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Indian (NIFTY) Banks Industry Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies41
  • 7D-0.7%
  • 3M7.7%
  • 1Y8.3%
  • YTD14.3%

The Banks industry has stayed flat over the last week. The past year has been better, since the industry has gained 8.3% in that time. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Dec 2025₹57.6t₹14.7t₹4.0t11.6x14.6x3.9x
Wed, 12 Nov 2025₹57.0t₹14.7t₹4.0t12.1x14.4x3.9x
Fri, 10 Oct 2025₹54.7t₹14.9t₹3.9t12x13.9x3.7x
Sun, 07 Sep 2025₹52.4t₹14.9t₹3.9t11.7x13.3x3.5x
Tue, 05 Aug 2025₹53.5t₹14.8t₹3.9t12.2x13.6x3.6x
Thu, 03 Jul 2025₹54.8t₹14.6t₹4.0t12.9x13.8x3.8x
Sat, 31 May 2025₹53.9t₹14.8t₹4.0t11.7x13.6x3.6x
Mon, 28 Apr 2025₹52.3t₹14.7t₹4.0t10.6x13.2x3.6x
Wed, 26 Mar 2025₹50.1t₹14.3t₹3.9t9.8x12.7x3.5x
Fri, 21 Feb 2025₹47.6t₹14.3t₹3.9t10.2x12.1x3.3x
Sun, 19 Jan 2025₹47.4t₹14.1t₹3.8t9.8x12.5x3.4x
Tue, 17 Dec 2024₹52.5t₹14.1t₹3.8t10.4x13.9x3.7x
Thu, 14 Nov 2024₹48.7t₹14.0t₹3.8t9.8x13x3.5x
Sat, 12 Oct 2024₹49.7t₹13.7t₹3.6t10.5x13.7x3.6x
Mon, 09 Sep 2024₹49.5t₹13.7t₹3.6t10.3x13.7x3.6x
Wed, 07 Aug 2024₹49.1t₹13.7t₹3.6t10.7x13.6x3.6x
Fri, 05 Jul 2024₹52.2t₹13.0t₹3.4t12.5x15.2x4x
Sun, 02 Jun 2024₹49.6t₹13.2t₹3.5t11.8x14.3x3.8x
Tue, 30 Apr 2024₹50.3t₹12.6t₹3.4t12.3x14.9x4x
Thu, 28 Mar 2024₹46.5t₹11.9t₹3.2t10.8x14.7x3.9x
Sat, 24 Feb 2024₹47.5t₹11.9t₹3.2t11.7x15x4x
Mon, 22 Jan 2024₹45.0t₹11.6t₹3.1t11.8x14.3x3.9x
Wed, 20 Dec 2023₹45.9t₹11.1t₹3.0t13x15.1x4.2x
Fri, 17 Nov 2023₹42.2t₹11.1t₹3.0t11.9x13.9x3.8x
Sun, 15 Oct 2023₹42.0t₹10.3t₹2.8t14.3x14.9x4.1x
Tue, 12 Sep 2023₹42.6t₹10.3t₹2.8t13x15.1x4.1x
Thu, 10 Aug 2023₹41.3t₹10.3t₹2.8t13.3x14.7x4x
Sat, 08 Jul 2023₹37.8t₹9.5t₹2.5t12x15.2x4x
Mon, 05 Jun 2023₹36.8t₹9.8t₹2.5t11x14.7x3.8x
Wed, 03 May 2023₹36.6t₹9.1t₹2.3t11.4x15.8x4x
Fri, 31 Mar 2023₹33.4t₹8.6t₹2.3t10.2x14.3x3.9x
Sun, 26 Feb 2023₹33.5t₹8.6t₹2.3t11.2x14.3x3.9x
Tue, 24 Jan 2023₹36.5t₹8.3t₹2.2t13x16.6x4.4x
Thu, 22 Dec 2022₹36.4t₹8.1t₹2.1t14.4x17.1x4.5x
Price to Earnings Ratio

17.1x


Total Market Cap: ₹36.4tTotal Earnings: ₹2.1tTotal Revenue: ₹8.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Banks Industry Price to Earnings3Y Average 14.2x202320242025
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 14.2x.
  • 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 23% per year over the last three years.
  • Revenues for these companies have grown 22% 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-0.34%
Financials-0.60%
Banks-0.70%
Regional Banks1.76%
Diversified Banks-0.75%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 16.2x.
    • Analysts are expecting annual earnings growth of 27.7%, 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 14.2x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 28% 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 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
SBIN State Bank of India₹967.251.1%
+₹100.2b		12.3%PB1.6x
500247 Kotak Mahindra Bank₹2.18k2.3%
+₹97.3b		20.9%PB2.6x
CANBK Canara Bank₹148.293.8%
+₹49.4b		38.1%PB1.2x
IDBI IDBI Bank₹98.844.3%
+₹43.7b		21.2%PB1.6x
539437 IDFC First Bank₹83.866.0%
+₹40.6b		30.4%PB1.5x

Latest News

532215
₹1,284.20
Axis Bank
7D
0.8%
1Y
11.6%

532215: Leadership Transition And Asset Sale Will Shape Balanced Medium Term Outlook

Analysts have nudged their price target on Axis Bank slightly higher to ₹1,377 from ₹1,374, citing marginally lower discount rates and steady expectations for revenue growth, profit margins, and future valuation multiples as supporting factors. What's in the News Board meeting scheduled on October 15, 2025 to review unaudited standalone and consolidated results for Q2 FY26 and H1 FY26, and to consider amendments to the Global Depositary Receipts deposit agreement, subject to RBI approval (Board Meeting) Board meeting set for November 26, 2025 to approve the appointment of Anand Viswanathan as Chief Risk Officer for a three year term starting January 1, 2026, replacing Amit Talgeri (Board Meeting) Axis Bank has invited expressions of interest to sell its INR 5,110 million exposure to debt laden Lavasa Corporation at an INR 800 million reserve price, with bids due by November 18 and an e-auction on November 21 (M&A Rumors and Discussions) The bank is reassessing plans to sell a stake in its non banking subsidiary Axis Finance, as potential investors await clarity on RBI's forthcoming forms of business circular, which could impact valuations and business scope for NBFC subsidiaries (M&A Rumors and Discussions) Valuation Changes The fair value estimate has risen slightly to ₹1,377.40 from ₹1,373.65, reflecting a marginally higher intrinsic valuation for Axis Bank shares.
500247
₹2,180.50
Kotak Mahindra Bank
7D
2.3%
1Y
20.9%
IDBI
₹98.84
IDBI Bank
7D
4.3%
1Y
21.2%
539437
₹83.86
IDFC First Bank
7D
6.0%
1Y
30.4%

539437: Upcoming Earnings Review And Shareholder Vote Will Guide Outlook

Analysts have marginally increased their price target on IDFC First Bank to Rs 81.59 from Rs 81.29. This reflects slightly improved confidence in the bank's earnings trajectory, supported by stable discount rates, consistent revenue growth assumptions, and a modestly higher future valuation multiple.
FINOPB
₹268.20
Fino Payments Bank
7D
-3.1%
1Y
-16.1%
CANBK
₹148.29
Canara Bank
7D
3.8%
1Y
38.1%

CANBK: Upcoming Board Meeting Will Clarify Outlook Amid Slightly Improved Profitability

Analysts have nudged their price target on Canara Bank slightly higher to reflect modest improvements in projected revenue growth and profitability, as well as a marginally lower discount rate, while maintaining a broadly similar valuation framework. What's in the News Board meeting scheduled for October 30, 2025, at 10:00 a.m. IST to review and approve unaudited standalone and consolidated financial results for Q2 and the half year ended September 30, 2025 (company filing) Board to consider disclosure of related party transactions on a consolidated basis for the half year ended September 30, 2025 (company filing) Board agenda includes review of the security cover certificate as of September 30, 2025 (company filing) Statement of cash flow for the half year ended September 30, 2025, also scheduled for board consideration and approval (company filing) Valuation Changes Discount Rate: fallen slightly from 14.77 percent to 14.76 percent, reflecting a marginally lower perceived risk profile.
SBIN
₹967.25
State Bank of India
7D
1.1%
1Y
12.3%

SBIN: Subsidiary IPO Stake Sale Will Support Stronger Future Earnings Potential

Analysts have modestly raised their price target for State Bank of India to ₹1,076.59 from ₹1,074.18, citing a slightly lower discount rate, stable long term revenue growth and profit margin assumptions, and a marginally higher forward P E multiple in their updated valuation model. What's in the News State Bank of India plans to sell a 6% stake, about 3.20 crore shares, in its subsidiary SBI Funds Management Limited via an IPO, alongside a 3.70% stake sale by co promoter Amundi India Holding.
YESBANK
₹21.76
Yes Bank
7D
-0.6%
1Y
2.4%

YESBANK: Rising SMBC Control Will Pressure Shares Despite Stable Core Outlook

Analysts have modestly revised their price target on Yes Bank upward to ₹18.50 per share, reflecting stable fair value assumptions along with slightly higher discount rates and future valuation multiples that support a cautiously improved outlook. What's in the News Sumitomo Mitsui Banking Corporation (SMBC) has completed a series of transactions to raise its stake in Yes Bank to approximately 24.22 percent through multiple secondary share purchases from State Bank of India, HDFC Bank, ICICI Bank and CA Basque Investments, at a price of about INR 21.5 per share (Key Developments).
BANKBARODA
₹285.10
Bank of Baroda
7D
-0.04%
1Y
10.0%

BANKBARODA: Updated Auditor Appointment And Board Meeting Will Shape Outlook

Analysts have slightly raised their fair value estimate for Bank of Baroda from ₹311.24 to ₹312.91. This change reflects minor updates to key financial metrics such as discount rate, revenue growth, and profit margin.
UNIONBANK
₹153.65
Union Bank of India
7D
3.6%
1Y
19.2%

UNIONBANK: Board Meeting And CEO Transition Will Guide Outlook Into 2025

Analysts have made a minor adjustment to their price target for Union Bank of India, keeping it effectively at ₹158.86. Updated estimates for key metrics such as discount rate and future P/E remain stable, reflecting steady expectations for the bank's future performance.
PNB
₹118.74
Punjab National Bank
7D
2.4%
1Y
9.8%

PNB: Upcoming Board Review And Stable Margins Will Guide Financial Outlook

Punjab National Bank's analyst price target remains stable at ₹120.95. Analysts cite consistent financial projections and steady profit margin expectations in their updated outlook.
HDFCBANK
₹996.10
HDFC Bank
7D
-0.7%
1Y
6.8%
KTKBANK
₹199.99
Karnataka Bank
7D
-2.5%
1Y
-10.7%
JSFB
₹430.15
Jana Small Finance Bank
7D
-1.7%
1Y
5.6%
ICICIBANK
₹1,365.20
ICICI Bank
7D
-1.8%
1Y
1.4%

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

Nov 03
If EPS Growth Is Important To You, ICICI Bank (NSE:ICICIBANK) Presents An Opportunity
CAPITALSFB
₹264.60
Capital Small Finance Bank
7D
-2.0%
1Y
-4.8%