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State Bank of India
NSE: SBIN BSE: 500112 INE062A01020 Financial Services Bank 🔎 Screen
NIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY Bank Fin. Services +1 more
₹851,608 Cr
Market Cap
1.43
P/B
2.91%
NIM
15.4%
ROE
1.49%
GNPA
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

State Bank of India is a Fortune 500 company. It is an Indian Multinational, Public Sector banking and financial services statutory body headquartered in Mumbai. It is the largest and oldest bank in India with over 200 years of history.

✓ Strengths 1
  • Company has been maintaining a healthy dividend payout of 18.6%
! Concerns 4
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.43,52,830 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.1,97,711 Cr.
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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Mixed quarter: PAT up 5.6% YoY but total income fell 2.4% as non-interest income plunged 28.9% due to treasury losses; NIM compressed 18 bps; asset quality improved to decadal lows. quarter Investor Presentation One-Pager? Mar 2026
Net Interest Income
₹44,380 Cr
+4.1% YoY (Q4 FY25: ₹42,618 Cr)
Non-Interest Income
₹17,314 Cr
-28.9% YoY; treasury profit swung to ₹-1,471 Cr from +₹6,879 Cr
Net Profit
₹19,684 Cr
+5.6% YoY; but -6.4% QoQ (Q3 FY26: ₹21,028 Cr)
NIM (Whole Bank)
2.81%
-17 bps YoY; domestic NIM 3.03%, -18 bps
GNPA Ratio
1.49%
-33 bps YoY; net NPA 0.39%; credit cost 0.37% for FY26
What Went Right
  • Record annual net profit ₹80,032 Cr, +12.9% YoY, driven by NII and fee income growth (fee income +14.2% YoY).
  • Asset quality best in two decades: GNPA 1.49%, NNPA 0.39%, PCR incl. AUCA 91.97%, slippage ratio 0.54%.
  • Credit growth robust: total advances +16.9% YoY to ₹49.3 lakh Cr, led by SME (+21.0%), Agri (+19.7%), Retail Per (+15.2%).
  • CASA deposits up 9.5% YoY, with SA balance ₹18.8 lakh Cr (10.6% YoY) – unmatched liability franchise.
  • Digital leadership: 98.7% transactions via alternate channels; YONO registered users 10.02 Cr; 66% of SB accounts opened digitally in FY26.
What to Watch
  • Non-interest income slumped 28.9% YoY in Q4 as treasury booked a loss of ₹1,471 Cr (vs. profit of ₹6,879 Cr in Q4FY25), squeezing operating profit -11.5% YoY to ₹27,704 Cr.
  • NIM compression continued: whole bank NIM 2.81% (-17 bps YoY, -17 bps QoQ); domestic NIM 3.03% (-18 bps YoY) due to rising cost of deposits (5.04% vs 5.11% Q4FY25) and yield compression.
  • Cost-to-income ratio worsened to 55.09% in Q4 (vs 53.29% Q4FY25, +180 bps); operating expenses only fell 4.8% YoY while income fell 7.9%.
  • Net profit sequentially declined 6.4% from Q3FY26 (₹21,028 Cr to ₹19,684 Cr) as interest expenses rose faster than income + tax provisions remained high.
  • SMA 2 pool increased ₹213 Cr from Dec 25 to Mar 26 (₹2,204 Cr to ₹2,417 Cr), hinting at potential slippage pressure ahead.
Investor Lens
SBI's core thesis — unmatched liability franchise, industry-leading asset quality, and digital scale — remains intact. However, near-term earnings face headwinds from NIM compression (down 17-18 bps YoY) and volatile treasury income. The Q4 beat on PAT was largely due to lower provisions (₹8,020 Cr vs ₹12,643 Cr Q4FY25), not operating strength. With credit cost already at 0.37%, further improvement is limited. Key watch items: (1) whether NIM stabilizes as deposit repricing peaks, (2) slippage trends given rising SMA 2, and (3) fee income momentum (up 14% FY26) to offset treasury drag. The stock's valuation discount to private peers may narrow only if margin and cost metrics improve from current levels.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Modest revenue growth, flat PAT YoY; margin pressure persists.
Revenue
Revenue rose 3.3% YoY to ₹131,080 crore, with a marginal 0.5% sequential gain. Other income stood at ₹49,999 crore, while interest income was ₹79,953 crore.
Profitability
Net profit increased 0.6% YoY to ₹20,508 crore but fell 7.5% QoQ. EPS came in at ₹21.28 versus ₹21.96 a year ago. PBT was ₹26,076 crore with a tax rate of 23%.
Margins
Financing margin improved to -18% from -20% a year ago and -19% in the prior quarter, indicating some relief. However, the negative margin suggests continued NIM compression.
Cash Flow
Skip — not applicable for banking/financial companies
Balance Sheet
Total assets stood at ₹8,321,569 crore, with reserves of ₹595,208 crore. ROE was 17.2%. No details on deposits or advances, but capital adequacy appears adequate.
Key Risks
NIM pressure persists with negative financing margin. Asset quality and slippages need monitoring. Regulatory changes in provisioning or capital requirements could impact profitability.
Outlook
Loan growth and fee income remain key drivers. Margin recovery depends on repricing of deposits and advances; asset quality trends will influence credit costs.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Corporate/ Wholesale Banking operations
38,679
41,071
Exceptional Items
0
0
Insurance Business
38,768
36,122
Other Banking operations
9,142
8,528
Retail Banking oprations- Digital Banking
987
911
Retail Banking oprations- Other Retail Banking
66,888
68,998
Treasury operations
32,970
27,428
Total 187,435 183,059

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

🏦 Banking KPIs

NIM, GNPA, CASA, CAR, ROA, ROE and more — extracted from investor presentations
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📊 Analysis Methodology

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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This report does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a SEBI-registered investment adviser or other qualified financial professional before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

Information Sources:
The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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