SBI Cards logo

SBI Cards

SBICARD NSE

Key Fundamentals

MidcapNBFCFinancial Services
Market Cap
₹62,078 Cr
Volatility
Moderate
P/E Ratio
27.41
EBITDA
₹6,121 Cr
Return on Equity
13.78%
Debt to Equity
3.02
Book Value
₹165.25
EPS
₹25.33
52W High
₹965
52W Low
₹565.45

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Stock is trading at 3.96 times its book value
  • Dividend payout has been low at 11.1% of profits over last 3 years

Growth Rate

Revenue Growth
11.11% lower than 3Y
Net Income Growth
13.06% higher than 3Y
Cash Flow Change
123% higher than 3Y
ROE
-0.93% lower than 3Y
ROCE
-8.59% higher than 3Y
EBITDA Margin (Avg.)
-6.72% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

SBI Cards & Payment Services trades at a market cap of ₹62,078 Cr with a PE of 27.9x and PB of 4.03x. Revenue has compounded at 16% over 5 years, though TTM sales growth has slowed to 8%. ROE has declined from a 5-year average of 19% to 15% in the last year, while the stock has delivered a -22% return over the past 1 year.

Bull Case 7
  • Strong long-term revenue track record with 10-year compounded sales CAGR of 24%, indicating a scalable business model in India's underpenetrated credit card market
  • 5-year compounded profit growth of 17% demonstrates the company's ability to convert revenue growth into bottom-line earnings over a meaningful period
  • TTM profit growth of 21% shows a meaningful recovery in earnings momentum, outpacing the 8% TTM sales growth and suggesting improving operating leverage or lower credit costs
  • 5-year ROE averaging 19% and 10-year ROE of 20% reflect a historically high-return business model relative to most financial services peers
  • Backed by SBI parentage — the largest bank in India — providing a massive distribution network and customer acquisition funnel that is difficult for standalone players to replicate
  • India's credit card penetration remains low at roughly 5-6 cards per 100 population versus 30+ in developed markets, offering a long structural growth runway
  • 5-year compounded sales growth of 16% significantly exceeds nominal GDP growth, indicating consistent market share gains in the digital payments ecosystem
Bear Case 8
  • Stock is trading at 4.03x book value, a premium valuation that leaves limited margin of safety if growth decelerates further
  • ROE has deteriorated from 20% (10-year) to 15% (last year), a 500 bps decline suggesting rising credit costs or competitive margin pressure
  • TTM sales growth of just 8% is a sharp deceleration from the 5-year CAGR of 16% and 10-year CAGR of 24%, raising questions about growth sustainability
  • 3-year compounded profit growth is -1%, meaning earnings have essentially stagnated over a 3-year window despite revenue continuing to grow
  • Stock has delivered -22% returns over 1 year and -7% CAGR over 3 years, reflecting sustained market skepticism about the valuation-to-growth tradeoff
  • Dividend payout has been low at 11.1% of profits over the last 3 years with a current yield of just 0.38%, offering negligible income return to shareholders
  • PE of 27.9x is elevated for a financial services company delivering only 8% TTM revenue growth and 15% ROE, implying the market is pricing in a growth re-acceleration that may not materialize
  • 5-year stock CAGR of -10% indicates the stock has destroyed value over a full market cycle despite the underlying business growing profits at 17% CAGR, suggesting the IPO-era valuation was excessively rich

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • MSCI rebalancing $148M outflow Aug 31

    SBI Cards faced a $148M (₹14.12B) outflow due to MSCI August rebalancing, creating short-term selling pressure on the stock.

  • Spending growth slows to 22% Aug 26

    Jefferies retained Hold rating as spending growth moderated to 22% YoY in July from 34% in June. Spending share declined 140 bps MoM to 19%, and industry spending growth slowed to 7.1%.

Positives 4
  • FY26 profit up 13%, GNPA down Aug 31

    Net profit rose 13% to ₹2,167 crore in FY26 while GNPA improved to 2.41%. Shareholders approved ₹2.50 interim dividend at the 28th AGM.

  • Crisil ESG 71 Leadership rating Sep 9

    SBI Cards received a Crisil ESG rating of 71 under the Leadership category for FY26, reflecting strong environmental, social, and governance performance.

  • ESG score rises to 80.2 Sep 5

    Adjusted ESG score improved to 80.2 in FY26 from 79.7 in FY25, driven by better environmental and governance metrics.

  • Card additions up 2.7x YoY Aug 26

    New card additions surged 2.7x YoY to 0.18 million in July, indicating strong customer acquisition momentum despite spending moderation.

Neutral 4
  • Active investor engagement continues Sep 8

    SBI Cards held or scheduled multiple investor meets in Aug-Sep 2026 with Jefferies, Morgan Stanley, Bernstein, State Street, Kotak Life, and ICICI Securities across virtual and in-person formats.

  • ICICI Pru MF stake at 7.30% Aug 27

    ICICI Prudential Mutual Fund acquired 21.6 lakh shares on Aug 25, raising its total holding to 7.30% via open market purchases.

  • ESG score of 66 from ERAI Sep 3

    SBI Cards received an ESG score of 66 from ESG Risk Assessments & Insights Limited on Sep 3, disclosed under SEBI LODR Regulation 30.

  • AGM approves RPTs with SBI Aug 31

    Shareholders approved all resolutions at the 28th AGM including material related-party transactions with State Bank of India and FY26 interim dividend of ₹2.50 per share.

TL;DR: SBI Cards delivered solid FY26 results with 13% profit growth to ₹2,167 crore and improving asset quality (GNPA at 2.41%), supported by strong card acquisition momentum at 2.7x YoY. Key risks include moderating spending growth (22% vs 34% prior month) and a $148M MSCI rebalancing outflow. ESG credentials are strengthening with multiple positive ratings. The trend is mixed — fundamentals and customer acquisition are healthy, but spending deceleration and passive fund outflows warrant monitoring in coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
3,912
4,087
4,622
4,348
4,359
4,421
4,619
4,674
4,877
4,961
5,127
4,934
5,041
Expenses
2,631
2,760
3,258
2,811
2,867
3,173
3,372
3,320
3,439
3,742
3,785
3,625
3,537
Financing Profit
710
722
668
813
725
461
419
559
625
459
557
596
759
Fin. Margin %
18%
18%
14%
19%
17%
10%
9%
12%
13%
9%
11%
12%
15%
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
PBT
797
809
738
888
799
545
518
719
748
600
749
816
893
Tax %
26%
26%
26%
25%
26%
26%
26%
26%
26%
26%
26%
25%
26%
Net Profit
593
603
549
662
594
404
383
534
556
445
557
609
664
EPS in Rs
6.27
6.37
5.78
6.97
6.25
4.25
4.03
5.61
5.84
4.67
5.85
6.4
6.98
Gross NPA %
2.41%
2.43%
2.64%
2.76%
3.06%
3.27%
3.24%
3.08%
3.07%
2.85%
2.86%
2.41%
2.04%
Net NPA %
0.89%
0.89%
0.96%
0.99%
1.11%
1.19%
1.18%
1.46%
1.42%
1.29%
1.28%
1.04%
0.83%
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
1,822
2,392
3,347
5,195
7,017
9,281
9,301
10,679
13,670
16,986
18,074
19,901
20,063
Expenses
1,255
1,617
2,366
3,715
4,887
6,618
7,223
7,953
9,444
11,460
12,731
14,587
14,689
Financing Profit
189
339
452
769
1,121
1,362
1,034
1,699
2,579
2,931
2,164
2,243
2,371
Fin. Margin %
10%
14%
14%
15%
16%
15%
11%
16%
19%
17%
12%
11%
12%
Other Income
82
100
124
175
270
471
413
622
615
498
563
806
819
Interest
378
436
528
712
1,009
1,301
1,043
1,027
1,648
2,595
3,178
3,072
3,003
Depreciation
1
1
5
24
55
104
123
149
164
197
147
136
132
PBT
271
438
572
919
1,335
1,730
1,324
2,172
3,031
3,232
2,581
2,913
3,058
Tax %
1%
35%
35%
35%
35%
28%
26%
26%
25%
25%
26%
26%
—
Net Profit
267
284
373
601
865
1,245
985
1,616
2,258
2,408
1,916
2,167
2,275
EPS in Rs
3.4
3.62
4.75
7.66
10.33
13.26
10.47
17.14
23.87
25.32
20.14
22.77
23.9
Div. Payout %
15%
28%
21%
0%
10%
8%
0%
15%
10%
10%
12%
11%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
785
785
785
785
837
939
941
943
946
951
951
952
Reserves
181
370
664
1,568
2,751
4,402
5,362
6,810
8,884
11,133
12,830
14,774
Borrowing
4,699
5,928
8,268
11,413
13,549
17,573
17,895
22,982
31,110
39,891
44,947
44,064
Other Liabilities
593
797
1,048
1,920
3,009
2,393
2,816
3,913
4,606
6,196
6,817
6,539
Total Liabilities
6,257
7,880
10,765
15,686
20,146
25,307
27,013
34,648
45,546
58,171
65,546
66,328
Fixed Assets
2
2
24
242
196
311
308
439
551
542
320
219
CWIP
0
0
0
35
20
24
10
14
23
22
10
12
Investments
0
0
0
0
1
1
958
1,297
2,140
3,519
6,235
6,374
Other Assets
6,256
7,878
10,741
15,409
19,928
24,971
25,737
32,898
42,832
54,088
58,980
59,723
Total Assets
6,257
7,880
10,765
15,686
20,146
25,307
27,013
34,648
45,546
58,171
65,546
66,328
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-879
-1,158
-2,235
-2,891
-2,327
-4,063
692
-4,391
-6,671
-5,653
-2,140
493
Investing
1
1
-1
128
-76
-77
-997
-538
-921
-1,255
-2,491
245
Financing
1,008
1,141
2,244
2,953
2,824
3,923
432
5,045
7,824
8,401
4,687
-1,172
Net Cash Flow
130
-17
9
190
422
-218
127
115
232
1,492
55
-434
Free Cash Flow
-879
-1,158
-2,236
-2,931
-2,423
-4,141
635
-4,491
-6,764
-5,728
-2,196
459
CFO/OP
-142
-138
-193
-178
-87
-127
57
-147
-140
-85
-26
24
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
31%
27%
29%
32%
29%
28%
17%
23%
26%
22%
15%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.62%Promot.68.86%Public3.41%FIIs8.99%DIIs18.13%As ofJun 2026

Documents

Frequently Asked Questions about SBI Cards

What does SBI Cards & Payment Services Ltd do?
SBI Cards and Payment Services Limited is a non-deposit accepting systemically important nonbanking financial company registered with the RBI. The Company is engaged in issuing credit cards to consumers in India. It is headquartered in Gurgaon, Haryana. It is a subsidiary of India’s largest comme...
Where is SBI Cards & Payment Services Ltd (SBICARD) listed?
SBI Cards & Payment Services Ltd trades as SBICARD on the NSE and under code 543066 on the BSE.
Which sector does SBI Cards & Payment Services Ltd belong to?
SBI Cards & Payment Services Ltd is classified under the Financial Services sector, in the Finance industry.
What is the market capitalisation of SBI Cards & Payment Services Ltd?
SBI Cards & Payment Services Ltd has a market capitalisation of ₹62,078 Cr, which places it in the Large Cap band.
What is the PE ratio of SBI Cards & Payment Services Ltd?
SBI Cards & Payment Services Ltd trades at a PE ratio of 27.41, on earnings per share of ₹25.33, against a book value of ₹165.25 per share.
What is the 52-week high and low of SBI Cards & Payment Services Ltd?
Over the last 52 weeks SBI Cards & Payment Services Ltd has traded between ₹565.45 and ₹965.
Does SBI Cards & Payment Services Ltd pay dividends?
SBI Cards & Payment Services Ltd has a dividend yield of 0.38%.
What is the Return on Equity (ROE) of SBI Cards & Payment Services Ltd?
SBI Cards & Payment Services Ltd reported a return on equity of 13.78%. Its debt-to-equity ratio is 3.02.

Company Information

SBI Cards and Payment Services Limited is a non-deposit accepting systemically important nonbanking financial company registered with the RBI. The Company is engaged in issuing credit cards to consumers in India. It is headquartered in Gurgaon, Haryana. It is a subsidiary of India’s largest commercial bank, the State Bank of India. [1][2][3]

Website sbicard.com
Listed 2020-03-16
Face Value ₹ 10
Issued Size 95,15,77,400

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