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Indian (NIFTY) Banks Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies41
  • 7D5.0%
  • 3M-11.1%
  • 1Y5.8%
  • YTD-10.3%

Over the last 7 days, the Banks industry has risen 5.0%, driven by gains from HDFC Bank of 5.5%. Meanwhile, Karur Vysya Bank actually underperformed within the industry, shrinking 9.5% in the last week. This means that the industry has gained 5.8% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026₹52.1t₹15.1t₹4.0t11.4x12.9x3.4x
Fri, 06 Mar 2026₹58.6t₹15.1t₹4.0t13x14.5x3.9x
Sun, 01 Feb 2026₹58.4t₹15.0t₹4.0t12.3x14.5x3.9x
Tue, 30 Dec 2025₹57.2t₹14.7t₹4.0t11.8x14.5x3.9x
Thu, 27 Nov 2025₹58.3t₹14.7t₹4.0t11.8x14.7x4x
Sat, 25 Oct 2025₹56.3t₹14.7t₹4.0t11.6x14.2x3.8x
Mon, 22 Sep 2025₹54.1t₹14.9t₹3.9t12x13.8x3.6x
Wed, 20 Aug 2025₹54.0t₹14.9t₹3.9t12.1x13.7x3.6x
Fri, 18 Jul 2025₹54.7t₹14.6t₹4.0t12.7x13.8x3.7x
Sun, 15 Jun 2025₹53.3t₹14.7t₹4.0t12.5x13.4x3.6x
Tue, 13 May 2025₹53.0t₹14.9t₹4.0t11x13.2x3.6x
Thu, 10 Apr 2025₹48.2t₹14.3t₹3.9t9.6x12.3x3.4x
Sat, 08 Mar 2025₹47.0t₹14.3t₹3.9t9.9x11.9x3.3x
Mon, 03 Feb 2025₹48.2t₹14.2t₹3.9t10.2x12.5x3.4x
Wed, 01 Jan 2025₹49.6t₹14.1t₹3.8t9.8x13.1x3.5x
Fri, 29 Nov 2024₹50.9t₹14.1t₹3.8t10.5x13.5x3.6x
Sun, 27 Oct 2024₹49.1t₹14.0t₹3.7t9.7x13.4x3.5x
Tue, 24 Sep 2024₹51.8t₹13.7t₹3.6t10.3x14.3x3.8x
Thu, 22 Aug 2024₹50.2t₹13.7t₹3.6t10.9x13.9x3.7x
Sat, 20 Jul 2024₹51.9t₹13.0t₹3.4t11.8x15x4x
Mon, 17 Jun 2024₹50.3t₹13.1t₹3.4t11.9x14.6x3.8x
Wed, 15 May 2024₹47.2t₹13.2t₹3.5t11.5x13.6x3.6x
Fri, 12 Apr 2024₹49.3t₹11.9t₹3.2t12.4x15.6x4.1x
Sun, 10 Mar 2024₹48.3t₹11.9t₹3.2t11.6x15.3x4.1x
Tue, 06 Feb 2024₹46.1t₹11.9t₹3.2t13.3x14.6x3.9x
Thu, 04 Jan 2024₹45.8t₹11.1t₹3.0t12.3x15.1x4.1x
Sat, 02 Dec 2023₹42.4t₹11.1t₹3.0t11.9x14x3.8x
Mon, 30 Oct 2023₹40.5t₹10.8t₹3.0t12.3x13.5x3.7x
Wed, 27 Sep 2023₹42.4t₹10.3t₹2.8t13.4x15x4.1x
Fri, 25 Aug 2023₹41.1t₹10.3t₹2.8t12.9x14.6x4x
Sun, 23 Jul 2023₹42.2t₹9.7t₹2.6t13.4x16.5x4.4x
Tue, 20 Jun 2023₹36.4t₹9.5t₹2.5t11.2x14.6x3.8x
Thu, 18 May 2023₹36.6t₹9.3t₹2.4t11.6x15.4x3.9x
Sat, 15 Apr 2023₹35.3t₹8.6t₹2.3t10.7x15.1x4.1x
Price to Earnings Ratio

15.1x


Total Market Cap: ₹35.3tTotal 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 Market4.18%
Financials4.82%
Banks5.00%
Regional Banks6.48%
Diversified Banks4.97%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 17.4x.
    • Analysts are expecting annual earnings growth of 29.2%, 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 29% 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 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
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
ICICIBANK ICICI Bank₹1.25k3.3%
+₹283.6b		-4.2%PB2.6x
532215 Axis Bank₹1.25k7.6%
+₹275.9b		16.1%PB1.9x
500247 Kotak Mahindra Bank₹362.702.7%
+₹94.5b		-11.7%PB2.1x

Latest News

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.
500247
₹362.70
Kotak Mahindra Bank
7D
2.7%
1Y
-11.7%

500247: Planned Debt Issuances And Leadership Changes Will Support Future Upside

Analysts have trimmed their price target on Kotak Mahindra Bank by about ₹10, reflecting slightly adjusted fair value estimates and updated assumptions for the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News A special shareholders meeting via postal ballot is scheduled for Mar 4, 2026, to consider appointing Anup Kumar Saha as whole time director (executive director) and approving his remuneration.
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.
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.
INDIANB
₹905.25
Indian Bank
7D
7.0%
1Y
65.5%

INDIANB: Q3 Results And Minor Assumption Tweaks Will Support A Constructive View

Analysts have nudged their fair value estimate for Indian Bank slightly higher to ₹1,005.58 from ₹1,000.25, reflecting marginal tweaks to assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News An industry wide strike notice has been served by the United Forum of Bank Unions for January 27, 2026.
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).
UNIONBANK
₹171.88
Union Bank of India
7D
4.7%
1Y
42.2%

UNIONBANK: Bond Issuance Plans And CFO Transition Will Support Bullish Outlook

Analysts have kept the fair value estimate for Union Bank of India unchanged at ₹198.40, reflecting very small adjustments to assumptions around discount rate, revenue growth, profit margin and future P/E that do not materially alter their overall view. What's in the News A board meeting is scheduled for January 14, 2026 to consider, among other items, the unaudited reviewed financial results for the quarter ended December 31, 2025 (company filing).
IDBI
₹69.64
IDBI Bank
7D
13.2%
1Y
-9.5%