20 companies · ₹34.5 L cr · 20 with AI deep dives · Q2FY27 report
FCNR(B) window drives ~20%+ loan growth but dilutes NIMs; large banks say margins bottom in Q3-Q4
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
HDFC, ICICI, Kotak, Axis, IndusInd, Yes and RBL all reported material FCNR(B) inflows, often matched by loans from international branches. Growth excluding these flows is lower…
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.
Create a free account →Sept 26: 20 of 20 reported so far, so it is not in the trend above.
Breadth: 95% of 20 companies grew revenue year on year (was 90% a quarter earlier).
The median name trades at 12.1x, -0.8% against this industry's own 5-year median of 12.1x, and -20.2% against its own peak of 15.1x.
HDFC Bank Ltd is 30.9% of this industry by market cap. The top 5 are 86.7% and the top 10 are 95.8%.
| 16.9x |
| 2.4x |
| 3.6% |
| 1.4% |
| +16.2% |
| Unlock |
| Kotak Mahindra Bank Ltd | ₹4.6 L cr | 21.4x | 2.4x | 3.9% | 1.2% | +15.5% | Unlock |
| Axis Bank Ltd | ₹3.8 L cr | 12.6x | 1.6x | 3.0% | 1.3% | +17.9% | Unlock |
| IDBI Bank Ltd | ₹86,213 cr | 10.4x | 1.2x | 3.2% | 2.3% | +19.8% | Unlock |
| Federal Bank Ltd | ₹84,726 cr | 16.3x | 1.9x | 3.2% | 1.6% | +16.2% | Unlock |
| IndusInd Bank Ltd | ₹65,448 cr | 21.8x | 1.0x | 3.4% | 3.2% | +1.6% | Unlock |
| IDFC First Bank Ltd | ₹62,007 cr | 20.6x | 1.2x | 5.1% | 1.5% | +20.0% | Unlock |
| RBL Bank Ltd | ₹54,463 cr | 28.4x | 0.5x | 3.4% | 1.4% | +23.2% | Unlock |
| Yes Bank Ltd | ₹47,586 cr | 11.3x | 0.9x | 2.4% | 1.3% | +17.1% | Unlock |
| Karur Vysya Bank Ltd | ₹34,028 cr | 11.5x | 2.2x | 3.8% | 0.7% | +15.2% | Unlock |
| Bandhan Bank Ltd | ₹24,796 cr | 13.3x | 0.9x | 5.5% | 3.2% | +7.5% | Unlock |
| City Union Bank Ltd | ₹21,277 cr | 14.3x | 1.9x | 3.2% | 1.8% | +26.6% | Unlock |
| South Indian Bank Ltd | ₹14,543 cr | 9.2x | 1.2x | 2.6% | 1.7% | +16.1% | Unlock |
| Jammu and Kashmir Bank Ltd | ₹12,922 cr | 5.5x | 0.7x | 3.2% | 2.5% | +13.2% | Unlock |
| Tamilnad Mercantile Bank Ltd | ₹12,684 cr | 8.0x | 1.2x | 3.5% | 0.7% | +28.8% | Unlock |
| Karnataka Bank Ltd | ₹11,314 cr | 7.3x | 0.8x | 2.9% | 2.7% | +14.9% | Unlock |
| DCB Bank Ltd | ₹6,189 cr | 7.4x | 0.9x | 3.0% | 2.5% | +12.5% | Unlock |
| CSB Bank Ltd | ₹5,144 cr | 7.5x | 1.0x | 3.2% | 1.7% | +20.7% | Unlock |
| Dhanlaxmi Bank Ltd | ₹1,235 cr | 8.8x | 0.8x | 3.3% | 2.0% | +22.8% | Unlock |