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S&P Analysis: Indian banks grow market cap as festive season, tax cuts buoy sentiment

S&P Analysis: Indian banks grow market cap as festive season, tax cuts buoy sentiment

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Saturday, January 10, 2026
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S&P Analysis: Indian banks grow market cap as festive season, tax cuts buoy sentiment

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S&P Analysis: Indian banks grow market cap as festive season, tax cuts buoy sentiment
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DBT Bureau

Pune, 8 Jan 2026

Rank (Dec 31, 2025)Rank (Sept 30, 2025)CompanyMarket Cap as of Dec 31, 2025 (₹ B)QoQ Change (%)
11HDFC Bank Ltd.15,249.194.4
22ICICI Bank Ltd.9,602.64-0.3
33State Bank of India9,066.3112.6
44Kotak Mahindra Bank Ltd.4,377.5110.4
55Axis Bank Ltd.3,938.6612.1
66Bank of Baroda Ltd.1,530.2114.5
77Punjab National Bank1,420.309.5
88Canara Bank1,405.1325.2
99Union Bank of India1,173.7411.0
1010Indian Bank1,127.7511.5
1111IDBI Bank Ltd.1,107.3912.7
1216AU Small Finance Bank Ltd.742.8236.1
1317IDFC First Bank Ltd.735.8943.8
1412Indian Overseas Bank695.74-8.6
1513Yes Bank Ltd.677.761.7
1614IndusInd Bank Ltd.673.2817.5
1713Federal Bank Ltd.657.5438.6
1815Bank of India Ltd.655.0716.6
1919Bank of Maharashtra477.2610.8
2020UCO Bank369.29-3.4
Top 20 Aggregate––55,820.20–

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