This study provides an empirical analysis of the performance trends across six major Indian public sector banks (PSBs) for 10 years within a symmetric timeframe from fiscal year (FY) 2013–14 to FY 2022–23, with a comparison of performance trends for the five years pre- and post-merger for each bank. A quantitative descriptive-comparative approach is adopted, and 60 bank-year observations are used to estimate six financial indicators (ROA, ROE, NPM, EPS, GNPA ratio, and CAR) and their respective effect sizes (Cohen’s d); paired-samples t-tests and Wilcoxon signed-rank tests are performed to test for differences in these indicators, and cluster-robust standard errors are computed in the bank fixed-effects panel regression. The outcome is broadly positive for the PSB consolidation policy, as the average ROA, ROE, NPM, EPS, and CAR of all six banks were higher after the merger, with the biggest gains in ROA and ROE at PNB, UBI, and Canara Bank respectively. The asset quality ratio has moved in a U-shape, with four of the six banks attaining decade-low Gross NPA ratios in FY 2022–23, but is not statistically different from that of the five-year span (p = 0.37). The key finding is that the benefits of mergers tend to materialise within a three-to-four-year window of disruption, stabilisation, and recovery; and that evaluations undertaken too early after the merger can overestimate the benefits that ultimately will be realised.