Valuation

§16–§19 — price-to-book against its own history and against returns.

ROE vs P/B — §18, the central bank-comparison chart

Bubble = fixed. Click to open the bank.

Cheapest vs own history

§16 — bottom quartile of each bank's own P/B distribution

HDFC Bank	1.94x	0th
Kotak Mahindra Bank	1.94x	0th
Axis Bank	1.69x	10th
Bandhan Bank	0.90x	10th
Yes Bank	1.06x	10th
Equitas Small Fin.	0.97x	14th
IDBI Bank	1.09x	20th
Indusind Bank	0.90x	20th

Richest vs own history

§16 — top quartile

Indian Bank	1.56x	90th
Karur Vysya Bank	1.98x	90th
Bank of Maharashtra	1.50x	80th
Canara Bank	1.01x	80th
J&K Bank	0.81x	80th
State Bank Of India	1.61x	80th
Federal Bank	1.66x	80th
Union Bank Of India	1.00x	80th

#	Bank	Category
1	HDFC Bank	Large Private	1.94x	0	2.70x	—	13.7%	1.6%	586059	-44.2%	-57.8%
2	Kotak Mahindra Bank	Large Private	1.94x	0	2.74x	—	11.3%	2.0%	181226	-77.0%	-83.5%
3	Axis Bank	Large Private	1.69x	10	1.98x	—	13.3%	1.5%	215035	14.5%	5.8%
4	Bandhan Bank	Mid/Small Private	0.90x	10	1.35x	—	5.0%	0.6%	25575	3.9%	-2.5%
5	Yes Bank	Mid/Small Private	1.06x	10	1.09x	—	7.2%	0.8%	51158	6.9%	2.0%
6	Equitas Small Fin.	SFB	0.97x	14	1.45x	—	1.8%	0.2%	6125	0.9%	-5.9%
7	IDBI Bank	ex-PSU	1.09x	20	1.35x	—	14.3%	2.1%	68564	11.3%	-25.6%
8	Indusind Bank	Large Private	0.90x	20	1.52x	—	1.3%	0.2%	65740	1.4%	15.7%
9	AU Small Fin. Bank	SFB	3.20x	30	3.20x	—	14.5%	1.5%	19974	15.8%	59.1%
10	CentralBank of India	PSU	0.81x	30	0.82x	—	12.4%	0.9%	39001	5.7%	-23.0%
11	IDFC First Bank	Mid/Small Private	1.07x	30	1.17x	—	3.7%	0.4%	47404	5.7%	7.2%
12	Indian Overseas Bank	PSU	1.80x	33	1.93x	—	16.0%	1.2%	36991	14.8%	-20.5%
13	Bank Of Baroda	PSU	0.77x	40	0.81x	—	12.7%	1.0%	165868	13.2%	11.1%
14	City Union Bank	Mid/Small Private	1.69x	40	1.25x	—	13.9%	1.5%	10565	11.3%	53.8%
15	DCB Bank	Mid/Small Private	0.83x	40	0.78x	—	12.0%	0.9%	6535	12.1%	44.1%
16	Dhanlaxmi Bank	Mid/Small Private	0.60x	40	0.60x	—	7.6%	0.5%	1474	5.7%	-33.3%
17	ICICI Bank	Large Private	2.42x	40	2.91x	—	15.7%	2.0%	363060	15.0%	-9.8%
18	Fino Payments Bank	Payments Bank	2.64x	43	3.13x	—	—	—	747	16.2%	-17.8%
19	CSB Bank	Mid/Small Private	1.26x	50	1.41x	—	14.1%	1.2%	4894	8.8%	12.4%
20	PNB	PSU	0.83x	60	0.83x	—	12.8%	0.9%	149972	12.6%	8.0%
21	Punjab & Sind Bank	PSU	1.12x	60	1.23x	—	9.8%	0.8%	14132	5.8%	-50.9%
22	RBL Bank	Mid/Small Private	1.08x	60	0.68x	—	5.8%	0.5%	16724	5.0%	67.0%
23	South Indian Bank	Mid/Small Private	0.79x	60	0.60x	—	13.6%	1.1%	11416	12.9%	50.0%
24	UCO Bank	PSU	1.61x	60	1.28x	—	8.4%	0.7%	30885	8.2%	-31.4%
25	Bank Of India	PSU	0.76x	70	0.67x	—	12.1%	0.9%	89959	11.4%	29.8%
26	Capital Small Fin.	SFB	0.69x	70	0.69x	—	10.5%	1.3%	1461	8.5%	-12.6%
27	ESAF Small Finance	SFB	0.58x	70	0.58x	—	-9.9%	-0.6%	1787	-8.4%	-18.2%
28	Jana Small Fin. Bank	SFB	0.85x	70	0.85x	—	8.1%	0.8%	4470	8.3%	-11.5%
29	Tamilnad Mercantile	Mid/Small Private	0.91x	70	0.91x	—	14.1%	1.9%	10110	12.2%	44.0%
30	Ujjivan Small Fin	SFB	1.46x	70	1.11x	—	11.1%	1.3%	6816	12.0%	47.4%
31	Utkarsh Small Fin.	SFB	0.67x	70	0.67x	—	-42.0%	-4.0%	2776	-42.3%	-53.5%
32	Karnataka Bank	Mid/Small Private	0.67x	71	0.57x	—	10.2%	1.0%	13224	9.3%	30.8%
33	Bank of Maharashtra	PSU	1.50x	80	1.33x	—	22.7%	1.8%	33225	15.7%	34.1%
34	Canara Bank	PSU	1.01x	80	0.82x	—	15.8%	1.0%	117705	11.7%	40.9%
35	J&K Bank	Mid/Small Private	0.81x	80	0.78x	—	15.1%	1.3%	16500	16.1%	20.6%
36	State Bank Of India	PSU	1.61x	80	1.56x	—	14.9%	1.1%	596131	18.3%	28.7%
37	Federal Bank	Mid/Small Private	1.66x	80	1.27x	—	11.4%	1.1%	40043	15.9%	40.9%
38	Union Bank Of India	PSU	1.00x	80	0.90x	—	14.9%	1.3%	133551	17.3%	33.4%
39	Indian Bank	PSU	1.56x	90	1.14x	—	15.5%	1.3%	80043	11.9%	55.3%
40	Karur Vysya Bank	Mid/Small Private	1.98x	90	1.41x	—	19.0%	2.0%	14108	-1.5%	39.2%
41	Suryoday Small Fin.	SFB	—	—	—	—	8.2%	0.9%	—	—	—

P/B percentile is each bank's current multiple within its OWN FY17–FY26 distribution — a low percentile means cheap relative to its history, not cheap in absolute terms. Tijori has no price time series; 1Y return is Derived from P/B × book value plus dividend yield.