Sector analysis · India
Financial Services sector earnings growth, Q4 FY25
The 20 largest Financial Services companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q4 FY24.
The top 20 at Q4 FY25
Q4 FY25 vs Q4 FY24: combined net profit ₹99,991 cr (+4%), median EPS +6% (15 of 20 up), market-cap-weighted price +6%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 20.6% | 11.60 → 12.31 | +6% | +1.3 pp | +26% |
| 2 | ICICI Bank | 14.1% | 16.62 → 18.96 | +14% | +1.9 pp | +22% |
| 3 | State Bank of India | 10.2% | 23.96 → 21.96 | −8% | −1.9 pp | +3% |
| 4 | Bajaj Finance Limited | 8.2% | 6.18 → 7.21 | +17% | +0.7 pp | +23% |
| 5 | Life Insurance Corporation Of India | 7.5% | 10.88 → 15.05 | +38% one source | — | −13% |
| 6 | Kotak Mahindra Bank Limited | 6.4% | 5.37 → 4.96 | −8% | −0.4 pp | +22% |
| 7 | Axis Bank | 5.0% | 24.62 → 24.13 | −2% | −0.1 pp | +5% |
| 8 | Bajaj Finserv Limited | 4.7% | 13.28 → 15.14 | +14% | +0.3 pp | +22% |
| 9 | I R F C | 2.4% | 1.31 → 1.29 | −2% | 0.0 pp | −13% |
| 10 | SBI Life Insurance Company Limited | 2.3% | 8.10 → 8.12 | 0% | — | +3% |
| 11 | HDFC Life Insurance Company Limited | 2.2% | 1.91 → 2.21 | +16% one source | — | +8% |
| 12 | Jio Financial Services Limited | 2.1% | 0.49 → 0.50 | +2% | 0.0 pp | −36% |
| 13 | Bajaj Holdings & Investment Limited | 2.0% | 244.05 → 155.04 | −36% | −1.0 pp | +51% |
| 14 | Power Finance Corporation Limited | 2.0% | 17.04 → 19.14 | +12% | +0.7 pp | +6% |
| 15 | Cholamandalam Investment and Finance Company Limited | 1.9% | 12.68 → 14.98 | +18% | +0.2 pp | +31% |
| 16 | Shriram Finance Limited | 1.8% | 10.69 → 11.40 | +7% | +0.1 pp | +39% |
| 17 | Bank of Baroda | 1.7% | 9.92 → 10.48 | +6% | +0.3 pp | −13% |
| 18 | REC Ltd | 1.7% | 15.49 → 16.37 | +6% | +0.2 pp | −5% |
| 19 | Punjab National Bank | 1.6% | 3.04 → 4.34 | +43% | +1.7 pp | −23% |
| 20 | Bajaj Housing Finance Limited | 1.5% | 0.57 → 0.70 | +23% | +0.2 pp | — |
| Sector earnings growth | 100% | +4.2 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 FY25, as market caps moved.
Joined the top 20 since Q3 FY25
Left the top 20 since Q3 FY25
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% |
| KOTAKBANK | +24% | +7% | +17% | +79% | +13% | +10% | −8% | −40% | −11% | +5% | +10% | +22% |
| AXISBANK | +10% | +5% | turned profitable | +5% | +19% | +3% | −2% | −3% | −26% | +4% | +1% | +22% |
| BAJAJFINSV | +24% | +21% | +20% | +10% | +8% | +3% | +14% | +30% | +7% | 0% | +5% | +12% |
| 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% |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |
| JIOFIN | — | — | — | — | +3% | 0% | +2% | +4% | +1% | −9% | −14% | +147% |
| BAJAJHLDNG | +20% | +28% | outside | outside | −4% | +6% | −36% | +116% | +9% | outside | outside | outside |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| 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% |
| 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 |
| BAJAJHFL | outside | outside | outside | outside | −1% | +2% | +23% | outside | outside | outside | outside | outside |