State Bank Of India
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 47.4% • Corporate/Wholesale Banking: 27.1% • Treasury: 24.7%
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
- Company has delivered good profit growth of 31.4% CAGR over last 5 years
- Asset quality is healthy - gross NPA of just 1.5%
- Comfortable capital adequacy - CAR of 15.4%
- Strong provisioning - provision coverage ratio of 91.8%
- Healthy loan book growth of 17.2% with stable asset quality
CONS
- A large part of profit comes from other income (69.6% of PBT)
- Promoter holding has decreased over last 2 years: -2.1pp
- Thin net interest margin of 2.5%
- Growth is decelerating - 3Y profit CAGR (16.8%) trails the 5Y trend (31.4%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBIN | 1001.60 | 10.72 | 924538.66 | 1.73 | 24579.04 | 13.65 | 136240.49 | 8.36 | 12.16 | 52.34 |
| UNIONBANK | 183.40 | 6.78 | 140000.33 | 2.73 | 5368.17 | 29.77 | 27427.10 | 1.21 | 14.57 | 69.42 |
| PNB | 115.60 | 6.02 | 132858.42 | 2.60 | 5339.15 | 191.40 | 33589.17 | 3.12 | 13.26 | 75.40 |
| BANKBARODA | 234.90 | 6.69 | 121475.30 | 3.62 | 1572.59 | -53.08 | 35114.52 | 6.84 | 11.20 | 33.10 |
| INDIANB | 855.00 | 9.01 | 115165.42 | 2.13 | 3299.48 | 48.73 | 18095.14 | 11.11 | 16.28 | 67.14 |
| CANBK | 124.20 | 5.67 | 112657.49 | 3.38 | 4864.08 | 61.96 | 32957.16 | 4.55 | 14.46 | 68.47 |
| MAHABANK | 84.45 | 8.62 | 64955.18 | 2.61 | 2020.54 | 26.83 | 8034.65 | 13.90 | 16.53 | 68.61 |
| BANKINDIA | 140.70 | 5.44 | 64056.04 | 3.30 | 3138.46 | 77.92 | 20096.90 | 8.83 | 10.97 | 73.18 |
| IOB | 33.01 | 10.67 | 63566.00 | 0.00 | 1659.24 | 49.25 | 8777.57 | 18.82 | 11.31 | 54.56 |
| UCOBANK | 23.99 | 12.19 | 30082.40 | 1.83 | 652.43 | 24.09 | 6744.59 | 15.10 | 11.00 | 54.71 |
| CENTRALBK | 30.58 | 6.06 | 27679.19 | 3.92 | 1328.95 | 5.43 | 9725.90 | 12.79 | 8.27 | 67.83 |
| PSB | 22.67 | 11.62 | 16085.69 | 1.72 | 331.51 | 23.16 | 3213.37 | 10.40 | 9.07 | 71.38 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 95,975 | 1,01,379 | 1,06,734 | 1,11,043 | 1,11,526 | 1,13,871 | 1,17,427 | 1,19,509 | 1,17,996 | 1,19,654 | 1,22,556 | 1,23,098 | 1,27,896 | |
| Interest Expended | 57,070 | 61,879 | 66,918 | 69,387 | 70,401 | 72,251 | 75,981 | 76,892 | 76,923 | 76,670 | 77,366 | 78,718 | 80,904 |
| Net Interest Income | 38,905 | 39,500 | 39,816 | 41,655 | 41,125 | 41,620 | 41,446 | 42,618 | 41,072 | 42,984 | 45,190 | 44,380 | 46,992 |
| 12,063 | 10,791 | 11,459 | 17,369 | 11,162 | 15,271 | 11,041 | 24,367 | 17,346 | 15,326 | 18,359 | 17,314 | 15,923 | |
| Total Income | 0 | 0 | 0 | 0 | 1,52,125 | 1,63,802 | 1,67,854 | 1,79,562 | 1,66,992 | 1,75,898 | 1,85,648 | 1,81,079 | 1,43,819 |
| Operating Expenses | 25,671 | 30,874 | 30,939 | 30,277 | 25,839 | 27,596 | 28,935 | 35,698 | 27,874 | 30,999 | 30,686 | 33,990 | 29,386 |
| Operating Profit | 25,297 | 19,417 | 20,336 | 28,748 | 26,449 | 29,294 | 23,551 | 31,286 | 30,544 | 27,311 | 32,862 | 27,704 | 33,529 |
| Provisions & Contingencies | 2,501 | 115 | 688 | 1,610 | 3,449 | 4,506 | 911 | 6,442 | 4,759 | 5,400 | 4,507 | 2,872 | 5,047 |
| Profit before Tax | 22,796 | 19,301 | 12,548 | 27,138 | 22,999 | 24,788 | 22,640 | 24,844 | 25,785 | 26,504 | 28,355 | 24,832 | 28,482 |
| Tax % | 25.93% | 25.76% | 26.97% | 23.73% | 25.93% | 26.05% | 25.39% | 24.96% | 25.69% | 23.94% | 25.84% | 20.73% | 25.84% |
| Net Profit | 16,884 | 14,330 | 9,164 | 20,698 | 17,035 | 18,331 | 16,891 | 18,643 | 19,160 | 20,160 | 21,028 | 19,684 | 21,121 |
| EPS | 19 | 16 | 10 | 23 | 19 | 21 | 19 | 21 | 21 | 22 | 23 | 21 | 2 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,15,131 | 4,61,864 | 4,82,797 | — | |
| Interest Expended | 1,13,659 | 1,45,646 | 1,54,520 | 1,59,239 | 1,54,441 | 1,54,750 | 1,87,263 | 2,55,255 | 2,95,524 | 3,09,677 | 3,13,657 |
| Net Interest Income | -1,13,659 | -1,45,646 | -1,54,520 | -1,59,239 | -1,54,441 | -1,54,750 | -1,87,263 | 1,59,876 | 1,66,340 | 1,73,120 | — |
| 35,461 | 44,601 | 36,775 | 45,221 | 43,496 | 40,564 | 36,616 | 51,682 | 62,308 | 73,444 | 66,921 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,66,813 | 5,24,172 | 5,56,241 | 6,86,444 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,24,861 | 1,18,069 | 1,23,549 | — | |
| Operating Profit | -1,13,659 | -1,45,646 | -1,54,520 | -1,59,239 | -1,54,441 | -1,54,750 | -1,87,263 | 86,697 | 1,10,579 | 1,23,015 | — |
| 298 | 8,088 | -762 | 539 | 3,014 | 22,260 | 16,323 | 4,914 | 15,308 | 17,538 | — | |
| Profit before Tax | 14,855 | -15,528 | 2,307 | 24,802 | 27,541 | 43,422 | 67,206 | 81,783 | 95,271 | 1,05,477 | 1,08,174 |
| Tax % | 0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 25.32% | 25.58% | 24.12% | 24.20% |
| Net Profit | 10,484 | -6,547 | 862 | 14,488 | 20,410 | 31,676 | 50,232 | 61,077 | 70,901 | 80,032 | 81,993 |
| EPS | 13 | -8 | 0 | 0 | 23 | 35 | 56 | 68 | 79 | 87 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 13%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 23%
- 5 Years:
- 31%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 18%
- 3 Years:
- 20%
- 1 Year:
- 23%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 17%
- 3 Years:
- 18%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 797 | 892 | 892 | 892 | 892 | 892 | 892 | 892 | 892 | 923 |
| 1,87,489 | 2,18,236 | 2,20,021 | 2,31,115 | 2,52,983 | 2,79,196 | 3,26,716 | 3,76,354 | 4,40,270 | 5,43,519 | |
| 20,44,751 | 27,06,343 | 29,11,386 | 32,41,621 | 36,81,277 | 40,51,534 | 44,23,778 | 49,16,077 | 53,82,190 | 59,75,642 | |
| 3,17,694 | 3,62,142 | 4,03,017 | 3,14,656 | 4,17,298 | 4,26,043 | 4,93,135 | 5,97,561 | 5,63,573 | 7,31,254 | |
| Other Liabilities & Provisions | 1,55,235 | 1,67,138 | 1,45,597 | 1,63,110 | 1,81,980 | 2,29,932 | 2,72,457 | 2,88,810 | 2,89,129 | 3,71,674 |
| Total Liabilities | 27,05,966 | 34,54,752 | 36,80,914 | 39,51,394 | 45,34,430 | 49,87,597 | 55,16,979 | 618 | 668 | 762 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 1,27,998 | 1,50,397 | 1,76,932 | 1,66,736 | 2,13,202 | 3,18,265 | 2,47,088 | 2,25,142 | 2,27,217 | 2,68,445 | |
| Balances with Banks & Money at Call | 43,974 | 41,501 | 45,558 | 84,361 | 1,29,837 | 76,287 | 60,812 | 85,660 | 1,13,012 | 1,16,115 |
| 7,65,990 | 10,60,987 | 9,67,022 | 10,46,955 | 13,51,705 | 14,81,445 | 15,70,366 | 16,71,340 | 16,90,573 | 18,01,254 | |
| 15,71,078 | 19,34,880 | 21,85,877 | 23,25,290 | 24,49,498 | 27,33,967 | 31,99,269 | 37,03,971 | 41,63,312 | 48,77,895 | |
| 42,345 | 39,201 | 38,509 | 38,023 | 38,067 | 37,467 | 42,101 | 42,126 | 43,685 | 54,163 | |
| 1,54,008 | 2,26,994 | 2,66,328 | 2,89,614 | 3,51,769 | 3,39,925 | 3,97,062 | 4,50,964 | 4,37,831 | 5,04,513 | |
| Total Assets | 27,05,966 | 34,54,752 | 36,80,914 | 39,51,394 | 45,34,430 | 49,87,597 | 55,16,979 | 618 | 668 | 762 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11,060 | -85,425 | 34,628 | 25,688 | 89,866 | 58,415 | -91,352 | 19,022 | 42,858 | 31,894 | |
| Cash from Investing | -3,148 | 879 | -3,959 | -2,977 | -3,354 | -2,613 | -3,297 | -3,053 | -2,012 | 6,717 |
| Cash from Financing | -1,780 | 4,291 | -1,088 | 3,352 | 5,633 | -5,178 | 5,202 | -13,855 | -13,324 | -2,802 |
| 6,132 | -80,255 | 29,581 | 26,063 | 92,144 | 50,625 | -89,447 | 2,114 | 27,521 | 35,809 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 13.15 | -7.34 | 0.97 | 16.23 | 22.87 | 35.49 | 56.29 | 68.44 | 79.44 | 86.70 |
| Book Value (₹) | 196.53 | 217.69 | 219.91 | 233.34 | 258.05 | 287.64 | 335.98 | 391.83 | 463.67 | 552.55 |
| Dividend per Share (₹) | 2.60 | 0.00 | 0.00 | 0.00 | 4.00 | 7.10 | 11.30 | 13.70 | 15.90 | 17.35 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.81% | 2.69% | 2.45% |
| ROA % | 0.41% | -0.21% | 0.02% | 0.38% | 0.48% | 0.67% | 0.96% | 1.04% | 1.10% | 1.12% |
| ROE % | 6.97% | -3.73% | 0.44% | 7.16% | 9.31% | 13.01% | 18.05% | 18.81% | 18.57% | 17.33% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 59.02% | 51.64% | 50.11% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.83% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.47% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 74.42% | 91.97% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 39.90% | 38.72% | 38.34% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.12% | 0.10% | 0.12% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.28% | 14.25% | 15.40% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 5.36% | -162.45% | 113.17% | 1580.31% | 40.88% | 55.19% | 58.58% | 21.59% | 16.08% | 12.88% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 16.62% | 18.33% | 19.17% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.00x | 9.71x | 11.30x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.92x | 1.66x | 1.77x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.82% | 2.06% | 1.77% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - State Bank Of India has informed the Exchange about Schedule of meet
2026-09-07 - State Bank Of India has informed the Exchange about Notice of Strike Served by United Forum of Bank Unions
2026-08-31 - SBIN: State Bank of India has informed the Exchange about change in Senior Management
2026-08-28 - State Bank Of India has informed the Exchange about Outcome of Interaction with Institutional Investors
2026-08-21 - State Bank of India has informed the Exchange regarding allotment of 149200 Equity Shares kept in Abeyance
2026-08-21 - State Bank Of India has informed the Exchange about Schedule of meet
2026-08-17 - SBIN: State Bank of India has informed the Exchange about Interaction with Institutional Investors arranged by Motilal Oswal
2026-08-13 - State Bank Of India has informed the Exchange about Transcript
2026-08-12 - State Bank Of India has informed the Exchange about Schedule of meet
News
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