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 | ₹717 | 14.0 | 1.90 | — | Excess return — the correct lens for a bank |
| ICICI Bank | ₹1,350 | 17.3 | 2.55 | — | Excess return — the correct lens for a bank |
| State Bank of India | ₹968 | 10.4 | 1.45 | — | Excess return — the correct lens for a bank |
| Kotak Mahindra Bank | ₹410 | 20.1 | 2.25 | — | Excess return — the correct lens for a bank |
| Axis Bank | ₹1,223 | 13.7 | 1.78 | — | Excess return — the correct lens for a bank |
| Bank of Baroda | ₹233 | 6.7 | 0.73 | — | Excess return — the correct lens for a bank |
| IndusInd Bank | ₹956 | 56.4 | 1.13 | — | Excess return — the correct lens for a bank |
| Punjab National Bank | ₹115 | 6.0 | 0.88 | — | Excess return — the correct lens for a bank |
| Canara Bank | ₹122 | 5.6 | 0.94 | — | Estimate withheld — model and market disagree too far |
| Union Bank of India | ₹175 | 6.5 | 1.00 | — | Excess return — the correct lens for a bank |
| Indian Bank | ₹837 | 8.8 | 1.41 | — | Excess return — the correct lens for a bank |
| Federal Bank | ₹343 | 18.1 | 2.06 | — | Excess return — the correct lens for a bank |
| AU Small Finance Bank | ₹1,028 | 26.9 | 3.85 | — | Excess return — the correct lens for a bank |
| IDFC First Bank | ₹85 | 31.6 | 1.54 | — | Estimate withheld — model and market disagree too far |
| Yes Bank | ₹23 | 19.2 | 1.42 | — | Estimate withheld — model and market disagree too far |
| Bank of India | ₹138 | 5.3 | 0.70 | — | Excess return — the correct lens for a bank |
| Indian Overseas Bank | ₹32 | 10.5 | 1.69 | — | Excess return — the correct lens for a bank |
| RBL Bank | ₹404 | 69.5 | 3.74 | — | 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: