Financial Institution industry

9 companies · ₹3.6 L cr · 6 with AI deep dives · Q1FY27 report

Bank re-intermediation compresses spreads sector-wide even as record pipelines signal volume recovery ahead

Deceleratingrevenue growth slowed to 3.7% YoY from 8.6% a year earlier

Revenue YoY: +3.7%
Panel: 8 cos
Price, 1 year: -27.0%; 25% of names up
P/E vs own 5y: -3.9%; 13.2x now

Exhibit 1The quarter in numbers

constant panel of 8 companies above ₹500 cr

aggregate revenue (₹ cr)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	57,598 cr	57,102 cr	+0.9%	55,548 cr	+3.7%	57,598 cr	0.0%

Revenue

Jun 26: 57,598 cr
Mar 26: 57,102 cr
QoQ: +0.9%
Jun 25: 55,548 cr
YoY: +3.7%
Peak: 57,598 cr
vs peak: 0.0%

Sept 26: 2 of 8 reported so far, so it is not in the trend above.

Breadth: 50% of 8 companies grew revenue year on year (was 75% a quarter earlier).

Exhibit 2What it costs

5.86x - 52.76x across the panel today

The median name trades at 13.2x, -3.9% against this industry's own 5-year median of 13.8x, and -48.2% against its own peak of 25.5x.

Exhibit 3Structure

₹3.6 L cr

Power Finance Corporation Ltd is 28.9% of this industry by market cap. The top 5 are 93.3% and the top 10 are 100%.

large 3mid 3small 2micro 18 above ₹500 cr

Exhibit 5Coverage (9 of 9)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	P/B	NIM	Gross NPA	Rev YoY	Read
Power Finance Corporation Ltd	₹1.0 L cr	4.0x	0.8x	-	-	0.0%	Unlock
Indian Railway Finance Corporation Ltd	₹96,981 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindRenewable energy financing emerging as the dominant loan-book growth driver3 managements

Three of six entities named renewables as the fastest-growing portfolio segment. REC's renewable loan book grew 30% YoY to ₹75,347 cr, lifting its share of total book from 10% to…

RECLTD (Q4FY26): “Renewable Loan Assets Increased significantly by 30% YoY”

headwind3 managements tailwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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