Sector analysis · India
Financial Services sector earnings growth, Q1 FY27
The 20 largest Financial Services companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q1 FY26.
The top 20 at Q1 FY27
Q1 FY27 vs Q1 FY26: combined net profit ₹1,05,453 cr (+15%), median EPS +23% (18 of 20 up), market-cap-weighted price −4%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 16.8% | 10.60 → 12.50 | +18% | +3.2 pp | −20% |
| 2 | ICICI Bank | 13.5% | 19.00 → 21.52 | +13% | +2.0 pp | −5% |
| 3 | State Bank of India | 13.0% | 23.76 → 26.12 | +10% one source | +3.2 pp | +25% |
| 4 | Bajaj Finance Limited | 8.6% | 7.56 → 9.61 | +27% one source | +1.4 pp | +7% |
| 5 | Life Insurance Corporation Of India | 7.5% | 8.66 → 10.74 | +24% one source | — | −11% |
| 6 | Axis Bank | 5.7% | 20.13 → 24.54 | +22% one source | +1.5 pp | +12% |
| 7 | Kotak Mahindra Bank Limited | 5.3% | 4.50 → 5.51 | +22% one source | +1.1 pp | −9% |
| 8 | Bajaj Finserv Limited | 3.9% | 17.46 → 19.57 | +12% | +0.4 pp | −13% |
| 9 | Shriram Finance Limited | 3.4% | 11.48 → 14.67 | +28% one source | +1.4 pp | +47% |
| 10 | SBI Life Insurance Company Limited | 2.4% | 5.93 → 7.23 | +22% | — | −4% |
| 11 | ICICI Prudential Asset Management Company Limited | 2.2% | 15.85 → 19.52 | +23% | +0.2 pp | — |
| 12 | BSE Limited | 2.2% | 11.53 → 19.64 | +70% one source | +0.4 pp | +40% |
| 13 | Jio Financial Services Limited | 2.1% | 0.51 → 1.26 | +147% one source | +0.6 pp | −28% |
| 14 | Tata Capital Limited | 2.1% | 1.43 → 3.65 | +155% one source | +1.1 pp | — |
| 15 | Cholamandalam Investment and Finance Company Limited | 2.1% | 13.53 → 19.43 | +44% | +0.6 pp | +10% |
| 16 | Bank of Baroda | 1.9% | 6.71 → 3.45 | −49% one source one-off | −1.8 pp | +9% |
| 17 | Power Finance Corporation Limited | 1.9% | 27.22 → 21.25 | −22% | −2.1 pp | −1% |
| 18 | Union Bank of India | 1.8% | 5.80 → 7.39 | +27% one source | +1.3 pp | +12% |
| 19 | Billionbrains Garage Ventures Limited | 1.7% | 0.57 → 1.17 | +105% | +0.4 pp | — |
| 20 | HDFC Life Insurance Company Limited | 1.7% | 2.54 → 2.81 | +11% one source | — | −30% |
| Sector earnings growth | 100% | +14.7 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 FY26, as market caps moved.
Joined the top 20 since Q4 FY26
Left the top 20 since Q4 FY26
- Muthoot Finance Limited
- Punjab National Bank
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | +11% | 0% | +3% | −2% | +5% | +1% | +6% | −2% | +9% | +12% | +7% | +18% |
| ICICIBANK | +35% | +25% | +18% | +9% | +18% | +16% | +14% | +14% | +2% | −4% | +9% | +13% |
| SBIN | +9% | −28% | +18% | +4% | +23% | +70% | −8% | +10% | +3% | +9% | −3% | +10% |
| BAJFINANCE | +28% | +20% | +18% | +11% | +10% | +16% | +17% | +20% | +21% | −7% | +22% | +27% |
| LICI | −50% | +29% | +3% | +10% | −4% | +17% | +38% | +5% | +33% | +17% | +23% | +24% |
| AXISBANK | +10% | +5% | turned profitable | +5% | +19% | +3% | −2% | −3% | −26% | +4% | +1% | +22% |
| KOTAKBANK | +24% | +7% | +17% | +79% | +13% | +10% | −8% | −40% | −11% | +5% | +10% | +22% |
| BAJAJFINSV | +24% | +21% | +20% | +10% | +8% | +3% | +14% | +30% | +7% | 0% | +5% | +12% |
| SHRIRAMFIN | outside | outside | outside | +18% | +20% | +74% | +7% | +7% | +8% | −22% | +41% | +28% |
| SBILIFE | +1% | +6% | +4% | +36% | +39% | +71% | 0% | +14% | −7% | +5% | −1% | +22% |
| ICICIAMC | outside | outside | outside | outside | outside | outside | outside | outside | outside | +45% | +10% | +23% |
| BSE | outside | outside | outside | outside | outside | outside | outside | +170% | outside | outside | outside | +70% |
| JIOFIN | — | — | — | — | +3% | 0% | +2% | +4% | +1% | −9% | −14% | +147% |
| TATACAP | outside | outside | outside | outside | outside | outside | outside | outside | outside | +54% | +106% | +155% |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| UNIONBANK | outside | +48% | +6% | outside | outside | outside | outside | +22% | outside | outside | +10% | +27% |
| GROWW | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +105% |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |