SBI Cards & Payment Services Ltd
SBICARD NSE
SBI Cards & Payment Services Ltd
Financial Services F&ONSE: SBICARD BSE: 543066 NBFC
Key Fundamentals
MidcapNBFCFinancial ServicesMarket Cap
₹62,054 Cr
Volatility
Moderate
P/E Ratio
27.24
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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view SBI Cards & Payment Services Ltd insights
36 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Weaknesses
2- Stock is trading at 3.94 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 claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk high
SBI Cards & Payment Services is India's largest pure-play credit card issuer with ~19% market share in cards-in-force and over 2 crore cards outstanding as of March 2025. The company trades at a PE of 26.2x and 3.79x book value, with revenue growing 8% TTM but Q4 FY25 net profit declining 19.4% YoY to Rs 534 crore due to elevated credit costs at 9.2-9.5% annualized in FY25. The stock has declined 24% over the past year, reflecting asset quality concerns amid an otherwise growing Indian credit card market.
Bull Case 8
- India's largest pure-play credit card issuer with 19.2% market share in cards-in-force and 16.6% share in industry spends as of FY25, providing structural competitive advantage
- India's credit card transaction volumes grew 2.6x in four years to 570 crore transactions in CY2025, with industry spending reaching Rs 23.2 lakh crore — a large secular tailwind for the market leader
- Long-term compounded sales growth remains robust at 16% over 5 years and 24% over 10 years, demonstrating consistent business scaling
- Credit costs expected to taper from 9.5% in FY25 to 8.4% in FY26E and 7.2% in FY27E, with Q1 FY27 already showing gross credit cost declining to 6.5% — a significant earnings recovery lever
- Cards-in-force crossed 2 crore milestone in FY25 with 11% YoY growth in Q1 FY25, and company targets 0.9-1 million new customer additions per quarter
- Revenue grew 7.5% YoY in Q4 FY25 to Rs 4,674 crore despite a cautious approach to new acquisitions, showing resilience in fee income generation
- Total receivables grew 10% YoY to Rs 55,840 crore in March 2025, indicating expanding loan book despite tighter underwriting
- 5-year compounded profit growth of 17% and 10-year profit CAGR of 23% demonstrate long-term earnings power through credit cycles
Bear Case 8
- Q4 FY25 net profit fell 19.4% YoY to Rs 534 crore, with FY25 credit costs elevated at 9.2-9.5% annualized — nearly double historical norms
- Gross NPA ratio deteriorated to 3.08% and Net NPA to 1.46% as of March 2025, with write-offs jumping 56% YoY in Q1 FY25 to Rs 969 crore
- Stock trades at 3.79x book value despite ROE declining from 19% (5-year average) to 15% last year, indicating premium valuation with deteriorating returns
- Stock price has declined 24% over 1 year and delivered -9% CAGR over 3 and 5 years, significantly underperforming broader markets
- TTM revenue growth has decelerated sharply to 8% from 16% five-year CAGR, while 3-year compounded profit growth is -1%, indicating a meaningful growth slowdown
- Dividend payout has been low at 11.1% of profits over last 3 years with only 0.4% dividend yield, offering minimal income return to shareholders
- New customer addition pace decelerated in recent quarters with management acknowledging earlier guidance of 10-12% receivables growth for FY26 is not achievable
- Industry credit card spending growth is moderating — rising only 8.1% YoY in January 2026 versus 11% a year earlier — suggesting the tailwind is fading
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Positives 4
- Q1FY27 PAT up 20% YoY Jul 27
Net profit rose 20% YoY to ₹664.44 Cr in Q1FY27. Gross Stage 3 ratio improved to 2.04% from 2.41% QoQ and credit cost fell to 6.5% from 7.7%.
- FY26 PAT up 13%, dividend declared Aug 3
FY26 PAT of ₹2,167 crore, up 13% YoY. Total income rose 11% to ₹20,708 crore with interim dividend of ₹2.50 per share.
- Google Pay co-branded Flex card Jul 29
SBI Cards and Google Pay launched the Flex SBI Card on Jul 29 with instant reward redemptions, flexible EMI options, and Google Pay app integration.
- Scope 2 emissions drop 58% Aug 3
FY26 BRSR reports 58% reduction in Scope 2 emissions against FY2019 baseline, highlighting progress in digitization and waste management.
Neutral 3
- Multiple investor meets held Aug 20
SBI Cards held one-on-one investor calls with Kotak Life (Aug 20), ADIA (Aug 12), Avendus Spark (Aug 11), and Quantum Advisors (Jul 30) in Gurugram.
- Group analyst meets scheduled Aug 19
Group investor meetings organized by Citi Financial (Aug 25) and ICICI Securities (Aug 21) announced under SEBI LODR regulations.
- 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.
TL;DR: SBI Cards is delivering strong earnings momentum with Q1FY27 PAT up 20% driven by improving asset quality and 27% retail spend growth. FY26 annual results also showed healthy 13% profit growth. No material headwinds surfaced in recent news, and active investor engagement signals sustained institutional interest. The trend is improving with credit costs declining and new product launches like the Google Pay Flex card supporting growth.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Audited Financial Results Of The Company For The Quarter And The Year Ended March 31 2026 27 Apr 2026
2
Unaudited Financial Results Of The Company For The Quarter And The Half Year Ended September 30 2025 24 Oct 2025
1
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2 May - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Transcript - SBI Card Q4''''FY26 Earning Call 2 May - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Transcript - SBI Card Q4''''FY26 Earning Call
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
28 Apr - Newspaper Publication - Audited Financial Results of the Company for the quarter and the year ended March 31, 2026 28 Apr - Newspaper Publication - Audited Financial Results of the Company for the quarter and the year ended March 31, 2026
3
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
29 Apr - Of allotment of 5,138 Equity shares pursuant to exercise of Employee Stock Options under the SBI Card- Employee Stock Option Plan 2019 (ESOP Plan 2019) … 29 Apr - Of allotment of 5,138 Equity shares pursuant to exercise of Employee Stock Options under the SBI Card- Employee Stock Option Plan 2019 (ESOP Plan 2019) …
4
Announcement under Regulation 30 (LODR)-Press Release / Media Release
27 Apr - SBI Card approved Q4 FY26 and FY26 results; PAT rose 13% to ₹2,167 Cr. 27 Apr - SBI Card approved Q4 FY26 and FY26 results; PAT rose 13% to ₹2,167 Cr.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
27 Apr - Audio recording of SBI Card Q4 FY26 earnings call shared on April 27, 2026. 27 Apr - Audio recording of SBI Card Q4 FY26 earnings call shared on April 27, 2026.
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 ₹62054.44 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 27.24. 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]