State Bank of India (IN:SBIN)
:SBIN
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State Bank of India
(SBIN)
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Rating:68Neutral
Price Target:
₹1,111.00
▲(2.84% Upside)
Action:Downgraded
Date:05/10/26
The score is driven primarily by solid fundamentals and a constructive earnings outlook (profitability, asset-quality progress, and clear growth/NIM/ROA targets), supported by a favorable valuation. This is partially offset by weaker technical momentum and the combination of meaningful leverage and uneven cash-flow consistency.
Positive Factors
Market scale and distribution reach
SBI's scale and broad distribution (branches, ATMs, digital channels) provide durable advantages in low-cost deposit gathering, diversification across retail/corporate segments, and superior cross-sell reach. Scale supports stable NII, fee income and resilience through credit cycles.
Negative Factors
Meaningful leverage and sensitivity to funding costs
A high and rising leverage profile increases sensitivity to deposit/wholesale funding costs and interest-rate cycles. This structural funding risk can compress margins or require higher provisioning during stress, limiting capital allocation flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Market scale and distribution reach
SBI's scale and broad distribution (branches, ATMs, digital channels) provide durable advantages in low-cost deposit gathering, diversification across retail/corporate segments, and superior cross-sell reach. Scale supports stable NII, fee income and resilience through credit cycles.
Read all positive factors
State Bank of India (SBIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹8.76T
Dividend Yield1.64%
Average Volume (3M)651.78K
Price to Earnings (P/E)11.5
Beta (1Y)0.84
Revenue Growth6.98%
EPS Growth4.74%
CountryIN
Employees232,296
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)89.74
Shares Outstanding9,230,617,000
10 Day Avg. Volume769,050
30 Day Avg. Volume651,781
Financial Highlights & Ratios
PEG Ratio2.20
Price to Book (P/B)1.50
Price to Sales (P/S)1.25
P/FCF Ratio5.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,210.00Price Target Upside12.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)89.77
Revenue Forecast (FY)₹2.70T
State Bank of India Business Overview & Revenue Model
Company Description
State Bank of India provides banking products and services to individuals, commercial enterprises, corporates, public bodies, and institutional customers in India and internationally. The company operates through Treasury, Corporate/Wholesale Bank...
How the Company Makes Money
State Bank of India primarily earns money through (1) net interest income and (2) non-interest (fee and other) income, supplemented by income from its treasury/markets activities and contributions from subsidiaries/associates.
1) Net interest inc...
State Bank of India Earnings Call Summary
Earnings Call Date:Feb 07, 2026
(Q3-2026)
| Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based operating performance (record net profit, double-digit credit growth, improved asset quality, robust capitalization and digital traction). Management reiterated conservative provisioning, controlled costs and clear guidance on NIM and ROA, while flagging market-driven treasury volatility, limited transmission to deposit costs, rapid gold-loan expansion and PSL pressures as items requiring monitoring. Overall, the positive operating momentum and balance-sheet strength materially outweigh the transitory and structural challenges discussed.Positive Updates
Record Quarterly Profitability
Declared highest-ever quarterly net profit of INR 21,028 crore, up 24.49% year-on-year driven by higher operating profitability and contained credit costs.
Negative Updates
Reliance on One-off Income Items
A portion of the strong quarterly profit was supported by non-recurring items (notably SBI MF special dividend ~INR 2,200 crore and a large IT refund interest ~INR 769 crore), implying some earnings may be non-recurrent.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly Profitability
Declared highest-ever quarterly net profit of INR 21,028 crore, up 24.49% year-on-year driven by higher operating profitability and contained credit costs.
Read all positive updates
Company Guidance
The management provided clear guidance to sustain profitable, risk‑adjusted growth: credit growth for the year was revised up to 13–15% (Q3 YTD credit growth 15.14%), exit and through‑the‑cycle domestic NIM targeted at ~3% (Q3 domestic NIM 3.12%), and ROA to be maintained >1% with ROE at 20.68% (Q3); they also reiterated an efficiency target of cost‑to‑income <50% and said capital remains strong (CAR 14.04%, up 101 bps YoY). Q3 metrics underpinning the guidance included record net profit INR 21,028 crore (+24.5% YoY), operating profit INR 32,862 crore (+39.5% YoY), NII INR 45,190 crore (+9% YoY), credit cost ~0.9%, advances ≈INR 47 tn, deposits ≈INR 57 tn, total business >INR 103 tn and balance sheet ≈INR 72 tn, with GNPA 1.57% (down 50 bps), NNPA 0.39% (down 14 bps) and PCR 75.54% (up 88 bps); management also flagged digital and liability ambitions (YONO ~9.65 crore registered users, 3 crore new registrations in one month; target to scale from 10 crore to 20 crore users in 2–3 years) while keeping capital, liquidity and asset‑quality buffers intact.State Bank of India Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.65T | 7.16T | 6.50T | 5.83T | 4.60T | 3.92T |
| Gross Profit | 3.58T | 3.81T | 3.50T | 3.24T | 2.70T | 2.36T |
| EBITDA | 1.09T | 1.19T | 1.10T | 950.89B | 790.94B | 534.30B |
| Net Income | 794.38B | 832.99B | 775.61B | 670.85B | 556.48B | 353.74B |
Balance Sheet | ||||||
| Total Assets | 76.73T | 83.22T | 73.14T | 67.34T | 59.54T | 53.61T |
| Cash, Cash Equivalents and Short-Term Investments | 4.14T | 4.02T | 3.58T | 5.98T | 5.37T | 5.95T |
| Total Debt | 6.50T | 7.77T | 6.11T | 5.57T | 5.22T | 4.58T |
| Total Liabilities | 70.84T | 77.07T | 68.09T | 63.03T | 55.83T | 50.44T |
| Stockholders Equity | 5.69T | 5.96T | 4.87T | 4.15T | 3.59T | 3.06T |
Cash Flow | ||||||
| Free Cash Flow | -1.65T | 1.55T | 428.49B | 174.57B | -900.57B | 543.90B |
| Operating Cash Flow | -1.62T | 1.63T | 484.86B | 216.32B | -860.14B | 576.95B |
| Investing Cash Flow | 46.16B | -9.10T | -56.35B | -42.52B | -40.41B | -36.19B |
| Financing Cash Flow | 2.09T | 7.80T | -137.39B | -98.96B | 63.86B | -38.45B |
State Bank of India Technical Analysis
Negative
1080.35
Price Trends
1028.07
Negative
1048.05
Negative
960.53
Negative
Market Momentum
-29.86
Positive
33.97
Neutral
20.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SBIN, the sentiment is Negative. The current price of 1080.35 is above the 20-day moving average (MA) of 1006.72, above the 50-day MA of 1028.07, and above the 200-day MA of 960.53, indicating a bearish trend. The MACD of -29.86 indicates Positive momentum. The RSI at 33.97 is Neutral, neither overbought nor oversold. The STOCH value of 20.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SBIN.
State Bank of India Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹9.07T | 14.62 | ― | 0.81% | 5.95% | 4.84% | |
69 Neutral | ₹4.00T | 14.03 | ― | 0.08% | 4.04% | -6.26% | |
69 Neutral | ₹1.37T | 6.45 | ― | 2.86% | 2.58% | -4.19% | |
69 Neutral | ₹11.80T | 13.83 | ― | 1.10% | 5.21% | 6.67% | |
68 Neutral | ₹8.76T | 11.51 | ― | 1.64% | 6.98% | 4.74% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ₹3.82T | 16.21 | ― | ― | 0.64% | -12.87% |
* Financial Sector Average
IN:SBIN
State Bank of India
949.10
168.82
21.64%
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State Bank of India Corporate Events
State Bank of India Posts Audio of Post-Earnings Investor Call Online
May 8, 2026
State Bank of India has notified the stock exchanges that the audio recording of its post-earnings meeting with analysts and investors, held on May 8, 2026, is now available on its website. The call discussed the bank’s financial results for...
State Bank of India Declares ₹17.35 Final Dividend, Sets Key Dates for Payout
May 8, 2026
State Bank of India’s board has approved a final dividend of ₹17.35 per fully paid equity share of ₹1 for the financial year ended 31 March 2026, reflecting robust profitability and signaling continued value distribution to share...
State Bank of India Sets Record Date and Payout Schedule for FY 2025-26 Dividend
May 8, 2026
State Bank of India’s Central Board has declared a dividend of ₹17.35 per fully paid equity share of ₹1 for the financial year ended March 31, 2026, signaling robust financial performance and a continued commitment to shareholder...
State Bank of India Files SEBI Dematerialisation Compliance Certificate for March Quarter
Apr 9, 2026
State Bank of India has submitted to the stock exchanges a quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended March 31, 2026. The certificate, issued by its re...
State Bank of India Publishes Notice for Shareholders’ Meeting to Elect Directors
Mar 24, 2026
State Bank of India has announced that it has published a newspaper advertisement giving notice of a General Meeting of shareholders to elect directors to its board. The notice appeared on 24 March 2026 in Business Standard (English and Hindi) and...
State Bank of India Raises Rs 6,051 Crore via Basel III Tier 2 Bond Issue
Mar 20, 2026
State Bank of India has raised Rs 6,051 crore through the allotment of Basel III-compliant Tier 2 non-convertible, taxable, redeemable and unsecured bonds at a coupon of 7.05%. The bonds, with a 10-year tenure maturing on March 20, 2036, are propo...
SBI Raises ₹6,051 Crore via Oversubscribed AAA-Rated Tier 2 Bond Issue
Mar 17, 2026
State Bank of India has raised ₹6,051 crore through its second Basel III-compliant Tier 2 bond issuance of the current financial year, priced at a 7.05% annual coupon and structured with a 10-year tenor and call options after five years and ...
Fitch Affirms SBI at BBB- and Upgrades Viability Rating on Stronger Fundamentals
Mar 2, 2026
Fitch Ratings has affirmed State Bank of India’s long-term Issuer Default Rating at BBB- with a stable outlook, while upgrading the bank’s Viability Rating to bb+ and maintaining its government support and short-term ratings. The upgra...
State Bank of India Details Hong Kong Investor Meetings
Feb 24, 2026
State Bank of India disclosed that its representatives held a series of investor and analyst meetings in Hong Kong on 24 February 2026, organized by Nuvama. The sessions included one-on-one and group interactions with major global institutional in...
State Bank of India Confirms Shareholder Notice for March 27 General Meeting
Feb 20, 2026
State Bank of India has notified stock exchanges that it has published newspaper advertisements confirming dispatch of the notice for its upcoming General Meeting scheduled on 27 March 2026. The confirmation appeared in Business Standard (English ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.