Sector analysis · India
Financial Services sector earnings growth, Q3 FY25
The 20 largest Financial Services companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.
The top 20 at Q3 FY25
Q3 FY25 vs Q2 FY25: combined net profit ₹1,07,813 cr (+3%), median EPS +1% (11 of 20 up), market-cap-weighted price −6%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 20.8% | 11.68 → 11.54 | −1% | −0.2 pp | +2% |
| 2 | ICICI Bank | 13.9% | 18.38 → 18.25 | −1% | −0.1 pp | +1% |
| 3 | State Bank of India | 10.9% | 22.17 → 21.12 | −5% | −0.9 pp | +1% |
| 4 | Life Insurance Corporation Of India | 8.7% | 6.02 → 8.74 | +45% one source | +3.3 pp | −11% |
| 5 | Bajaj Finance Limited | 6.5% | 6.46 → 6.86 | +6% | +0.2 pp | −11% |
| 6 | Kotak Mahindra Bank Limited | 5.4% | 5.07 → 4.73 | −7% | −0.3 pp | −4% |
| 7 | Axis Bank | 5.1% | 23.93 → 21.78 | −9% | −0.6 pp | −14% |
| 8 | Bajaj Finserv Limited | 3.8% | 13.07 → 13.97 | +7% | +0.1 pp | −21% |
| 9 | I R F C | 3.0% | 1.23 → 1.25 | +2% | 0.0 pp | −6% |
| 10 | Jio Financial Services Limited | 2.9% | 1.08 → 0.46 | −57% | −0.4 pp | −15% |
| 11 | Power Finance Corporation Limited | 2.3% | 16.07 → 17.66 | +10% | +0.5 pp | −8% |
| 12 | SBI Life Insurance Company Limited | 2.1% | 5.28 → 5.50 | +4% one source | 0.0 pp | −25% |
| 13 | HDFC Life Insurance Company Limited | 2.0% | 2.01 → 1.93 | −4% one source | 0.0 pp | −14% |
| 14 | Bajaj Holdings & Investment Limited | 2.0% | 129.06 → 157.09 | +22% | +0.3 pp | +13% |
| 15 | REC Ltd | 2.0% | 15.33 → 15.48 | +1% | 0.0 pp | −10% |
| 16 | Bank of Baroda | 1.9% | 10.36 → 10.08 | −3% | −0.1 pp | −3% |
| 17 | Punjab National Bank | 1.8% | 4.10 → 4.18 | +2% | +0.1 pp | 0% |
| 18 | Shriram Finance Limited | 1.7% | 11.39 → 17.27 | +52% one-off | +1.1 pp | −19% |
| 19 | Bajaj Housing Finance Limited | 1.6% | 0.66 → 0.66 | 0% | 0.0 pp | −17% |
| 20 | Cholamandalam Investment and Finance Company Limited | 1.5% | 11.52 → 12.94 | +12% | +0.1 pp | −26% |
| Sector earnings growth | 100% | +3.2 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY25, as market caps moved.
Joined the top 20 since Q2 FY25
Left the top 20 since Q2 FY25
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, 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 | 0% | +3% | +2% | −7% | +8% | −1% | +7% | −14% | +20% | +1% | +3% | −5% |
| ICICIBANK | +2% | +1% | +5% | 0% | +11% | −1% | +4% | 0% | −2% | −6% | +18% | +4% |
| SBIN | −13% | −31% | +93% | −10% | +2% | −5% | +4% | +8% | −4% | +1% | −8% | +23% |
| LICI | −17% | +19% | +46% | −24% | −27% | +45% | +72% | −42% | −8% | +28% | +82% | −42% |
| BAJFINANCE | +3% | +1% | +5% | +2% | +2% | +6% | +5% | +5% | +4% | −18% | +37% | +9% |
| KOTAKBANK | +7% | −4% | +25% | +39% | −32% | −7% | +5% | −9% | 0% | +10% | +10% | +1% |
| AXISBANK | +2% | +5% | +17% | −15% | +15% | −9% | +11% | −17% | −11% | +27% | +8% | 0% |
| BAJAJFINSV | −1% | +12% | −2% | +1% | −2% | +7% | +8% | +15% | −20% | −1% | +14% | +23% |
| IRFC | 0% | +3% | +7% | −8% | +2% | +2% | +3% | +4% | +1% | +1% | outside | outside |
| JIOFIN | — | −56% | +7% | 0% | +120% | −57% | +9% | +2% | +114% | −61% | +2% | +193% |
| PFC | +45% | −28% | +18% | −1% | −4% | +10% | +8% | +42% | −36% | outside | +11% | 0% |
| SBILIFE | 0% | −16% | +152% | −36% | +2% | +4% | +48% | −27% | −17% | +17% | +39% | −10% |
| HDFCLIFE | −9% | −3% | +12% | +16% | −9% | −4% | +15% | +15% | −18% | −7% | +19% | +22% |
| BAJAJHLDNG | +5% | +10% | outside | outside | −11% | +22% | −1% | +102% | −55% | outside | outside | outside |
| RECLTD | outside | −13% | +23% | −15% | +17% | +1% | +6% | outside | outside | outside | outside | outside |
| BANKBARODA | −1% | +9% | +7% | −8% | +13% | −3% | +4% | −36% | +48% | +6% | +4% | −68% |
| PNB | +48% | +22% | +38% | +19% | +14% | +2% | +4% | −58% | +142% | +8% | +1% | outside |
| SHRIRAMFIN | outside | outside | outside | +1% | +6% | +52% | −34% | +1% | +7% | +9% | +19% | −9% |
| BAJAJHFL | outside | outside | outside | outside | +6% | 0% | +6% | outside | outside | outside | outside | outside |
| CHOLAFIN | +9% | +11% | outside | −11% | +2% | +12% | +16% | −10% | +2% | +11% | +26% | +1% |