Valued on the excess return the book earns above its cost of equity — the model banks are actually worth on, not a P/E.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| HDFC Bank | ₹798 | 15.4 | 2.12 | — | Excess return — the correct lens for a bank |
| ICICI Bank | ₹1,589 | 19.3 | 3.01 | — | Excess return — the correct lens for a bank |
| State Bank of India | ₹1,042 | 10.6 | 1.56 | — | Excess return — the correct lens for a bank |
| Kotak Mahindra Bank | ₹480 | 22.2 | 2.63 | — | Excess return — the correct lens for a bank |
| Axis Bank | ₹1,311 | 13.6 | 1.91 | — | Excess return — the correct lens for a bank |
| Bank of Baroda | ₹260 | 6.9 | 0.81 | — | Excess return — the correct lens for a bank |
| IndusInd Bank | ₹895 | 23.2 | 1.06 | — | Excess return — the correct lens for a bank |
| Punjab National Bank | ₹132 | 6.7 | 1.01 | — | Excess return — the correct lens for a bank |
| Canara Bank | ₹128 | 5.7 | 0.99 | — | Estimate withheld — model and market disagree too far |
| Union Bank of India | ₹197 | 6.8 | 1.13 | — | Excess return — the correct lens for a bank |
| Indian Bank | ₹934 | 9.5 | 1.57 | — | Excess return — the correct lens for a bank |
| Federal Bank | ₹344 | 16.4 | 2.07 | — | Excess return — the correct lens for a bank |
| AU Small Finance Bank | ₹929 | 22.1 | 3.49 | — | Excess return — the correct lens for a bank |
| IDFC First Bank | ₹78 | 22.3 | 1.42 | — | Excess return — the correct lens for a bank |
| Yes Bank | ₹17 | 12.7 | 1.04 | — | Excess return — the correct lens for a bank |
| Bank of India | ₹145 | 5.3 | 0.73 | — | Excess return — the correct lens for a bank |
| Indian Overseas Bank | ₹31 | 9.0 | 1.62 | — | Excess return — the correct lens for a bank |
| RBL Bank | ₹379 | 48.8 | 3.52 | — | Estimate withheld — model and market disagree too far |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 18 here: