State Bank of India (SBIN) AI Stock Analysis

• Market Cap: ₹9.05T
• Dividend Yield: 1.62%
• Average Volume (3M): 651.78K
• Price to Earnings (P/E): 10.9
• Beta (1Y): 0.89
• Revenue Growth: 8.90%
• EPS Growth: 11.93%
• Country: IN
• Employees: 232,296
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 22.00
• Shares Outstanding: 9,230,617,000
• 10 Day Avg. Volume: 769,050
• 30 Day Avg. Volume: 651,781
• PEG Ratio: 0.57
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 1.06
• P/FCF Ratio: 16.07
• 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: ₹1,020.83
• Price Target Upside: 4.15% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹1,074.00 ▲(9.58% Upside)

State Bank of India is well-positioned with strong financial performance and strategic initiatives in digital banking and capital raising. While technical indicators show strong momentum, overbought conditions suggest caution. Valuation remains a concern due to lower market cap compared to peers, despite a low P/E ratio. Earnings call insights highlight both strategic strengths and areas for improvement, such as treasury income and deposit growth.

Positive Factors

Digital Banking Innovation

The launch of YONO 2.0 and Tab Banking enhances SBI's digital capabilities, improving customer experience and operational efficiency, which are crucial for long-term competitiveness in the banking sector.

Strong Credit Growth

Robust credit growth indicates a strong demand for loans, enhancing SBI's revenue potential and market position, which supports sustained financial performance.

Improved Net Interest Margins

Improved NIMs reflect better pricing power and operational efficiency, contributing to higher profitability and financial stability over the long term.

Negative Factors

Decline in Treasury Income

A significant drop in treasury income can affect overall profitability, as it reduces a key revenue stream, potentially impacting long-term earnings stability.

Sluggish Deposit Growth

Slower deposit growth may limit SBI's ability to fund new loans, constraining future revenue growth and affecting its competitive position in the market.

Challenges in Recovery and Upgradation

Challenges in asset recovery can lead to higher non-performing assets, impacting the bank's asset quality and financial health over time.

State Bank of India Business Overview & Revenue Model

Company Description

State Bank of India (SBIN) is the largest commercial bank in India, offering a wide range of financial services to individuals, businesses, and governmental entities. Established in 1955, SBIN operates in sectors including retail banking, corporate banking, investment banking, and treasury operations. Its core products and services include savings and current accounts, fixed deposits, loans (personal, home, auto, and business), credit and debit cards, wealth management, and insurance products.

How the Company Makes Money

State Bank of India generates revenue primarily through interest income from loans and advances made to customers, which constitutes a significant portion of its earnings. The bank charges interest on various types of loans, including personal loans, home loans, and business loans, which are typically higher than the interest it pays on deposits. Additionally, SBIN earns fees and commissions from various services such as account maintenance, transaction processing, and financial advisory. The bank also profits from trading in government securities, foreign exchange, and derivatives. Significant partnerships with financial technology firms have allowed SBIN to enhance its digital services, further expanding its customer base and revenue potential. Furthermore, the bank's extensive network of branches and ATMs across India facilitates a strong retail banking presence, bolstering its deposit base and, consequently, its lending capacity.

State Bank of India Financial Statement Overview

Summary

State Bank of India demonstrates strong financial health with robust revenue growth and profitability. The balance sheet shows improved leverage, and cash flow generation is solid, though there is room for improvement in operational efficiency and cash flow ratios.

Income Statement

State Bank of India shows strong revenue growth with a 17.53% increase in the latest year, and a solid net profit margin of 11.92%. The gross profit margin remains robust at 53.73%, indicating efficient cost management. However, the EBIT and EBITDA margins, while healthy, suggest room for improvement in operational efficiency.

Balance Sheet

The bank maintains a stable debt-to-equity ratio of 1.25, showing a decrease from previous years, which indicates improved leverage management. Return on Equity is strong at 15.93%, reflecting effective use of equity capital. The equity ratio of 6.66% suggests a moderate reliance on debt financing.

Cash Flow

Operating cash flow has improved significantly, but the operating cash flow to net income ratio remains low at 0.89%. Free cash flow growth is positive, and the free cash flow to net income ratio is strong at 88.37%, indicating good cash generation relative to profits.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.65T	6.50T	5.83T	4.60T	3.92T	3.70T
Gross Profit	3.58T	3.50T	3.24T	2.70T	2.36T	2.14T
EBITDA	1.09T	1.10T	950.89B	790.94B	534.30B	365.07B
Net Income	794.38B	775.61B	670.85B	556.48B	353.74B	224.05B
Balance Sheet
Total Assets	74.44T	73.14T	67.34T	59.54T	53.61T	48.46T
Cash, Cash Equivalents and Short-Term Investments	3.90T	3.58T	5.98T	5.37T	5.95T	5.32T
Total Debt	5.86T	6.11T	5.57T	5.22T	4.58T	4.27T
Total Liabilities	69.05T	68.09T	63.03T	55.83T	50.44T	45.60T
Stockholders Equity	5.20T	4.87T	4.15T	3.59T	3.06T	2.76T
Cash Flow
Free Cash Flow	0.00	428.49B	174.57B	-900.57B	543.90B	860.09B
Operating Cash Flow	0.00	484.86B	216.32B	-860.14B	576.95B	899.19B
Investing Cash Flow	0.00	-56.35B	-42.52B	-40.41B	-36.19B	-37.36B
Financing Cash Flow	0.00	-137.39B	-98.96B	63.86B	-38.45B	71.43B

State Bank of India Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 980.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SBIN, the sentiment is Positive. The current price of 980.15 is above the 20-day moving average (MA) of 968.27, above the 50-day MA of 946.33, and above the 200-day MA of 833.17, indicating a bullish trend. The MACD of 6.77 indicates Positive momentum. The RSI at 61.01 is Neutral, neither overbought nor oversold. The STOCH value of 91.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SBIN.

State Bank of India Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BANKBARODA	81 Outperform	₹1.51T	7.85	―	2.86%	4.40%	-3.84%
SBIN	76 Outperform	₹9.05T	10.92	―	1.62%	8.90%	11.93%
AXISBANK	76 Outperform	₹3.82T	14.67	―	0.08%	6.08%	-7.26%
ICICIBANK	71 Outperform	₹9.68T	18.03	―	0.81%	14.32%	11.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INDUSINDBK	62 Neutral	₹657.97B	-86.65	―	1.95%	-7.44%	-109.30%

State Bank of India Corporate Events

State Bank of India Announces Key Management Changes

State Bank of India has announced changes in its senior management team, effective from November 30, 2025. The changes include the superannuation of key personnel such as Shri Vinay M Tonse, Managing Director of Retail Business and Operations, Smt Saloni Narayan, Deputy Managing Director of Finance, and Smt Ruma Dey, Deputy Managing Director of Special Projects – Compliance & Data Protection. These changes are part of the bank’s ongoing efforts to ensure effective leadership and governance, potentially impacting its operational strategies and stakeholder relationships.

State Bank of India Engages with Key Institutional Investors in Abu Dhabi

State Bank of India recently engaged in a series of investor interactions in Abu Dhabi, organized by HSBC. The meetings involved one-on-one discussions with major institutional investors such as the Abu Dhabi Investment Authority, Mubadala Investment Company, and Marshall Wace Asset Management. These interactions are part of SBI’s efforts to maintain transparency and strengthen relationships with key stakeholders, potentially impacting its market positioning and investor confidence.

State Bank of India Increases Stake in Raajmarg Infra Investment

State Bank of India has acquired an additional 5,10,000 equity shares in Raajmarg Infra Investment Managers Private Limited through a rights issue, increasing its total stake to 7.45% with 14,90,000 shares. This strategic acquisition is likely to strengthen SBI’s position in the infrastructure investment sector, potentially enhancing its market influence and offering new opportunities for growth and collaboration with stakeholders.

State Bank of India Engages with Institutional Investors in Hong Kong

State Bank of India recently conducted a series of meetings with institutional investors and analysts in Hong Kong, organized by CLSA. The interactions, which included prominent investors such as Schonfeld Strategic, FMR, and T. Rowe Price, were aimed at sharing publicly available information to enhance investor relations and transparency. This initiative underscores SBI’s commitment to maintaining strong relationships with key financial stakeholders and could potentially strengthen its market position and investor confidence.