Sector analysis · India
Financial Services sector earnings growth, Q1 FY26
The 20 largest Financial Services companies by market cap at the end of Q1 FY26 (30 Jun 2025), compared with Q4 FY25.
The top 20 at Q1 FY26
Q1 FY26 vs Q4 FY25: combined net profit ₹97,542 cr (−3%), median EPS 0% (11 of 20 up), market-cap-weighted price +9%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 20.6% | 12.31 → 10.60 | −14% | −2.6 pp | +9% |
| 2 | ICICI Bank | 13.9% | 18.96 → 19.00 | 0% | +0.1 pp | +8% |
| 3 | State Bank of India | 9.8% | 21.96 → 23.76 | +8% | +1.6 pp | +6% |
| 4 | Life Insurance Corporation Of India | 8.3% | 15.05 → 8.66 | −42% | — | +22% |
| 5 | Bajaj Finance Limited | 7.8% | 7.21 → 7.56 | +5% | +0.2 pp | +5% |
| 6 | Kotak Mahindra Bank Limited | 5.8% | 4.96 → 4.50 | −9% | −0.5 pp | 0% |
| 7 | Axis Bank | 5.0% | 24.13 → 20.13 | −17% | −1.2 pp | +9% |
| 8 | Bajaj Finserv Limited | 4.4% | 15.14 → 17.46 | +15% | +0.4 pp | +2% |
| 9 | Jio Financial Services Limited | 2.8% | 0.50 → 0.51 | +2% | 0.0 pp | +44% |
| 10 | I R F C | 2.5% | 1.29 → 1.34 | +4% | +0.1 pp | +14% |
| 11 | SBI Life Insurance Company Limited | 2.5% | 8.12 → 5.93 | −27% | — | +19% |
| 12 | HDFC Life Insurance Company Limited | 2.4% | 2.21 → 2.54 | +15% | — | +19% |
| 13 | Bajaj Holdings & Investment Limited | 2.2% | 155.04 → 313.27 | +102% one-off | +1.8 pp | +15% |
| 14 | Power Finance Corporation Limited | 1.9% | 19.14 → 27.22 | +42% | +2.7 pp | +3% |
| 15 | Cholamandalam Investment and Finance Company Limited | 1.8% | 14.98 → 13.53 | −10% | −0.1 pp | +7% |
| 16 | Shriram Finance Limited | 1.8% | 11.40 → 11.48 | +1% | 0.0 pp | +8% |
| 17 | Bank of Baroda | 1.7% | 10.48 → 6.71 | −36% | −1.9 pp | +9% |
| 18 | Punjab National Bank | 1.7% | 4.34 → 1.84 | −58% | −2.9 pp | +15% |
| 19 | Union Bank of India | 1.6% | 6.56 → 5.80 | −12% | −0.6 pp | +22% |
| 20 | BSE Limited | 1.5% | 9.78 → 11.53 | +18% one source | +0.1 pp | +52% |
| Sector earnings growth | 100% | −2.9 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 FY25, as market caps moved.
Joined the top 20 since Q4 FY25
Left the top 20 since Q4 FY25
- REC Ltd
- Bajaj Housing Finance Limited
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% |
| JIOFIN | — | −56% | +7% | 0% | +120% | −57% | +9% | +2% | +114% | −61% | +2% | +193% |
| IRFC | 0% | +3% | +7% | −8% | +2% | +2% | +3% | +4% | +1% | +1% | outside | outside |
| 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 |
| PFC | +45% | −28% | +18% | −1% | −4% | +10% | +8% | +42% | −36% | outside | +11% | 0% |
| CHOLAFIN | +9% | +11% | outside | −11% | +2% | +12% | +16% | −10% | +2% | +11% | +26% | +1% |
| SHRIRAMFIN | outside | outside | outside | +1% | +6% | +52% | −34% | +1% | +7% | +9% | +19% | −9% |
| 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 |
| UNIONBANK | outside | +1% | −11% | outside | outside | outside | outside | −12% | outside | outside | +8% | +2% |
| BSE | outside | outside | outside | outside | outside | outside | outside | +18% | outside | outside | outside | 0% |