SBI
SBI
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 18.6%
Weaknesses
4- Company has low interest coverage ratio.
- Contingent liabilities of Rs.43,52,830 Cr.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.1,99,967 Cr.
Growth Rate
AI Analysis — Bull vs Bear
State Bank of India is India's largest lender, with a market capitalisation of about Rs 9,04,970 Cr. It trades at a P/E of 10.1 and a P/B of 1.54, with a dividend yield of 1.77%. Over the long run, profitability has improved: ROE averaged 16-17% over 3-5 years versus 11% over 10 years, and profit has compounded at 30% over 5 years. Trailing-twelve-month sales and profit growth have both slowed to 6%, against 14% over 3 years.
- Profit compounding has been strong. Profit grew at a 30% CAGR over 5 years and 21% over 10 years, reflecting recovery from the earlier asset-quality cycle.
- Return ratios have moved up structurally. ROE averaged 17% over 3 years and 16% over 5 years, compared with an 11% average over 10 years, which points to better capital efficiency than in the prior decade.
- Earnings multiples are modest. The P/E of 10.1 means the stock trades at about 10x trailing earnings despite a 3-year profit CAGR of 14%.
- The P/B of 1.54 against a last-year ROE of 15% implies an earnings yield on book of roughly 9.7%, a reasonable relationship between return on equity and price paid for book value.
- Top-line growth has been steady over the medium term. Sales compounded at 14% over 3 years and 13% over 5 years, well above the 10-year rate of 9%.
- Scale and systemic importance are significant. A market cap of about Rs 9,04,970 Cr puts SBI among the largest listed Indian companies, with benefits in funding cost and franchise reach.
- Shareholder returns have been consistent. The stock compounded at 19% over 3 years, 17% over 5 years and 15% over 10 years.
- The company offers regular cash returns, with a 1.77% dividend yield backed by an 18.6% payout ratio. The low payout leaves room to retain capital for growth.
- Growth has slowed noticeably. TTM sales and profit growth are both 6%, less than half the 3-year CAGR of 14%, which suggests earnings momentum is fading.
- ROE is softening. Last-year ROE of 15% is below the 3-year average of 17%, which may indicate margin compression or rising costs.
- Off-balance-sheet exposure is large. Contingent liabilities stand at Rs 43,52,830 Cr, about 4.8x market cap. Guarantees, forex and derivative contracts are standard for large banks, but they still carry exposure risk.
- Earnings quality needs scrutiny. Other income is Rs 1,99,967 Cr, a large component that can include volatile treasury gains and, at the consolidated level, insurance subsidiary income.
- The 10-year ROE average of just 11% shows past vulnerability to credit cycles. Profitability has been cyclical and could weaken again if asset quality deteriorates.
- The 1-year stock CAGR of 15% trails the 3-year CAGR of 19%, which may reflect a re-rating that has already played out as growth slowed to 6% TTM.
- Screening flags show low interest coverage and possible interest capitalisation. For a bank, interest expense is the core cost of doing business, so these flags carry less weight than they would for a non-financial company.
- The dividend payout ratio is only 18.6%, and the 1.77% yield is modest for investors who want income over retained growth.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Block trades at lower prices Sep 29
Large-trade signals on NSE show prices falling from ₹983.60 on Sep 24 (73.2 lakh shares, ₹720.15 cr) to ₹966.50 on Sep 28 (12.9 lakh shares, ₹124.59 cr) and about ₹956.40-956.70 on Sep 29 (about 37 lakh shares, ₹354.15 cr), a drop of roughly 2.8%. These are real-time scanner signals, not confirmed exchange disclosures, and buyer and seller identities are unknown.
- Citi-hosted institutional investor interaction Sep 26
SBI held a virtual group meeting with 32 institutional investors on Sep 25, 2026 (2:00-3:00 pm), arranged by Citi and first announced on Sep 19. The bank said it shared only information already in the public domain.
- Investor day held in Gurugram Sep 14
SBI held group meetings with institutional investors in Gurugram on Sep 15, 2026, and posted the presentation deck on its investor relations page. The disclosure was made under Regulation 30 of SEBI (LODR).
- Bond interest date moved Sep 25
SBI moved the interest payment for one bond series to Sep 27, 2026, after a government directive made that Sunday a working day. This is a routine administrative change with no credit impact.
TL;DR: SBI's news flow over the past two weeks is almost entirely routine: an investor day on Sep 15, a Citi-hosted meeting with 32 institutions on Sep 25, and an administrative change to a bond payment date, with no new fundamental data. Management is engaging actively with institutional investors, which helps visibility, but none of the disclosures contained new guidance or price-moving information. The main caution is price action: about ₹1,199 crore of flagged block trades took place as the stock slid from ₹983.60 to around ₹956, which points to institutional supply or reshuffling, though these signals are unconfirmed. In the near term, the trend looks slightly weaker, and the next real catalyst is likely the Q2 FY27 results, which will show whether loan growth and margins can turn sentiment around.
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 | 1,01,460 | 1,07,391 | 1,12,868 | 1,17,469 | 1,18,242 | 1,21,045 | 1,24,654 | 1,26,840 | 1,25,729 | 1,28,040 | 1,30,386 | 1,31,080 | 1,36,240 |
| Expenses | 49,080 | 59,365 | 62,635 | 65,418 | 53,996 | 62,709 | 64,890 | 74,438 | 59,496 | 72,265 | 76,799 | 75,050 | 64,930 |
| Financing Profit | -5,665 | -14,930 | -17,858 | -18,593 | -7,455 | -15,283 | -17,634 | -25,825 | -12,034 | -22,227 | -25,196 | -23,923 | -10,938 |
| Fin. Margin % | -6% | -14% | -16% | -16% | -6% | -13% | -14% | -20% | -10% | -17% | -19% | -18% | -8% |
| Other Income | 30,873 | 36,865 | 33,103 | 47,445 | 33,883 | 42,758 | 43,200 | 52,722 | 41,263 | 50,884 | 55,262 | 49,999 | 43,821 |
| Interest | 58,045 | 62,955 | 68,092 | 70,644 | 71,701 | 73,619 | 77,397 | 78,227 | 78,266 | 78,002 | 78,783 | 79,953 | 82,248 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 25,208 | 21,936 | 15,245 | 28,852 | 26,428 | 27,474 | 25,566 | 26,897 | 29,229 | 28,657 | 30,067 | 26,076 | 32,884 |
| Tax % | 26% | 25% | 26% | 25% | 26% | 26% | 25% | 26% | 26% | 25% | 27% | 23% | 25% |
| Net Profit | 19,094 | 16,648 | 11,598 | 22,203 | 20,094 | 20,565 | 19,484 | 20,379 | 22,121 | 21,861 | 22,176 | 20,508 | 25,121 |
| EPS in Rs | 20.77 | 18.04 | 12.4 | 23.96 | 21.65 | 22.17 | 21.12 | 21.96 | 23.76 | 22.9 | 23.09 | 21.28 | 26.12 |
| Gross NPA % | — | 2.53% | — | — | — | 2.13% | — | — | — | — | — | — | — |
| Net NPA % | — | 0.63% | — | — | — | 0.52% | — | — | — | — | — | — | — |
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 | 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 | 4,90,313 | 5,14,933 | 5,25,747 |
| Expenses | 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 | 2,78,781 | 2,89,045 |
| Financing Profit | -21,879 | -32,399 | -64,334 | -86,697 | -68,649 | -64,181 | -70,715 | -63,570 | -43,439 | -60,297 | -62,674 | -78,853 | -82,284 |
| Fin. Margin % | -11% | -15% | -28% | -38% | -27% | -24% | -25% | -22% | -12% | -14% | -13% | -15% | -16% |
| Other Income | 49,315 | 52,828 | 68,193 | 77,557 | 77,365 | 98,159 | 1,07,222 | 1,17,000 | 1,22,534 | 1,55,386 | 1,73,031 | 1,97,711 | 1,99,967 |
| Interest | 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 | 3,15,005 | 3,18,986 |
| Depreciation | 1,581 | 2,252 | 2,915 | 3,105 | 3,496 | 3,662 | 3,711 | 3,691 | 3,696 | 3,849 | 3,991 | 4,830 | 0 |
| PBT | 25,855 | 18,177 | 945 | -12,245 | 5,220 | 30,317 | 32,796 | 49,739 | 75,399 | 91,240 | 1,06,365 | 1,14,028 | 1,17,683 |
| Tax % | 32% | 30% | 141% | -66% | 41% | 40% | 26% | 27% | 25% | 25% | 26% | 25% | — |
| Net Profit | 17,832 | 13,019 | -97 | -3,749 | 3,351 | 21,140 | 23,888 | 37,183 | 57,750 | 69,543 | 80,523 | 86,666 | 89,665 |
| EPS in Rs | 22.76 | 15.75 | 0.3 | -5.11 | 2.58 | 22.15 | 25.11 | 39.64 | 62.35 | 75.17 | 86.91 | 90.24 | 93.39 |
| Div. Payout % | 15% | 17% | 859% | 0% | 0% | 0% | 16% | 18% | 18% | 18% | 18% | 19% | — |
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 | 747 | 776 | 797 | 892 | 892 | 892 | 892 | 892 | 892 | 892 | 892 | 923 |
| Reserves | 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 | 5,95,208 |
| Borrowing | 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 | 7,77,302 |
| Deposits | 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 | 60,43,097 |
| Other Liabilities | 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 | 9,04,646 |
| Total Liabilities | 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 | 83,21,176 |
| Fixed Assets | 12,924 | 15,415 | 51,189 | 42,035 | 39,941 | 39,608 | 41,600 | 41,032 | 45,880 | 46,072 | 47,716 | 59,772 |
| CWIP | 400 | 786 | 695 | 925 | 762 | 470 | 116 | 28 | 66 | 42 | 41 | 78 |
| Investments | 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 | 23,59,502 |
| Other Assets | 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 | 59,01,824 |
| Total Assets | 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 | 83,21,176 |
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 | 26,297 | 14,477 | 77,406 | -96,508 | 29,556 | 23,929 | 89,919 | 57,695 | -86,014 | 21,632 | 45,484 | 38,097 |
| Investing | -3,424 | -2,747 | -4,572 | 13,053 | 220 | -555 | -3,670 | -2,652 | -966 | -3,476 | -3,387 | 9,240 |
| Financing | -1,553 | 4,348 | -4,196 | 5,547 | 448 | 5,430 | 7,143 | -3,845 | 6,386 | -9,896 | -10,737 | -3,427 |
| Net Cash Flow | 21,320 | 16,078 | 68,638 | -77,908 | 30,223 | 28,803 | 93,392 | 51,198 | -80,593 | 8,260 | 31,361 | 43,910 |
| Free Cash Flow | 22,848 | 10,701 | 72,982 | -89,906 | 26,550 | 20,864 | 86,091 | 54,644 | -86,014 | 17,457 | 39,847 | 29,734 |
| CFO/OP | 30 | 22 | 93 | -148 | 43 | 40 | 110 | 72 | -47 | 27 | 33 | 32 |
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 % | 11% | 7% | 0% | -2% | 1% | 7% | 9% | 12% | 17% | 17% | 17% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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93 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about SBI
What does State Bank of India do?
Where is State Bank of India (SBIN) listed?
Which sector does State Bank of India belong to?
What is the market capitalisation of State Bank of India?
What is the PE ratio of State Bank of India?
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Does State Bank of India pay dividends?
What is the Return on Equity (ROE) of State Bank of India?
Company Information
State Bank of India is a Fortune 500 company. It is an Indian Multinational, Public Sector banking and financial services statutory body headquartered in Mumbai. It is the largest and oldest bank in India with over 200 years of history.[1]
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