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State Bank of India
(SBIN)
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Rating:75Outperform
Price Target:
₹1,220.00
▲(15.77% Upside)
Action:Upgraded
Date:08/07/26
The score is driven primarily by strong technical trend and generally solid fundamentals (steady revenue/profit growth and healthy ROE). Valuation is supportive with a moderate P/E and dividend yield. Key risks moderating the score are balance-sheet leverage, cash-flow volatility, and earnings-call watchpoints around deposit growth, fresh slippages, and ECL implementation uncertainty.
Positive Factors
Scale and balance-sheet strength
Very large franchise and expanding balance-sheet scale create durable advantages: broad deposit gathering, diversified loan mix, and greater ability to underwrite large corporate and government business. Scale supports fee cross‑sell, lowers unit funding costs and sustains competitive positioning over months.
Negative Factors
Meaningful and rising leverage
A higher and rising debt-to-equity profile increases sensitivity to funding cost shifts and market funding availability. Over 2–6 months, higher leverage can compress margins and constrain capital flexibility if credit costs or rates move, limiting strategic options in adverse scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and balance-sheet strength
Very large franchise and expanding balance-sheet scale create durable advantages: broad deposit gathering, diversified loan mix, and greater ability to underwrite large corporate and government business. Scale supports fee cross‑sell, lowers unit funding costs and sustains competitive positioning over months.
Read all positive factors
State Bank of India (SBIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.66T
Dividend Yield1.65%
Average Volume (3M)651.78K
Price to Earnings (P/E)11.3
Beta (1Y)0.92
Revenue Growth6.56%
EPS Growth4.93%
CountryIN
Employees245,131
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)93.39
Shares Outstanding9,230,617,000
10 Day Avg. Volume769,050
30 Day Avg. Volume651,781
Financial Highlights & Ratios
PEG Ratio2.20
Price to Book (P/B)1.50
Price to Sales (P/S)1.28
P/FCF Ratio5.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,300.00Price Target Upside23.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)94.12
Revenue Forecast (FY)₹2.72T
State Bank of India Business Overview & Revenue Model
Company Description
State Bank of India provides banking products and services in India and internationally. It operates through the Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Business segments. The company offers personal banking produc...
How the Company Makes Money
SBI primarily earns money from banking intermediation and fee-based financial services.
1) Net interest income (core banking earnings): The largest driver of earnings typically comes from interest income generated on loans and advances (retail, M...
State Bank of India Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance (record net profit, operating profit growth, NIM stability at 3%, large balance sheet scale, improved asset quality, successful subsidiary listing and multiple digital/AI initiatives). Key near-term challenges were acknowledged: a modest sequential slowdown in deposit/business growth, a quarter uptick in fresh slippages and SMA counts, higher other provisions tied to PLI accounting, and some volatility in non-interest items driven by quarterization and accounting. Management provided explanations and mitigating actions (pullbacks on slippages, amortization of PLI provisioning, liquidity buffer via excess SLR and FCNRB mobilization, investments in collection and analytics, and guidance on loan growth). Overall, positives around profitability, liquidity, capital position and strategic transformation materially outweigh the flagged operational and accounting headwinds, though ECL implementation and some segment-level pressures remain watchpoints.Positive Updates
Record Quarterly Net Profit
Net profit reached a record INR 21,121 crores in Q1 FY27, the highest quarterly net profit the bank has reported, supported by healthy operating performance and disciplined cost management.
Negative Updates
Muted Sequential Deposit and Business Growth
Quarterly deposit growth was called out by analysts as low (~0.5% quarter-on-quarter) and overall business growth was ~1.33% for the quarter; advances rose ~2.32% sequentially — slower sequential expansion compared with some peers (size differences noted).
Read all updates
Q1-2027 Updates
Positive
Negative
Record Quarterly Net Profit
Net profit reached a record INR 21,121 crores in Q1 FY27, the highest quarterly net profit the bank has reported, supported by healthy operating performance and disciplined cost management.
Read all positive updates
Company Guidance
Management maintained FY‑27 guidance of a 3% domestic NIM and 14–15% credit growth (anchored to nominal GDP of ~12–12.5%), while highlighting Q1 results: net profit of INR 21,121 crore, operating profit +9.77% YoY, total business >INR 110 trillion, deposits >INR 60 trillion and advances >INR 50 trillion; retail term deposits +14% and savings balances (base INR 17.5 lakh crore) +10%; excess SLR was INR 3.06 lakh crore at June-end (now ~INR 4 lakh crore); FCNRB/overseas inflows of ~$6.0bn plus $1.0bn FCB and $0.3bn ECBs (~$7.3bn to date, management cited ~$10bn as a reasonable estimate and ~INR 1 trillion of related deposit mobilization), a Q1 fresh slippage run of INR 7,046 crore (about INR 1,400–1,500 crore pulled back so far), other provisions ~INR 1,269 crore (incl. PLI provisioning), interest on IT refunds INR 220 crore, dividend INR 31 crore, gold loans >INR 3.1 trillion (personal ~INR 1.25T, agri ~INR 1.85T) at ~8.5–8.9% yields, analytics‑led incremental loans ~INR 22,000 crore and a corporate pipeline (undisbursed term loans + WC + pipeline) >INR 9 lakh crore.State Bank of India Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.09T | 6.97T | 6.50T | 5.83T | 4.60T | 3.92T |
| Gross Profit | 3.90T | 3.82T | 3.50T | 3.24T | 2.70T | 2.36T |
| EBITDA | 1.19T | 1.19T | 1.10T | 950.89B | 790.94B | 534.30B |
| Net Income | 848.56B | 832.99B | 775.61B | 670.85B | 556.48B | 353.74B |
Balance Sheet | ||||||
| Total Assets | 84.03T | 83.22T | 73.14T | 67.34T | 59.54T | 53.61T |
| Cash, Cash Equivalents and Short-Term Investments | 3.50T | 4.02T | 3.58T | 5.98T | 5.37T | 5.95T |
| Total Debt | 8.20T | 7.77T | 6.11T | 5.57T | 5.22T | 4.58T |
| Total Liabilities | 77.61T | 77.07T | 68.09T | 63.03T | 55.83T | 50.44T |
| Stockholders Equity | 6.22T | 5.96T | 4.87T | 4.15T | 3.59T | 3.06T |
Cash Flow | ||||||
| Free Cash Flow | -1.65T | 1.55T | 428.49B | 174.57B | -900.57B | 543.90B |
| Operating Cash Flow | -1.62T | 1.63T | 484.86B | 216.32B | -860.14B | 576.95B |
| Investing Cash Flow | 46.16B | -9.10T | -56.35B | -42.52B | -40.41B | -36.19B |
| Financing Cash Flow | 2.09T | 7.80T | -137.39B | -98.96B | 63.86B | -38.45B |
State Bank of India Technical Analysis
Positive
1053.80
Price Trends
1041.67
Positive
1026.55
Positive
1024.69
Positive
Market Momentum
3.25
Positive
52.33
Neutral
28.21
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 1053.8 is below the 20-day moving average (MA) of 1055.93, above the 50-day MA of 1041.67, and above the 200-day MA of 1024.69, indicating a neutral trend. The MACD of 3.25 indicates Positive momentum. The RSI at 52.33 is Neutral, neither overbought nor oversold. The STOCH value of 28.21 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹10.21T | 18.24 | ― | 0.76% | 5.08% | 4.84% | |
75 Outperform | ₹9.66T | 11.26 | ― | 1.71% | 6.56% | 4.93% | |
71 Outperform | ₹1.25T | 6.90 | ― | 3.45% | 2.73% | -6.67% | |
70 Outperform | ₹11.20T | 14.15 | ― | 2.09% | 1.75% | 11.25% | |
69 Neutral | ₹4.00T | 20.43 | ― | ― | 5.94% | 7.82% | |
62 Neutral | ₹3.85T | 14.03 | ― | 0.08% | 4.10% | -0.66% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:SBIN
State Bank of India
1,044.90
257.06
32.63%
IN:AXISBANK
Axis Bank Limited
1,250.00
198.46
18.87%
IN:BANKBARODA
Bank of Baroda
236.55
10.66
4.72%
IN:HDFCBANK
HDFC Bank Limited
712.00
-230.40
-24.45%
IN:ICICIBANK
ICICI Bank Limited
1,444.00
56.90
4.10%
IN:KOTAKBANK
Kotak Mahindra Bank Limited
423.30
34.75
8.94%
State Bank of India Corporate Events
State Bank of India Reports No Fund-Raising or Deviations in Q1 FY 2026-27
Aug 7, 2026
State Bank of India has reported to the BSE and NSE that, for the quarter ended June 30, 2026, there was no public, rights, preferential or other issue of securities, and therefore no funds were raised under Regulation 32 and 52(7)/(7A) of the SEB...
State Bank of India Scales Back Stake Sale in SBI Funds Management IPO
Jul 11, 2026
State Bank of India has updated the market on the planned initial public offering of its asset management subsidiary, SBI Funds Management Limited, following the filing of a red herring prospectus and a pre-IPO secondary share sale to institutiona...
State Bank of India Sets Pre-IPO Valuation for SBI Funds Management With Rs 1,655 Crore Share Sale
Jul 9, 2026
State Bank of India has disclosed an update on the planned initial public offering of its subsidiary SBI Funds Management Limited, a key asset management arm within the group. The bank notified stock exchanges that this step follows the recent fil...
State Bank of India Clarifies SBI Funds Management IPO Timelines and Pricing
Jul 8, 2026
State Bank of India has provided an update on the initial public offering of its asset management subsidiary, SBI Funds Management Limited, correcting the previously communicated closing date for bids from qualified institutional buyers. The bank ...
State Bank of India Announces Superannuation of Key Senior Executives
Jun 30, 2026
State Bank of India has announced a change in its senior management, with three top executives set to superannuate effective 30 June 2026. The departing leaders include Nand Kishore, Managing Director CEO of SBI Funds Management Limited, along wi...
State Bank of India Posts Audio of Post-Earnings Investor Call Online
May 8, 2026
State Bank of India has notified the stock exchanges that the audio recording of its post-earnings meeting with analysts and investors, held on May 8, 2026, is now available on its website. The call discussed the bank’s financial results for...
State Bank of India Declares ₹17.35 Final Dividend, Sets Key Dates for Payout
May 8, 2026
State Bank of India’s board has approved a final dividend of ₹17.35 per fully paid equity share of ₹1 for the financial year ended 31 March 2026, reflecting robust profitability and signaling continued value distribution to share...
State Bank of India Sets Record Date and Payout Schedule for FY 2025-26 Dividend
May 8, 2026
State Bank of India’s Central Board has declared a dividend of ₹17.35 per fully paid equity share of ₹1 for the financial year ended March 31, 2026, signaling robust financial performance and a continued commitment to shareholder...
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.