State Bank of India (SBIN)

Financial Services · Banks · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,060 ↑ 31.53% (1Y)

🎯 Key Takeaways

SBI is in a consolidation and efficiency phase, characterized by steady profit growth, improving asset quality, and disciplined capital management. Management is prioritizing digital expansion and balance sheet resilience without aggressive leverage, positioning the bank as a stable, high-margin financial institution in a competitive sector.
Revenue grew 3.9% QoQ to ₹1.36 L Cr in Q1FY27.
⚠️ Slower-than-expected digital adoption could pressure future margin expansion.

Market Cap

₹9.78 L Cr

P/E Ratio

11.4

P/B Ratio

1.64

ROE

14.8%

ROCE

31.8%

Debt/Equity

1.30

Div Yield

1.64%

Promoter

55.5%

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📖 The Story

SBI is in a consolidation and efficiency phase, characterized by steady profit growth, improving asset quality, and disciplined capital management. Management is prioritizing digital expansion and balance sheet resilience without aggressive leverage, positioning the bank as a stable, high-margin financial institution in a competitive sector.

📰 What's Happening

In Q1FY27, SBI reported a 10.23% YoY rise in net profit to ₹21,121 crores, driven by 18.63% YoY growth in gross advances to ₹50 trillion and a 9.73% YoY increase in deposits to ₹60 trillion. Operating profit grew 9.77% YoY to ₹33,529 crores, with gross NPA ratio improving to 1.47% from 1.83% a year earlier. Management highlighted sustained digital growth, noting 98.8% of transactions now occur through alternate channels. A post-earnings investor meeting audio recording was made available on 07.08.2026, reinforcing transparency in stakeholder communication.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1.26 L Cr	1.28 L Cr	1.30 L Cr	1.31 L Cr	1.36 L Cr
Operating Profit	34,493	32,117	35,615	29,737	38,632
OPM %	20.7%	18.3%	19.2%	16.4%	21.4%
Net Profit	21,627	21,504	21,876	20,161	24,579
EPS	₹23.76	₹22.81	₹23.09	₹21.28	₹26.12

SBI has delivered consistent quarter-on-quarter improvement in profitability and asset quality, with net profit rising from ₹21,627 crores in Jun 2025 to ₹24,579 crores in Jun 2026, supported by expanding advances and stable expense ratios. Operating margins have remained resilient, holding at 21.4% in the latest quarter, indicating effective cost control amid growth. The bank’s ability to grow advances at 18.63% YoY while maintaining a declining NPA ratio reflects strong underwriting discipline and operational efficiency, supporting sustainable earnings momentum.

🔮 Management Outlook & What's Next

Management emphasized continued focus on digital expansion and asset quality improvement in the Q1FY27 commentary, with no formal forward guidance provided in the filing. However, the emphasis on sustaining growth in digital transactions and improving asset quality signals confidence in long-term profitability and risk management. No new financial targets or capital plans were disclosed during the investor meeting on 27.08.2026, suggesting a cautious but steady approach to future growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2026	Mar 2026	Mar 2026	Mar 2027
Equity Capital	923	923	923	923
Reserves	5.68 L Cr	5.91 L Cr	5.95 L Cr	6.21 L Cr
Borrowings	6.50 L Cr	6.85 L Cr	7.77 L Cr	8.20 L Cr
Total Liabilities	76.73 L Cr	78.81 L Cr	83.22 L Cr	84.03 L Cr
Fixed Assets	54,363	55,737	59,772	57,327
Investments	22.77 L Cr	23.18 L Cr	23.60 L Cr	24.00 L Cr
Total Assets	76.73 L Cr	78.81 L Cr	83.22 L Cr	84.03 L Cr

The balance sheet shows a steady increase in total assets, rising to ₹84.03 L Cr as of Mar 2027 from ₹78.81 L Cr in Mar 2026, driven by loan growth and asset deployment. Borrowings increased to ₹8.20 L Cr, while equity remained stable at ₹923 crores, indicating moderate leverage expansion. Reserves grew to ₹6.21 L Cr, reflecting retained earnings and capital resilience. The bank is not over-leveraged, and asset growth is being funded through stable funding bases, including deposits and internal accruals.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+38,097
Investing	-691
Financing	-3,427
Net Cash Flow	+43,910

👥 Shareholding Pattern

Category	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	57.4%	57.4%	57.4%	55.5%	55.5%	55.5%	55.5%
FII	10.3%	9.9%	9.3%	9.6%	10.3%	11.4%	10.8%
DII	24.9%	25.1%	25.7%	27.8%	27.2%	26.2%	26.6%
Public	6.4%	6.5%	6.5%	6.1%	5.8%	5.6%	5.8%
# Shareholders	37,19,913	38,26,549	37,54,459	36,18,554	35,67,461	37,63,427	38,98,366

Institutional interest is rising, with FII holdings increasing from 9.57% in Q2FY26 to 10.81% in Q1FY27, and DII holdings growing from 26.24% to 26.64% over the same period. Promoter holding remains stable near 55.5%. The growing investor base, now spanning 38,98,366 shareholders, suggests increasing market confidence. No pledging or significant selling by promoters or institutions was observed, indicating a stable shareholder structure.

⚖️ Peer Comparison — Banks

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HDFCBANK	10.92 L Cr	13.8	25.0%	14.1%	1.00
ICICIBANK	10.40 L Cr	18.5	28.8%	16.4%	0.61
SBIN	9.78 L Cr	11.4	31.8%	14.8%	1.30
KOTAKBANK	4.16 L Cr	7.2	20.7%	11.2%	0.53
AXISBANK	3.99 L Cr	14.3	22.3%	13.1%	1.31
UNIONBANK	1.41 L Cr	6.8	44.9%	15.0%	0.58
PNB	1.31 L Cr	6.0	45.1%	13.7%	0.72
BANKBARODA	1.23 L Cr	6.8	31.2%	10.7%	1.03
INDIANB	1.21 L Cr	9.5	45.8%	15.7%	0.58
CANBK	1.15 L Cr	5.8	42.1%	16.1%	1.32

🔗 Peer Stock Analyses

HDFCBANK ICICIBANK KOTAKBANK AXISBANK UNIONBANK

⚠️ Risk Factors

1. Slower-than-expected digital adoption could pressure future margin expansion. 2. Rising competition in retail lending may compress net interest margins if pricing wars emerge. 3. Regulatory scrutiny on large corporate exposures remains a potential headwind, despite current NPA improvements. 4. Global macroeconomic slowdown could impact loan growth and credit quality in the next 12–18 months.

📋 Recent Filings

🧠 Analyst's Read

SBI is executing a stable, asset-quality-focused growth strategy with improving profitability and disciplined capital use. Investors should monitor digital transaction momentum and NIM trends in upcoming quarters for early signals of margin sustainability.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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