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Indian (NIFTY) Financials Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies637
  • 7D-5.0%
  • 3M-2.7%
  • 1Y18.6%
  • YTD-3.5%

Over the last 7 days, the Financials industry has dropped 2.8%, driven by a pullback from HDFC Bank of 4.3%. Over the past 12 months, the industry was up 19%. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

Has the Indian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026₹114.8t₹37.0t₹6.8t20.7x16.9x3.1x
Sat, 31 Jan 2026₹117.0t₹36.1t₹6.7t22.4x17.5x3.2x
Mon, 29 Dec 2025₹117.9t₹35.2t₹6.6t23.5x17.9x3.3x
Wed, 26 Nov 2025₹111.0t₹26.0t₹6.0t23.7x18.4x4.3x
Fri, 24 Oct 2025₹115.3t₹34.9t₹6.5t25.1x17.7x3.3x
Sun, 21 Sep 2025₹109.6t₹35.0t₹6.4t23.4x17.1x3.1x
Tue, 19 Aug 2025₹108.9t₹35.1t₹6.5t23.3x16.8x3.1x
Thu, 17 Jul 2025₹110.5t₹34.3t₹6.4t25.6x17.3x3.2x
Sat, 14 Jun 2025₹107.4t₹34.3t₹6.4t25x16.8x3.1x
Mon, 12 May 2025₹99.2t₹34.5t₹6.3t19.9x15.6x2.9x
Wed, 09 Apr 2025₹95.6t₹34.0t₹6.3t19.5x15.2x2.8x
Fri, 07 Mar 2025₹92.3t₹34.0t₹6.3t19.2x14.7x2.7x
Sun, 02 Feb 2025₹96.1t₹34.1t₹6.2t21.7x15.4x2.8x
Tue, 31 Dec 2024₹99.0t₹34.4t₹6.1t23.8x16.2x2.9x
Thu, 28 Nov 2024₹100.5t₹34.3t₹6.1t22.3x16.5x2.9x
Sat, 26 Oct 2024₹97.8t₹33.8t₹6.0t22.3x16.4x2.9x
Mon, 23 Sep 2024₹105.3t₹33.2t₹5.9t23.4x17.9x3.2x
Wed, 21 Aug 2024₹100.1t₹33.1t₹5.9t22x17x3x
Fri, 19 Jul 2024₹102.2t₹32.0t₹5.6t23.4x18.3x3.2x
Sun, 16 Jun 2024₹98.0t₹32.0t₹5.6t21.5x17.6x3.1x
Tue, 14 May 2024₹90.7t₹31.1t₹5.5t21.3x16.3x2.9x
Thu, 11 Apr 2024₹93.9t₹29.7t₹5.1t21.9x18.2x3.2x
Sat, 09 Mar 2024₹91.6t₹29.7t₹5.2t22.1x17.8x3.1x
Mon, 05 Feb 2024₹94.2t₹30.5t₹5.4t23.6x17.3x3.1x
Wed, 03 Jan 2024₹90.8t₹29.3t₹5.3t21.5x17.2x3.1x
Fri, 01 Dec 2023₹84.7t₹29.5t₹5.4t20.7x15.8x2.9x
Sun, 29 Oct 2023₹80.0t₹29.2t₹5.3t20.9x15.2x2.7x
Tue, 26 Sep 2023₹82.1t₹28.5t₹5.0t21.9x16.4x2.9x
Thu, 24 Aug 2023₹79.4t₹28.5t₹5.0t20x15.8x2.8x
Sat, 22 Jul 2023₹78.3t₹27.0t₹4.7t23.6x16.7x2.9x
Mon, 19 Jun 2023₹70.6t₹26.6t₹4.6t21.8x15.3x2.7x
Wed, 17 May 2023₹68.9t₹26.4t₹4.4t20.1x15.6x2.6x
Fri, 14 Apr 2023₹65.4t₹25.5t₹4.3t19.6x15.2x2.6x
Sun, 12 Mar 2023₹63.5t₹25.4t₹4.3t19.4x14.7x2.5x
Price to Earnings Ratio

14.7x


Total Market Cap: ₹63.5tTotal Earnings: ₹4.3tTotal Revenue: ₹25.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Financials Sector Price to Earnings3Y Average 16.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Financials 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 16.6x.
  • The industry is trading close to its 3-year average PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 13% 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 sector?

IN Market-4.38%
Financials-4.99%
Mortgage Finance0%0
Banks-3.84%
Capital Markets-5.46%
Insurance-5.66%
Consumer Finance-6.51%
Diversified Financial-6.69%
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio of 24.3x.
    • Analysts are expecting annual earnings growth of 19.7%, which is higher than its past year's earnings growth of 5.3% per year.
  • Investors are most pessimistic about the Banks industry, which is trading close to its 3-year average of 14.1x.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the 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
MCX Multi Commodity Exchange of India₹2.55k3.8%
+₹24.1b		173.8%PE69.5x
ANANDRATHI Anand Rathi Wealth₹3.20k4.1%
+₹10.4b		72.5%PE72.5x
SUNDARMFIN Sundaram Finance₹5.58k1.6%
+₹9.8b		25.5%PE30.1x
PIRAMALFIN Piramal Finance₹1.81k2.4%
+₹9.7b		n/aPE66.7x
IIFLCAPS IIFL Capital Services₹316.7010.2%
+₹9.2b		49.4%PE17.2x

Latest News

BAJAJFINSV
₹1,911.80
Bajaj Finserv
7D
-6.3%
1Y
3.6%

BAJAJFINSV: EV Retail Financing Partnerships Will Support Future Upside Potential

Analysts have nudged their price target on Bajaj Finserv higher from about ₹2,231 to roughly ₹2,249, reflecting updated assumptions for slightly different discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Kinetic Watts & Volts has introduced a retail finance ecosystem for its Kinetic DX+ and DX electric scooters, partnering with Bajaj Finserv, Hero FinCorp and CleverPe to provide EMI based and digital finance options at EV dealerships across India (Key Developments).
ICICIBANK
₹1,357.60
ICICI Bank
7D
-3.4%
1Y
11.5%

ICICIBANK: Future GST Dispute Resolutions Will Support Bullish Case

Analysts have made a slight reduction to their fair value estimate for ICICI Bank, with the updated price target moving from about ₹1,709 to roughly ₹1,707, as small tweaks to the discount rate, revenue growth assumptions and future P/E expectations feed through their models. What's in the News Board meeting on February 26, 2026 to consider purchasing up to 2.0% additional shareholding in subsidiary ICICI Prudential Life Insurance Company Limited, ICICI Life, which would increase the bank's stake if approved (company filing).
LICI
₹832.95
Life Insurance Corporation of India
7D
-4.4%
1Y
8.6%

LICI: Future Stake Sales And Richer P E Multiple Will Drive Rerating

Analysts have raised their price target on Life Insurance Corporation of India to ₹1,408, citing slightly higher revenue growth expectations and a richer future P/E assumption, while projected profit margins remain broadly unchanged. What's in the News The government is considering further reducing its 96.5% stake in Life Insurance Corporation of India through a follow-on public offering, with timing, quantum and pricing to be decided later.
SBILIFE
₹1,945.00
SBI Life Insurance
7D
-6.6%
1Y
36.8%
HDFCBANK
₹877.75
HDFC Bank
7D
-2.3%
1Y
3.8%

HDFCBANK: Future Compliance Improvements Will Support Rebound After Recent Regulatory Penalty

Analysts have made a very small downward adjustment to their HDFC Bank price target, trimming it from about ₹1,155.18 to roughly ₹1,155.05. This reflects slightly updated views on discount rates, revenue growth, profit margins and forward P/E assumptions.
SBIN
₹1,169.50
State Bank of India
7D
-3.3%
1Y
59.8%

SBIN: New Leadership And Governance Reviews Will Shape Earnings Outlook

Analysts have lifted their price target on State Bank of India from ₹1,122.69 to ₹1,200.26, citing updated assumptions around revenue trends, profitability, and a slightly higher future P/E multiple. What's in the News Board meeting scheduled for Feb 7, 2026, at 10:00 Indian Standard Time to consider financial results for the quarter ended Dec 31, 2025; review the security cover certificate on non convertible debt securities under SEBI (LODR) regulation 54(3); and review statements of deviation or variation under regulations 32 and 52(7)/52(7A) (Key Developments).
ANANDRATHI
₹3,197.90
Anand Rathi Wealth
7D
4.1%
1Y
72.5%
500247
₹407.55
Kotak Mahindra Bank
7D
-4.0%
1Y
6.0%

500247: IDBI Stake Bid And Capital Changes Will Support Future Upside

Analysts have made a small upward adjustment to their fair value estimate for Kotak Mahindra Bank to ₹488. This reflects slightly revised assumptions on the discount rate, revenue growth, profit margin and future P/E.
BAJFINANCE
₹962.40
Bajaj Finance
7D
-5.0%
1Y
14.4%

BAJFINANCE: Block Deal Overhang And Rich P E Will Constrain Returns

Analysts have raised their fair value estimate for Bajaj Finance from about ₹738 to roughly ₹821, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Bajaj Finance has scheduled a board meeting on 3 Feb 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 Dec 2025 (company filing).
MCX
₹2,553.50
Multi Commodity Exchange of India
7D
3.8%
1Y
173.8%

MCX: Stock Split Will Support Stronger Margins And Bullish Repricing

Analysts have lifted their price target on Multi Commodity Exchange of India from about ₹2,410 to roughly ₹2,850, citing updated assumptions that combine a slightly lower discount rate with changes to forecast revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled on January 23, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
KTKBANK
₹213.59
Karnataka Bank
7D
3.8%
1Y
17.5%
IIFLCAPS
₹316.70
IIFL Capital Services
7D
10.2%
1Y
49.4%

IIFL Capital Services (NSE:IIFLCAPS) Is Paying Out A Dividend Of ₹3.00

Feb 13
IIFL Capital Services (NSE:IIFLCAPS) Is Paying Out A Dividend Of ₹3.00
501945
₹7.09
Dhenu Buildcon Infra
7D
2.6%
1Y
23.3%
SUNDARMFIN
₹5,581.50
Sundaram Finance
7D
1.6%
1Y
25.5%

Sundaram Finance's (NSE:SUNDARMFIN) Dividend Will Be ₹16.00

Feb 05
Sundaram Finance's (NSE:SUNDARMFIN) Dividend Will Be ₹16.00
501301
₹658.55
Tata Investment
7D
0.5%
1Y
6.3%
PIRAMALFIN
₹1,806.70
Piramal Finance
7D
2.4%
1Y
n/a