As many as 17 of the top 20 listed banks reported market capitalisation gains in Q3 FY26 as equities were buoyed by festive demand and recent Goods and Services Tax (GST) rate reforms, according to S&P Global Market Intelligence. Smaller private sector banks led the rally after lagging their public sector peers in the previous quarter.
IDFC First Bank recorded the sharpest increase, with its market cap jumping 43.8 per cent in the quarter, pushing the Mumbai-based lender to 13th place from 17th in the rankings. Federal Bank and AU Small Finance Bank followed with gains of 38.6 per cent and 36.1 per cent, respectively.
The top 10 market cap rankings remained unchanged from the previous quarter. HDFC Bank retained its position as the country’s most valuable bank with a 4.4 per cent rise, while ICICI Bank held second place despite a 0.3 per cent dip. State Bank of India (SBI), India’s largest lender by assets, reported a 12.6 per cent increase in market value.
At the other end of the spectrum, state-owned Indian Overseas Bank and UCO Bank were the biggest laggards, with market caps declining by 8.6 per cent and 3.4 per cent, respectively.
