Motilal Oswal Financial Services

Sector Update | 27 November 2025

Financials: Banks

BFSI: Changing contours; redefining boundaries

Sector market cap rises to INR105t; banks account for 54% (70% in FY15)

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India’s BFSI sector has undergone a structural transformation with the emergence of

new sub-segments, backed by tech innovation, streamlined distribution channels and

improved product offerings. This report thus provides a top-down view on how the

sector’s boundaries are getting redefined. Please refer to our earlier thematic report

“The

Changing Face of BFSI”

for a detailed context.

The BFSI sector’s market cap has surged 60x from INR1.8t in 2005 to INR105t in Oct’25,

while banks’ share in the BFSI market cap has moderated from 70% in FY15 to 54% in

Oct’25.

Over the past five years, listed new-age platforms (capital markets + fintechs) have

contributed ~11% of incremental BFSI market cap. These businesses have scaled up

rapidly, led by technological innovation, increasing financialization and buoyant

capital markets.

BFSI (banks + NBFCs) sector’s profitability has thus grown at a robust pace to reach

INR5.3t in FY25 from INR1.1t in FY15. This growth momentum is getting further

reinforced by the rapid scale-up of several new BFSI companies, which have deepened

their profit pools.

We note that select unlisted BFSI companies currently command ~INR9t of total value

(refer Exhibit 1), representing ~20% of total non-bank market cap.

With several new marquee names due for listing (ICICI Prudential MF, SBI MF,

PhonePe, etc.), we expect BFSI dominance in major indices to continue over the

coming years. Moreover, the improvement in underlying profitability (18-20%

estimated earnings CAGR over FY26-28E for MOSL Banking/NBFC universe) further

enables consistent wealth creation opportunities for investors.

BFSI market cap crosses INR100t; 25% CAGR in past three years



India’s BFSI sector has experienced a dramatic expansion, with its market cap

surging 60x from INR1.8t in 2005 to INR105t in Oct’25, implying a ~23% CAGR

(25% CAGR over FY22-25). While banks remain the core, their share in total BFSI

market cap has fallen from ~85% in 2005 to ~54% today, underscoring the

emergence of new business segments. Insurance which was just 1% of total BFSI

market cap in FY15 has jumped to 12% now and capital markets from negligible

levels now accounts for ~6% of total BFSI sector market cap. Fintechs, non-

existent in 2015, now make up ~4% of total BFSI market cap, and with more

listings expected over the coming years, this segment will continue to gain share

in the overall pie.

Across BFSI sub-segments, the pace of market-cap expansion has been highly

divergent, highlighting how the value creation has shifted beyond traditional

lenders, which used to represent all of BFSI until nearly a decade ago. While

banks grew significantly from INR1.49t in 2005 to INR56.8t in Oct’25, a ~38x

increase, their CAGR has moderated over time as the base expanded. NBFCs

witnessed the sharper structural rerating, rising from INR0.26t to INR25.8t

(~100x growth) over the same period. Insurance and capital markets have

Pace of market cap growth differs sharply across sub-segments



Nitin Aggarwal - Research Analyst

(Nitin.Aggarwal@MotilalOswal.com)

Research Analyst: Dixit Sankharva

(Dixit.sankharva@MotilalOswal.com) |

Disha Singhal

(Disha Singhal@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Financials: Banks

quickly expanded to INR12.3t and INR5.8t of collective market cap, respectively,

in Oct’25, driven by financialization of savings, rising retail participation and

buoyant capital markets. Fintechs, which had zero presence till 2015, now

account for INR4.1t of market cap.

Fintechs, new BFSI listings accounted for 11% of incremental mkt cap



New-age companies and BFSI listings (capital market+ fintechs) have accounted

for 11% of incremental market cap of the entire BFSI sector over FY20-25.

We note that the combined market valuation of unlisted BFSI companies stands

at ~INR9t, which accounts for ~20% of non-bank BFSI market cap. This is led by

the emergence of new business models, technological innovations helping rapid

scale-up and improvement in underlying profitability of many of these new-age

businesses.

Over the past 6-7 months since we published our BFSI thematic report titled

“

The Changing Face of BFSI

”,

we note that four companies we had highlighted

(HDB Financial, Tata Capital, Groww, Pine Labs) have already got listed and trade

at an aggregate market cap of INR3.3t. Interestingly, few more names have also

been added to the list, which were not there in our thematic report earlier.

Please refer Exhibit 1 for details.

BFSI dominance in major indices has strengthened over the years

BFSI sector weight in the Nifty-50 index has more than doubled to 36.3% in Oct’25

from 13.4% in FY05 (23.7% in FY10). The sector’s weight in the BSE-200 index has

also steadily increased from 20.2% in Mar’15 to 31.7% in Oct’25. Private banks

continue to dominate, while PSU banks saw a modest revival from FY23-24. With

several marquee names with sizeable market caps due for listing (ICICI PruMF, SBI

MF, PhonePe, etc.), we expect sector rebalancing to continue over the coming years

while ensuring BFSI dominance in major indices.

Improved sector profitability to sustain this wealth creation drive



The BFSI sector has seen a notable improvement in profitability over the past

decade, with banks and NBFCs emerging as the strongest profit drivers. NBFCs

have delivered steady profit growth, rising ~4x over the past 10 years to INR1.5t,

while private banks reported >5x increase to INR1.9t over the similar period.

PSU banks, after reporting aggregate losses of INR260b in FY20, have staged a

remarkable turnaround to deliver aggregate PAT of INR1.86t in FY25, supported

by cleaner balance sheets, controlled credit costs and stronger capital buffers.

This earnings recovery is getting further reinforced by several new listings across

insurance, fintechs, and capital-market platforms, deepening the profit pools

and structurally lifting the sector’s contribution in overall market earnings.

While FY25/26 earnings growth has moderated due to NIM compression and

higher credit costs, MOFSL Banking/NBFC coverage universe is estimated to

report 18-20% earnings CAGR over FY26-28E. Capital market and fintech remain

well positioned to sustain superior earnings growth, supported by rising

financialization and resilient capital markets.

27 November 2025

Financials: Banks

View



The BFSI sector is navigating through an interesting phase where the new-age

business models and segments are rapidly gaining scale, while

traditional

lenders

are actively investing in technology to maintain their competitive edge.

New-age companies are not just participating in the ecosystem but also

redefining it through disruptive innovation, digital-led scalability, and customer-

centric models.

With unlisted new-age BFSI players contributing ~INR9t in market value,

representing ~20% of non-bank BFSI market cap, the upcoming IPOs will

materially reshape India’s BFSI sector positioning.

Fintechs

continue to deliver steady growth, with category leaders such as

PhonePe and Google Pay maintaining their dominance in digital payments.

Similarly, wealth-tech platforms like Zerodha, Groww, and Upstox have also

collectively driven up segment valuations significantly. These companies have

reshaped the investment landscape by democratizing access to capital markets

and are poised to deliver steady growth, backed by increasing formalization,

buoyant capital markets and changing customer preferences.

Lending-focused fintechs

highlight the diversification within the fintech

universe—from payments to SaaS-based subscription management to consumer

lending. Their ability to partner with banks and NBFCs for co-lending,

underwriting, and customer acquisition continues to expand the addressable

market.

As digital adoption accelerates and financialization deepens, these companies

are well positioned to become the next frontier of growth and offer huge wealth

creation opportunities for investors.

27 November 2025

Financials: Banks

Story in charts

Exhibit 1: Combined market cap of key unlisted and recently listed BFSI companies as highlighted in our thematic report

Company

Zerodha

PhonePe

Zoho

Gpay

Bharat pe

Razorpay

Upstox

Cred

Chargebee

Kreditbee

MPI

NSDL

IPRU AMC

SBI MF

Hero Fincorp

Navi Finserv

SK Finance

Total unlisted BFSI players’ estimated valuations

Fintech as % of non-banks market cap

Sector

Fintech

Exchanges

AMC

NBFC

INR8,869b

20%

Company

Sector

Groww

Fintech

Pine labs

Fintech

Seshaasai Technologies

Fintech

Niva Bupa

General Insurance

Canara HSBC Life

Life Insurance

Anand Rathi Share and Stock Broker

Broking

Canara Robeco AMC

AMC

Tata capital

NBFC

HDB Financials

NBFC

Total recently listed BFSI players current market cap

INR3,720b

*These are indicative valuations and are subject to change as per market conditions, business performance.

Source: MOFSL,

Media reports, Private circle, Burgundy private & Hurun India, Tracxn

Exhibit 2: BFSI market cap has surged ~60x over the past two decades to INR105t

Banks

NBFCs

Insurance

Capital market

Fintechs

105t

4.1

5.8

12.3

25.8

16t

1.8t

0.3

0.01

1.5

2005

26t

0.6

2.6

6.9

15.0

0.9

56.8

7.5t

0.1

1.8 0.05

5.7

2010

4.6 0.1

11.5

2015

2020

Oct'25

Source: MOFSL, Company

Exhibit 3: BFSI market cap mix: Banks now account for 54% vs. 85% in 2005; listed fintechs’

share has expanded to 4%

BFSI market cap mix has

changed significantly, with

the share of banks coming

down to 54% from

85%/70% in 2005/2015.

Banks

15%

NBFCs

Insurance

28%

Capital market

Fintechs

12%

25%

85%

70%

54%

2005

2015

Oct'25

Source: MOFSL, Company

27 November 2025

Financials: Banks

Exhibit 4: BFSI sector weight in BSE-200

Private Banks

PSU Banks

NBFC

1.7

5.5

3.3

Insurance

20.2%

1.3

3.4

25.3%

1.6

2.8

2.0

31.4%

31.7%

1.8

6.0

3.8

20.0

15.5

18.9

20.8

2015

2020

2025

Oct-25

Source: MOFSL, Company

Exhibit 5: BFSI sector weight in Nifty-50

Private Banks

PSU Banks

NBFC

0.0

5.5

2.1

20.8

Insurance

BFSI sector weight in the

Nifty-50 index has steadily

risen to 36.3% in Oct’25

from 13.4% in FY05.

The sector’s weight in the

BSE-200 index has also

increased from 20.2% in

Mar’15 to 31.7% in Oct’25.

13.4%

3.1

5.6

23.7%

0.0

6.1

4.4

31.8%

0.0

7.8

3.7

36.5%

36.3%

1.4

5.1

3.3

4.8

2005

13.3

20.3

26.5

2010

2015

2020

Oct-25

Source: MOFSL, Company

Exhibit 6: Private banks’ PAT has grown steadily to INR1.9t in FY25

Pvt banks PAT

Aggregate earnings of

private banks and PSBs

have increased to INR3.8t

(>5x surge in past 10 years).

1,753

374

FY15

1,915

FY05

199

FY10

191

FY20

FY24

FY25

Source: MOFSL, RBI

Exhibit 7: PSBs have seen strong earnings growth with aggregate PAT rising to ~INR1.9t

PSBs PAT

1,861

1,412

154

372

343

-260

FY05

FY10

FY15

FY20

FY24

FY25

Source: MOFSL, RBI

27 November 2025

Financials: Banks

Exhibit 8: Trend in BFSI sector weight in Nifty-50 index; PSU banks’ weight has increased, aided by sharp outperformance

Nifty-50 weights

Private Banks

Axis Bank

HDFC Bank

ICICI Bank

IndusInd Bank

KMB

Yes Bank

PSU Banks

BOB

Oriental Bank

PNB

SBIN

Insurance

HDFC Life

SBI Life

NBFC

Bajaj Finance

Bajaj Finserv

Bajaj Holdings

HDFC

IDFC

Indiabulls Housing

Reliance Capital

Jio Financial services

Shriram Finance

Total weight of BFSI sector

FY04

4.6

1.7

2.9

FY07

5.6

1.6

4.0

FY10

13.3

1.9

4.4

7.0

FY13

16.5

2.3

6.3

6.6

1.4

6.0

0.9

5.1

3.8

0.2

0.8

2.7

4.4

4.1

0.6

0.5

2.9

FY16

20.5

2.7

7.6

5.0

1.7

2.5

1.0

2.9

0.5

0.2

2.2

FY19

26.3

3.2

10.7

5.5

1.9

3.8

1.1

2.6

FY22

21.9

2.6

8.4

6.6

0.8

3.4

2.5

FY24

25.6

3.0

11.1

7.8

1.0

2.7

2.9

FY25

28.9

3.0

13.3

9.1

0.4

3.0

2.8

Oct'25

26.5

3.0

12.8

8.1

0.0

2.6

3.3

0.9

3.5

2.6

4.0

3.3

6.1

8.0

6.3

10.0

1.5

0.9

6.9

0.6

2.5

1.3

0.7

0.6

9.5

2.5

1.3

5.7

2.9

1.4

0.7

3.6

2.1

0.9

2.8

1.4

0.7

4.8

2.2

1.0

3.3

1.4

0.7

5.1

1.0

2.4

1.5

2.5

1.3

2.0

4.5

1.0

0.6

7.0

1.0

6.3

14.6

12.7

23.7

28.5

29.7

38.8

35.2

0.7

33.5

0.7

0.9

37.9

0.9

36.3

Source: MOFSL, Company

27 November 2025

Financials: Banks

Exhibit 9: BFSI Valuation matrix

Rating CMP MCap TP Upside EPS (INR)

RoA (%)

Val

summary

FY28E

(INR) (INRb) (INR) (%) FY26EFY27E FY26E

FY27E

Private Banks

ICICIBC*

HDFCB*

AXSB*

BANDHAN

KMB*

IIB

DCBB

IDFCFB

EQUITASB

AUBANK

RBK

Buy

1,375 9,824

Buy

1,004 15,363

Neutral 1,290 4,001

Neutral 151 243

Buy

2,103 4,182

Neutral 851 663

Buy

257 630

Buy

186 58

Neutral 80 590

Buy

954 710

Buy

317 193

Buy

Neutral

Buy

Neutral

Buy

984

125

288

150

155

886

9,084

1,437

1,493

1,362

1,186

1,194

1,700

1,175

1,300

175

2,500

800

260

210

1,100

350

1,075

135

290

153

155

900

-6

-7

72.8

49.1

78.3

9.8

70.7

13.7

16.4

23.6

2.7

0.2

35.2

16.8

85.3

14.4

37.2

21.4

21.8

93.1

82.7

54.7

99.0

18.2

84.1

49.8

19.9

29.5

5.3

5.7

47.5

14.5

89.7

18.9

41.3

22.9

24.0

96.4

2.3

1.8

1.4

0.8

1.9

0.2

1.1

0.9

0.6

0.0

1.5

0.7

1.1

0.9

1.0

1.1

1.4

3.4

6.4

2.3

1.8

1.6

1.3

2.0

0.7

1.2

1.0

1.7

1.2

1.1

1.0

1.1

1.3

4.1

12.7

RoE (%)

P/E (x)

P/BV (x)

FY26E

FY27E FY26EFY27EFY26EFY27E

16.7

14.3

12.8

6.4

11.7

1.7

11.4

13.2

5.1

0.4

14.3

6.5

16.9

13.2

14.6

19.5

14.7

18.6

15.9

3.7

16.5

14.3

14.4

11.3

12.7

5.8

12.1

14.6

9.3

10.5

16.7

7.5

15.5

15.4

14.7

18.6

14.4

17.0

19.3

5.0

15.5

17.7

14.7

15.4

18.8

61.9

15.7

7.9

29.2

315.0

27.1

18.9

8.7

7.7

7.0

7.1

9.5

13.6

15.8

11.6

8.3

15.8

17.1

12.9

6.3

15.2

11.5

20.1

21.9

8.3

6.6

7.0

6.6

6.5

9.2

2.9

2.8

2.0

1.0

3.4

1.0

1.7

1.0

1.5

1.3

3.6

1.2

1.8

1.1

1.3

1.0

1.6

5.3

2.5

1.8

0.9

3.0

1.0

1.5

0.8

1.4

1.2

3.1

1.1

1.6

0.9

1.1

0.9

1.4

4.4

PSU Banks

SBIN*

PNB

BOB

CBK

UNBK

INBK

SBI Cards

One 97 Comm.

Payments & Fintech

Neutral 878

836 1,000

35.4 43.7

24.8 20.1

EPS (INR)

Neutral 1,286 818 1,200

19.0 29.2

PAT (INRb)

RoA (%)

RoE (%)

5.6

8.1

P/E (x)

67.6 44.0

NBFC (lending)

Housing Finance

LIC Housing Fin

PNB Housing

Bajaj Housing

AAVAS Financiers

Home First Fin.

Can Fin Homes

Repco Home Fin

Neutral 556

Buy

916

Neutral 105

Neutral 1,594

Buy

1,130

Neutral 891

Neutral 416

Buy

306 630

238 1,080

874 120

126 1,800

117 1,450

119 915

465

Upside EPS (INR)

99.3

88.2

3.2

83.5

53.2

75.9

70.4

59.8

20.2

51.7

39.2

103.3

96.4

3.8

99.4

64.2

79.5

75.0

78.2

24.7

61.8

13.9

Credit cost (%)

0.2

-0.3

0.2

0.4

0.1

-0.1

1.6

1.7

1.9

5.7

0.3

2.7

6.3

5.5

10.9

0.2

0.1

0.2

0.3

0.1

1.4

1.6

2.0

1.1

0.3

1.3

4.1

3.2

2.8

RoA (%)

1.7

2.6

2.3

3.3

4.1

2.3

2.9

2.4

2.0

3.2

5.8

5.9

2.0

2.8

-0.4

-9.1

1.7

2.4

2.2

3.3

4.0

2.2

2.7

2.6

2.1

3.3

1.9

5.4

3.3

4.2

3.6

3.2

RoE (%)

14.2

12.8

12.6

14.1

16.1

18.4

12.5

13.3

12.4

13.2

14.5

14.4

16.7

11.9

P/E (x)

5.6

10.4

32.7

19.1

21.2

11.7

5.9

5.4

9.5

27.4

16.0

17.6

11.2

5.5

Vehicle Finance

Chola. Inv & Fin.

M & M Financial

Shriram Finance

IndoStar Capital

1,712 1,440 1,935

350 486 400

857 1,612 860

232 32

285

18.9 19.8 28.6 21.9

12.6 13.2 17.3 14.1

16.1 16.8 16.6 13.9

16.5 5.1 5.9 16.6

26.9 24.7 17.3 15.3

7.5 11.3 25.4 15.0

11.2 16.6 26.5 15.5

-1.6 11.1

10.1

-29.0 10.2 -3.2 10.0

Gold Finance

Muthoot Finance

Neutral 3,726 1,496 3,800

Manappuram FinanceNeutral 288 243 305

215.0 244.2

11.3 19.2

51.7 88.4

-2.0 17.5

-86.6 27.3

Microfinance

CreditAccess

Buy

1,369 218 1,690

Fusion Finance

Buy

177 29

215

Spandana Sphoorty Neutral 273 19

280

NBFC-lending

Diversified

Bajaj Finance

Poonawalla Fincorp

Aditya Birla Cap

L&T Finance

Piramal Finance

MAS Financial

IIFL Finance

HDB Financial

Rating CMP MCap TP Upside EPS (INR)

Credit cost (%)

FY27E

(INR) (INRb) (INR) (%) FY26EFY27E FY26E

FY27E

Neutral 1,011

Buy

469

Buy

350

Buy

307

Buy

1,597

Buy

308

Buy

571

Neutral 755

Buy

6,276

365

913

767

360

242

626

1,160

600

380

330

1,790

380

635

800

32.7

8.7

15.2

11.9

63.7

20.0

34.7

31.4

41.4

21.8

19.5

16.1

106.8

24.8

47.0

40.8

1.7

2.1

2.2

1.7

1.2

2.3

2.4

-0.1

1.6

2.1

1.4

1.3

2.0

0.3

RoA (%)

RoE (%)

P/E (x)

FY26E

FY27E FY26EFY27EFY26EFY27E

3.9

1.5

0.0

2.3

1.4

2.7

2.1

2.3

3.2

4.0

2.5

0.0

2.6

1.9

2.8

2.3

2.5

3.1

19.3

7.6

12.3

11.1

5.2

13.4

11.3

14.2

20.6

15.8

14.2

13.6

8.2

14.6

13.6

15.0

30.9

53.9

23.0

25.8

25.1

15.4

16.4

24.0

6.3

24.4

21.6

18.0

19.1

15.0

12.4

12.2

18.5

5.9

Power Financiers

PFC

362 1,196 485

57.9 61.4

19.6 18.2

27 November 2025

Financials: Banks

REC

Buy

357

605

939

178

465

710

65.9 70.6

40.3 45.2

-0.1

1.2

0.2

1.2

2.7

7.5

2.6

6.9

20.7 19.2

5.4

5.1

MSME

Five-Star Business

17.3 16.5 15.0 13.4

Non-lending

Life Insurance

HDFC Life Insur.

ICICI Pru Life

SBI Life Insurance

Max Financial

Life Insurance Corp.

Buy

787

622

2,028

1,736

895

1,694

898

2,030

599

5,662

910

720

2,240

2,100

1,080

Upside EPS (INR) VNB Margins (%)

(%) FY26EFY27E FY26E

FY27E

-3

-6

7.3

8.7

24.1

6.9

64.1

8.4

11.0

25.7

13.6

76.1

26.3

24.0

27.7

25.0

16.8

69.6

67.0

69.9

34.6

65.2

69.5

45.4

60.4

47.3

22.7

44.7

43.4

53.0

40.3

46.3

39.0

32.9

25.6

24.5

28.0

26.0

17.6

69.0

65.2

69.2

39.0

64.2

70.9

47.3

60.6

49.4

23.4

45.8

43.8

53.9

39.3

45.3

37.5

32.1

RoEV (%)

P/E (x)

P/EVOP

FY26E

FY27E FY26EFY27EFY26EFY27E

20.1

11.7

13.3

18.3

24.9

101

104

103

10.7

28.7

15.0

7.0

16.7

13.0

12.7

19.7

6.8

102

12.2

32.7

17.6

9.9

107.9

71.1

84.3

250.9

14.0

93.9

56.3

79.0

127.8

11.8

19.7

33.0

15.9

16.4

8.5

15.9

28.4

13.2

12.7

6.9

General Insurance

Star Health

Niva Bupa Health

ICICI Lombard

Angel One

BSE

MCX

Anand Rathi Wealth

Nuvama Wealth

360 ONE WAM

Prudent Corp.

490 288 570

76 138

2,009 996 2,300

Upside EPS (INR)

11.4 16.3

0.4 1.5

62.5 72.6

99.1 143.4

57.9 64.4

206.0 257.7

46.8

306.8

31.1

54.0

59.8

362.7

36.9

69.4

Claims Ratio (%) Combined Ratio (%) RoE (%)

P/E (x)

9.1 11.7 42.9 30.1

2.0 6.7 203.2 51.7

19.9 19.9 32.2 27.7

Broking and Exchanges

Buy

2,748 248 2,900

Neutral 2,887 1,172 2,800

Neutral #### 523 10,700

Neutral 2,893

Buy

7,314

Buy

1,151

Neutral 2,538

241

258

465

105

2,800

9,100

1,400

2,800

EPS (INR)

EBITDA margins (%)

PAT (INRb)

RoE (%)

P/E (x)

15.1 19.6 27.7 19.2

37.7 31.8 49.9 44.9

52.7 58.9 49.9 39.9

47.0

29.2

16.5

29.2

42.0

30.2

17.0

29.0

61.9

23.8

37.0

47.0

48.4

20.2

31.2

36.6

Wealth Management

Intermediaries

Cams Services

KFin Technologies

CDSL

Buy

3,934 193 4,900

Neutral 1,070 183 1,300

Neutral 1,620 339 1,520

731

2,680

856

1,155

211

1,146

544

148

1,100

3,400

1,060

1,700

95.0 112.1

21.8 26.4

24.3 28.8

37.1

67.2

23.9

54.7

42.3

76.5

27.9

78.1

38.4 38.8 41.4 35.1

27.4 29.2 49.0 40.5

26.9 28.1 66.8 56.3

AMCs

Aditya Birla AMC

Buy

HDFC AMC

Buy

Nippon Life AMC

Buy

UTI AMC

Buy

*Adjusted for subsidiaries

Upside EPS (INR)

MF Yields (Bps)

PAT (INRb)

RoE (%)

26.9

33.6

35.4

13.2

27.3

34.9

40.6

18.0

P/E (x)

19.7

39.9

35.9

21.1

17.3

35.0

30.6

14.8

Source: MOFSL, Company

27 November 2025

Financials: Banks

Exhibit 10: Price performance of >100 BFSI companies, sorted segment-wise on 1-year return

Company Name

Nifty 50

Nifty BANK

Nifty PSU Bank

Nifty Private Bank

Nifty Financials

Private banks

RBL Bank

South Indian Bank

City Union Bank

DCB Bank

CSB Bank

Karur Vysya Bank

IDFC First Bank

IDBI Bank

Federal Bank

Kotak Mahindra Bank

Yes Bank

Axis Bank

HDFC Bank

Tamilnad Mercantile Bank

ICICI Bank

Dhanlaxmi Bank

Karnataka Bank

Bandhan Bank

IndusInd Bank

PSU banks

Indian Bank

Canara Bank

Bank of India

Union Bank of India

Punjab National Bank

Bank of Baroda

State Bank of India

Jammu and Kashmir Bank

Bank of Maharashtra

Indian Overseas Bank

UCO Bank

Central Bank of India

Punjab & Sind Bank

Small Finance Banks

Ujjivan Small Finance Bank

AU Small Finance Bank

Jana SFB

Equitas Small Finance Bank

Suryoday Small Finance Bank

Capital SFB

ESAF

Utkarsh SFB

Payments & Fintech

Paytm

SBICARD

PB Fintech

CMP

(INR)

26,216

59,737

8,502

28,792

27,946

312

275

183

417

251

101

255

2,110

1,287

1,010

507

1,392

214

150

857

1.0

2.8

6.4

1.3

1.6

-3.2

5.0

18.7

15.0

-0.1

0.6

3.2

5.7

9.1

-1.8

0.3

2.6

0.7

10.9

1.1

2.6

17.1

-13.1

11.3

4.8

17.5

5.7

6.4

4.4

5.2

5.4

0.5

1.0

-2.9

-3.9

-2.9

-3.1

1.2

9.6

-1.2

9.9

-10.0

-3.2

-10.0

-18.3

-1.0

-2.2

3.4

6.1

9.7

24.1

9.3

7.7

22.1

36.3

35.7

50.2

7.0

16.3

17.1

10.1

32.7

7.4

20.5

22.6

3.7

19.5

-1.7

4.4

25.6

-9.9

13.4

32.0

43.2

31.4

19.0

21.6

22.4

20.4

7.1

11.7

2.7

9.3

11.2

6.9

27.7

27.1

-8.1

25.6

13.7

-7.1

-7.6

-6.9

3.2

8.0

-1.4

Price Perf (%)

YTD

5.6

11.5

7.9

15.8

26.3

35.7

4.6

11.9

5.8

11.5

YTD

47.8

79.7

38.5

73.8

42.1

74.9

29.1

63.7

15.3

37.9

33.0

44.1

18.2

46.5

10.9

30.2

26.1

32.5

1.6

-2.8

8.1

35.3

7.7

16.8

4.8

10.4

12.9

23.4

-3.7

3.3

-9.6

-7.9

8.9

21.6

-11.5

2.2

4.5

31.9

44.9

40.0

26.5

9.3

22.5

19.2

22.6

7.8

16.7

3.8

0.2

3.8

-1.3

21.2

35.1

-7.6

2.5

6.0

-5.7

-12.0

-15.6

49.2

-3.8

1.4

YTD

60.0

70.5

37.8

22.3

30.0

26.0

26.1

17.2

28.3

0.6

-13.0

-9.4

-30.8

YTD

58.8

77.2

11.1

19.3

40.1

6.4

8.1

-10.4

YTD

65.1

0.0

13.8

1 Year

8.0

14.2

25.3

12.8

15.6

1 Year

97.2

71.1

54.2

49.1

35.0

31.1

25.5

23.3

20.0

18.3

12.7

12.0

11.4

10.4

7.0

3.2

2.3

-12.7

-14.4

1 Year

54.8

49.4

32.4

25.6

19.7

16.8

16.6

11.0

6.5

-26.1

-29.8

-31.3

-38.9

1 Year

62.9

60.6

8.9

5.4

0.6

-2.1

-31.3

-44.6

1 Year

40.7

24.9

-1.9

3 Year

12.3

11.6

28.1

9.7

13.3

3 Year

27.6

39.3

13.8

14.7

24.1

43.1

11.5

25.7

24.4

3.0

10.5

13.2

7.7

-0.2

14.4

30.8

14.0

-12.0

-10.3

3 Year

47.1

32.4

21.8

26.3

32.6

19.7

17.0

31.9

29.4

19.8

14.4

14.7

12.3

3 Year

23.2

14.1

7.1

11.4

CAGR (%)

5 Year

10 Year

15.1

12.7

15.1

13.1

40.4

10.2

11.8

14.4

14.6

5 Year

10 Year

6.9

42.0

9.2

8.1

14.0

11.2

8.2

10.7

51.7

14.8

17.0

2.8

21.6

1.6

32.4

15.8

2.0

11.7

9.2

-17.3

16.4

10.6

7.0

14.1

24.1

22.3

35.2

-16.4

0.0

5 Year

66.6

48.9

26.8

40.7

30.2

41.2

31.8

35.3

37.3

29.1

20.3

25.0

16.7

5 Year

7.7

17.7

13.8

19.0

2.6

8.5

-0.7

10 Year

20.8

11.2

1.3

-0.9

-1.4

4.8

14.6

2.2

6.3

2.0

-4.2

-6.0

-2.8

10 Year

866

152

148

154

125

288

973

108

947

452

141

276

1,293

881

1,809

3 Year

40.6

3.0

57.8

5 Year

2.0

10 Year

27 November 2025

Financials: Banks

Fino Payments Bank

Groww

Pine Labs

Seshaasai Technologies

Life Insurance

MAXF

SBILIFE

HDFCLIFE

LICI

IPRULIFE

Canara HSBC Life

General Insurance

Star Health

ICICI Lombard

Niva Bupa

Capital Market

Anand Rathi

HDFC AMC

Nippon India AMC

Nuvama Wealth

IIFL Wealth

CDSL

Angel One

Kfin

UTI AMC

Aditya Birla AMC

Prudent corporate advisory

Anand Rathi Share and Stock Broker

Canara Robeco AMC

Exchanges

BSE

MCX

Housing Finance

India Shelter

CanFin

PNB HF

HomeFirst

Aavas

Repco

Aptus Housing Finance

LIC HF

Vehicle Finance

Shriram Finance

MMFS

Cholamandalam

Indostar

Gold Finance

Muthoot

Manappuram

298

160

242

304

-6.1

10.5

21.7

30.9

-17.1

5.4

1,728

2,005

778

900

626

124

14.2

5.3

5.5

0.2

4.2

6.5

10.3

0.2

1.3

1.6

16.5

11.2

0.3

3.2

-4.0

YTD

50.6

29.5

13.4

12.5

10.9

1 Year

45.5

33.2

14.3

-1.8

-8.0

3 Year

37.4

17.5

9.9

12.7

11.5

5 Year

21.7

18.8

3.8

7.2

10 Year

14.9

491

1,980

0.7

-0.3

0.2

-10.7

-3.7

-4.4

-0.5

-0.7

7.3

-8.8

-13.1

-10.8

-8.7

12.9

5.7

-10.4

2.8

-7.0

6.0

9.7

7.1

8.9

18.2

1.1

-15.1

-13.4

-12.7

5.4

7.6

-14.2

48.7

11.4

17.5

6.6

15.4

10.8

-8.3

-1.3

-5.1

1.0

-7.3

YTD

37.7

10.4

-4.3

YTD

50.6

33.4

51.3

21.5

23.6

33.2

19.5

3.5

8.5

14.7

6.1

1 Year

7.5

6.2

-0.6

1 Year

41.5

26.2

25.7

11.7

2.9

0.4

-5.0

-7.0

-11.9

-17.4

-17.6

3 Year

-8.7

19.5

5 Year

6.4

10 Year

2,880

2,678

876

7,385

1,165

1,625

2,764

1,066

1,145

730

2,479

702

302

3 Year

100.9

35.3

49.8

38.0

38.7

21.6

15.4

20.4

44.1

5 Year

16.1

24.7

35.6

46.0

50.5

15.9

10 Year

2,929

10,425

16.7

12.0

-0.6

3.9

-1.9

-8.4

-4.3

-1.6

-10.5

-5.7

20.6

21.6

-0.1

-7.1

19.5

3.4

32.2

35.5

-4.2

20.2

16.2

-14.3

0.7

15.4

-16.5

-1.7

45.9

39.6

17.2

-14.3

40.7

7.1

21.8

62.3

14.7

-12.6

-7.1

-10.7

5.9

-18.2

-8.3

31.1

40.8

3.9

-33.5

82.3

23.3

YTD

60.4

96.3

YTD

5.3

32.8

3.2

9.5

-24.0

23.2

-4.8

-2.3

YTD

32.3

32.1

13.9

-26.1

YTD

57.8

22.8

1 Year

96.3

70.5

1 Year

33.7

7.6

3.8

1.4

-5.3

-11.2

-11.3

-12.2

1 Year

43.7

37.2

35.3

-14.2

1 Year

93.8

84.4

3 Year

148.6

88.3

3 Year

17.7

35.3

15.5

-6.0

22.2

-3.6

12.9

3 Year

50.2

20.7

33.9

14.2

3 Year

51.7

36.2

5 Year

116.6

45.2

5 Year

13.0

23.8

-0.3

11.6

10.9

5 Year

32.3

16.9

34.8

-5.3

5 Year

26.7

9.7

10 Year

28.2

10 Year

16.3

871

889

910

1,110

1,583

413

281

551

-5.2

1.3

10 Year

17.6

9.9

29.6

868

364

1,731

226

3,761

286

10 Year

35.6

27.3

27 November 2025

Financials: Banks

Diversified

LTFH

ABCL

BAF

Fedbank Financial Services

IIFL Finance

Bajaj Finserv

Poonawalla

MAS Financial

Jio Finance

PFC

REC

Tata capital

HDB Financials

NBFC - MFIs

CreditAccess

Muthoot MicroFin

Fusion Micro

Spandana Sphoorty

Ratings agencies

Care Ratings

ICRA

CRISIL

MSME

SBFC Finance

Five Star Business Finance

Others

Medi Assist

308

352

1,034

147

569

2,105

466

303

306

365

362

325

761

15.4

13.2

-4.7

1.8

12.6

-3.0

-5.1

0.6

0.3

-8.0

-3.1

40.1

25.2

18.0

7.3

26.3

9.4

2.8

-1.3

-2.9

-6.0

-0.4

78.9

59.1

12.7

57.3

36.3

3.7

16.3

3.7

5.2

-11.6

-10.6

YTD

101.2

90.1

15.6

78.6

73.6

4.9

32.9

23.3

34.7

-11.9

-15.6

1 Year

119.0

82.0

54.2

37.7

35.3

31.6

28.4

7.5

-6.8

-25.6

-31.2

3 Year

52.5

37.5

15.3

7.2

8.8

14.3

2.4

49.5

49.2

5 Year

30.7

31.8

16.1

42.3

19.2

58.3

-2.8

33.4

31.8

10 Year

17.5

33.9

19.8

26.7

17.3

15.8

15.2

1,369

196

173

267

-7.0

15.6

-4.2

7.7

-1.6

-1.4

-11.8

-7.0

12.0

-10.5

0.4

28.4

3.0

8.1

-2.5

-1.0

-12.8

-1.3

5.2

-10.6

16.6

0.6

-3.0

-10.0

-4.6

-14.5

0.0

-16.4

-5.1

YTD

43.8

59.2

27.4

19.5

YTD

38.8

12.4

6.2

YTD

21.0

-18.2

YTD

7.1

1 Year

39.2

2.7

-1.5

-26.7

1 Year

1.7

-6.9

-16.0

1 Year

24.5

-8.1

1 Year

-14.3

3 Year

11.8

-20.8

-21.3

3 Year

40.4

13.0

14.2

3 Year

4.9

3 Year

5 Year

11.6

10 Year

-17.8

5 Year

25.1

18.8

17.6

5 Year

10 Year

1.5

4.3

8.3

10 Year

1,536

6,188

4,440

107

592

5 Year

10 Year

487

Source: MOFSL, Company

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

27 November 2025

Financials: Banks

NOTES

27 November 2025

Financials: Banks

Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

< - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take

appropriate measures to make the recommendation consistent with the investment rating legend.

Disclosures

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412 and BSE enlistment no. 5028. MOFSL, the Research Entity (RE) as defined in

the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in

respect of which are available on www.motilaloswal.com. MOFSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India

Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities

& is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India

(AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products and is a member of Association of Portfolio Managers

in India (APMI) for distribution of PMS products. Details of associate entities of Motilal Oswal Financial Services Ltd.

are available on the website at

http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf

MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or

derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial

instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and

other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are

completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.

MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL

may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage

service

transactions.

Details

pending

Enquiry

Proceedings

Motilal

Oswal

Financial

Services

Limited

are

available

the

website

https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx

A graph of daily closing prices of securities is available at

www.nseindia.com, www.bseindia.com.

Research Analyst views on Subject Company may vary based on Fundamental research and Technical

Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have

an independent view with regards to Subject Company for which Research Team have expressed their views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to

law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures

Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.

No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional

Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional

investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who

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1. Research Analyst and/or his/her relatives do not have a financial interest in the subject company(ies), as they do not have equity holdings in the subject company(ies).

MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: No.

Nature of Financial interest is holding equity shares or derivatives of the subject company

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preceding the date of publication of Research Report.

MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research

Report:No

3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.

MOFSL may have received compensation from the subject company(ies) in the past 12 months.

4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.

MOFSL does not have material conflict of interest in the subject company at the time of publication of research report.

5. Research Analyst has not served as an officer, director or employee of subject company(ies).

6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.

7. MOFSL has not received compensation for investment banking /merchant banking/brokerage services from the subject company(ies) in the past 12 months.

8. MOFSL may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies)

in the past 12 months.

9. MOFSL may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.

10. MOFSL has not engaged in market making activity for the subject company.

********************************************************************************************************************************

27 November 2025

Financials: Banks

The associates of MOFSL may have:

financial interest in the subject company

actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public

appearance.

received compensation/other benefits from the subject company in the past 12 months

any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific

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inherent conflict of interest in some of the stocks mentioned in the research report.

acted as a manager or co-manager of public offering of securities of the subject company in past 12 months

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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or

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Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change

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27 November 2025