Sector analysis · India
Financial Services sector earnings growth, Q1 FY25
The 20 largest Financial Services companies by market cap at the end of Q1 FY25 (30 Jun 2024), compared with Q1 FY24.
The top 20 at Q1 FY25
Q1 FY25 vs Q1 FY24: combined net profit ₹1,04,259 cr (+19%), median EPS +11% (18 of 19 up), market-cap-weighted price +20%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 19.0% | 11.09 → 10.83 | −2% | +4.7 pp | −1% |
| 2 | ICICI Bank | 12.6% | 15.20 → 16.62 | +9% | +1.2 pp | +29% |
| 3 | State Bank of India | 11.3% | 20.77 → 21.65 | +4% | +0.9 pp | +48% |
| 4 | Life Insurance Corporation Of India | 9.3% | 7.54 → 8.27 | +10% one source | +1.0 pp | +56% |
| 5 | Bajaj Finance Limited | 6.5% | 5.67 → 6.32 | +11% | +0.5 pp | 0% |
| 6 | Axis Bank | 5.8% | 19.78 → 20.83 | +5% | +0.4 pp | +28% |
| 7 | Kotak Mahindra Bank Limited | 5.3% | 4.18 → 7.49 | +79% one-off | +3.8 pp | −2% |
| 8 | Bajaj Finserv Limited | 3.8% | 12.20 → 13.39 | +10% | +0.2 pp | +4% |
| 9 | Jio Financial Services Limited | 3.4% | — → 0.49 | — | — | — |
| 10 | I R F C | 3.4% | 1.19 → 1.21 | +2% | 0.0 pp | +431% |
| 11 | Power Finance Corporation Limited | 2.4% | 13.87 → 16.80 | +21% | +1.1 pp | +125% |
| 12 | SBI Life Insurance Company Limited | 2.2% | 3.81 → 5.19 | +36% one source | +0.2 pp | +14% |
| 13 | Bank of Baroda | 2.1% | 8.61 → 9.14 | +6% | +0.3 pp | +45% |
| 14 | REC Ltd | 2.1% | 11.27 → 13.14 | +17% | +0.6 pp | +219% |
| 15 | Punjab National Bank | 2.0% | 1.22 → 3.61 | +196% | +3.0 pp | +139% |
| 16 | HDFC Life Insurance Company Limited | 1.9% | 1.93 → 2.22 | +15% one source | +0.1 pp | −9% |
| 17 | I O B | 1.8% | 0.26 → 0.33 | +27% | +0.2 pp | +164% |
| 18 | Cholamandalam Investment and Finance Company Limited | 1.8% | 8.63 → 11.27 | +31% | +0.3 pp | +25% |
| 19 | IndusInd Bank Limited | 1.7% | 27.38 → 27.88 | +2% | +0.1 pp | +7% |
| 20 | Shriram Finance Limited | 1.6% | 9.10 → 10.76 | +18% | +0.4 pp | +68% |
| Sector earnings growth | 100% | +18.9 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 FY24, as market caps moved.
Joined the top 20 since Q4 FY24
Left the top 20 since Q4 FY24
- Union Bank of India
- Canara 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% |
| LICI | −50% | +29% | +3% | +10% | −4% | +17% | +38% | +5% | +33% | +17% | +23% | +24% |
| BAJFINANCE | +28% | +20% | +18% | +11% | +10% | +16% | +17% | +20% | +21% | −7% | +22% | +27% |
| 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% |
| JIOFIN | — | — | — | — | +3% | 0% | +2% | +4% | +1% | −9% | −14% | +147% |
| IRFC | −9% | −2% | +28% | +2% | +3% | +2% | −2% | +11% | +11% | +10% | outside | outside |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| SBILIFE | +1% | +6% | +4% | +36% | +39% | +71% | 0% | +14% | −7% | +5% | −1% | +22% |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| RECLTD | outside | +13% | +33% | +17% | +7% | +23% | +6% | outside | outside | outside | outside | outside |
| PNB | +302% | +245% | +80% | +196% | +127% | +89% | +43% | −49% | +9% | +16% | +12% | outside |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |
| IOB | +22% | outside | +26% | +27% | outside | outside | outside | outside | outside | outside | outside | outside |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |
| INDUSINDBK | +22% | +17% | +15% | +2% | outside | outside | outside | outside | outside | outside | outside | outside |
| SHRIRAMFIN | outside | outside | outside | +18% | +20% | +74% | +7% | +7% | +8% | −22% | +41% | +28% |