Q1 FY27 Banks: Large vs Mid vs PSU vs Small Finance

We have already compared banks within each segment on their Q1 FY27 results: the large-cap private banks, the mid-cap banks, the PSU banks, and the small finance banks. From each of those rankings we picked the top two banks. Now we place all eight side by side so you can see the overall ranking across segments and take a more informed investment decision.

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Best Banks From Each Segment

The table below explains why each bank was shortlisted from its segment in our earlier segment-wise rankings.

Bank	Segment	Why It Was Shortlisted
ICICI Bank	Large-Cap Private	Highest ROE among large private banks
Axis Bank	Large-Cap Private	Cheapest large private bank (P/B 1.76x), fast profit growth
Tamilnad Mercantile (TMB)	Mid-Cap	Best asset quality & highest ROA in the mid-cap segment
Karur Vysya Bank (KVB)	Mid-Cap	Highest ROE among mid-cap banks (20.8%)
Bank of Maharashtra (BoM)	PSU	Best NPAs and highest ROE (22.6%) among PSU banks
Indian Bank	PSU	Most balanced PSU bank, "Strong Buy" consensus
Ujjivan SFB	Small Finance	Highest NIM (8.5%) and ROE (18.2%) among SFBs
Suryoday SFB	Small Finance	Cheapest bank (0.81x book), highest analyst upside

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Current Price & Highest Analyst Targets

Latest price and the highest analyst target for each bank as of 26 August 2026.

Bank	CMP (₹)	Highest Target (₹)	Upside
ICICI Bank	1,430	1,850 (Prabhudas Lilladher)	+29.4%
Axis Bank	1,255	1,622 (Anand Rathi)	+29.2%
Tamilnad Mercantile	897.60	—	—
Karur Vysya Bank	354.35	400 (ICICI Securities)	+12.9%
Bank of Maharashtra	85.60	101.75 (TradingView)	+18.9%
Indian Bank	889	1,025 (Motilal Oswal)	+15.3%
Ujjivan SFB	68.99	90 (ICICI Securities)	+30.5%
Suryoday SFB	158.43	280 (TradingView)	+76.7%

TMB has no published analyst target. Suryoday's upside is highest but reflects a single TradingView target and a weaker asset-quality book, so the higher upside compensates for higher risk.

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Net Profit — Q1 FY27

ICICI Bank posted the highest net profit of the eight at ₹14,805 crore, followed by Axis Bank at ₹7,114 crore. Ujjivan and Suryoday grew fastest off a low base.

Bank	PAT (₹ Cr)	YoY
ICICI Bank	14,805	+15.9%
Axis Bank	7,114	+23%
Indian Bank	3,273	+10.1%
Bank of Maharashtra	2,020	+26.8%
Karur Vysya Bank	756	+44.9%
Tamilnad Mercantile	412	+35.0%
Ujjivan SFB	317	+206.7%
Suryoday SFB	75.2	+113.1%

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Profitability — ROE, ROA & NIM

Bank of Maharashtra leads on ROE (22.6%), followed by Karur Vysya (20.8%). Ujjivan tops ROA (2.2%) and NIM (8.5%) on its microfinance-led book. Among traditional banks, TMB has the highest ROA (2.14%).

Bank	ROE	ROA	NIM
ICICI Bank	15.9%	~2.0%	~4.0%
Axis Bank	13.1%	1.51%	~3.8%
Tamilnad Mercantile	15.6%	2.14%	~3.8%
Karur Vysya Bank	20.8%	2.11%	~4.0%
Bank of Maharashtra	22.6%	1.90%	2.70%
Indian Bank	19.5%	1.31%	3.41%
Ujjivan SFB	18.2%	2.2%	8.5%
Suryoday SFB	14.5%	1.6%	7.2%

ROA is annualized for the quarter. NIM marked ~ is computed or estimated where the bank does not disclose it.

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Asset Quality — GNPA vs NNPA

TMB has the lowest GNPA (0.69%), while Bank of Maharashtra has the lowest NNPA (0.13%) and the highest PCR (98.6%). Suryoday is the laggard with GNPA of 6.5% from the microfinance stress cycle.

Bank	GNPA	NNPA	PCR
ICICI Bank	1.38%	0.35%	—
Axis Bank	1.28%	0.39%	—
Tamilnad Mercantile	0.69%	0.17%	75.4%
Karur Vysya Bank	0.74%	0.19%	96.2%
Bank of Maharashtra	1.45%	0.13%	98.6%
Indian Bank	1.86%	0.15%	98.2%
Ujjivan SFB	2.2%	0.34%	~84%
Suryoday SFB	6.5%	1.2%	81.8%

PCR for ICICI and Axis Bank is not disclosed. Suryoday's GNPA/NNPA include a CGFMU receivable against its NNPA.

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Valuation — P/E and P/B

Suryoday is the cheapest at 0.81x book, followed by TMB (1.35x) and Indian Bank (1.43x). ICICI Bank is the most expensive at 2.72x book. Bank of Maharashtra (8.7x) and Suryoday (8.8x) offer the lowest P/E.

Bank	CMP (₹)	P/E	P/B	Div Yield
ICICI Bank	1,430	18.3	2.72	0.84%
Axis Bank	1,255	14.0	1.76	0.08%
Tamilnad Mercantile	897.60	9.8	1.35	1.39%
Karur Vysya Bank	354.35	12.5	2.43	0.73%
Bank of Maharashtra	85.60	8.7	1.84	2.57%
Indian Bank	889	9.4	1.43	2.05%
Ujjivan SFB	68.99	14.8	1.97	0.00%
Suryoday SFB	158.43	8.8	0.81	0.95%

Prices as of 26 August 2026. P/E, P/B and dividend yield from Screener.in (26 August 2026 close).

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Balance Sheet & Growth — Q1 FY27

ICICI Bank and Axis Bank dwarf the others on deposits and advances. Suryoday grew the fastest (advances +32.5%), followed by Ujjivan and TMB.

Bank	Deposits (₹ Cr)	Dep Growth	Advances (₹ Cr)	Adv Growth
ICICI Bank	18,30,020	+14.0%	~15,50,000	+19.6%
Axis Bank	13,33,791	+18%	~11,70,000	+19%
Indian Bank	8,27,654	+13.5%	6,84,623	+13.9%
Bank of Maharashtra	3,50,538	+14.1%	—	—
Karur Vysya Bank	1,15,666	+13.3%	—	—
Tamilnad Mercantile	64,409	+19.7%	57,040	+27.5%
Ujjivan SFB	48,129	+24.6%	42,903	+29%
Suryoday SFB	14,634	+29.4%	14,376	+32.5%

KVB and Bank of Maharashtra do not disclose advances or advance growth in their Q1 releases, so those cells are left blank.

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Final Ranking — 8-Bank Scorecard

Each bank is ranked 1–8 on every metric (best = 8, worst = 1). Lower is better for P/B, P/E, GNPA and NNPA; higher is better for the rest. Overall (max 72) = Valuation (16) + Profitability (24) + Asset Quality (16) + Growth (8) + Analyst Upside (8). Ties are broken by asset quality.

Rank	Bank	Val (16)	Prof (24)	AQ (16)	Grw (8)	Upside (8)	Overall (72)
1	Ujjivan SFB	5	21	6	8	7	47
2	Tamilnad Mercantile	12	13	14	5	1	45
3	Bank of Maharashtra	12	13	12	4	4	45
4	Karur Vysya Bank	6	18	12	6	2	44
5	Suryoday SFB	15	12	2	7	8	44
6	Indian Bank	12	9	10	1	3	35
7	ICICI Bank	2	15	8	2	6	33
8	Axis Bank	8	7	8	3	5	31

This scorecard ranks the stock, not the business. Smaller banks win on valuation and growth because they trade at a fraction of ICICI's or Axis's multiples. Ujjivan tops the table on profitability (ROE 18.2%, NIM 8.5%) and grew profit +206.7%; TMB combines the cleanest book with the highest traditional-bank ROA; Karur Vysya and Bank of Maharashtra lead on ROE. ICICI and Axis are stronger, safer businesses, but their premium valuations and slower growth drag them down here.

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Conclusion

The scorecard favours smaller, cleaner and cheaper banks as stocks: Ujjivan, TMB, Bank of Maharashtra and Karur Vysya lead, while ICICI and Axis trail on valuation and growth despite being the strongest businesses. Your pick depends on what you are optimising for — quality, profitability, value or balance.

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References

1. Screener.in — Bank Stock Data and Peer Comparison
2. TradingView — Analyst Price Targets
3. ICICI Bank Q1 FY27 Financial Results — BSE
4. Axis Bank Q1 FY27 Financial Results — BSE
5. Tamilnad Mercantile Bank Q1 FY27 Results — BSE
6. Karur Vysya Bank Q1 FY27 Results — BSE
7. Bank of Maharashtra Q1 FY27 Results — BSE
8. Indian Bank Q1 FY27 Press Release
9. Ujjivan SFB Q1 FY27 Investor Presentation
10. Suryoday SFB Q1 FY27 Investor Presentation
11. Reserve Bank of India — Banking Statistics

All numbers from Q1 FY27 earnings presentations, press releases and BSE filings. Current prices as of 26 August 2026; P/E, P/B and market cap from NSE / Screener.in (mid-August 2026 close). Analyst targets from brokerage research and TradingView. Values marked ~ are computed or estimated where the bank does not disclose the metric.

This analysis is for educational purposes only and does not constitute investment advice. Please consult a SEBI-registered investment adviser before making any investment decision.