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
₹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
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 3.97 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 claude-opus-4.6 4h agoAI 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 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 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% | — |
| 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% | — |
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
Unaudited Financial Results Of The Company For The Quarter And The Nine Months Ended December 31 2025 28 Jan 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)-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
2
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) …
3
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.
4
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.
5
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
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]