State Bank of India share price target

We value SBIN on a SoTP basis at INR 1,154 (~18.5% upside), applying 1.20x FY28E ABV to the standalone bank (INR 911/share) and adding subsidiaries at fair value post a 15% holdco discount (INR 243/share).

SBI saw a weak quarter due to 4.2% miss on NII driven by 18bps QoQ fall in domestic NIM to 2.93%. However, core PAT was 12.7% ahead of PLe due to better fees, opex and provisions. Sharp decline in NIM was led by (1) 25bps cut in repo (2) faster corporate growth QoQ and (3) shift in corporate mix towards lower yielding T-bill loans. Bank expects loan yield to improve from Q4'26 levels by slowing down corporate growth in FY27 (guided at 12-13% vs 16.6% in FY26) and focusing on better yielding accounts. We trim NII by avg. 2.8% for FY27/28E and cut core PAT by avg. 4%. We keep multiple of...

State Bank of India (SBIN) reported 3QFY26 PAT of INR210.3b (25% YoY growth, 18% beat) due to higher other income and lower-than-expected provisions. The bank received dividend income of INR22b (SBIMF); despite netting off the one-off, performance remained strong across all fronts.

PAT beats estimate, mainly driven by pick-up in loan growth and one-off special dividend, Management guided RoA of 1% through the cycles

*over or under performance to benchmark index to Rs. 64,562cr, supported by strong credit demand, improved pricing, and sus Pre-provision operating profit decreased 6.8% YoY to Rs. 27,311cr, led by a 12.3%...

We hosted SBI’s Ms Saloni Narayan, Depuy Managing Director (DMD), Mr A K Paul, DMD designate, Mr Ravi Shankar Akella, CGM and Mr Misal Singh, Investor Relations.

We maintain our BUY recommendation on the stock.

We remain constructive on SBI, supported by the upward-revised credit growth guidance of 12–14% for FY26, a healthy corporate pipeline, and stable NIMs (above 3%) and CRR-related tailwind ahead.

SBI continues to report sector-beating credit growth of 13% YoY and margins of 2.97% (up 7bps QoQ), which, coupled with the higher other income, led to a strong 7.4% PAT beat at Rs202bn/1.2% RoA.

State Bank of India (SBI) reported yet another strong quarter with Q2FY26 PAT of INR 201.6bn, aided by the Yes Bank stake sale along with superior loan / core fee growth, NIM and comfortable asset quality.

Amidst tough macro environment, SBI reported yet another steady quarter with ~12% YoY growth in loans, deposits and PAT.

PPoP beats our estimates mainly aided by non-interest income; return ratios stay steady with RoA/RoE of 1.1/19.7% in Q1FY26

SBI posted a ~6% beat on PAT at Rs192bn/1.1% RoA, led by higher other income (especially treasury gains) and controlled opex, partially offset by higher provisions.

*over or under performance to benchmark index State Bank of India (SBI) is India's largest bank, with a vast network of 22,937 branches globally and 63,791 ATMs/CDMs. Through its subsidiaries, SBI offers a diverse range of...