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Indian (NIFTY) Banks Industry Analysis

UpdatedJul 07, 2026
DataAggregated Company Financials
Companies41
  • 7D0.7%
  • 3M7.7%
  • 1Y1.9%
  • YTD-3.4%

The Banks is pretty flat in the last 7 days, but HDFC Bank has stood out, gaining 3.9%. Furthermore, the industry has been flat for the past year as well. 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
Tue, 07 Jul 2026₹56.4t₹15.5t₹4.1t12.2x13.6x3.6x
Thu, 04 Jun 2026₹52.3t₹15.5t₹4.1t11.7x12.6x3.4x
Sat, 02 May 2026₹53.7t₹15.4t₹4.1t12.2x13x3.5x
Mon, 30 Mar 2026₹51.5t₹15.1t₹4.0t11.3x12.7x3.4x
Wed, 25 Feb 2026₹60.7t₹15.1t₹4.0t13.6x15x4x
Fri, 23 Jan 2026₹57.9t₹15.0t₹4.0t12.1x14.4x3.9x
Sun, 21 Dec 2025₹57.3t₹14.7t₹4.0t11.5x14.5x3.9x
Tue, 18 Nov 2025₹57.9t₹14.7t₹4.0t11.9x14.6x3.9x
Thu, 16 Oct 2025₹55.5t₹14.9t₹3.9t12.1x14.1x3.7x
Sat, 13 Sep 2025₹53.2t₹14.9t₹3.9t11.8x13.5x3.6x
Mon, 11 Aug 2025₹53.0t₹14.9t₹3.9t12x13.5x3.6x
Wed, 09 Jul 2025₹54.9t₹14.6t₹4.0t12.6x13.8x3.8x
Fri, 06 Jun 2025₹54.0t₹14.7t₹4.0t12x13.6x3.7x
Sun, 04 May 2025₹52.6t₹14.7t₹4.0t10.4x13.2x3.6x
Tue, 01 Apr 2025₹50.0t₹14.3t₹3.9t9.5x12.7x3.5x
Thu, 27 Feb 2025₹46.9t₹14.3t₹3.9t9.9x11.9x3.3x
Sat, 25 Jan 2025₹47.0t₹14.0t₹3.8t9.7x12.4x3.3x
Mon, 23 Dec 2024₹49.7t₹14.1t₹3.8t9.9x13.2x3.5x
Wed, 20 Nov 2024₹49.3t₹14.1t₹3.8t9.7x13x3.5x
Fri, 18 Oct 2024₹49.7t₹13.7t₹3.6t10.7x13.7x3.6x
Sun, 15 Sep 2024₹50.6t₹13.7t₹3.6t10.4x14x3.7x
Tue, 13 Aug 2024₹50.0t₹13.7t₹3.6t10.7x13.8x3.6x
Thu, 11 Jul 2024₹51.6t₹13.0t₹3.4t11.9x15x4x
Sat, 08 Jun 2024₹49.1t₹13.2t₹3.4t11.6x14.2x3.7x
Mon, 06 May 2024₹49.6t₹12.7t₹3.4t11.9x14.6x3.9x
Wed, 03 Apr 2024₹48.0t₹11.9t₹3.2t11.8x15.2x4x
Fri, 01 Mar 2024₹46.6t₹11.9t₹3.2t11.5x14.7x3.9x
Sun, 28 Jan 2024₹43.9t₹11.7t₹3.2t11.6x13.8x3.7x
Tue, 26 Dec 2023₹45.2t₹11.1t₹3.0t11.9x14.9x4.1x
Thu, 23 Nov 2023₹41.2t₹11.1t₹3.0t12x13.6x3.7x
Sat, 21 Oct 2023₹41.4t₹10.7t₹2.9t13.8x14.3x3.9x
Mon, 18 Sep 2023₹43.5t₹10.3t₹2.8t13.3x15.4x4.2x
Wed, 16 Aug 2023₹40.8t₹10.3t₹2.8t13.1x14.5x4x
Fri, 14 Jul 2023₹37.5t₹9.5t₹2.5t12.9x15x4x
Price to Earnings Ratio

15x


Total Market Cap: ₹37.5tTotal Earnings: ₹2.5tTotal Revenue: ₹9.5tTotal 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 14.0x.
  • 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 18% per year over the last three years.
  • Revenues for these companies have grown 18% 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 Market1.76%
Financials1.39%
Banks0.66%
Regional Banks3.25%
Diversified Banks0.60%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 17.9x.
    • Analysts are expecting annual earnings growth of 25.2%, which is higher than its past year's earnings growth of 7.0% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 13.9x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 7.0% 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₹829.853.9%
+₹476.7b		-16.5%PB2.2x
ICICIBANK ICICI Bank₹1.43k2.8%
+₹281.8b		-0.6%PB2.8x
INDUSINDBK IndusInd Bank₹1.01k10.3%
+₹73.5b		18.2%PB1.2x
539437 IDFC First Bank₹81.123.7%
+₹25.1b		4.4%PB1.5x
AUBANK AU Small Finance Bank₹1.06k3.0%
+₹23.2b		30.4%PB4x

Latest News

500247
₹381.25
Kotak Mahindra Bank
7D
-3.7%
1Y
-11.2%
532215
₹1,339.75
Axis Bank
7D
-1.3%
1Y
14.0%
MAHABANK
₹86.51
Bank of Maharashtra
7D
-7.8%
1Y
50.7%
ICICIBANK
₹1,426.90
ICICI Bank
7D
2.8%
1Y
-0.6%
HDFCBANK
₹829.85
HDFC Bank
7D
3.9%
1Y
-16.5%
YESBANK
₹24.26
Yes Bank
7D
-3.3%
1Y
21.3%
FEDERALBNK
₹330.30
Federal Bank
7D
1.9%
1Y
53.6%
Narrative Update • Jun 27

FEDERALBNK: Lower Discount Rate May Overstate Resilience To Execution Setbacks

Analysts have increased their fair value estimate for Federal Bank to ₹267.77 from ₹199.00, citing updated assumptions that include a lower discount rate, higher projected revenue growth, stronger profit margin expectations, and a modestly higher future P/E multiple. Analyst Commentary on Federal Bank Recent commentary around Federal Bank's revised fair value has not been uniformly positive.
UNIONBANK
₹161.08
Union Bank of India
7D
-7.7%
1Y
5.9%
CUB
₹224.69
City Union Bank
7D
11.5%
1Y
36.9%
Narrative Update • Jun 26

CUB: Capital Expansion And Leadership Transition Will Support Bullish Outlook

Analysts have revised their price target for City Union Bank to ₹237, compared with the previous fair value estimate of about ₹316. This reflects updated assumptions on discount rate, revenue growth, profit margin, and future P/E multiples.
539437
₹81.12
IDFC First Bank
7D
3.7%
1Y
4.4%
INDIANB
₹786.90
Indian Bank
7D
-3.4%
1Y
22.2%
Narrative Update • Jun 25

INDIANB: Upcoming Dividend And Capital Plan Will Support Bullish Outlook

Analysts have trimmed their price target on Indian Bank slightly, from about ₹1,001.54 to roughly ₹996.69, citing updated assumptions around discount rates, fair value and valuation multiples, while keeping growth and margin expectations broadly unchanged. What’s in the News for Indian Bank Indian Bank announced an annual dividend of ₹18.25 per share, payable on July 9, 2026, with the ex-date and record date on June 10, 2026.
PNB
₹104.29
Punjab National Bank
7D
-2.5%
1Y
-7.3%
Narrative Update • Jun 23

PNB: Dividend Support And Stable Margins Will Shape Measured Future Upside

The analyst price target for Punjab National Bank has inched down slightly from ₹119.71 to ₹119.38, with analysts citing small tweaks to fair value, discount rate, profit margin and future P/E assumptions behind the change. What’s in the News for Punjab National Bank Punjab National Bank scheduled a board meeting on May 5, 2026, to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, to consider recommending a dividend (subject to shareholder approval), and to convene the 2026 AGM.
AUBANK
₹1,061.40
AU Small Finance Bank
7D
3.0%
1Y
30.4%
Narrative Update • Jun 22

AUBANK: Higher Forward P/E Will Limit Upside Despite Governance And NRI Initiatives

Analysts have nudged their fair value estimate for AU Small Finance Bank higher from ₹775 to about ₹795. This reflects updated assumptions for the bank's discount rate, revenue growth, profit margin, and future P/E.
INDUSINDBK
₹1,009.80
IndusInd Bank
7D
10.3%
1Y
18.2%
Narrative Update • Jun 22

INDUSINDBK: Fair Outlook As Capital Gains Scheme And Governance Events Evolve

Analysts have inched up their fair value estimate for IndusInd Bank to roughly ₹880 from about ₹877, citing updated assumptions around revenue growth, profit margin and forward P/E levels. What’s in the News for IndusInd Bank Board meeting scheduled for April 24, 2026 to consider and approve audited consolidated and standalone financial results for the quarter and financial year ended March 31, 2026, and to consider recommending a dividend for FY 2025-26, along with approval of a Fair Disclosure Code for unpublished price sensitive information (Key Developments).
SBIN
₹1,037.70
State Bank of India
7D
0.2%
1Y
28.6%
Narrative Update • Jun 19

SBIN: Upcoming Dividend And Debt Fundraising Plan Will Support Bullish Outlook

The latest narrative update on State Bank of India reflects a marginally higher analyst fair value estimate, with the price target moving from ₹1,195 to about ₹1,195.61 as analysts adjust inputs such as discount rate, expected revenue growth, profit margin, and future P/E assumptions. What’s in the News for State Bank of India Board meeting scheduled on June 18, 2026 to consider seeking approval for raising funds during FY27 through public or private issuance of debt instruments, including capital instruments, to overseas and Indian investors in INR and foreign currencies.
BANKBARODA
₹249.95
Bank of Baroda
7D
-8.4%
1Y
3.7%
Narrative Update • Jun 17

BANKBARODA: Dividend Payout And Bond Issuance Plan Will Shape Stock Outlook

The analyst price target for Bank of Baroda has been adjusted slightly to ₹311.47 from ₹311.35, reflecting updated views on discount rate, revenue growth, profit margin, and future P/E assumptions cited by analysts. What’s in the News for Bank of Baroda Bank of Baroda announced an annual dividend of ₹8.50 per share, payable on July 23, 2026, with ex-date and record date on June 5, 2026.