Sector analysis · India
Financial Services sector earnings growth, Q3 FY26
The 20 largest Financial Services companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.
The top 20 at Q3 FY26
Q3 FY26 vs Q3 FY25: combined net profit ₹98,925 cr (+9%), median EPS +7% (15 of 20 up), market-cap-weighted price +14%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 20.0% | 11.54 → 12.87 | +12% | +2.4 pp | +12% |
| 2 | ICICI Bank | 12.6% | 18.25 → 17.53 | −4% | −0.4 pp | +5% |
| 3 | State Bank of India | 11.9% | 21.12 → 23.09 | +9% | +2.7 pp | +24% |
| 4 | Bajaj Finance Limited | 8.1% | 6.86 → 6.39 | −7% | −0.3 pp | +45% |
| 5 | Life Insurance Corporation Of India | 7.1% | 8.74 → 10.22 | +17% | — | −4% |
| 6 | Kotak Mahindra Bank Limited | 5.7% | 4.73 → 4.95 | +5% | +0.2 pp | +23% |
| 7 | Axis Bank | 5.2% | 21.78 → 22.58 | +4% | +0.3 pp | +19% |
| 8 | Bajaj Finserv Limited | 4.3% | 13.97 → 13.95 | 0% | 0.0 pp | +30% |
| 9 | SBI Life Insurance Company Limited | 2.7% | 5.50 → 5.75 | +5% | — | +46% |
| 10 | Shriram Finance Limited | 2.5% | 17.27 → 13.45 | −22% | −0.8 pp | +72% |
| 11 | Jio Financial Services Limited | 2.5% | 0.46 → 0.42 | −9% | 0.0 pp | −1% |
| 12 | I R F C | 2.1% | 1.25 → 1.38 | +10% | +0.2 pp | −16% |
| 13 | HDFC Life Insurance Company Limited | 2.1% | 1.93 → 1.94 | +1% | — | +22% |
| 14 | Muthoot Finance Limited | 2.0% | 34.60 → 69.84 | +102% | +1.6 pp | +78% |
| 15 | Bank of Baroda | 2.0% | 10.08 → 10.53 | +4% | +0.3 pp | +23% |
| 16 | Tata Capital Limited | 1.9% | 1.92 → 2.96 | +54% one source | +0.6 pp | — |
| 17 | Cholamandalam Investment and Finance Company Limited | 1.9% | 12.94 → 15.28 | +18% | +0.2 pp | +44% |
| 18 | Punjab National Bank | 1.9% | 4.18 → 4.83 | +16% | +0.8 pp | +20% |
| 19 | Canara Bank | 1.8% | 4.65 → 5.79 | +25% | +1.1 pp | +55% |
| 20 | ICICI Prudential Asset Management Company Limited | 1.7% | 12.78 → 18.55 | +45% | +0.3 pp | — |
| Sector earnings growth | 100% | +9.3 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 FY26
- Bajaj Holdings & Investment Limited
- Power Finance Corporation Limited
- HDFC AMC
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% |
| SBILIFE | +1% | +6% | +4% | +36% | +39% | +71% | 0% | +14% | −7% | +5% | −1% | +22% |
| SHRIRAMFIN | outside | outside | outside | +18% | +20% | +74% | +7% | +7% | +8% | −22% | +41% | +28% |
| JIOFIN | — | — | — | — | +3% | 0% | +2% | +4% | +1% | −9% | −14% | +147% |
| IRFC | −9% | −2% | +28% | +2% | +3% | +2% | −2% | +11% | +11% | +10% | outside | outside |
| HDFCLIFE | +14% | +16% | +14% | +15% | +15% | +14% | +16% | +14% | +3% | +1% | +5% | +11% |
| MUTHOOTFIN | outside | outside | outside | outside | outside | outside | outside | outside | +90% | +102% | +127% | outside |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| TATACAP | outside | outside | outside | outside | outside | outside | outside | outside | outside | +54% | +106% | +155% |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |
| PNB | +302% | +245% | +80% | +196% | +127% | +89% | +43% | −49% | +9% | +16% | +12% | outside |
| CANBK | outside | outside | +53% | outside | outside | outside | outside | outside | outside | +25% | outside | outside |
| ICICIAMC | outside | outside | outside | outside | outside | outside | outside | outside | outside | +45% | +10% | +23% |