अFunda Observatory

Finance: implied vs delivered earnings growth

115 ranked companies · Oct 2026 · prices as of 9 Oct 2026

Discount rate 12% · 10-year horizon · exit P/E 15x · dividends at each company's own payout

In Finance, the median price implies 17.2%/yr earnings growth against 16.5%/yr delivered over the past decade, a gap of −0.4 pts, higher than 2 of 17 other sectors. Treated as one company (aggregate market cap over aggregate profit), the sector's price implies 12.0%/yr.

These figures are a mechanical translation of each company's current price-to-earnings ratio into the earnings growth that would be consistent with it, under fixed assumptions we chose (12% annual return, 10 years, exit P/E 15x). They are not forecasts, price targets or recommendations, and change materially with the assumptions. Delivered growth is historical and does not predict future results. ApnaFunda is not a SEBI-registered research analyst or investment adviser. Data may contain errors; verify with company filings before relying on it.

0%0%10%10%20%20%30%30%40%40%50%50%60%60% Delivered growth, per year → Implied growth → JIOFIN · delivered −30.0% · implied 54.5%SHRIRAMPPS · delivered −23.1% · implied 35.9%ABREL · delivered −30.0% · implied 26.6%YESBANK · delivered −30.0% · implied 22.3%PRESTIGE · delivered −9.5% · implied 40.7%MAHLIFE · delivered −8.8% · implied 36.6%THOMASCOOK · delivered −10.3% · implied 33.6%SUNTECK · delivered −10.0% · implied 30.5%SOBHA · delivered −5.6% · implied 32.1%PHOENIXLTD · delivered 7.4% · implied 44.6%ARVSMART · delivered −2.4% · implied 29.6%LODHA · delivered −1.4% · implied 29.0%AADHARHFC · delivered −11.6% · implied 18.2%RBLBANK · delivered −1.0% · implied 24.5%TATAINVEST · delivered 10.6% · implied 34.8%MCX · delivered 22.2% · implied 45.2%MUFIN · delivered 17.8% · implied 40.8%ASHIANA · delivered 8.7% · implied 31.1%TFCILTD · delivered 2.6% · implied 23.5%JSWHL · delivered 10.8% · implied 31.4%BRIGADE · delivered 5.6% · implied 26.0%IIFL · delivered 3.6% · implied 23.8%POONAWALLA · delivered 7.8% · implied 27.3%HUBTOWN · delivered 21.0% · implied 39.7%AUBANK · delivered 7.5% · implied 23.8%STEL · delivered 13.7% · implied 29.9%GODREJPROP · delivered 16.0% · implied 31.6%KICL · delivered 11.6% · implied 25.2%MUTHOOTMF · delivered 3.7% · implied 17.2%BSE · delivered 26.3% · implied 39.6%NSIL · delivered 12.9% · implied 26.1%MASTERTR · delivered 26.6% · implied 39.1%DLF · delivered 17.7% · implied 29.7%AJMERA · delivered 5.7% · implied 17.5%BANDHANBNK · delivered 0.3% · implied 11.1%INDUSINDBK · delivered −0.2% · implied 9.9%PNBHOUSING · delivered 6.2% · implied 15.1%RPSGVENT · delivered 7.5% · implied 16.2%IIFLCAPS · delivered 8.0% · implied 16.2%SUNDARMFIN · delivered 12.0% · implied 19.9%IREDA · delivered 9.4% · implied 17.0%CUB · delivered 8.4% · implied 15.8%MANINFRA · delivered 11.4% · implied 18.5%PAISALO · delivered 18.8% · implied 25.3%PILANIINVS · delivered 13.8% · implied 19.4%CAMS · delivered 17.9% · implied 22.1%CGCL · delivered 26.1% · implied 29.8%SATIN · delivered 4.3% · implied 7.5%SHRIRAMFIN · delivered 14.6% · implied 17.3%INDUSTOWER · delivered 10.7% · implied 12.7%ARMANFIN · delivered 25.4% · implied 27.3%MANAPPURAM · delivered 11.8% · implied 13.2%KOTAKBANK · delivered 19.1% · implied 19.7%SBICARD · delivered 17.0% · implied 17.6%CDSL · delivered 28.0% · implied 28.3%MARATHON · delivered 15.2% · implied 15.2%OBEROIRLTY · delivered 22.7% · implied 22.3%BAJAJHLDNG · delivered 22.7% · implied 22.3%ARIHANTCAP · delivered 16.5% · implied 16.1%FEDERALBNK · delivered 17.6% · implied 17.0%EQUITASBNK · delivered 15.1% · implied 14.2%PFS · delivered 7.2% · implied 5.8%CREDITACC · delivered 19.9% · implied 18.2%IRFC · delivered 11.8% · implied 9.8%BAJFINANCE · delivered 26.8% · implied 24.5%JMFINANCIL · delivered 18.3% · implied 15.7%GEOJITFSL · delivered 14.2% · implied 11.1%DCBBANK · delivered 12.9% · implied 9.3%SURYODAY · delivered 17.4% · implied 13.3%MASFIN · delivered 14.0% · implied 9.3%PNBGILTS · delivered 11.8% · implied 7.1%AGIIL · delivered 31.7% · implied 26.9%IDFCFIRSTB · delivered 27.9% · implied 23.0%HDFCBANK · delivered 14.8% · implied 9.8%SOUTHBANK · delivered 15.3% · implied 10.2%KTKBANK · delivered 12.8% · implied 7.5%EDELWEISS · delivered 15.6% · implied 9.9%CHOLAFIN · delivered 22.9% · implied 16.8%SMCGLOBAL · delivered 20.6% · implied 14.5%IEX · delivered 17.3% · implied 10.5%UGROCAP · delivered 17.3% · implied 10.5%KARURVYSYA · delivered 22.1% · implied 15.0%BFINVEST · delivered 21.8% · implied 14.6%MUTHOOTFIN · delivered 21.6% · implied 13.7%LICHSGFIN · delivered 12.5% · implied 3.1%MONARCH · delivered 27.7% · implied 17.8%REPCOHOME · delivered 11.2% · implied 1.2%NORTHARC · delivered 23.0% · implied 12.6%INDIANB · delivered 20.6% · implied 9.6%HDBFS · delivered 27.9% · implied 16.8%BAJAJHFL · delivered 35.2% · implied 23.6%ICICIBANK · delivered 29.1% · implied 16.8%RECLTD · delivered 11.2% · implied −1.2%CANFINHOME · delivered 18.6% · implied 4.8%AAVAS · delivered 24.9% · implied 11.0%LTF · delivered 34.2% · implied 19.4%SBFC · delivered 37.8% · implied 22.6%HUDCO · delivered 16.6% · implied 0.8%FEDFINA · delivered 33.6% · implied 17.9%PFC · delivered 17.4% · implied 1.3%HOMEFIRST · delivered 37.3% · implied 21.0%AXISBANK · delivered 32.2% · implied 15.1%CAPITALSFB · delivered 26.5% · implied 8.4%SHAREINDIA · delivered 30.3% · implied 12.0%TMB · delivered 24.1% · implied 5.8%ANGELONE · delivered 38.1% · implied 16.7%APTUS · delivered 31.2% · implied 9.4%FIVESTAR · delivered 38.1% · implied 14.2%DOLATALGO · delivered 29.3% · implied 3.2%SGFIN · delivered 57.7% · implied 30.1%INDIASHLTR · delivered 40.8% · implied 10.6%UJJIVANSFB · delivered 55.9% · implied 13.8%DHANBANK · delivered 60.0% · implied 16.0%DAMCAPITAL · delivered 60.0% · implied 13.5%SBIN · delivered 60.0% · implied 10.6%JIOFINSHRIRAMPPSABRELYESBANKPRESTIGEINDIASHLTRUJJIVANSFBDHANBANKDAMCAPITALSBIN −30 pts0+50 pts

Most demanding in Finance

  1. #1JIO FINANCIAL SERVICES LIMITED JIOFIN · Finance · normalised P/E 374.4x · ₹1,35,609 cr
    price implies 54.5%/yr · delivered −48.7%/yr (avg-to-avg) · gap +84.5 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  2. #2SHRIRAM PROPERTIES LIMITED SHRIRAMPPS · Finance · normalised P/E 104.1x · ₹1,166 cr
    price implies 35.9%/yr · delivered −23.1%/yr (avg-to-avg) · gap +59.0 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  3. #3ADITYA BIRLA REAL ESTATE LTD ABREL · Finance · normalised P/E 54.1x · ₹11,400 cr
    price implies 26.6%/yr · delivered −31.2%/yr (avg-to-avg) · gap +56.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  4. #4YES BANK LIMITED YESBANK · Finance · normalised P/E 36.2x · ₹64,515 cr
    price implies 22.3%/yr · delivered −33.5%/yr (avg-to-avg) · gap +52.3 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  5. #5PRESTIGE ESTATES PROJECTS LIMI PRESTIGE · Finance · normalised P/E 158.9x · ₹60,482 cr
    price implies 40.7%/yr · delivered −9.5%/yr (avg-to-avg) · gap +50.2 pts
    cyclical: normalised earnings used · over half of profit is other income
  6. #6MAHINDRA LIFESPACE DEVELOPERS MAHLIFE · Finance · normalised P/E 133.9x · ₹7,445 cr
    price implies 36.6%/yr · delivered −8.8%/yr (avg-to-avg) · gap +45.4 pts
    cyclical: normalised earnings used · pays out over half of earnings · trailing P/E far below normalised · over half of profit is other income
  7. #7THOMAS COOK (INDIA) LTD THOMASCOOK · Finance · normalised P/E 93.4x · ₹4,559 cr
    price implies 33.6%/yr · delivered −10.3%/yr (avg-to-avg) · gap +43.8 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  8. #8SUNTECK REALTY LIMITED SUNTECK · Finance · normalised P/E 74.9x · ₹3,940 cr
    price implies 30.5%/yr · delivered −10.0%/yr (avg-to-avg) · gap +40.5 pts
    cyclical: normalised earnings used · over half of profit is other income
  9. #9SOBHA LIMITED SOBHA · Finance · normalised P/E 85.9x · ₹12,441 cr
    price implies 32.1%/yr · delivered −5.6%/yr (avg-to-avg) · gap +37.7 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  10. #10PHOENIX MILLS LTD PHOENIXLTD · Finance · normalised P/E 209.8x · ₹64,960 cr
    price implies 44.6%/yr · delivered 7.4%/yr (avg-to-avg) · gap +37.2 pts
    cyclical: normalised earnings used

Lowest expectations in Finance

  1. #115STATE BANK OF INDIA SBIN · Finance · normalised P/E 15.1x · ₹8,85,380 cr
    price implies 10.6%/yr · delivered 65.9%/yr (avg-to-avg) · gap −49.4 pts
    cyclical: normalised earnings used · over half of profit is other income · P/B cross-check implies 4.0%
  2. #114DAM CAPITAL ADVISORS LIMITED DAMCAPITAL · Finance · normalised P/E 18.2x · ₹1,013 cr
    price implies 13.5%/yr · delivered 180.3%/yr (avg-to-avg) · gap −46.5 pts
    cyclical: normalised earnings used
  3. #113DHANLAXMI BANK LIMITED DHANBANK · Finance · normalised P/E 21.3x · ₹1,333 cr
    price implies 16.0%/yr · delivered 96.8%/yr (avg-to-avg) · gap −44.0 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income
  4. #112UJJIVAN SMALL FINANCE BANK LTD UJJIVANSFB · Finance · normalised P/E 17.6x · ₹11,935 cr
    price implies 13.8%/yr · delivered 55.9%/yr (avg-to-avg) · gap −42.1 pts
    cyclical: normalised earnings used · over half of profit is other income · P/B cross-check implies −8.0%
  5. #111INDIA SHELTER FINANCE CORP INDIASHLTR · Finance · P/E 13.2x · ₹6,994 cr
    price implies 10.6%/yr · delivered 40.8%/yr (avg-to-avg) · gap −30.2 pts
    trailing P/E far below normalised · P/B cross-check implies 10.3%
  6. #110SG FINSERVE LIMITED SGFIN · Finance · normalised P/E 67.3x · ₹4,133 cr
    price implies 30.1%/yr · delivered 57.7%/yr (avg-to-avg) · gap −27.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · P/B cross-check implies 13.6%
  7. #109DOLAT ALGOTECH LIMITED DOLATALGO · Finance · normalised P/E 6.7x · ₹1,056 cr
    price implies 3.2%/yr · delivered 29.3%/yr (avg-to-avg) · gap −26.1 pts
    cyclical: normalised earnings used · earnings history unstable
  8. #108FIVE STAR BUSINESS FINANCE LTD FIVESTAR · Finance · normalised P/E 18.2x · ₹14,797 cr
    price implies 14.2%/yr · delivered 38.1%/yr (avg-to-avg) · gap −23.9 pts
    cyclical: normalised earnings used · P/B cross-check implies 6.0%
  9. #107APTUS VALUE HOUSING FIN IND APTUS · Finance · P/E 14.8x · ₹10,809 cr
    price implies 9.4%/yr · delivered 31.2%/yr (avg-to-avg) · gap −21.8 pts
    P/B cross-check implies 10.0%
  10. #106ANGEL ONE LIMITED ANGELONE · Finance · normalised P/E 27.3x · ₹26,585 cr
    price implies 16.7%/yr · delivered 38.1%/yr (avg-to-avg) · gap −21.4 pts
    cyclical: normalised earnings used

Finance sector fundamentals → · All sectors

How this works

An investor buys at today's trailing P/E, receives dividends equal to a fixed share of earnings for 10 years, then sells at an exit P/E of 15x. We solve for the constant annual earnings-per-share growth that makes that sequence worth exactly today's price at a 12% required return: P/E = payout × Σ xᵗ + exit P/E × xᴺ, with x = (1 + growth) / (1 + required return). With no dividends it reduces to growth = (1 + r) × (P/E ÷ exit P/E)^(1/N) − 1. Each company uses its own median payout over its last five fiscal years (zero if unknown).

Delivered growth is the fitted annual growth of net profit per share over the last up to ten fiscal years known at the time (a 60-day reporting lag is applied), or a first-three-versus-last-three-years average where earnings are cyclical or a loss year interrupts the series. Cyclical companies are valued on their five-year average earnings rather than trailing ones. The gap is implied growth minus delivered growth, in percentage points.

Sensitivity at a P/E of 40x and a 30% payout (exit P/E down, required return across):

Exit P/E / return11%12%13%
12x23.3%24.4%25.5%
15x20.8%21.9%23.0%
20x17.7%18.7%19.8%

Because a change in the required return or exit multiple moves every company's implied growth by nearly the same amount, the ranking is stable under the assumptions; only the levels move. The curve is also concave: doubling a P/E from 40x to 80x adds only about seven points of implied growth, so a 200x P/E does not mean ten times the growth. There is no consensus forecast in this data, so the comparison is with history only. Sector indices and "sector as one company" use today's constituents and are survivorship-biased.