Sector analysis · India
Financial Services sector earnings growth, Q2 FY26
The 20 largest Financial Services companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹97,866 cr (+5%), median EPS +8% (16 of 20 up), market-cap-weighted price +2%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 20.3% | 11.68 → 12.76 | +9% | +1.9 pp | +10% |
| 2 | ICICI Bank | 13.4% | 18.38 → 18.70 | +2% | +0.4 pp | +6% |
| 3 | State Bank of India | 11.2% | 22.17 → 22.90 | +3% | +1.5 pp | +11% |
| 4 | Bajaj Finance Limited | 8.6% | 6.46 → 7.84 | +21% | +0.9 pp | +30% |
| 5 | Life Insurance Corporation Of India | 7.9% | 6.02 → 7.98 | +33% | — | −11% |
| 6 | Kotak Mahindra Bank Limited | 5.5% | 5.07 → 4.49 | −11% | −0.6 pp | +7% |
| 7 | Axis Bank | 4.9% | 23.93 → 17.82 | −26% | −2.0 pp | −8% |
| 8 | Bajaj Finserv Limited | 4.4% | 13.07 → 14.04 | +7% | +0.2 pp | +2% |
| 9 | Jio Financial Services Limited | 2.6% | 1.08 → 1.09 | +1% | 0.0 pp | −16% |
| 10 | SBI Life Insurance Company Limited | 2.5% | 5.28 → 4.93 | −7% | — | −3% |
| 11 | HDFC Life Insurance Company Limited | 2.3% | 2.01 → 2.08 | +3% | — | +5% |
| 12 | I R F C | 2.2% | 1.23 → 1.36 | +11% | +0.2 pp | −22% |
| 13 | Bajaj Holdings & Investment Limited | 1.9% | 129.06 → 140.08 | +9% | +0.1 pp | +17% |
| 14 | Cholamandalam Investment and Finance Company Limited | 1.9% | 11.52 → 13.78 | +20% | +0.2 pp | 0% |
| 15 | Power Finance Corporation Limited | 1.9% | 16.07 → 17.40 | +8% | +0.5 pp | −16% |
| 16 | Bank of Baroda | 1.9% | 10.36 → 9.93 | −4% | −0.2 pp | +4% |
| 17 | Punjab National Bank | 1.8% | 4.10 → 4.46 | +9% | +0.4 pp | +10% |
| 18 | Muthoot Finance Limited | 1.7% | 31.67 → 60.29 | +90% | +1.2 pp | +51% |
| 19 | HDFC AMC | 1.6% | 13.50 → 16.78 | +24% | +0.2 pp | +29% |
| 20 | Shriram Finance Limited | 1.6% | 11.39 → 12.30 | +8% | +0.2 pp | −14% |
| Sector earnings growth | 100% | +5.1 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
- Union Bank of India
- BSE 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% |
| 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% |
| JIOFIN | — | — | — | — | +3% | 0% | +2% | +4% | +1% | −9% | −14% | +147% |
| 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% |
| IRFC | −9% | −2% | +28% | +2% | +3% | +2% | −2% | +11% | +11% | +10% | outside | outside |
| BAJAJHLDNG | +20% | +28% | outside | outside | −4% | +6% | −36% | +116% | +9% | outside | outside | outside |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| 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 |
| MUTHOOTFIN | outside | outside | outside | outside | outside | outside | outside | outside | +90% | +102% | +127% | outside |
| HDFCAMC | outside | outside | outside | outside | outside | outside | outside | outside | +24% | outside | outside | outside |
| SHRIRAMFIN | outside | outside | outside | +18% | +20% | +74% | +7% | +7% | +8% | −22% | +41% | +28% |