PSU banks’ m-cap jumps 5X since FY20: 5 triggers that could drive re-rating & more upside

All Punjab & Sind Bank (PSBs) m-cap has seen the sharpest spike of 26.9 times, rising from Rs 781.67 crore on March 31, 2020 to Rs 21,052.60 crore on September 24, 2025. The next is Indian Bank (19.6X) followed by Canara Bank (8.5X). Bank of Maharashtra, Indian Overseas Bank (IOB), Punjab National Bank (PNB), "The PSU banks have emerged as one of India's most remarkable transformation stories, with market capitalisation surging to an impressive 5.75X growth. This dramatic re-rating, driven by fundamental i ...