SBI Cards And Payment Services Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 25.5%
- Solid return on assets for a lender - ROA of 3.3%
- Company has delivered good sales growth of 16.4% CAGR over last 5 years
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (27.7% of PBT)
- Operating margins have contracted to 31.6% from 40.1%
- Growth is decelerating - 3Y profit CAGR (-1.4%) trails the 5Y trend (17.1%)
- Though reporting repeated profits, the company pays out little dividend (11.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1046.00 | 32.08 | 651234.82 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1038.00 | 21.58 | 244239.69 | 1.04 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1849.10 | 27.46 | 157925.34 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.95 | 28.51 | 154067.52 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 231.15 | 73.86 | 152631.62 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 10971.00 | 13.79 | 122100.11 | 1.78 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2840.00 | 10.03 | 114017.05 | 1.06 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 400.00 | 26.68 | 109501.94 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 311.25 | 24.51 | 78010.22 | 0.88 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 666.00 | 27.86 | 63379.43 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 676.50 | 25.83 | 56201.25 | 0.59 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| SUNDARMFIN | 4702.35 | 23.54 | 52244.92 | 0.85 | 636.19 | 33.88 | 2644.13 | 23.37 | 9.35 | 80.61 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,703 | 3,876 | 4,376 | 4,139 | 4,172 | 4,248 | 4,425 | 4,509 | 4,684 | 4,755 | 4,905 | 4,725 | 5,041 | |
| 2,631 | 2,760 | 3,258 | 2,811 | 2,867 | 3,173 | 3,372 | 3,320 | 3,439 | 3,742 | 3,785 | 3,625 | 4,312 | |
| Operating Profit | 1,281 | 1,327 | 1,364 | 1,537 | 1,491 | 1,248 | 1,247 | 1,354 | 1,438 | 1,219 | 1,342 | 1,309 | 1,503 |
| OPM % | 34.60% | 34.23% | 31.17% | 37.13% | 35.75% | 29.39% | 28.19% | 30.04% | 30.69% | 25.64% | 27.36% | 27.71% | 29.83% |
| Other Income | 134 | 134 | 120 | 127 | 124 | 135 | 148 | 158 | 158 | 176 | 226 | 253 | 165 |
| Interest | 571 | 605 | 695 | 724 | 767 | 788 | 829 | 795 | 813 | 760 | 785 | 714 | 745 |
| Depreciation | 48 | 47 | 51 | 52 | 49 | 50 | 49 | -2 | 35 | 35 | 34 | 32 | 31 |
| 797 | 809 | 738 | 888 | 799 | 545 | 518 | 719 | 748 | 600 | 749 | 816 | 893 | |
| Tax % | 25.52% | 25.50% | 25.56% | 25.42% | 25.62% | 25.82% | 25.96% | 25.66% | 25.71% | 25.84% | 25.69% | 25.32% | 25.61% |
| Net Profit | 593 | 603 | 549 | 662 | 594 | 404 | 383 | 534 | 556 | 445 | 557 | 609 | 664 |
| 6 | 6 | 6 | 7 | 6 | 4 | 4 | 6 | 6 | 5 | 6 | 6 | 1 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,346 | 5,187 | 6,999 | 9,276 | 9,296 | 10,677 | 13,667 | 16,968 | 18,072 | 19,900 | 19,426 | |
| 1,768 | 3,066 | 4,588 | 6,230 | 6,866 | 8,034 | 8,807 | 10,742 | 11,966 | 13,610 | 15,464 | |
| Operating Profit | 1,579 | 2,121 | 2,411 | 3,046 | 2,430 | 2,644 | 4,859 | 6,226 | 6,106 | 6,290 | 3,962 |
| OPM % | 47.18% | 40.90% | 34.45% | 32.84% | 26.14% | 24.76% | 35.56% | 36.69% | 33.79% | 31.61% | 20.39% |
| 125 | 183 | 288 | 476 | 417 | 1,180 | 619 | 515 | 565 | 808 | 819 | |
| Interest | 1,127 | 1,361 | 1,308 | 1,689 | 1,400 | 1,503 | 2,284 | 3,313 | 3,944 | 4,049 | 3,003 |
| Depreciation | 5 | 24 | 55 | 104 | 123 | 149 | 164 | 197 | 147 | 136 | 132 |
| Profit before Tax | 572 | 919 | 1,335 | 1,730 | 1,324 | 2,172 | 3,031 | 3,232 | 2,581 | 2,913 | 3,058 |
| Tax % | 34.77% | 34.61% | 35.21% | 28.03% | 25.63% | 25.60% | 25.48% | 25.49% | 25.74% | 25.62% | 25.60% |
| Net Profit | 373 | 601 | 865 | 1,245 | 985 | 1,616 | 2,258 | 2,408 | 1,916 | 2,167 | 2,275 |
| EPS | 4.75 | 7.40 | 9.45 | 13.21 | 10.38 | 17.02 | 23.80 | 25.32 | 20.14 | 22.77 | — |
| Dividend Payout % | 21.05% | 0.00% | 9.68% | 7.54% | 0.00% | 14.59% | 10.47% | 9.87% | 12.41% | 10.98% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 24%
- 5 Years:
- 16%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 23%
- 5 Years:
- 17%
- 3 Years:
- -1%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -10%
- 3 Years:
- -8%
- 1 Year:
- -23%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 20%
- 3 Years:
- 17%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 785 | 785 | 837 | 939 | 941 | 943 | 946 | 951 | 951 | 952 |
| 664 | 1,473 | 2,655 | 4,384 | 5,318 | 6,762 | 8,844 | 11,120 | 12,815 | 14,759 | |
| 8,268 | 11,413 | 13,549 | 17,573 | 17,895 | 22,982 | 31,110 | 39,891 | 44,947 | 44,064 | |
| Trade Payables | 119 | 518 | 661 | 721 | 881 | 1,117 | 1,395 | 1,508 | 1,593 | 1,714 |
| 800 | 1,409 | 2,279 | 1,415 | 1,583 | 2,626 | 3,004 | 4,347 | 4,797 | 4,393 | |
| Total Liabilities | 10,636 | 15,598 | 19,983 | 25,032 | 26,618 | 34,430 | 45,299 | 57,817 | 65,103 | 65,882 |
| 24 | 242 | 196 | 311 | 308 | 439 | 551 | 542 | 320 | 219 | |
| Capital Work in Progress | 0 | 13 | 4 | 11 | 0 | 0 | 6 | 0 | 0 | 0 |
| 0 | 0 | 1 | 1 | 958 | 1,297 | 2,140 | 3,519 | 6,235 | 6,374 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 243 | 236 | 283 | |
| Cash & Bank | 283 | 473 | 777 | 677 | 720 | 1,106 | 1,354 | 2,730 | 2,738 | 2,320 |
| 10,329 | 14,870 | 19,004 | 24,031 | 24,632 | 31,586 | 41,248 | 50,783 | 55,574 | 56,686 | |
| Total Assets | 10,636 | 15,598 | 19,983 | 25,032 | 26,618 | 34,430 | 45,299 | 57,817 | 65,103 | 65,882 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1,394 | -1,927 | -1,848 | -3,382 | 2,271 | -2,993 | -4,322 | -3,049 | 1,016 | 3,555 | |
| Cash from Investing | -1 | -31 | -76 | -77 | -997 | -538 | -921 | -1,255 | -2,491 | 245 |
| Cash from Financing | 2,244 | 2,935 | 2,824 | 3,923 | 432 | 5,045 | 7,824 | 8,401 | 4,687 | -1,172 |
| 9 | 26 | 422 | -218 | 127 | 115 | 232 | 1,492 | 55 | -434 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - SBI Cards and Payment Services Limited has informed the Exchange about Schedule of meet
2026-09-09 - SBI Cards and Payment Services Limited has informed the Exchange about ESG Rating
2026-09-08 - SBI Cards and Payment Services Limited has informed the Exchange about Schedule of meet
2026-09-05 - SBI Cards and Payment Services Limited has informed the Exchange about ESG Rating
2026-09-03 - SBI Cards and Payment Services Limited has informed the Exchange about ESG Rating
2026-09-02 - SBI Cards and Payment Services Limited has informed the Exchange about Schedule of meet
2026-09-01 - SBI Cards and Payment Services Limited has informed the Exchange about Schedule of meet
2026-09-01 - SBI Cards and Payment Services Limited has informed the Exchange about Schedule of meet
2026-08-31 - SBI Cards and Payment Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 31, 2026. Further, the company has informed the Exchange regarding voting results.
News
Recent coverage and analyst commentary for SBICARD
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