The Changing Face Of BFSI— Read Motilal Oswal's Thematic View; HDFC Bank, Angel One, Home First Among Top Bets

HDFC Life and ICICI Lombard are Motilal Oswal's favorites among insurance, whereas, among capital markets, prefers HDFC AMC, Nuvama, CAMS, and Angel One.

Motilal Oswal Financial Services

22 Apr 2025, 10:41 AM IST i

<div class="paragraphs"><p> The BFSI sector has experienced a strong post-Covid recovery in earnings with the sector’s earnings share in the Nifty-50 index rising to 33% in FY24.  (Photo source: Radhakisan Raswe/NDTV Profit)</p></div>

The BFSI sector has experienced a strong post-Covid recovery in earnings with the sector’s earnings share in the Nifty-50 index rising to 33% in FY24. (Photo source: Radhakisan Raswe/NDTV Profit)

The Indian BFSI sector has experienced a remarkable >50x surge in market capitalization over the past two decades, expanding to Rs 91 trillion in 2025 from Rs 1.8 trillion in 2005, reflecting a CAGR of ~22%. While banks remain the backbone, their share in the total BFSI sector market cap has declined to ~57% at present from 85% in 2005. This shift is largely due to the emergence of segments such as NBFCs and fintech firms, backed by ...