Sector analysis · India
Financial Services sector earnings growth, Q2 FY25
The 20 largest Financial Services companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q2 FY24.
The top 20 at Q2 FY25
Q2 FY25 vs Q2 FY24: combined net profit ₹1,04,473 cr (+13%), median EPS +12% (16 of 20 up), market-cap-weighted price +26%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 19.0% | 11.09 → 11.68 | +5% | +1.1 pp | +14% |
| 2 | ICICI Bank | 12.9% | 15.56 → 18.38 | +18% | +2.2 pp | +34% |
| 3 | State Bank of India | 10.1% | 18.04 → 22.17 | +23% | +4.0 pp | +32% |
| 4 | Life Insurance Corporation Of India | 9.2% | 6.26 → 6.02 | −4% one source | −0.3 pp | +55% |
| 5 | Bajaj Finance Limited | 6.9% | 5.86 → 6.46 | +10% | +0.5 pp | −1% |
| 6 | Axis Bank | 5.5% | 20.13 → 23.93 | +19% | +1.3 pp | +19% |
| 7 | Kotak Mahindra Bank Limited | 5.3% | 4.49 → 5.07 | +13% | +0.6 pp | +7% |
| 8 | Bajaj Finserv Limited | 4.5% | 12.09 → 13.07 | +8% | +0.2 pp | +28% |
| 9 | Jio Financial Services Limited | 3.2% | 1.05 → 1.08 | +3% | 0.0 pp | +52% |
| 10 | I R F C | 3.0% | 1.19 → 1.23 | +3% | +0.1 pp | +107% |
| 11 | SBI Life Insurance Company Limited | 2.7% | 3.80 → 5.28 | +39% one source | +0.2 pp | +41% |
| 12 | Power Finance Corporation Limited | 2.3% | 20.08 → 16.07 | −20% | −1.4 pp | +94% |
| 13 | HDFC Life Insurance Company Limited | 2.2% | 1.75 → 2.01 | +15% one source | +0.1 pp | +13% |
| 14 | REC Ltd | 2.1% | 14.39 → 15.33 | +7% | +0.3 pp | +93% |
| 15 | Cholamandalam Investment and Finance Company Limited | 1.9% | 9.40 → 11.52 | +23% | +0.2 pp | +32% |
| 16 | Shriram Finance Limited | 1.9% | 9.52 → 11.39 | +20% | +0.4 pp | +86% |
| 17 | Bajaj Housing Finance Limited | 1.8% | 0.67 → 0.66 | −1% | +0.1 pp | — |
| 18 | Bank of Baroda | 1.8% | 8.50 → 10.36 | +22% | +1.0 pp | +16% |
| 19 | Punjab National Bank | 1.7% | 1.81 → 4.10 | +127% | +3.0 pp | +28% |
| 20 | Bajaj Holdings & Investment Limited | 1.7% | 133.98 → 129.06 | −4% | −0.1 pp | +48% |
| Sector earnings growth | 100% | +13.4 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 FY25, as market caps moved.
Joined the top 20 since Q1 FY25
Left the top 20 since Q1 FY25
- I O B
- IndusInd Bank Limited
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 |
| SBILIFE | +1% | +6% | +4% | +36% | +39% | +71% | 0% | +14% | −7% | +5% | −1% | +22% |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |
| RECLTD | outside | +13% | +33% | +17% | +7% | +23% | +6% | outside | outside | outside | outside | outside |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |
| SHRIRAMFIN | outside | outside | outside | +18% | +20% | +74% | +7% | +7% | +8% | −22% | +41% | +28% |
| BAJAJHFL | outside | outside | outside | outside | −1% | +2% | +23% | outside | outside | outside | outside | outside |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| PNB | +302% | +245% | +80% | +196% | +127% | +89% | +43% | −49% | +9% | +16% | +12% | outside |
| BAJAJHLDNG | +20% | +28% | outside | outside | −4% | +6% | −36% | +116% | +9% | outside | outside | outside |