State Bank of India (SBIN) AI Stock Analysis

• Market Cap: ₹11.10T
• Dividend Yield: 1.64%
• Average Volume (3M): 651.78K
• Price to Earnings (P/E): 13.1
• Beta (1Y): 0.80
• Revenue Growth: 8.90%
• EPS Growth: 11.93%
• Country: IN
• Employees: 232,296
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 22.78
• 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: ₹1,208.67
• Price Target Upside: 0.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 86.01
• Revenue Forecast (FY): ₹2.49T

• Rating: 82 Outperform
• Price Target: ₹1,237.00 ▲(2.91% Upside)
• Action: Reiterated Date: 02/09/26
• Date: Action: Reiterated 02/09/26

The score is driven primarily by strong financial performance (growth and profitability with improving leverage and cash generation) and constructive technicals (price above major moving averages with positive momentum). The latest earnings call adds upside via raised growth guidance, strong asset-quality trends, and solid capital/returns, partially offset by noted risks around one-off income support, treasury volatility, and funding-cost/gold-loan/PSL monitoring items. Valuation is supportive with a moderate P/E and modest dividend yield.

Positive Factors

Scale & Deposit Franchise

SBI’s massive deposit base and high CASA ratio provide a durable, low‑cost funding advantage that supports steady lending capacity and NIM resilience. The breadth of retail and corporate deposits underpins long‑term cross‑sell, liquidity depth and funding stability across cycles.

Capitalization & Asset Quality

Strong capital buffers and materially improved asset quality provide lasting loss‑absorption capacity. Low GNPA/NNPA levels and elevated PCR reduce downside from future stress, enabling sustained lending growth without immediate capital strain.

Profitability & Cash Generation

High cash conversion and robust return metrics reflect durable operating profitability and effective capital deployment. Strong revenue growth plus FCF conversion supports reinvestment, provisioning flexibility and consistent dividend/strategic investment capacity over the medium term.

Negative Factors

Reliance on One‑off Income

Material non‑recurring items meaningfully boosted reported non‑interest income in the quarter. If such items do not recur, structural earnings growth and fee income trends could be weaker than headline profits suggest, affecting sustainable ROA and payout planning.

Treasury & Funding Volatility

Market‑driven treasury swings and incomplete transmission of policy cuts to deposit rates expose margins to cycle risk. Persistent COF stickiness or adverse MTM movements can compress NII and make earnings more sensitive to interest‑rate cycles over the medium term.

Concentration & Provisioning Risks from Rapid Gold Loan Growth

Very rapid expansion in gold lending raises concentration and portfolio‑mix risks; if underwriting or LTVs shift, it could increase loss volatility. Management’s elevated proactive and non‑NPA provisions indicate this category and PSL/compliance demands can weigh on sustainable earnings.

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

Strong profitability and growth (revenue +17.53%, net margin 11.92%) support a high score. Balance sheet metrics are solid with improved leverage and strong ROE (15.93%), though the equity ratio (6.66%) indicates moderate reliance on debt. Cash flow is improving with strong free-cash-flow-to-net-income (88.37%), but operating cash flow conversion remains only moderate (OCF/NI 0.89%).

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: 1202.00
• 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 1202 is above the 20-day moving average (MA) of 1164.59, above the 50-day MA of 1072.94, and above the 200-day MA of 911.32, indicating a bullish trend. The MACD of 43.86 indicates Positive momentum. The RSI at 65.98 is Neutral, neither overbought nor oversold. The STOCH value of 35.94 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
SBIN	82 Outperform	₹11.10T	13.11	―	1.64%	8.90%	11.93%
BANKBARODA	81 Outperform	₹1.66T	8.55	―	2.86%	4.40%	-3.84%
AXISBANK	76 Outperform	₹4.30T	16.34	―	0.08%	6.08%	-7.26%
ICICIBANK	72 Outperform	₹9.87T	18.54	―	0.81%	14.32%	11.36%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
INDUSINDBK	62 Neutral	₹747.13B	-36.74	―	1.95%	-7.44%	-109.30%

State Bank of India Corporate Events

State Bank of India Publishes Audio of Post-Earnings Analyst Meet

State Bank of India has notified the stock exchanges that it has made available the audio recording of its post-earnings investor and analyst meeting, held on 7 February 2026 to discuss the financial results for the quarter and nine months ended 31 December 2025, on the bank’s investor relations website. The disclosure, made in line with SEBI’s listing and disclosure regulations, underscores SBI’s focus on transparency and timely communication with investors and analysts, supporting informed decision-making for stakeholders and reinforcing its governance and compliance standards in the Indian banking sector.

Ashwini Kumar Tewari Takes Charge as Managing Director of State Bank of India

State Bank of India has announced that Ashwini Kumar Tewari has formally assumed charge as Managing Director of the bank with effect from 28 January 2026. The move follows his re-appointment by the Government of India and is disclosed under stock market listing regulations, underscoring leadership continuity at the country’s largest lender and signaling ongoing stability in its governance framework for investors and other stakeholders.

State Bank of India Warns of Potential Impact from Nationwide Bank Strike on January 27, 2026

State Bank of India has disclosed that it has received a communication from the Indian Banks’ Association that the United Forum of Bank Unions, representing nine constituent unions and associations, has called a nationwide bank strike from midnight of January 26, 2026 to midnight of January 27, 2026. The bank stated it has made necessary arrangements to maintain normal operations across its branches and offices during the strike, but cautioned that its functioning may still be impacted, signaling potential short-term disruption for customers and routine banking services and complying with regulatory disclosure requirements under SEBI’s listing regulations.

State Bank of India Appoints New Managing Director

State Bank of India has announced the appointment of Shri Ravi Ranjan as its new Managing Director, effective from December 15, 2025. This strategic move, sanctioned by the Government of India, positions SBI to continue its leadership in the banking sector under Ranjan’s guidance until his retirement in 2028, potentially impacting its operational strategies and stakeholder relations positively.

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.