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SBI Cards & Payment Services Ltd
(SBICARD)
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Rating:58Neutral
Price Target:
₹691.00
▼(-4.51% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by mid-range financial quality: strong revenue growth and healthy returns are tempered by sustained high leverage and a multi-year history of negative/volatile cash flows (despite a rebound in FY2026). Technically, near-term momentum is supportive (above key short/medium-term averages with positive MACD) but capped by being below the 200-DMA and elevated oscillators. Valuation is a modest headwind due to a relatively high P/E and low dividend yield.
Positive Factors
Consistent revenue growth
Multi-year, mostly double-digit top-line growth indicates durable expansion of the card base and spend per card. Over the medium term this supports scale advantages in underwriting, interchange and fee income, enabling reinvestment in customer acquisition and product offers.
Negative Factors
Elevated leverage
A debt-to-equity ratio above ~3x materially limits financial flexibility and raises sensitivity to interest rates or funding stress. For a card issuer this elevates refinancing and liquidity risk, constraining capital allocation and increasing volatility in downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue growth
Multi-year, mostly double-digit top-line growth indicates durable expansion of the card base and spend per card. Over the medium term this supports scale advantages in underwriting, interchange and fee income, enabling reinvestment in customer acquisition and product offers.
Read all positive factors
SBI Cards & Payment Services Ltd (SBICARD) vs. iShares MSCI India ETF (INDA)
Market Cap
₹624.33B
Dividend Yield0.38%
Average Volume (3M)142.75K
Price to Earnings (P/E)27.4
Beta (1Y)1.03
Revenue Growth8.82%
EPS Growth21.14%
CountryIN
Employees4,218
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)23.90
Shares Outstanding951,643,100
10 Day Avg. Volume87,234
30 Day Avg. Volume142,749
Financial Highlights & Ratios
PEG Ratio2.15
Price to Book (P/B)3.85
Price to Sales (P/S)2.92
P/FCF Ratio3.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹675.00Price Target Upside-6.72% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)29.77
Revenue Forecast (FY)₹187.43B
SBI Cards & Payment Services Ltd Business Overview & Revenue Model
Company Description
SBI Cards and Payment Services Limited functions as a non-banking financial company primarily focused on providing credit card services to both retail consumers and corporate clients throughout India. Beyond its core card issuance, the company als...
How the Company Makes Money
SBICARD primarily earns revenue from its credit card business through (1) interest income on revolving credit and installment products, (2) fees and commissions related to card usage and customer accounts, and (3) interchange/merchant-related inco...
SBI Cards & Payment Services Ltd Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
55
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 205.36B | 207.08B | 174.46B | 153.41B | 123.21B | 96.63B |
| Gross Profit | 162.96B | 161.51B | 142.68B | 127.51B | 106.78B | 86.37B |
| EBITDA | 44.82B | 30.49B | 27.27B | 34.29B | 31.94B | 23.21B |
| Net Income | 22.75B | 21.67B | 19.16B | 24.08B | 22.58B | 16.16B |
Balance Sheet | ||||||
| Total Assets | 697.07B | 663.28B | 655.46B | 581.71B | 455.46B | 346.48B |
| Cash, Cash Equivalents and Short-Term Investments | 39.83B | 23.20B | 27.38B | 27.30B | 9.90B | 7.58B |
| Total Debt | 471.76B | 440.64B | 449.47B | 403.15B | 315.31B | 232.85B |
| Total Liabilities | 533.16B | 506.02B | 517.64B | 460.87B | 357.15B | 268.96B |
| Stockholders Equity | 163.91B | 157.25B | 137.82B | 120.84B | 98.30B | 77.53B |
Cash Flow | ||||||
| Free Cash Flow | -42.27B | 157.52B | -21.96B | -55.26B | -67.64B | -44.91B |
| Operating Cash Flow | -42.10B | 157.86B | -21.40B | -54.52B | -66.71B | -43.91B |
| Investing Cash Flow | 5.14B | -150.32B | -24.91B | -14.57B | -9.21B | -5.38B |
| Financing Cash Flow | 43.11B | -11.72B | 46.87B | 84.01B | 78.24B | 50.45B |
SBI Cards & Payment Services Ltd Technical Analysis
Positive
723.60
Price Trends
643.18
Positive
632.80
Positive
706.63
Negative
Market Momentum
5.77
Negative
52.33
Neutral
78.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SBICARD, the sentiment is Positive. The current price of 723.6 is above the 20-day moving average (MA) of 649.41, above the 50-day MA of 643.18, and above the 200-day MA of 706.63, indicating a neutral trend. The MACD of 5.77 indicates Negative momentum. The RSI at 52.33 is Neutral, neither overbought nor oversold. The STOCH value of 78.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SBICARD.
SBI Cards & Payment Services Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹255.16B | 12.15 | ― | 0.67% | 37.25% | 548.30% | |
68 Neutral | ₹2.42T | 18.15 | ― | 1.05% | 10.38% | 9.95% | |
66 Neutral | ₹6.44T | 31.67 | ― | 0.58% | 17.80% | 16.10% | |
63 Neutral | ₹1.58T | 27.21 | ― | 0.11% | 19.87% | 28.06% | |
63 Neutral | ₹775.72B | 24.32 | ― | 0.89% | 12.56% | 19.25% | |
58 Neutral | ₹624.33B | 27.41 | ― | 0.38% | 8.82% | 21.14% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:SBICARD
SBI Cards & Payment Services Ltd
656.05
-240.76
-26.85%
IN:BAJFINANCE
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1,034.20
30.32
3.02%
IN:CHOLAFIN
Cholamandalam Investment and Finance Co. Ltd.
1,845.00
329.18
21.72%
IN:IIFL
IIFL Finance Limited
599.85
162.49
37.15%
IN:LTF
L&T Finance Ltd
309.50
74.82
31.88%
IN:SHRIRAMFIN
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1,028.00
411.42
66.73%
SBI Cards & Payment Services Ltd Corporate Events
SBI Cards goes fully digital for FY26 annual report and AGM access
Aug 3, 2026
SBI Cards and Payment Services Limited has notified stock exchanges that it has dispatched letters to shareholders and debenture holders whose email addresses are not registered, providing a web link, QR code, and navigation path to access its Int...
SBI Cards Sets August 31 Virtual AGM, Publishes Regulatory Notices
Aug 1, 2026
SBI Cards Payment Services Ltd has announced that its 28th Annual General Meeting will be held on August 31, 2026 at 11:00 a.m. IST via video conferencing and other audio-visual means, in line with Ministry of Corporate Affairs guidance. The comp...
SBI Cards Shuts Trading Window Ahead of June-Quarter Results
Jun 26, 2026
SBI Cards Payment Services Ltd has announced that its trading window for dealing in the company’s securities will be closed from July 1, 2026, until 48 hours after the disclosure of its financial results for the quarter ended June 30, 2026....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.