SBI Cards
SBI Cards
Financial Services F&OKey Fundamentals
MidcapNBFCFinancial ServicesPrice-based figures as of 9 Oct 2026, 3:52 pm IST · EPS basis: Standalone · TTM
Tapetide Score
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Key Insights
Weaknesses
2- Stock is trading at 3.43 times its book value
- Dividend payout has been low at 11.1% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-08 close, SBI Cards & Payment Services trades at Rs 547.65. That price is also its 52-week low, 43% below the 52-week high of Rs 965, and gives a market cap of Rs 52,116.73 crore, a P/E of 22.91x on TTM EPS of Rs 23.9 and a P/B of 3.31x. TTM profit grew 21% against 8% sales growth. Over the longer run, ROE has fallen from a 10-year average of 20% to 13.78%, and 3-year profit CAGR is -1%.
- Profit is recovering faster than revenue: TTM profit grew 21% on 8% sales growth, after a 3-year profit CAGR of -1%. This suggests margins or credit costs are improving.
- The company has a long record of compounding, with 10-year sales CAGR of 24% and profit CAGR of 23%.
- Medium-term growth is also solid, with 5-year sales CAGR of 16% and profit CAGR of 17%.
- The valuation has compressed. The stock sits at its 52-week low of Rs 547.65, 43% below the Rs 965 high, and trades at a P/E of 22.91x on TTM EPS of Rs 23.9.
- ROCE of 18.31% shows the company still earns healthy returns on the capital it uses.
- ROE has averaged 19% over 5 years and 20% over 10 years. If the current 13.78% moves back toward those levels, earnings could improve further.
- At Rs 52,116.73 crore, it is one of the largest listed pure-play credit card issuers. This gives it scale in a market where few Indians use credit cards.
- The stock has lost value over every period shown: -37% over 1 year, -11% CAGR over 3 years and -13% CAGR over 5 years. Strong business growth has not translated into shareholder returns.
- ROE has fallen steadily, from 20% (10-year) to 19% (5-year), 17% (3-year), 15% last year and 13.78% now.
- Over 3 years, profit CAGR was -1% while sales CAGR was 13%. Revenue growth did not reach the bottom line, which points to pressure on credit costs or funding costs.
- Revenue growth is slowing: TTM sales growth of 8% is below the 3-year (13%), 5-year (16%) and 10-year (24%) CAGRs.
- A P/B of 3.31x is a large premium to book for a lender earning a 13.78% ROE. The listed cons also flag the stock trading at about 3.4x book value.
- Shareholders get little cash back. The dividend yield is 0.45% and the payout has averaged 11.1% of profits over the last 3 years.
- The price closed at its 52-week low of Rs 547.65 on 2026-10-08, showing negative momentum with no clear bottom yet in the data.
- No debt-to-equity figure was provided. Card issuers rely on borrowed funds, so leverage and funding costs cannot be checked from this data.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- FD-backed card on YONO Sep 23
SBI Card launched a fully digital journey for secured credit cards on SBI YONO. Customers can get one of four Advantage SBI Card variants against a fixed deposit in about 10 minutes, which widens access for new-to-credit customers.
- Crisil ESG 71 Leadership rating Sep 9
Crisil gave SBI Cards an ESG score of 71 in the Leadership category for fiscal 2026, based on FY26 environmental, social and governance data.
- ESG rating of 76.31 assigned Sep 18
Niche Ninety Nine Capability and Certifications assigned SBI Cards an ESG rating of 76.31 on September 17, 2026, disclosed under SEBI regulations. This adds to the earlier Crisil Leadership rating.
- Jefferies group investor meets Sep 11
SBI Cards scheduled two in-person Jefferies group investor meetings in Gurugram: September 15, 2026 at 11:30 am and September 17, 2026 at 9:00 am.
- Calls with HSBC and BofA Sep 25
SBI Cards held one-on-one calls with HSBC Global Investment Research on September 24 and Bank of America on September 25, 2026, the latter ending at 5:55 pm in Gurugram. The company said only public-domain information was shared.
- Citi and Millenium meets Sep 28 Sep 28
On September 28, 2026, SBI Cards joined a virtual Citi group investor meeting and held a one-on-one call with Millenium Partners. The company said only public-domain information was shared.
- Nuvama virtual call Sep 30 Sep 25
SBI Cards will hold a virtual investor call with Nuvama on September 30, 2026 at 6:00 pm IST, limited to existing public disclosures.
- Insider trading code updated Sep 21
On September 21, 2026, SBI Cards revised its Code of Practices for Fair Disclosure of Unpublished Price Sensitive Information to comply with SEBI regulations.
TL;DR: SBI Cards had a steady September with no negative news. Positives came from a digital FD-backed card launch on YONO and two strong ESG ratings (Crisil 71 Leadership, plus 76.31 from Niche Ninety Nine). At least seven investor interactions with Jefferies, HSBC, BofA, Citi, Millenium and Nuvama point to strong institutional interest, though none of them disclosed new information. The overall trend looks stable to slightly better, and the next signals to watch are Q2 FY27 credit costs, asset quality and how quickly the secured-card product gains traction.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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% |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 31% | 27% | 29% | 32% | 29% | 28% | 17% | 23% | 26% | 22% | 15% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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72 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about SBI Cards
What does SBI Cards & Payment Services Ltd do?
Where is SBI Cards & Payment Services Ltd (SBICARD) listed?
Which sector does SBI Cards & Payment Services Ltd belong to?
What is the market capitalisation of SBI Cards & Payment Services Ltd?
What is the PE ratio of SBI Cards & Payment Services Ltd?
What is the 52-week high and low of SBI Cards & Payment Services Ltd?
Does SBI Cards & Payment Services Ltd pay dividends?
What is the Return on Equity (ROE) of SBI Cards & Payment Services Ltd?
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]
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