SBI Cards & Payment Services Ltd (SBICARD) AI Stock Analysis

• Market Cap: ₹805.61B
• Dividend Yield: 0.29%
• Average Volume (3M): 37.05K
• Price to Earnings (P/E): 42.0
• Beta (1Y): 0.72
• Revenue Growth: 7.08%
• EPS Growth: -22.19%
• Country: IN
• Employees: 3,829
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 4.67
• Shares Outstanding: 951,577,400
• 10 Day Avg. Volume: 38,181
• 30 Day Avg. Volume: 37,050
• PEG Ratio: -2.07
• Price to Book (P/B): 5.95
• Price to Sales (P/S): 4.56
• P/FCF Ratio: -37.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹865.00
• Price Target Upside: 2.17% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹856.00 ▲(1.11% Upside)

SBI Cards & Payment Services Ltd's overall stock score is primarily influenced by its strong revenue growth and profitability, despite high debt levels and negative cash flows. The technical indicators suggest a bearish trend, and the valuation metrics indicate the stock may be overvalued. These factors combined result in a moderate overall score.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful market penetration and product adoption, which can enhance long-term business sustainability and competitive positioning.

Gross Profit Margin

A robust gross profit margin reflects efficient cost control and pricing power, contributing to sustained profitability and financial health over time.

Market Position

Being a leading issuer under a reputable parent company provides a competitive edge, enhancing brand trust and customer acquisition potential.

Negative Factors

High Debt Levels

High debt levels can strain financial flexibility and increase risk, potentially impacting the company's ability to invest in growth and weather economic downturns.

Negative Cash Flows

Persistent negative cash flows indicate potential liquidity issues, which could hinder operational efficiency and limit strategic investments.

Decreasing Net Profit Margin

A declining net profit margin suggests rising costs or operational inefficiencies, which could erode profitability and shareholder value over time.

SBI Cards & Payment Services Ltd Business Overview & Revenue Model

Company Description

SBI Cards and Payment Services Limited, a non-banking financial company, issues credit cards to individual and corporate customers in India. The company also acts as corporate insurance agent for selling insurance policies to credit card customers. It offers corporate cards, central travel cards, utility cards, and corporate purchase and virtual cards. The company was incorporated in 1998 and is based in Gurugram, India. SBI Cards and Payment Services Limited is a subsidiary of State Bank of India.

How the Company Makes Money

SBICARD primarily generates revenue through interest income on credit card balances, fees and commissions from cardholders and merchants, and annual subscription fees for its credit cards. The company benefits from the interest charged on outstanding credit card balances and late payment fees. Additionally, SBICARD earns interchange fees from merchants for processing card transactions. Collaborations with retail partners for co-branded cards and special offers also contribute to its earnings. Furthermore, SBICARD engages in marketing agreements and partnerships with various businesses, enhancing its product offerings and customer base, which in turn drives revenue growth.

SBI Cards & Payment Services Ltd Financial Statement Overview

Summary

SBI Cards & Payment Services Ltd shows strong revenue growth and profitability on the income statement with a robust gross profit margin. However, the company faces challenges with high debt levels and negative cash flows, which impact financial stability.

Income Statement

SBI Cards & Payment Services Ltd has demonstrated robust revenue growth with a significant increase from ₹73,235.75 crore in 2020 to ₹186,371.5 crore in 2025. The gross profit margin is strong at 78.8% for 2025, indicating effective cost management. However, the net profit margin has decreased from previous years, currently at 10.3% for 2025, which suggests increased expenses or operational challenges affecting net income.

Balance Sheet

The company's debt-to-equity ratio suggests a high reliance on debt financing, with the ratio increasing over the years. The equity ratio is at 21% for 2025, indicating moderate financial leverage. Return on equity (ROE) has improved, reaching 13.9% in 2025, reflecting better utilization of shareholders' equity to generate profit.

Cash Flow

The cash flow statements reveal negative free cash flow for several years, with a slight improvement in operating cash flow in recent periods. The operating cash flow to net income ratio is negative, indicating cash flow challenges potentially due to high capital expenditures or financing needs. Despite improvements, cash flow management remains an area requiring attention.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	179.58B	174.46B	153.41B	123.21B	96.63B	85.69B
Gross Profit	147.34B	142.68B	127.51B	106.78B	86.37B	75.92B
EBITDA	26.62B	27.27B	34.29B	31.94B	23.21B	14.47B
Net Income	18.78B	19.16B	24.08B	22.58B	16.16B	9.85B
Balance Sheet
Total Assets	660.09B	655.46B	581.71B	455.46B	346.48B	270.13B
Cash, Cash Equivalents and Short-Term Investments	22.66B	27.38B	27.30B	9.90B	7.58B	6.72B
Total Debt	461.80B	449.47B	403.15B	315.31B	232.85B	181.92B
Total Liabilities	516.67B	517.64B	460.87B	357.15B	268.96B	207.11B
Stockholders Equity	137.82B	137.82B	120.84B	98.30B	77.53B	63.02B
Cash Flow
Free Cash Flow	0.00	-21.96B	-55.26B	-67.64B	-44.91B	6.35B
Operating Cash Flow	0.00	-21.40B	-54.52B	-66.71B	-43.91B	6.92B
Investing Cash Flow	0.00	-24.91B	-14.57B	-9.21B	-5.38B	-9.97B
Financing Cash Flow	0.00	46.87B	84.01B	78.24B	50.45B	4.32B

SBI Cards & Payment Services Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 846.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SBICARD, the sentiment is Negative. The current price of 846.6 is below the 20-day moving average (MA) of 863.60, below the 50-day MA of 867.50, and below the 200-day MA of 882.93, indicating a bearish trend. The MACD of -5.17 indicates Positive momentum. The RSI at 40.29 is Neutral, neither overbought nor oversold. The STOCH value of 9.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SBICARD.

SBI Cards & Payment Services Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BAJFINANCE	64 Neutral	₹5.89T	32.07	―	0.56%	22.38%	18.37%
CDSL	61 Neutral	₹295.86B	62.55	―	0.82%	3.63%	-11.24%
SBICARD	59 Neutral	₹805.61B	41.99	―	0.29%	7.08%	-22.19%
LICHSGFIN	55 Neutral	₹294.61B	5.34	―	1.87%	4.79%	13.08%
M&MFIN	52 Neutral	₹492.62B	18.71	―	2.83%	―	―
CHOLAHLDNG	45 Neutral	₹340.19B	15.27	―	0.07%	22.50%	8.48%

SBI Cards & Payment Services Ltd Corporate Events

SBI Cards Files SEBI Regulation 74(5) Confirmation, Reports No Demat Requests in Q3 FY26

SBI Cards and Payment Services Ltd has notified the stock exchanges that it has received a confirmation certificate from its Registrar and Transfer Agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The registrar has confirmed that no requests for dematerialisation of the company’s securities were received during the quarter, rendering the specific compliance requirements under this regulation inapplicable for that period; this disclosure underscores ongoing regulatory compliance and provides transparency to investors and market participants regarding the status of the company’s share dematerialisation activity.

SBI Cards Receives ESG Rating of 78 from NSE Sustainability Ratings

SBI Cards and Payment Services Limited has received an Environmental, Social and Governance (ESG) rating of 78 from NSE Sustainability Ratings and Analytics Limited, a SEBI-registered ESG rating provider, based on data for the financial year 2024-25. The disclosure, made under SEBI’s listing regulations, underscores the company’s focus on sustainability metrics and provides investors and other stakeholders with an additional benchmark to assess SBI Cards’ non-financial performance and risk profile in the Indian financial services sector.

SBI Cards Allots 29,896 Shares on Employee Stock Option Exercise

SBI Cards and Payment Services Ltd has approved the allotment of 29,896 equity shares following the exercise of employee stock options under its 2019 and 2023 ESOP schemes. The Nomination and Remuneration Committee cleared the issue of 13,000 shares at an exercise price of Rs 152.10 per share under the 2019 plan and 16,896 shares at Rs 10 per share under the 2023 plan, resulting in a marginal increase in the company’s paid-up share capital to Rs 9,51,57,74,000, represented by 95,15,77,400 equity shares. The move reflects ongoing use of stock-based compensation to incentivise and retain employees, with only a minimal dilutive impact on existing shareholders.

SBI Cards Engages with Investors and Analysts in JP Morgan Call

SBI Cards and Payment Services Ltd participated in a group call organized by JP Morgan on December 12, 2025, as part of their investor and analyst engagement efforts. The meeting, which included several prominent asset management companies and financial institutions, aimed to discuss information already available in the public domain, reflecting the company’s commitment to transparency and stakeholder engagement.

SBI Cards Engages with Investors in JP Morgan-Hosted Call

SBI Cards and Payment Services Ltd participated in a group call organized by JP Morgan on December 12, 2025, in Gurugram. The meeting involved discussions with several prominent investment management firms, sharing publicly available information to ensure transparency and maintain investor relations.

SBI Cards Appoints New Independent Director to Strengthen Governance

SBI Cards & Payment Services Ltd announced the appointment of Smt. Parvathy Vairava Sundaram as an additional Independent Director for a three-year term, effective from December 9, 2025. This strategic move is expected to enhance the company’s governance structure, leveraging Sundaram’s extensive experience in central banking and regulatory oversight, which could strengthen the company’s industry position and benefit stakeholders.

SBI Cards Announces Q2 FY26 Earnings Call

SBI Cards and Payment Services Limited has announced an upcoming earnings call scheduled for October 24, 2025, at 6:30 PM IST. This call will provide analysts and investors with insights into the company’s financial performance for the second quarter of fiscal year 2026, potentially impacting investor sentiment and market positioning.