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Indian (NIFTY) Banks Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies41
  • 7D1.8%
  • 3M4.9%
  • 1Y26.4%
  • YTD4.2%

Over the last 7 days, the Banks industry has remained flat. The past year has been better, since the industry has gained 25% in that time. Looking forward, 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
Sat, 21 Feb 2026₹60.5t₹15.1t₹4.0t13.5x15x4x
Mon, 19 Jan 2026₹58.6t₹15.0t₹4.0t12.3x14.7x3.9x
Wed, 17 Dec 2025₹57.2t₹14.7t₹4.0t11.5x14.5x3.9x
Fri, 14 Nov 2025₹57.1t₹14.7t₹4.0t11.9x14.4x3.9x
Sun, 12 Oct 2025₹55.3t₹14.9t₹3.9t12.2x14.1x3.7x
Tue, 09 Sep 2025₹52.5t₹14.9t₹3.9t11.6x13.3x3.5x
Thu, 07 Aug 2025₹53.3t₹14.8t₹3.9t12.2x13.6x3.6x
Sat, 05 Jul 2025₹54.7t₹14.6t₹4.0t12.8x13.8x3.8x
Mon, 02 Jun 2025₹53.9t₹14.8t₹4.0t11.7x13.6x3.6x
Wed, 30 Apr 2025₹53.0t₹14.7t₹4.0t10.7x13.4x3.6x
Fri, 28 Mar 2025₹49.6t₹14.3t₹3.9t9.6x12.6x3.5x
Sun, 23 Feb 2025₹47.3t₹14.3t₹3.9t10.1x12x3.3x
Tue, 21 Jan 2025₹48.2t₹14.1t₹3.8t9.8x12.7x3.4x
Thu, 19 Dec 2024₹51.0t₹14.1t₹3.8t10.3x13.5x3.6x
Sat, 16 Nov 2024₹48.8t₹14.1t₹3.8t9.7x12.9x3.5x
Mon, 14 Oct 2024₹49.7t₹13.7t₹3.6t10.5x13.7x3.6x
Wed, 11 Sep 2024₹49.9t₹13.7t₹3.6t10.6x13.8x3.6x
Fri, 09 Aug 2024₹49.7t₹13.7t₹3.6t10.7x13.7x3.6x
Sun, 07 Jul 2024₹52.0t₹13.0t₹3.4t12.4x15.1x4x
Tue, 04 Jun 2024₹52.0t₹13.2t₹3.5t12.6x15x3.9x
Thu, 02 May 2024₹50.2t₹12.7t₹3.4t12.2x14.8x4x
Sat, 30 Mar 2024₹47.2t₹11.9t₹3.2t11x14.9x4x
Mon, 26 Feb 2024₹47.5t₹11.9t₹3.2t11.7x15x4x
Wed, 24 Jan 2024₹43.8t₹11.6t₹3.1t11.4x13.9x3.8x
Fri, 22 Dec 2023₹45.5t₹11.1t₹3.0t12x15x4.1x
Sun, 19 Nov 2023₹41.5t₹11.1t₹3.0t11.9x13.7x3.8x
Tue, 17 Oct 2023₹42.0t₹10.3t₹2.8t14.3x14.9x4.1x
Thu, 14 Sep 2023₹42.9t₹10.3t₹2.8t13.1x15.2x4.2x
Sat, 12 Aug 2023₹40.9t₹10.3t₹2.8t13.1x14.5x4x
Mon, 10 Jul 2023₹37.8t₹9.5t₹2.5t12x15.2x4x
Wed, 07 Jun 2023₹36.9t₹9.8t₹2.5t11.4x14.8x3.8x
Fri, 05 May 2023₹37.0t₹9.1t₹2.3t11.4x15.9x4.1x
Sun, 02 Apr 2023₹33.9t₹8.6t₹2.3t10.3x14.5x3.9x
Tue, 28 Feb 2023₹33.8t₹8.6t₹2.3t11.1x14.4x3.9x
Price to Earnings Ratio

14.4x


Total Market Cap: ₹33.8tTotal 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 Market0.28%
Financials1.04%
Banks1.76%
Regional Banks3.02%
Diversified Banks1.74%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 16.9x.
    • Analysts are expecting annual earnings growth of 30.7%, 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 31% 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 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
SBIN State Bank of India₹1.22k1.5%
+₹161.5b		68.4%PB1.9x
PNB Punjab National Bank₹129.599.1%
+₹124.5b		37.5%PB1x
HDFCBANK HDFC Bank₹911.850.9%
+₹122.3b		7.8%PB2.5x
UNIONBANK Union Bank of India₹193.988.4%
+₹115.3b		67.7%PB1.1x
CANBK Canara Bank₹154.158.7%
+₹112.3b		76.5%PB1.2x

Latest News

CANBK
₹154.15
Canara Bank
7D
8.7%
1Y
76.5%

CANBK: Interim Leadership And Stable Assumptions Will Shape A Measured Outlook

Analysts have kept their price target for Canara Bank broadly unchanged at about ₹160, reflecting similar fair value estimates. They have fine-tuned assumptions such as a slightly lower discount rate, steady revenue growth, a stable profit margin and a marginally adjusted future P/E multiple.
SOUTHBANK
₹40.19
South Indian Bank
7D
-1.9%
1Y
67.2%

SOUTHBANK: Steady Outlook Will Highlight Leadership Transition And ESOP Grant

Analysts have maintained their fair value estimate for South Indian Bank at ₹61.00. The latest price target reflects slightly adjusted assumptions around discount rate, revenue growth and profit margins rather than a shift in the headline valuation figure.
CSBBANK
₹384.85
CSB Bank
7D
-1.1%
1Y
34.4%
ICICIBANK
₹1,394.50
ICICI Bank
7D
-1.4%
1Y
13.1%

ICICIBANK: Future GST Dispute Resolutions Will Support Bullish Case

Analysts have slightly lifted their fair value estimate for ICICI Bank, with the price target moving from about ₹1,704 to roughly ₹1,709. This reflects small adjustments to the discount rate, long term revenue assumptions, profit margins and future P/E expectations.
JSFB
₹382.60
Jana Small Finance Bank
7D
-1.4%
1Y
-8.9%
HDFCBANK
₹911.85
HDFC Bank
7D
0.9%
1Y
7.8%

HDFCBANK: Lower Discount Rate Will Support Rebound Despite Recent Regulatory Penalty

Analysts have lifted their price target for HDFC Bank from ₹1,138.35 to ₹1,155.18, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels that together support a slightly higher assessed fair value. What's in the News Penalty of ₹9.1 million imposed on HDFC Bank by the Reserve Bank of India for contraventions related to interest rate directions, outsourcing guidelines and KYC norms, with the bank stating that corrective actions have been taken and that it is in compliance as of the latest communication (regulatory filing).
CUB
₹281.70
City Union Bank
7D
-0.8%
1Y
86.6%

CUB: Refined Assumptions And Upcoming Results Date Will Support Balanced Outlook

Analysts have raised their fair value estimate for City Union Bank from about ₹286 to around ₹311, citing slightly lower discount rate assumptions, along with modestly higher expectations for revenue growth, profit margins and future P/E, as the key drivers behind the change. What's in the News A board meeting is scheduled on February 2, 2026, to consider and approve the standalone unaudited financial results for the quarter ended December 31, 2025, subject to limited review by the Joint Statutory Central Auditors of the bank (Key Developments).
532215
₹1,368.25
Axis Bank
7D
2.6%
1Y
35.7%

532215: Boardroom Changes And Stable Risk Oversight Will Support Medium Term Earnings Quality

Analysts have raised their price target for Axis Bank from ₹1,428 to ₹1,490, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News A board meeting is scheduled for November 26, 2025, at 15:00 IST to consider the appointment of Anand Viswanathan as Chief Risk Officer for a 3-year term starting January 1, 2026, replacing Amit Talgeri, and to discuss other matters (Key Developments).
INDIANB
₹946.70
Indian Bank
7D
8.4%
1Y
83.4%

INDIANB: Governance Decisions And Refined Risk Assumptions Will Shape A Balanced Outlook

Analysts have raised their price target on Indian Bank from ₹950.31 to ₹989.83, incorporating updated assumptions on discount rate, revenue growth, profit margin and future P/E. This reflects a refined view of the bank's risk profile and earnings potential within their models.
SURYODAY
₹122.10
Suryoday Small Finance Bank
7D
-6.0%
1Y
3.5%

SURYODAY: Planned Capital Raise Will Support Bullish Outlook

Analysts have kept their target for Suryoday Small Finance Bank steady at ₹236, citing only modest tweaks to assumptions such as a slightly lower discount rate and a marginally reduced forward P/E multiple, rather than any major shift in their overall view. What's in the News Board meeting scheduled for January 22, 2026, at 14:15 IST to consider unaudited Q3 and nine-month financial results for the period ended December 31, 2025 (Key Developments).
PNB
₹129.59
Punjab National Bank
7D
9.1%
1Y
37.5%
EQUITASBNK
₹67.44
Equitas Small Finance Bank
7D
-1.6%
1Y
13.0%

EQUITASBNK: Upcoming Results Will Support Stronger Margins And Future Upside

Analysts have nudged their price target on Equitas Small Finance Bank up to ₹90.00 from ₹88.89, reflecting updated assumptions around revenue growth, profit margins, discount rate and future P/E that slightly adjust their view of the bank's risk and earnings profile. What's in the News Board meeting scheduled on January 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
UNIONBANK
₹193.98
Union Bank of India
7D
8.4%
1Y
67.7%

UNIONBANK: Stable Outlook As CFO Transition And Results Guide Fair Assessment

Analysts have kept their fair value estimate for Union Bank of India broadly unchanged at ₹194.73. The slight adjustment is linked mainly to a lower discount rate and a marginally reduced future P/E assumption, which together refine rather than reset their valuation view.
SBIN
₹1,216.10
State Bank of India
7D
1.5%
1Y
68.4%

SBIN: New Leadership And Auditor Appointments Will Shape Earnings Outlook

Analysts have nudged up their fair value estimate for State Bank of India from ₹1,112.31 to ₹1,122.69, citing tweaks to discount rate assumptions, slightly different revenue growth and profit margin expectations, and a modest adjustment to future P/E multiples. What's in the News A board meeting is scheduled on February 7, 2026 at 10:00 Indian Standard Time to consider the financial results for the quarter ended December 31, 2025, along with the Limited Review Report (company filing).
BANKBARODA
₹309.05
Bank of Baroda
7D
7.5%
1Y
47.0%

BANKBARODA: Bond Plan For Infrastructure And Housing Will Support Bullish Outlook

Analysts have nudged their price target for Bank of Baroda higher from ₹323.65 to ₹330.94, citing updated assumptions around expected revenue growth, profit margins and future P/E levels. 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, and the bank has indicated that while it is planning for smooth operations, branch and office functioning may still be affected if the strike goes ahead (Key Developments).
FINOPB
₹213.08
Fino Payments Bank
7D
-2.5%
1Y
-11.6%