SBI Cards & Payment Services Ltd logo

SBI Cards & Payment Services Ltd

SBICARD NSE

Key Fundamentals

MidcapNBFCFinancial Services
Market Cap
₹61,855 Cr
Volatility
Moderate
P/E Ratio
26.82
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

Insights

Beta

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

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36 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Weaknesses

2
  • Stock is trading at 3.97 times its book value
  • Dividend payout has been low at 11.1% of profits over last 3 years

Growth Rate

Revenue Growth
11.11%
Net Income Growth
13.06%
Cash Flow Change
123.03%
ROE
-0.93%
ROCE
-8.59%
EBITDA Margin (Avg.)
-6.72%

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4h ago
AI opinion · based on fundamentals
Risk medium

SBI Cards & Payment Services is India's second-largest credit card issuer with ~18.6% market share by cards-in-force and ~20% of industry spends. The company reported FY26 net profit of Rs 2,167 crore (up 13% YoY) on total income of Rs 20,708 crore (up 11% YoY), but trades at 27.4x earnings and 3.96x book value after its stock declined 17% over the past year.

Bull Case 8
  • Strong market position as India's 2nd largest credit card issuer with 18.6% market share by cards-in-force and 20.4% share of monthly spends as of June 2026
  • FY26 full-year net profit grew 13% YoY to Rs 2,167 crore, with Q4 FY26 profit up 14% YoY to Rs 609 crore, indicating earnings recovery
  • Asset quality improving materially — gross NPA declined from 3.08% to 2.41% in Q4 FY26, and further to 2.04% in Q1 FY27; net NPA fell to 0.83%, lowest since Q3 FY23
  • Gross credit cost dropped 301 bps YoY to 6.5% in Q1 FY27, achieving management's stated target of sub-7%, signalling the worst of the credit cycle is behind
  • Total card spends surged 31% YoY to Rs 1,15,000 crore in Q4 FY26, reflecting strong consumer demand on the platform
  • Long-term compounded sales growth of 24% over 10 years and 16% over 5 years demonstrates consistent revenue scale-up in a structurally underpenetrated market
  • NIM exceeded 11% in FY25 with management guiding for steady margins, supporting profitability even in a rising credit cost environment
  • Q1 FY27 saw over 1 million net new account additions — the highest in the Indian credit card industry per RBI data — suggesting renewed growth momentum
Bear Case 8
  • Stock has delivered negative returns — down 17% over 1 year and CAGR of -8% over 3 years, significantly underperforming broader markets
  • Valuation remains elevated at 27.4x PE and 3.96x price-to-book, despite ROE declining from 19% (5-year average) to 15% in the last year
  • FY25 was a weak year with PAT declining 20% YoY to Rs 1,916 crore from Rs 2,408 crore, driven by elevated impairment losses from the unsecured lending cycle
  • 3-year compounded profit growth is -1%, indicating that earnings have essentially stagnated over a medium-term horizon despite revenue growth
  • New account additions declined 17% YoY to 9.17 lakh in Q4 FY26, signalling moderation in customer acquisition momentum
  • Dividend payout has been low at just 11.1% of profits over the last 3 years, with current yield of only 0.38%, offering minimal income return to shareholders
  • Operating costs rose 24% YoY in Q4 FY26 while earnings before credit costs declined 3%, showing margin pressure from rising expenses
  • TTM revenue growth has decelerated to 8% from 5-year CAGR of 16%, suggesting the high-growth phase may be moderating

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

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Positives 5
  • Q1FY27 net profit up 20% Jul 27

    Net profit rose 20% YoY to ₹664.44 crore in Q1FY27 with gross Stage 3 ratio improving to 2.04% from 2.41% QoQ and credit costs falling to 6.5% from 7.7%.

  • FY26 PAT up 13%, dividend declared Aug 3

    FY26 PAT reached ₹2,167 crore, up 13% YoY, with total income rising 11% to ₹20,708 crore. Interim dividend of ₹2.50 per share declared.

  • Google Pay co-branded Flex card Jul 29

    SBI Cards and Google Pay launched the Google Pay Flex SBI Card on July 29 with instant reward redemptions, flexible EMI options, and Google Pay app integration.

  • Scope 2 emissions drop 58% Aug 3

    FY26 BRSR shows 58% reduction in Scope 2 emissions versus FY2019 baseline, alongside progress in digitization and waste management.

  • Retail spends surge 27% YoY Jul 27

    Retail spends grew 27% YoY in Q1FY27 and cards-in-force expanded to 2.26 crore, signaling strong volume momentum.

Neutral 3
  • Investor meets with ADIA, others Aug 12

    SBI Cards held one-on-one investor meetings with ADIA (Aug 12), Avendus Spark (Aug 11), and Quantum Advisors (Jul 30) in Gurugram, sharing only public-domain information.

  • 28th AGM set for Aug 31 Aug 5

    28th AGM scheduled for August 31, 2026 with remote e-voting via NSDL between August 28-30.

  • Q1FY27 earnings call scheduled Jul 17

    Earnings call for Q1FY27 was scheduled for July 24, 2026 at 17:00 IST following the board meeting to discuss quarterly results.

TL;DR: SBI Cards is executing well with strong profit growth (Q1FY27 PAT +20% YoY), improving asset quality, and robust spending momentum (+27% YoY retail spends). The Google Pay partnership adds a new distribution channel. No material headwinds are visible in recent news flow. The trend is clearly improving as credit costs normalize and volume growth reaccelerates.

Quarterly Results

  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%
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%
Figures in ₹ Crores

Profit & Loss

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 68.86%
DIIs 18.13%
FIIs 8.99%
Public 3.41%
Others 0.62%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
69.40%
69.50%
69.37%
69.47%
69.59%
69.64%
69.41%
69.05%
69.02%
68.96%
68.94%
68.75%
68.63%
68.62%
68.61%
68.60%
68.60%
68.59%
68.59%
68.58%
68.92%
68.86%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
9.09%
9.35%
8.59%
8.73%
9.18%
9.51%
9.88%
10.22%
10.10%
10.15%
9.54%
8.99%
DIIs
5.49%
6.33%
9.29%
11.51%
12.02%
15.77%
17.04%
16.72%
17.47%
17.18%
17.29%
16.28%
16.69%
16.53%
16.75%
16.48%
17.22%
17.51%
17.76%
17.85%
18.12%
18.13%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.65%
4.09%
3.80%
4.51%
4.66%
4.97%
4.11%
4.44%
4.38%
3.75%
4.10%
5.02%
5.28%
5.45%
4.80%
4.78%
3.81%
3.24%
3.10%
2.96%
2.88%
3.41%
Others
21.46%
20.08%
17.55%
14.50%
13.73%
9.62%
9.44%
9.79%
9.13%
10.11%
0.59%
0.60%
0.81%
0.67%
0.66%
0.63%
0.49%
0.44%
0.46%
0.46%
0.54%
0.62%
No. of Shareholders
0
10,57,520
11,18,650
10,46,250
11,40,590
11,61,090
11,78,350
10,63,050
10,41,170
9,67,531
9,61,296
10,28,670
10,36,630
10,19,120
9,48,916
9,37,270
8,47,672
7,74,642
7,50,786
7,18,342
7,05,597
7,29,862

Documents

Frequently Asked Questions about SBI Cards & Payment Services Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: SBICARD and BSE: 543066. You can view its live share price, financials, and ratios on Tapetide.
Which sector does SBI Cards & Payment Services Ltd belong to?
SBI Cards & Payment Services Ltd operates in the Financial Services sector within the NBFC industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of SBI Cards & Payment Services Ltd?
SBI Cards & Payment Services Ltd has a market capitalisation of approximately ₹61854.60 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of SBI Cards & Payment Services Ltd?
The Price-to-Earnings (PE) ratio of SBI Cards & Payment Services Ltd is 26.82. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of SBI Cards & Payment Services Ltd?
Over the past 52 weeks, SBI Cards & Payment Services Ltd has traded between a low of ₹565.45 and a high of ₹965. This range helps investors understand the stock's price volatility and recent trading levels.
Does SBI Cards & Payment Services Ltd pay dividends?
Yes, SBI Cards & Payment Services Ltd has a dividend yield of 0.38%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of SBI Cards & Payment Services Ltd?
SBI Cards & Payment Services Ltd has a Return on Equity (ROE) of 13.78%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research SBI Cards & Payment Services Ltd on Tapetide?
On Tapetide, you can view SBI Cards & Payment Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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