Public Sector Bank industry

12 companies · ₹18.4 L cr · 12 with AI deep dives · Q1FY27 report

PSBs post record profits on volume-led NII surge; ECL transition and CASA erosion cap the NIM recovery

Acceleratingrevenue growth quickened to 6.0% YoY from 3.2% a year earlier
Revenue YoY
+6.0%
Panel
12 cos
Price, 1 year
+15.9%
67% of names up
P/E vs own 5y
-9.7%
6.9x now

Exhibit 1The quarter in numbers

constant panel of 12 companies above ₹500 cr
aggregate revenue (₹ cr)
Revenue
Jun 26
4.18 L cr
Mar 26
4.10 L cr
QoQ
+1.9%
Jun 25
3.95 L cr
YoY
+6.0%
Peak
4.18 L cr
vs peak
0.0%

Breadth: 83% of 12 companies grew revenue year on year (was 58% a quarter earlier).

Exhibit 2What it costs

6.05x - 9.91x across the panel today

The median name trades at 6.9x, -9.7% against this industry's own 5-year median of 7.7x, and -39.4% against its own peak of 11.4x.

Exhibit 3Structure

₹18.4 L cr

State Bank of India is 51.2% of this industry by market cap. The top 5 are 79.4% and the top 10 are 97.6%.

large 9mid 312 above ₹500 cr

Exhibit 5Coverage (12 of 12)

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

State Bank of India
Mcap
₹9.2 L cr
P/E
10.7x
P/B
1.5x
NIM
2.7%
Gross NPA
1.6%
Rev YoY
+8.4%
Unlock
Union Bank of India
Mcap
₹1.4 L cr
P/E
6.6x
P/B
1.0x
NIM
2.6%
Gross NPA
3.0%
Rev YoY
-0.2%
Unlock
Punjab National Bank
Mcap
₹1.3 L cr
P/E
6.1x
P/B
0.9x
NIM
2.2%
Gross NPA
3.1%
Rev YoY
+3.1%
Unlock
Bank of Baroda
Mcap
₹1.2 L cr
P/E
6.8x
P/B
0.7x
NIM
2.6%
Gross NPA
2.0%
Rev YoY
+6.8%
Unlock
Indian Bank
Mcap
₹1.1 L cr
P/E
9.0x
P/B
1.4x
NIM
2.9%
Gross NPA
2.2%
Rev YoY
+11.1%
Unlock
Canara Bank
Mcap
₹1.1 L cr
P/E
5.7x
P/B
0.9x
NIM
2.1%
Gross NPA
2.0%
Rev YoY
+4.5%
Unlock
Bank of Maharashtra
Mcap
₹64,740 cr
P/E
8.6x
P/B
1.9x
NIM
3.4%
Gross NPA
1.6%
Rev YoY
+13.9%
Unlock
Indian Overseas Bank
Mcap
₹63,739 cr
P/E
10.7x
P/B
1.7x
NIM
3.0%
Gross NPA
1.5%
Rev YoY
+18.8%
Unlock
Bank of India
Mcap
₹63,646 cr
P/E
5.4x
P/B
0.7x
NIM
2.3%
Gross NPA
2.1%
Rev YoY
+8.8%
Unlock
UCO Bank
Mcap
₹30,095 cr
P/E
18.1x
P/B
1.4x
NIM
2.8%
Gross NPA
2.3%
Rev YoY
+8.7%
Unlock
Central Bank of India
Mcap
₹27,878 cr
P/E
6.1x
P/B
0.7x
NIM
2.8%
Gross NPA
2.8%
Rev YoY
+12.8%
Unlock
Punjab & Sind Bank
Mcap
₹16,199 cr
P/E
11.7x
P/B
1.1x
NIM
2.3%
Gross NPA
2.5%
Rev YoY
+10.4%
Unlock

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30
tailwindCredit growth is outpacing each bank's own FY27 guidance by a wide margin, led by RAM segments8 managements

Every Q1FY27 reporter beat its own advance-growth target: Central Bank at 28.58% vs 14-16% guidance, Bank of Maharashtra at 27% vs 18%, UCO Bank at 21.18% vs 12-14%, Bank of India…

  • CENTRALBK (Q1FY27): “gross global advance increased by 28.58% to ₹3,54,348 crores. CD ratio improved to 74.10%.”
headwind9 managementstailwind10 managementsmixed8 managementsheadwind7 managementsheadwind6 managementstailwind5 managements
6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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.

Create a free account →

AppendixThe other 0 companies

1-0
sort: mcap · composite · name