May 2026
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Largest Commercial Banking Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
HDFC Bank, State Bank of India, ICICI Bank, Axis Bank and Kotak Mahindra Bank.
 | HDFC Bank Ltd is an Indian bank. It operates in the following segments: Treasury, Retail banking, Wholesale banking, and Other banking business. The maximum revenue for the company is generated from its Retail banking segment, which serves retail customers through its branch network and other channels. This segment raises customer deposits and provides loans and other services to customers using different product groups. Its other operations include providing wholesale banking services to corporates, government entities, and other enterprises, generating income from its treasury operations, and performing para-banking activities such as offering credit cards, debit cards, etc. Geographically, the company generates a majority of its revenue from its operations in India. | $8 | -28% | $121B | $194B | 10.1x | - | ||
| State Bank of India is a bank in India. The bank's business segments include Treasury; Corporate/Wholesale Banking; Retail Banking and Other Banking businesses. The bank generates maximum revenue from the Retail Banking segment. The Retail Banking Segment comprises retail branches, which include Personal Banking activities including lending activities to corporate customers having banking relations with these branches. This segment also includes the agency business and ATMs. Geographically, it derives a majority of its revenue from India, It also operates in Foreign Countries. | $10 | +13% | $92B | $168B | 4.2x | - | ||
| ICICI Bank Ltd provides banking services. The company's operating segments include Retail Banking; Wholesale Banking; Treasury, Life insurance, Other Banking Business, and Others. The company generates maximum revenue from the Retail Banking segment which includes exposures of the Bank, which satisfy the four qualifying criteria of a regulatory retail portfolio as stipulated by RBI guidelines on the Basel III framework as well as includes income from credit cards, debit cards, third party product distribution, and the associated costs. Geographical segments include Domestic operations and Foreign operations. The company generates the majority of its revenue from the domestic operations. | $13 | -18% | $92B | $115B | 4.9x | - | ||
| Axis Bank Ltd is a full-service bank operating mostly in India. The bank operates under four segments: treasury, corporate/wholesale banking, retail banking, Digital Banking and other banking. Treasury operations include security investments and derivative trading. Corporate/wholesale banking solutions include mid/large corporate relationships, corporate advisory, project appraisals, and syndication. Retail banking solutions include lending to individual/small businesses, savings accounts, debit and credit cards, ATMs and mobile banking, personal loans. Other banking operations include third-party product distribution and other banking transactions. It derives maximum revenue from Retail Banking. | $13 | +1% | $41B | $70B | 7.6x | - | ||
| Kotak Mahindra Bank Ltd is an Indian banking and finance group offering personal finance solutions, transaction banking, operating lending verticals, managing IPOs, and providing working capital loans. The company's operating segment includes Treasury, (Balance Sheet Management Unit)BMU and Corporate Centre, Retail Banking, Corporate/Wholesale Banking, Vehicle Financing, Other Lending Activities, Broking, Advisory and Transactional Services, Asset Management, and Insurance. It generates the highest revenue from the Retail Banking segment. Some of its services include savings accounts, safe deposit locker, recurring deposits, sweep-in facility, debit and credit cards, home loans, life insurance, portfolio management services, and others. | $4 | -15% | $39B | $49B | 6.1x | - | ||
| Bank of Baroda is a state-owned banking and financial services company in India. The company provides personal banking, corporate banking, international banking, small and medium enterprise banking, rural banking, non-resident Indian services, and others. The bank provides services to an international customer base with branches in various countries. The bank focuses on meeting the capital needs of its clients by providing loan services. The company also provides a banking system that emphasizes Internet and mobile banking. The bank is divided into four segments, namely Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. | $3 | +3% | $14B | $31B | 3.9x | - | ||
| Power Finance Corp Ltd is a financial institution operating in India and dedicated to financing the country's power, logistics, and infrastructure sectors and its various projects. The company serves state power utilities, central power sector utilities, power departments, private power sector utilities, joint sector power utilities, power equipment manufacturers, and municipal power utilities. The company's main products include rupee-term loans, short-term loans, and a buyer line of credit. Interest income is the company's main source of revenue. | $4 | -7% | $14B | $120B | 26.6x | 45.0x | ||
| Union Bank of India is a retail, commercial, and investment bank domiciled in India. The bank organizes operations across four main segments: Retail Banking Operations, such as deposits and transaction accounts; Corporate and Wholesale Banking, including private equity and corporate finance; Treasury Operations; and Other Banking Operations. Corporate and Wholesale Banking Operations contribute the majority of the revenue. The bank generates the majority of its revenue domestically. The Government of India is the majority shareholder. | $2 | +2% | $13B | $21B | 3.4x | - | ||
| Punjab National Bank is an Indian public sector bank. It engaged in providing banking services such as saving deposit, current account, fixed deposit schemes, capital gain account scheme, corporate loans, credit facilities, mutual fund insurance, cash management services, export-import (EXIM) financing, international banking, depository services, merchant banking, doorstep banking services, and others. The bank also provides its products and services through mobile banking, internet banking, and SMS banking. It manages its business into four segments namely Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. The bank operates its business in India and overseas. The majority of the bank's revenue comes from India. | $1 | -9% | $13B | $22B | 3.3x | - | ||
| Canara Bank is an India-based commercial bank. The company's core businesses consist of Retail Banking Operations which derives its key revenue, Treasury Operations, and Corporate and Wholesale Banking Operations. It conducts a broad range of banking activities serving large and midsize corporations. Its priority sector and retail sector lending business offer funding services to the priority and retail sectors, such as loans to agriculture, housing, and educational institutions. The company owns a large branch network across India, with several branches in overseas cities such as New York, London, and Dubai. | $1 | +9% | $12B | $25B | 3.7x | - | ||
| Indian Bank is a provider of banking products and services in India and internationally. The bank is headquartered in India and generates the majority of revenue domestically. The bank operates through four segments: Treasury, Corporate/Wholesale banking, Retail banking, and other banking operations. A majority of its revenue is generated from the Retail banking segment. The company provides deposits, savings and current accounts, merchant banking, and stock broking to its customers. The company has a nationwide network of branches as well as branches in Singapore and Sri Lanka. The Government of India is a shareholder. | $9 | +24% | $12B | $15B | 3.9x | - | ||
| IDBI Bank Ltd is an India-based company that is principally engaged in providing banking services. The company's business segments include wholesale banking, retail banking, and treasury services, with wholesale banking and retail banking jointly contributing the majority of total revenue. In addition to its banking business, the company is also involved in capital markets, investment banking, and mutual fund businesses. The company operates through a branch network across India. Its operations are concentrated in India, with a presence in overseas markets as well. | $1 | -32% | $8B | $11B | 5.9x | - | ||
| AU Small Finance Bank Ltd is engaged in the activities of providing financial services such as personal banking, insurance, retail loans and wholesale banking. The company operates in the business segment namely, Treasury; Retail banking; Wholesale banking; and Other banking operations. It generates maximum revenue from Retail banking segment. The retail banking segment serves retail customers through a branch network and other delivery channels. Revenues of the retail banking segment are derived from interest earned on retail loans, fees from services rendered, and others. Geographically, it operates only in India. | $10 | +15% | $8B | $9B | 7.1x | - | ||
| The Federal Bank Ltd is an India-based commercial banking company. The company operates through a network of branches and ATMs across India. The company's business segments consist of the Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. The company generates key revenue from the Retail Banking segment, which is engaged in lending of funds, acceptance of deposits, and other banking services to any legal person, including small business customers, on the basis of the status of the borrower, nature of the product, granularity of the exposure, and quantum thereof. | $3 | +33% | $8B | $11B | 6.4x | - | ||
| Yes Bank Ltd is a full-service commercial bank operating in India. The bank's activities include corporate banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management services. A majority of the bank's earning assets are loans. The bank's loan portfolio is diversified across various industries, including food and agriculture, life sciences and information technology, tourism, hospitality, media and entertainment, renewable energy, education, and social infrastructure. Services and agriculture constitute approximately half of the bank's priority sector loans. The company reportable segments include Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Operations. | $0 | +8% | $7B | $14B | 3.6x | - | ||
| IndusInd Bank Ltd is a full-service banking group operating in India. Its services include consumer banking, credit cards, consumer finance, corporate banking, commercial banking, transaction banking, priority sector lending, risk management, and financial restructuring and reconstruction. The Bank operates in four business segments, viz. Treasury, Corporate/ Wholesale Banking, Retail Banking and Other Banking Operations. The Bank generates the majority of the revenue from Retail Banking segment. The bank's strategic focus has been to maintain its high-street brand, and it has adopted various initiatives to increase the brand's visibility through digital marketing and increased financial technology. | $10 | +1% | $7B | $12B | 4.5x | - | ||
| Indian Overseas Bank is engaged in the banking sector. The bank is based in India and has branches in several Asian countries. The majority of revenue is earned domestically. Its segments are corporate/wholesale banking, treasury, retail banking, and other banking operations. Corporate/wholesale banking provides working capital finance, term loans, and loans for the information technology sector. The Treasury segment offers asset management services, credit cards, settlement services, and locker facilities while the retail banking segment provides current accounts, term deposits, retail loans, mortgages, insurance, and Internet banking. | $0 | -19% | $7B | $12B | 6.3x | - | ||
| Bank of India Limited is a provider of banking products and services headquartered in Mumbai, India. The bank provides services within India and internationally and generates the majority of its revenue domestically. Structurally, the bank is organized into the following segments; Treasury operations deals in government securities, money market, and foreign exchange transactions. Wholesale banking operations offers loans, trade finance, project finance, syndication, mutual funds, and portfolio management. Retail banking operations include home, education, and personal loans, savings and current accounts, overdrafts, and deposits; and other banking operations. | $1 | +12% | $7B | $18B | 4.8x | - | ||
| IDFC First Bank Ltd provides banking services including lending to individuals, providing loans, non-fund facilities, transaction services, corporate advisory, project appraisal placement, and syndication through the branch network and other delivery channels. The bank holds an investment portfolio, money market borrowing and lending, investment operations, and an entire foreign exchange and derivative portfolio. It organizes its business into four segments namely Treasury, Corporate and Wholesale, Retail, and Other Banking Business. The company generates maximum revenue from the Retail banking segment. | $1 | -5% | $6B | $10B | 3.3x | - | ||
| Bank of Maharashtra is an Indian banking corporation. The bank provides various deposit schemes such as saving account, current account, term deposit, and capital gain accounts. It also provides credit facilities such as term loans, overdrafts, letters of credit, guarantees, and other credit facilities. The bank organizes its business in four segments, namely Treasury, Corporate/Wholesale banking; Retail banking; and Other banking operations. Its Treasury segments include investment, balances with banks outside India, interest accrued on investments; the corporate banking segment includes all advances to trusts, partnership firms, companies, and statutory bodies; retail banking include exposure to the individuals and small business. The bank principally generates revenue within India. | $1 | +34% | $6B | $10B | 2.9x | - | ||
| HDB Financial Services Ltd is a non-banking finance company that provides lending services and business process outsourcing. The company also offers services related to the marketing and promotion of various financial products. Additionally, it provides BPO services that encompass back-office services such as form processing, document verification, finance and accounting services, and correspondence management, as well as front-office services including contact center management, outbound marketing, and collection services. The company's operating segments are: Lending services and BPO services. The majority of its revenue is generated from the Lending services segment, which includes providing finance to retail customers for a variety of purposes. Its operations are concentrated in India. | $7 | -- | $6B | $15B | 8.1x | 20.9x | ||
| Bandhan Bank Ltd provides banking services. It offers a variety of asset and liability products and services designed for micro banking and general banking. The bank's operating segments are Treasury, Retail Banking, Corporate/Wholesale Banking and Other Banking Business. Its treasury operations include investments in sovereign securities and trading operations, Retail banking includes lending to individuals/small businesses along with liability products, card services, internet banking, mobile banking, ATM services, and NRI services. The corporate/Wholesale segment includes corporate relationships not included in Retail Banking and Other segments include para-banking activities. It generates a majority of its revenue from the retail banking segment. | $2 | -- | $3B | $5B | 3.5x | - | ||
| UCO Bank is an Indian commercial bank. The company generates the majority of revenue domestically. The bank organizes itself into three segments: Treasury operations, Corporate banking operations, Retail banking operations, Digital banking, Other retail banking, and Other Banking. These are corporate banking operations generating maximum revenue, which are involved with working-capital financing, term loans, infrastructure finance, finance to importers and exporters, agriculture credit, foreign currency loans, and small and midsize enterprise lending. The bank also offers deposits, salary accounts, home loans, personal loans, debit cards, mobile banking, government bonds, pension schemes, tax collection services, insurance products, mutual funds, and money transfer. | $0 | -26% | $3B | $5B | 4.0x | - | ||
| Central Bank of India is a commercial bank based in India. Its business comprises predominantly corporate and retail banking operations, which it provides through its network of branches and online platforms. Its retail banking operations comprise deposits, loans and digital banking services, agri-banking and debit and credit card facilities tailor-made for individual customers and its corporate banking products serve institutional and corporate customers. Its other business lines are treasury and other banking operations which involves dealing in Government and other securities money market operations and forex operations. | $0 | -28% | $3B | $6B | 2.8x | - | ||
| Edelweiss Financial Services Ltd is mainly involved in providing investment banking services and holding company activities. The company's businesses are divided into Alternatives business, Capital business, Insurance business, Asset reconstruction business, Mutual fund business and Other business. Alternatives business includes advisory and other fee based business; Capital business, that derives maximum revenue, represents lending business and investment activities; Asset reconstruction business represents purchase and resolution of distress assets; Insurance business represents life insurance business and general insurance business. Mutual fund business represents income from asset management activities and Other business which includes custodian and CSR. | $1 | -5% | $1B | $3B | 5.3x | - | ||
| Ujjivan Small Finance Bank Ltd is a mass-market-focused SFB in India, catering to unserved and underserved segments and committed to building financial inclusion in the country. Its segments are Treasury; Retail Banking; and Corporate/Wholesale Banking. The company's asset products comprise loans to its micro banking customers that include group loans and individual loans, agriculture and allied loans, MSE loans, affordable housing loans, financial institutions group loans, personal loans, and vehicle loans. It also offers savings accounts, current accounts, and a variety of deposit accounts. In addition, the company also provides non-credit offerings comprising ATM-cum-debit cards, Aadhaar enrolment services, distribution of third-party insurance products, and point-of-sales terminals. | $1 | +5% | $1B | $1B | 2.8x | - | ||
| Equitas Small Finance Bank Ltd is a small finance bank. It offers banking products and services to customers. The firm's financial products and services include the provision of small business loans comprising LAPs, housing loans, and agriculture loans to micro-entrepreneurs, microfinance, used and new commercial vehicle loans, Micro and Small Enterprises loans and others. Its segments include Treasury; Corporate / Wholesale Banking; Retail Banking; and Other Banking Business. The company generates a majority of its revenue from the retail banking segment. | $1 | +0% | $834M | $1B | 3.1x | - | ||
| DCB Bank Ltd is an Indian commercial bank catering to corporate and retail customers. Its banking operations are structured into retail banking, wholesale banking, treasury operations, and other banking operations. It depends predominantly on its retail banking operations for the core of the bank's revenues. Through this segment, it handles the lending, deposit-taking, and other services offered to retail customers. The Corporate/Wholesale Banking segment includes lending, deposit-taking, and other services offered to corporate customers. The treasury operations encompass all financial markets activities such as trading, maintenance of reserve requirements, and resource mobilization, and the other banking operations segment includes para-banking activities and merchant banking. | $2 | +15% | $584M | $1B | 3.5x | - | ||
| Share India Securities Ltd is a stockbroking firm in India. The company provides equity trading, derivatives, commodity and currency trading options as well as depository services. Its operating segments include Share Broking/Trading; Insurance; Merchant Banking; NBFC and Technology Services. The company generates maximum revenue from Share Broking/Trading Segment. | $1 | -27% | $317M | $35M | 0.6x | 0.6x | ||
| Fino Payments Bank Ltd is an Indian payments bank providing various banking and financial services, with a focus on meeting the needs of low-income families, small businesses, and rural communities. It offers various services such as savings and current accounts, money transfers, bill payments, and mobile recharges etc., and has partnered with institutions to provide customized offerings like microinsurance and micro-investments. The company operates in four segments: Treasury, Corporate Banking, Retail Banking, and Other Banking Operations. Its key revenue is derived from the Other Banking Operations segment, which includes Business Correspondent Services, Digital Payment Services, Cash Management Services, Domestic Money Transfer, Micro-ATM, and Aadhaar-enabled Payment System (AePS). | $1 | -55% | $114M | $274M | 1.8x | - | ||
| Median | $2 | +1% | $7B | $12B | 4.0x | 20.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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