SBICARD
Mid CapSBI Cards and Payment Services Limited
Financial Services
SBI Cards and Payment Services Ltd. is a pure-play credit card issuer in India, offering a diverse portfolio of core and co-brand credit cards. The company focuses on driving retail and corporate spends, managing receivables, and maintaining asset quality across various customer segments and city tiers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 35/100Rev +6% YoY · PAT +14% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,934 Cr | +5.6% | -3.8% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹609 Cr | +14.0% | +9.3% |
| PAT margin | 12.3% | +92 bps | +148 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 PAT up 9% QoQ and 14% YoY, driven by improved credit cost. FY26 PAT grew 13% YoY. GNPA significantly lower at 2.41% (down 67 bps YoY). Total spends increased 31% YoY in Q4 FY26.
The company demonstrates robust growth in business volumes, with strong YoY increases in total spends and new account sourcing. Asset quality shows significant improvement, with GNPA and NNPA declining both YoY and QoQ. Profitability is supported by better credit cost management and stable NIM. Capital adequacy remains comfortable.
Receivables Mix by Type (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
New Account Sourcing
New accounts sourcing reached 917k+ in Q4 FY26, showing 17% YoY growth.
Retail Spends Growth
Retail Spends continue to grow at 13% YoY in Q4 FY26.
Corporate Spends Growth
Corporate spends are increasing profitably, contributing to overall business volumes.
Digital Spends Penetration
Online spend percentage increased to 62.5% in FY26 from 58.9% in FY25. UPI spends on Rupay cards grew over 10% QoQ.
Improved Credit Cost
Higher PAT was driven by improved credit cost, which declined to 7.7% in Q4 FY26.
Lower Operating Cost
Operating cost declined QoQ, mainly due to lower spend-based cost.
Strong Market Share
Company maintains a dominant position with 17.7% market share in spends and 18.6% in transactions for FY26.
Asset Quality Management
While improving, GNPA and NNPA percentages (2.41% and 1.04% respectively in Q4 FY26) remain key metrics to monitor for any deterioration in credit portfolio health.
Credit Cost Volatility
Credit cost, though improved, is a significant component of expenses (7.7% in Q4 FY26) and its fluctuations can impact profitability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial results (PAT, Income) are presented QoQ and YoY, and annual results are also provided. Asset quality metrics (GNPA, NNPA) are crucial for sequential and annual trends. Business volumes (spends, new accounts) show both short-term momentum and longer-term growth.
Receivables (AUM)
Receivables stood at ₹56,926 Cr in Q4 FY26, up 2% YoY and 0% QoQ.
New Accounts Sourced
New accounts sourced were 9.17 lacs in Q4 FY26, up 17% YoY and 6% QoQ.
Total Spends
Total Spends reached ₹115,350 Cr in Q4 FY26, up 31% YoY and 1% QoQ.
Net Interest Margin (NIM)
NIM was 11.2% in Q4 FY26, up 31 bps YoY and 5 bps QoQ.
Profitability Drivers
Management states that higher PAT was driven by improved credit cost and lower operating cost QoQ, mainly due to lower spend-based cost.
Capital Adequacy Comfort
Management views CAR at a comfortable level of 25%+.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GNPA % | 2.41% (Q4 FY26) | Sustained decline or any upward trend in asset quality metrics. |
| New Accounts Sourced | 9.17 lacs (Q4 FY26) | Continued strong growth in new customer acquisition. |
| Total Spends Growth | 31% YoY (Q4 FY26) | Maintenance of high growth rates in cardholder spending. |
| Net Interest Margin (NIM) | 11.2% (Q4 FY26) | Stability or improvement in NIM, indicating effective spread management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -21.3% / mo · near 52W low
Technical chart
SBICARDdaily · 3Y-32.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 28. Wait for confirmation.
- SMA20 falling (~7.5% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 22.1%.
- Growth contributes 12/25 to the score.
- Quality contributes 6/20 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 19th percentile of the scored universe and 35th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter holding is 68.9%. Key concern: Debt/equity is 2.80.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 35th pctile, median 62 · Mid: 10th pctile, median 76
110 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 2.80.
- ▸Altman Z is 1.05.
- ▸Only 1 years of positive FCF.
- ▸Revenue CAGR is 13% but EPS CAGR is -1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.20
- P/B
- 3.48
- EV/EBITDA
- 725.92
- Market Cap
- 54661.00Cr
Profitability
- ROE
- 14.70%
- ROCE
- 10.10%
- ROA
- 3.27%
- Dividend Y
- 0.44%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 2.80
- Interest Coverage
- —
- Altman Z
- 1.05
- Book Value
- 165.00
Cash Flow
- FCF Yield
- 1.35%
- FCF Positive Y
- 1/5
- OCF
- 493.00 Cr
- EPS TTM
- 22.77
Shareholding
- Promoter Hold
- 68.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.