State Bank of India (SBIN) AI Stock Analysis

• Market Cap: ₹8.83T
• Dividend Yield: 1.62%
• Average Volume (3M): 651.78K
• Price to Earnings (P/E): 10.8
• Beta (1Y): 0.96
• 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: ₹1,010.71
• Price Target Upside: 3.18% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹1,074.00 ▲(9.64% 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 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 Banking, Retail Banking, Insurance Business, and Other Banking Business segments. It offers personal banking products and services, including current accounts, savings accounts, salary accounts, fixed and recurring deposits, and flexi and annual deposits; home, personal, auto, education, and gold loans, as well as loans against property and securities; overdrafts; mutual funds, insurance, equity trading, portfolio investment schemes, remittance services; and mobile and digital banking services. The company also provides corporate banking products and services comprising corporate accounts, working capital and project finance, deferred payment guarantees, corporate term loans, structured finance, dealer and channel financing, equipment leasing, loan syndication, construction equipment loans, financing Indian firms' overseas subsidiaries or JVs, cash management, and asset-backed loans, as well as trade and service products. In addition, it offers NRI services, including accounts and deposits, remittances, investments, and loans; agricultural banking and micro-credit to agriculturists and farmers; supply chain finance, and deposits and transaction banking services for SME customers; and international banking services. Further, the company provides treasury, broking, bill payment, and MICR services; and merchant banking, advisory, securities broking, business & management consultancy, trustee business, factoring, payment, asset management, investment management, credit cards, and custody and fund accounting services. It also offers support and business correspondent services. As of March 31, 2022, the company operated 22,266 branches and 65,030 ATMs. State Bank of India was founded in 1806 and is headquartered in Mumbai, India.

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: 979.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 979.55 is above the 20-day moving average (MA) of 965.89, above the 50-day MA of 915.91, and above the 200-day MA of 814.24, indicating a bullish trend. The MACD of 18.94 indicates Positive momentum. The RSI at 66.78 is Neutral, neither overbought nor oversold. The STOCH value of 40.50 is Neutral, 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	₹1.49T	7.75	―	2.88%	4.40%	-3.84%
SBIN	76 Outperform	₹8.83T	10.75	―	1.62%	8.90%	11.93%
AXISBANK	76 Outperform	₹3.81T	14.62	―	0.08%	6.08%	-7.26%
ICICIBANK	74 Outperform	₹9.55T	17.80	―	0.79%	14.32%	11.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INDUSINDBK	62 Neutral	₹615.08B	-80.67	―	1.92%	-7.44%	-109.30%

State Bank of India Corporate Events

SBI Earnings Call: Strategic Wins Amid Challenges

State Bank of India’s recent earnings call painted a picture of strategic achievements tempered by certain challenges. The bank’s successful capital raise, credit growth, and digital banking innovations were key highlights, though concerns about treasury income, market valuation, and deposit growth introduced a cautious tone. The bank’s future strategies and prevailing market conditions will be crucial in addressing these challenges.

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.

State Bank of India Engages with Institutional Investors in London

State Bank of India recently engaged in a series of one-on-one meetings with institutional investors in London, organized by HSBC. The meetings, which included interactions with firms such as Manulife Financial and Kuwait Investment Authority, aimed to share publicly available information and strengthen investor relations.

State Bank of India Schedules Investor and Analyst Meetings

State Bank of India has announced that its representatives will engage in one-on-one and group meetings with institutional investors and analysts on September 8th and 9th, 2025. These interactions, organized by CLSA and BofA, aim to provide insights into the bank’s operations, with only publicly available information being shared, potentially impacting investor perceptions and market positioning.

State Bank of India Schedules Investor Meetings to Enhance Transparency

State Bank of India has announced that its representatives will engage with institutional investors and analysts through a series of one-on-one and group meetings organized by CLSA and BofA. These interactions are scheduled for September 8th and 9th, 2025, and will provide investors with publicly available information about the bank’s operations and strategies. This initiative is part of SBI’s efforts to maintain transparency and strengthen relationships with key stakeholders in the financial industry.

State Bank of India Engages with Institutional Investors

State Bank of India recently engaged in a series of investor interactions organized by ICICI Securities, involving meetings with several institutional investors and analysts. These interactions, which included both one-on-one and group meetings, were aimed at providing insights into the bank’s operations and strategies, using only publicly available information. This initiative reflects SBI’s commitment to transparency and maintaining strong relationships with its stakeholders, potentially enhancing its market positioning and investor confidence.

State Bank of India Reports No Deviations in Fund Utilization for Q1 2025

State Bank of India has reported to the exchange that there were no deviations or variations in the utilization of funds for the quarter ending June 30, 2025, as per SEBI regulations. The bank confirmed that there were no equity or bond issuances during this period, indicating stable financial operations without any changes in their funding strategies. This announcement suggests a steady financial position for SBI, with no immediate implications for stakeholders regarding fund utilization.