2.8% and 1.8%, respectively. This takes the industry's 12 month performance to a gain of 20%. 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
Fri, 30 Jan 2026₹58.6t₹15.0t₹4.0t12.2x14.6x3.9x
Sun, 28 Dec 2025₹57.2t₹14.7t₹4.0t11.8x14.5x3.9x
Tue, 25 Nov 2025₹57.6t₹14.7t₹4.0t11.8x14.6x3.9x
Thu, 23 Oct 2025₹56.6t₹14.7t₹4.0t12.2x14.3x3.8x
Sat, 20 Sep 2025₹54.1t₹14.9t₹3.9t12x13.8x3.6x
Mon, 18 Aug 2025₹53.4t₹14.9t₹3.9t11.9x13.6x3.6x
Wed, 16 Jul 2025₹54.7t₹14.6t₹4.0t12.7x13.8x3.7x
Fri, 13 Jun 2025₹54.0t₹14.7t₹4.0t12.5x13.6x3.7x
Sun, 11 May 2025₹51.2t₹14.8t₹4.0t10.4x12.8x3.5x
Tue, 08 Apr 2025₹47.9t₹14.3t₹3.9t9.5x12.2x3.4x
Thu, 06 Mar 2025₹46.8t₹14.3t₹3.9t9.6x11.9x3.3x
Sat, 01 Feb 2025₹48.5t₹14.2t₹3.9t10.1x12.6x3.4x
Mon, 30 Dec 2024₹50.0t₹14.1t₹3.8t10x13.2x3.6x
Wed, 27 Nov 2024₹50.9t₹14.1t₹3.8t10.3x13.5x3.6x
Fri, 25 Oct 2024₹49.7t₹14.0t₹3.7t10.4x13.5x3.6x
Sun, 22 Sep 2024₹51.8t₹13.7t₹3.6t10.3x14.3x3.8x
Tue, 20 Aug 2024₹49.9t₹13.7t₹3.6t10.8x13.8x3.6x
Thu, 18 Jul 2024₹52.1t₹13.0t₹3.4t11.9x15.1x4x
Sat, 15 Jun 2024₹50.3t₹13.1t₹3.4t11.9x14.6x3.8x
Mon, 13 May 2024₹47.8t₹13.2t₹3.5t11.4x13.8x3.6x
Wed, 10 Apr 2024₹49.0t₹11.9t₹3.2t12.4x15.5x4.1x
Fri, 08 Mar 2024₹48.3t₹11.9t₹3.2t11.6x15.3x4.1x
Sun, 04 Feb 2024₹46.0t₹11.7t₹3.2t13.4x14.4x3.9x
Tue, 02 Jan 2024₹46.1t₹11.1t₹3.0t12.5x15.2x4.2x
Thu, 30 Nov 2023₹42.2t₹11.1t₹3.0t11.9x13.9x3.8x
Sat, 28 Oct 2023₹39.8t₹10.8t₹3.0t12.3x13.4x3.7x
Mon, 25 Sep 2023₹42.4t₹10.3t₹2.8t13.3x15x4.1x
Wed, 23 Aug 2023₹40.7t₹10.3t₹2.8t12.6x14.4x4x
Fri, 21 Jul 2023₹42.1t₹9.6t₹2.5t13.9x16.6x4.4x
Sun, 18 Jun 2023₹36.5t₹9.5t₹2.5t11.3x14.6x3.8x
Tue, 16 May 2023₹36.9t₹9.3t₹2.4t11.6x15.6x3.9x
Thu, 13 Apr 2023₹34.8t₹8.6t₹2.3t10.7x14.9x4x
Sat, 11 Mar 2023₹34.1t₹8.6t₹2.3t11.4x14.6x4x
Mon, 06 Feb 2023₹35.1t₹8.5t₹2.3t12.2x15.4x4.1x
Price to Earnings Ratio

15.4x


Total Market Cap: ₹35.1tTotal Earnings: ₹2.3tTotal Revenue: ₹8.5tTotal 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 21% 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 Market0.30%
Financials0.52%
Banks1.32%
Diversified Banks1.36%
Regional Banks-0.33%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 16.7x.
    • Analysts are expecting annual earnings growth of 30.6%, which is higher than its past year's earnings growth of 12.2% 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 12% 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
ICICIBANK ICICI Bank₹1.38k2.8%
+₹272.6b		10.2%PB2.8x
HDFCBANK HDFC Bank₹935.501.8%
+₹258.5b		10.6%PB2.5x
532215 Axis Bank₹1.36k5.3%
+₹214.3b		38.5%PB2x
SBIN State Bank of India₹1.07k1.7%
+₹164.8b		39.8%PB1.7x
KARURVYSYA Karur Vysya Bank₹302.4514.7%
+₹37.5b		55.2%PB2.3x

Latest News

AUBANK
₹987.90
AU Small Finance Bank
7D
-1.3%
1Y
65.7%
CSBBANK
₹435.30
CSB Bank
7D
-12.1%
1Y
43.7%
BANDHANBNK
₹151.99
Bandhan Bank
7D
6.7%
1Y
2.5%
YESBANK
₹21.31
Yes Bank
7D
-1.5%
1Y
12.5%

YESBANK: Upcoming Q3 Results And Subtle Assumption Shifts Will Shape Outlook

Analysts have nudged their price target on Yes Bank higher to ₹20.27 per share from ₹19.45, pointing to a slightly richer assumed fair value, a modest adjustment to the discount rate, small tweaks to revenue growth expectations, a marginally stronger profit margin, and a slightly higher future P/E multiple in their models. What's in the News Yes Bank has scheduled a board meeting for January 17, 2026 to consider and approve the unaudited standalone financial results for Q3 and the nine months ended December 31, 2025 (Key Developments).
KARURVYSYA
₹302.45
Karur Vysya Bank
7D
14.7%
1Y
55.2%
532215
₹1,364.35
Axis Bank
7D
5.3%
1Y
38.5%

532215: Governance Changes Will Support Earnings Quality Over The Medium Term

Analysts have lifted their price target for Axis Bank by ₹20 to reflect updated assumptions that include adjusted revenue growth, profit margin, discount rate and forward P/E expectations. What's in the News A board meeting is scheduled on January 26, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
INDIANB
₹909.50
Indian Bank
7D
1.4%
1Y
66.6%

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

Jan 27
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500247
₹412.35
Kotak Mahindra Bank
7D
-3.2%
1Y
8.5%
BANKINDIA
₹164.91
Bank of India
7D
-0.9%
1Y
48.3%

BANKINDIA: Upcoming Board Review And Bond Fund Utilization Will Support Stable Outlook

Analysts have raised their fair value estimate for Bank of India from ₹145.17 to ₹157.33, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that shift the balance of risks and potential reward. What's in the News Board meeting scheduled on January 21, 2026 at 15:10 Indian Standard Time to review and approve unaudited standalone and consolidated financial results for the third quarter ended December 31, 2025 (Key Developments).
BANKBARODA
₹302.45
Bank of Baroda
7D
-0.9%
1Y
36.0%

BANKBARODA: Auditor Changes, Strike Risk And Bond Plan Will Shape Steady Outlook

Analysts have inched up their fair value estimate for Bank of Baroda to ₹323.65 from ₹321.74, citing small adjustments to discount rate assumptions, revenue growth expectations and future P/E inputs, while keeping profit margin forecasts broadly in line with prior views. 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.
UNIONBANK
₹179.44
Union Bank of India
7D
2.7%
1Y
61.6%

UNIONBANK: Upcoming Results Will Confirm Higher Fair Worth Assumptions

Analysts have raised their price target for Union Bank of India, reflecting a shift to higher fair value estimates in rupees, slightly adjusted discount rates, and updated assumptions on revenue, profit margins, and future P/E levels. What's in the News A board meeting is scheduled for January 14, 2026, to review and consider the unaudited financial results for the quarter ended December 31, 2025 (Key Developments).
SBIN
₹1,066.20
State Bank of India
7D
1.7%
1Y
39.8%

SBIN: Board Moves And Fund Management Stake Sale Will Shape Earnings

Analysts have nudged their fair value estimate for State Bank of India to ₹1,112 from ₹1,101, citing slightly adjusted assumptions on discount rate, revenue growth, profit margin and forward P/E, which together point to a marginally higher implied valuation. What's in the News Board meeting scheduled for February 7, 2026 to consider State Bank of India's financial results for the quarter ended December 31, 2025 (Board Meeting).
CANBK
₹150.32
Canara Bank
7D
-2.8%
1Y
65.4%

If EPS Growth Is Important To You, Canara Bank (NSE:CANBK) Presents An Opportunity

Jan 23
If EPS Growth Is Important To You, Canara Bank (NSE:CANBK) Presents An Opportunity
HDFCBANK
₹935.50
HDFC Bank
7D
1.8%
1Y
10.6%
ICICIBANK
₹1,383.60
ICICI Bank
7D
2.8%
1Y
10.2%
IDBI
₹97.81
IDBI Bank
7D
-2.2%
1Y
23.5%