Sector analysis · India
Financial Services sector earnings growth, Q4 FY26
The 20 largest Financial Services companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q4 FY25.
The top 20 at Q4 FY26
Q4 FY26 vs Q4 FY25: combined net profit ₹1,10,072 cr (+11%), median EPS +10% (17 of 20 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | 17.5% | 12.31 → 13.22 | +7% | +1.5 pp | −20% |
| 2 | State Bank of India | 14.0% | 21.96 → 21.28 | −3% | 0.0 pp | +27% |
| 3 | ICICI Bank | 13.4% | 18.96 → 20.61 | +9% | +1.3 pp | −10% |
| 4 | Bajaj Finance Limited | 7.7% | 7.21 → 8.78 | +22% | +1.0 pp | −10% |
| 5 | Life Insurance Corporation Of India | 7.1% | 15.05 → 18.55 | +23% | — | −9% |
| 6 | Axis Bank | 5.6% | 24.13 → 24.46 | +1% | +0.1 pp | +5% |
| 7 | Kotak Mahindra Bank Limited | 5.5% | 4.96 → 5.45 | +10% | +0.5 pp | −19% |
| 8 | Bajaj Finserv Limited | 4.1% | 15.14 → 15.86 | +5% | +0.1 pp | −19% |
| 9 | SBI Life Insurance Company Limited | 2.8% | 8.12 → 8.02 | −1% | — | +15% |
| 10 | Shriram Finance Limited | 2.5% | 11.40 → 16.06 | +41% | +0.9 pp | +33% |
| 11 | Jio Financial Services Limited | 2.2% | 0.50 → 0.43 | −14% | 0.0 pp | −1% |
| 12 | ICICI Prudential Asset Management Company Limited | 2.1% | 14.00 → 15.45 | +10% | +0.1 pp | — |
| 13 | Tata Capital Limited | 2.0% | 1.72 → 3.54 | +106% one source | +0.9 pp | — |
| 14 | Bank of Baroda | 2.0% | 10.48 → 10.92 | +4% | +0.2 pp | +8% |
| 15 | HDFC Life Insurance Company Limited | 2.0% | 2.21 → 2.31 | +5% | — | −14% |
| 16 | Muthoot Finance Limited | 2.0% | 36.81 → 83.43 | +127% | +1.9 pp | +33% |
| 17 | Union Bank of India | 1.9% | 6.56 → 7.21 | +10% | +0.5 pp | +30% |
| 18 | Power Finance Corporation Limited | 1.9% | 19.14 → 21.21 | +11% | +0.7 pp | −8% |
| 19 | Punjab National Bank | 1.8% | 4.34 → 4.87 | +12% | +0.6 pp | +5% |
| 20 | Cholamandalam Investment and Finance Company Limited | 1.8% | 14.98 → 19.31 | +29% | +0.4 pp | −11% |
| Sector earnings growth | 100% | +10.6 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
- I R F C
- 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% |
| SBIN | +9% | −28% | +18% | +4% | +23% | +70% | −8% | +10% | +3% | +9% | −3% | +10% |
| ICICIBANK | +35% | +25% | +18% | +9% | +18% | +16% | +14% | +14% | +2% | −4% | +9% | +13% |
| 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% |
| 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% |
| 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% |
| ICICIAMC | outside | outside | outside | outside | outside | outside | outside | outside | outside | +45% | +10% | +23% |
| TATACAP | outside | outside | outside | outside | outside | outside | outside | outside | outside | +54% | +106% | +155% |
| BANKBARODA | +29% | +11% | −2% | +6% | +22% | +9% | +6% | −27% | −4% | +4% | +4% | −49% |
| 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 |
| UNIONBANK | outside | +48% | +6% | outside | outside | outside | outside | +22% | outside | outside | +10% | +27% |
| PFC | +68% | −9% | +20% | +21% | −20% | +22% | +12% | +62% | +8% | outside | +11% | −22% |
| PNB | +302% | +245% | +80% | +196% | +127% | +89% | +43% | −49% | +9% | +16% | +12% | outside |
| CHOLAFIN | +37% | +25% | outside | +31% | +23% | +25% | +18% | +20% | +20% | +18% | +29% | +44% |