Narrative Update • May 17
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Indian (NIFTY) Banks Industry Analysis
UpdatedMay 26, 2026
DataAggregated Company Financials
Companies41
- 7D3.2%
- 3M-12.0%
- 1Y-0.8%
- YTD-8.0%
The Banks is pretty flat in the last 7 days, but ICICI Bank has stood out, gaining 3.3%. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 11% annually.
Industry Valuation and Performance
Has the Indian Banks Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 26 May 2026 | ₹53.5t | ₹15.6t | ₹4.2t | 11.6x | 12.9x | 3.4x |
| Thu, 23 Apr 2026 | ₹56.1t | ₹15.4t | ₹4.1t | 12.6x | 13.7x | 3.6x |
| Sat, 21 Mar 2026 | ₹52.8t | ₹15.1t | ₹4.0t | 11.7x | 13.1x | 3.5x |
| Mon, 16 Feb 2026 | ₹59.5t | ₹15.1t | ₹4.0t | 13.3x | 14.7x | 3.9x |
| Wed, 14 Jan 2026 | ₹58.2t | ₹14.7t | ₹4.0t | 12x | 14.7x | 3.9x |
| Fri, 12 Dec 2025 | ₹57.4t | ₹14.7t | ₹4.0t | 11.2x | 14.5x | 3.9x |
| Sun, 09 Nov 2025 | ₹56.9t | ₹14.7t | ₹4.0t | 12.2x | 14.4x | 3.9x |
| Tue, 07 Oct 2025 | ₹54.8t | ₹14.9t | ₹3.9t | 11.9x | 13.9x | 3.7x |
| Thu, 04 Sep 2025 | ₹52.4t | ₹14.9t | ₹3.9t | 11.7x | 13.3x | 3.5x |
| Sat, 02 Aug 2025 | ₹53.4t | ₹14.8t | ₹3.9t | 12.1x | 13.6x | 3.6x |
| Mon, 30 Jun 2025 | ₹55.0t | ₹14.6t | ₹4.0t | 12.6x | 13.9x | 3.8x |
| Wed, 28 May 2025 | ₹53.2t | ₹14.8t | ₹4.0t | 12x | 13.4x | 3.6x |
| Fri, 25 Apr 2025 | ₹52.9t | ₹14.6t | ₹4.0t | 10.9x | 13.3x | 3.6x |
| Sun, 23 Mar 2025 | ₹49.2t | ₹14.3t | ₹3.9t | 9.8x | 12.5x | 3.4x |
| Tue, 18 Feb 2025 | ₹47.4t | ₹14.3t | ₹3.9t | 10x | 12x | 3.3x |
| Thu, 16 Jan 2025 | ₹47.2t | ₹14.1t | ₹3.8t | 9.5x | 12.5x | 3.4x |
| Sat, 14 Dec 2024 | ₹52.5t | ₹14.1t | ₹3.8t | 10.3x | 13.9x | 3.7x |
| Mon, 11 Nov 2024 | ₹50.5t | ₹14.1t | ₹3.8t | 10.2x | 13.4x | 3.6x |
| Wed, 09 Oct 2024 | ₹49.4t | ₹13.7t | ₹3.6t | 10.3x | 13.7x | 3.6x |
| Fri, 06 Sep 2024 | ₹50.5t | ₹13.7t | ₹3.6t | 10.8x | 14x | 3.7x |
| Sun, 04 Aug 2024 | ₹51.3t | ₹13.7t | ₹3.6t | 11.3x | 14.2x | 3.7x |
| Tue, 02 Jul 2024 | ₹51.9t | ₹13.1t | ₹3.4t | 12.4x | 15.1x | 4x |
| Thu, 30 May 2024 | ₹49.2t | ₹13.2t | ₹3.5t | 11.9x | 14.2x | 3.7x |
| Sat, 27 Apr 2024 | ₹49.0t | ₹12.4t | ₹3.3t | 12.5x | 14.7x | 4x |
| Mon, 25 Mar 2024 | ₹46.8t | ₹11.9t | ₹3.2t | 11.5x | 14.8x | 3.9x |
| Wed, 21 Feb 2024 | ₹47.8t | ₹11.9t | ₹3.2t | 11.7x | 15.1x | 4x |
| Fri, 19 Jan 2024 | ₹44.3t | ₹11.4t | ₹3.1t | 12x | 14.4x | 3.9x |
| Sun, 17 Dec 2023 | ₹46.0t | ₹11.1t | ₹3.0t | 12.6x | 15.1x | 4.2x |
| Tue, 14 Nov 2023 | ₹41.8t | ₹11.1t | ₹3.0t | 11.6x | 13.8x | 3.8x |
| Thu, 12 Oct 2023 | ₹42.3t | ₹10.3t | ₹2.8t | 14.1x | 15x | 4.1x |
| Sat, 09 Sep 2023 | ₹42.1t | ₹10.3t | ₹2.8t | 13x | 14.9x | 4.1x |
| Mon, 07 Aug 2023 | ₹41.1t | ₹10.3t | ₹2.8t | 13.2x | 14.6x | 4x |
| Wed, 05 Jul 2023 | ₹37.9t | ₹9.5t | ₹2.5t | 11.9x | 15.2x | 4x |
| Fri, 02 Jun 2023 | ₹36.6t | ₹9.8t | ₹2.5t | 11x | 14.7x | 3.7x |
Price to Earnings Ratio
14.7x
Current Industry PE
- Investors are pessimistic on the Indian Banks industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 12.6x which is lower than its 3-year average PE of 14.0x.
- The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 3.4x.
Past Earnings Growth
- The earnings for companies in the Banks industry have grown 19% per year over the last three years.
- Revenues for these companies have grown 17% 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 | 2.23% | |
| Financials | 2.98% | |
| Banks | 3.23% | |
| Diversified Banks | 3.25% | |
| Regional Banks | 2.39% | |
Industry PE
- Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 17.8x.
- Analysts are expecting annual earnings growth of 23.4%, which is higher than its past year's earnings growth of 7.3% per year.
- Investors are most pessimistic about the Diversified Banks industry, which is trading below its 3-year average of 14.0x.
Forecasted Growth
- Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 23% over the next 5 years.
- This is better than its past earnings growth rate of 7.3% per year.
- In contrast, the Diversified Banks industry is expected to see its earnings grow by 10% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| ICICIBANK ICICI Bank | ₹1.29k | 3.3% +₹291.8b | -11.6% | PB2.6x | |
| HDFCBANK HDFC Bank | ₹786.85 | 2.4% +₹280.2b | -18.9% | PB2.1x | |
| SBIN State Bank of India | ₹969.60 | 3.2% +₹278.8b | 22.1% | PB1.5x | |
| 532215 Axis Bank | ₹1.31k | 5.9% +₹227.9b | 7.9% | PB1.9x | |
| CANBK Canara Bank | ₹133.70 | 7.0% +₹79.8b | 24.4% | PB1x |