Private Sector Bank industry
20 companies · ₹35.0 L cr · 19 with AI deep dives · Q1FY27 report
NIM troughs on rate-cut drag while credit cost normalisation sustains PAT growth sector-wide
- Revenue YoY
- +4.2%
- Panel
- 20 cos
- Price, 1 year
- +20.7%
- 80% of names up
- P/E vs own 5y
- +14.2%
- 13.9x now
Exhibit 1The quarter in numbers
constant panel of 20 companies above ₹500 cr- Jun 26
- 3.72 L cr
- Mar 26
- 3.56 L cr
- QoQ
- +4.7%
- Jun 25
- 3.57 L cr
- YoY
- +4.2%
- Peak
- 3.72 L cr
- vs peak
- 0.0%
Breadth: 95% of 20 companies grew revenue year on year (was 80% a quarter earlier).
Exhibit 2What it costs
9.51x - 19.8x across the panel todayThe median name trades at 13.9x, +14.2% against this industry's own 5-year median of 12.1x, and -16.9% against its own peak of 16.7x.
Exhibit 3Structure
₹35.0 L crHDFC Bank Ltd is 31.2% of this industry by market cap. The top 5 are 85% and the top 10 are 95.6%.
Exhibit 5Coverage (20 of 20)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Virtually every covered bank reporting Q1 FY27 data shows sharply lower credit costs and slippage ratios YoY, reflecting resolution of the 2023-25 unsecured-retail stress cycle…
- KOTAKBANK (Q1FY27): “Credit cost (annualised) (%)* 0.46% 0.93% 0.39% ... Fresh slippages declined to INR 1,321…”
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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