State Bank of India

Financial Services F&O

NSE: SBIN BSE: 500112 Public Sector Bank

Key Fundamentals

LargecapPublic Sector BankBanks

Market Cap

10.8L Cr

Volatility

Moderate

P/E Ratio

12.5

EBITDA

1.1L Cr

Return on Equity

15.83%

Debt to Equity

Book Value

₹611.73

EPS

₹81.94

52W High

₹1,234.7

52W Low

₹692.1

Technical Indicators

Key Insights

▲

Strengths

Company has delivered good profit growth of 36.3% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 18.2%

▼

Weaknesses

Company has low interest coverage ratio.
Contingent liabilities of Rs.27,42,584 Cr.
Earnings include an other income of Rs.1,99,771 Cr.

Growth Rate

Revenue Growth

11.57% ↗

Net Income Growth

15.97% ↗

Cash Flow Change

124.14% ↗

ROE

-1.14% ↘

ROCE

6.91% ↗

EBITDA Margin (Avg.)

3.89% ↘

Quarterly Results

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS in Rs	17.34	20.27	20.77	18.04	12.4	23.96	21.65	22.17	21.12	21.96	23.76	22.9	23.09
Expenses	56,498	59,965	49,080	59,365	62,635	65,418	53,996	62,709	64,890	74,438	59,496	72,265	76,799
Financing Margin %	-16%	-16%	-6%	-14%	-16%	-16%	-6%	-13%	-14%	-20%	-10%	-17%	-19%
Financing Profit	-14,346	-15,334	-5,665	-14,930	-17,858	-18,593	-7,455	-15,283	-17,634	-25,668	-12,034	-22,227	-24,992
Gross NPA %	—	—	—	2.53%	—	—	—	2.13%	—	—	—	—	—
Interest	49,366	53,451	58,045	62,955	68,092	70,644	71,701	73,619	77,397	78,227	78,266	78,002	78,783
Net NPA %	—	—	—	0.63%	—	—	—	0.52%	—	—	—	—	—
Net Profit	15,888	18,769	19,094	16,648	11,598	22,203	20,094	20,565	19,484	20,379	22,121	21,861	22,176
Other Income	35,701	38,769	30,873	36,865	33,103	47,445	33,883	42,758	43,200	52,565	41,263	50,884	55,059
Profit before tax	21,355	23,436	25,208	21,936	15,245	28,852	26,428	27,474	25,566	26,897	29,229	28,657	30,067
Revenue	91,518	98,083	1,01,460	1,07,391	1,12,868	1,17,469	1,18,242	1,21,045	1,24,654	1,26,997	1,25,729	1,28,040	1,30,590
Tax %	27%	22%	26%	25%	26%	25%	26%	26%	25%	26%	26%	25%	27%

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Depreciation	1,942	1,581	2,252	2,915	3,105	3,496	3,662	3,711	3,691	3,696	3,849	3,991	0
Dividend Payout %	16%	15%	17%	859%	0%	0%	0%	16%	18%	18%	18%	18%	—
EPS in Rs	18.99	22.76	15.75	0.3	-5.11	2.58	22.15	25.11	39.64	62.35	75.17	86.91	91.71
Expenses	82,198	96,675	1,09,985	1,45,666	1,69,065	1,66,104	1,72,909	1,92,821	1,97,349	2,04,303	2,39,750	2,52,043	2,82,999
Financing Margin %	-8%	-11%	-15%	-28%	-38%	-27%	-24%	-25%	-22%	-12%	-14%	-13%	-17%
Financing Profit	-14,614	-21,879	-32,399	-64,334	-86,697	-68,649	-64,181	-70,715	-63,570	-43,439	-60,297	-62,049	-84,922
Interest	1,21,479	1,33,179	1,43,047	1,49,115	1,46,603	1,55,867	1,61,124	1,56,010	1,56,194	1,89,981	2,59,736	3,00,943	3,13,278
Net Profit	14,807	17,832	13,019	-97	-3,749	3,351	21,140	23,888	37,183	57,750	69,543	80,523	86,537
Other Income	37,882	49,315	52,828	68,193	77,557	77,365	98,159	1,07,222	1,17,000	1,22,534	1,55,386	1,72,406	1,99,771
Profit before tax	21,326	25,855	18,177	945	-12,245	5,220	30,317	32,796	49,739	75,399	91,240	1,06,365	1,14,849
Revenue	1,89,062	2,07,974	2,20,633	2,30,447	2,28,970	2,53,322	2,69,852	2,78,115	2,89,973	3,50,845	4,39,189	4,90,938	5,11,356
Tax %	32%	32%	30%	141%	-66%	41%	40%	26%	27%	25%	25%	26%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Borrowing	2,23,760	2,44,663	3,61,399	3,36,366	3,69,079	4,13,748	3,32,901	4,33,796	4,49,160	5,21,152	6,39,610	6,10,857	6,50,303
CWIP	337	400	786	695	925	762	470	116	28	66	42	41	0
Deposits	18,38,852	20,52,961	22,53,858	25,99,811	27,22,178	29,40,541	32,74,161	37,15,331	40,87,411	44,68,536	49,66,537	54,39,898	56,55,559
Equity Capital	747	747	776	797	892	892	892	892	892	892	892	892	923
Fixed Assets	10,223	12,924	15,415	51,189	42,035	39,941	39,608	41,600	41,032	45,880	46,072	47,716	54,362
Investments	5,79,401	6,73,507	8,07,375	10,27,281	11,83,794	11,19,270	12,28,284	15,95,100	17,76,490	19,13,108	21,10,548	22,05,601	22,76,621
Other Assets	18,05,595	20,12,329	22,48,746	23,62,594	23,89,685	27,28,487	29,29,123	32,08,798	35,43,328	39,95,361	45,77,093	50,60,371	53,42,416
Other Liabilities	1,85,573	2,40,149	2,76,472	2,88,391	2,94,860	2,99,676	3,39,364	4,20,926	5,18,719	6,05,796	7,12,669	7,75,938	7,98,225
Reserves	1,46,624	1,60,641	1,79,816	2,16,395	2,29,429	2,33,603	2,50,168	2,74,669	3,04,696	3,58,039	4,14,047	4,86,144	5,68,389
Total Assets	23,95,556	26,99,161	30,72,321	34,41,760	36,16,439	38,88,460	41,97,486	48,45,615	53,60,878	59,54,415	67,33,756	73,13,730	76,73,400
Total Liabilities	23,95,556	26,99,161	30,72,321	34,41,760	36,16,439	38,88,460	41,97,486	48,45,615	53,60,878	59,54,415	67,33,756	73,13,730	76,73,400

Cash Flow

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Financing Activity	3,583	-1,553	4,348	-4,196	5,547	448	5,430	7,143	-3,845	6,386	-9,896	-13,739
Cash from Investing Activity	-791	-3,424	-2,747	-4,572	13,053	220	-555	-3,670	-2,652	-966	-3,476	-3,387
Cash from Operating Activity	19,142	26,297	14,477	77,406	-96,508	29,556	23,929	89,919	57,695	-86,014	21,632	48,486
Net Cash Flow	21,934	21,320	16,078	68,638	-77,908	30,223	28,803	93,392	51,198	-80,593	8,260	31,361

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %	10%	11%	7%	0%	-2%	1%	7%	9%	12%	17%	17%	17%

Shareholding Pattern

27.0%

10.3%

55.5%

DIIs: 27.04% FIIs: 10.34% Government: 0.13% Promoters: 55.50% Public: 6.97%

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
DIIs	25.20%	24.83% ↓0.4	24.36% ↓0.5	24.15% ↓0.2	23.96% ↓0.2	23.61% ↓0.4	23.96% ↑0.4	24.79% ↑0.8	24.92% ↑0.1	25.54% ↑0.6	27.65% ↑2.1	27.04% ↓0.6
FIIs	9.89%	10.36% ↑0.5	10.72% ↑0.4	10.91% ↑0.2	11.09% ↑0.2	11.15% ↑0.1	10.71% ↓0.4	10.27% ↓0.4	9.94% ↓0.3	9.33% ↓0.6	9.57% ↑0.2	10.34% ↑0.8
Government	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.14% ↑0.1	0.14%	0.14%	0.14%	0.14%	0.13% ↓0.0
Promoters	57.49%	57.47% ↓0.0	57.49% ↑0.0	57.49%	57.54% ↑0.0	57.54%	57.51% ↓0.0	57.43% ↓0.1	57.43%	57.42%	55.50% ↓1.9	55.50%
Public	7.40%	7.30% ↓0.1	7.41% ↑0.1	7.40%	7.37% ↓0.0	7.67% ↑0.3	7.67%	7.35% ↓0.3	7.54% ↑0.2	7.56% ↑0.0	7.13% ↓0.4	6.97% ↓0.2
No. of Shareholders	29,93,298	29,48,536	30,29,116	30,47,685	31,50,350	36,13,127	37,91,512	37,19,913	38,26,549	37,54,459	36,18,554	35,67,461

27.0%

10.3%

55.5%

DIIs: 27.04% FIIs: 10.34% Government: 0.13% Promoters: 55.50% Public: 6.97%

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
DIIs	18.75%	22.26% ↑3.5	24.48% ↑2.2	24.55% ↑0.1	24.40% ↓0.2	24.66% ↑0.3	25.20% ↑0.5	23.96% ↓1.2	24.92% ↑1.0	27.04% ↑2.1
FIIs	9.48%	11.16% ↑1.7	9.87% ↓1.3	9.59% ↓0.3	9.94% ↑0.3	9.97% ↑0.0	9.89% ↓0.1	11.09% ↑1.2	9.94% ↓1.2	10.34% ↑0.4
Government	0.04%	0.03% ↓0.0	0.05% ↑0.0	0.11% ↑0.1	0.20% ↑0.1	0.15% ↓0.1	0.03% ↓0.1	0.03%	0.14% ↑0.1	0.13% ↓0.0
Promoters	62.22%	58.86% ↓3.4	57.92% ↓0.9	57.63% ↓0.3	57.63%	57.59% ↓0.0	57.49% ↓0.1	57.54% ↑0.0	57.43% ↓0.1	55.50% ↓1.9
Public	9.51%	7.68% ↓1.8	7.68%	8.12% ↑0.4	7.83% ↓0.3	7.63% ↓0.2	7.40% ↓0.2	7.37% ↓0.0	7.54% ↑0.2	6.97% ↓0.6
No. of Shareholders	15,18,711	15,73,070	14,55,377	24,46,100	26,86,848	29,82,372	29,93,298	31,50,350	38,26,549	35,67,461