SBIN
Large CapState Bank of India
Financial Services
State Bank of India is a large Indian public sector bank. In FY26, it reported its highest-ever annual net profit of 80,032 crores, driven by higher Net Interest Income and Non-Interest Income. The bank maintains a domestic market share of over 22% and has achieved two-decadal low NPA ratios.
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.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/6 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
Bad · 20/100Rev +3% YoY · PAT +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,31,080 Cr | +3.3% | +0.5% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹20,508 Cr | +0.6% | -7.5% |
| PAT margin | 15.7% | -42 bps | -136 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
SBIN reports highest-ever annual net profit of 80,032 crores in FY26, up 12.88% YoY, driven by NII and non-NII growth, alongside two-decadal low NPA ratios, despite NIM compression.
The bank delivered robust annual profit growth and significant asset quality improvement, with GNPA/NNPA at two-decadal lows. Strong credit growth across segments and digital adoption are positives. However, the sustained decline in NIMs, both YoY and QoQ, warrants close monitoring.
Share of Domestic Advances (Mar 2026)
Latest issuer-disclosed distribution across 4 reported categories.
Retail Personal Advances Growth
Retail Personal advances grew 15.22% YoY to 17.36 lakh crore in FY26, comprising ~41.4% of domestic advances.
SME Advances Growth
SME advances grew 20.99% YoY to 6.12 lakh crore in FY26.
Agri Portfolio Growth
Agri portfolio crossed 4 lakh crore, growing 19.68% YoY in FY26.
Digital Banking Adoption
98.7% transactions through alternate channels; YONO has 10.02 crore registered users, with 66% of savings accounts opened via YONO in FY26.
Business Correspondent (BC) Outlets
Number of BC Outlets increased to 79.1K in Mar 2026 from 77.3K in Mar 2025.
ATMs
Number of ATMs increased to 64.2K in Mar 2026 from 63.8K in Mar 2025.
Sustained Domestic Market Share
Sustained domestic market share of over 22%, driven by reach, trust, and digital.
Robust Liability Franchise
Savings Bank account balances up 10.60% YoY; Retail Term Deposits up 14.77% YoY.
Digital Leadership
Digital leadership in Debit card spends, ATMs, and Mobile Banking transactions value & number.
Net Interest Margin (NIM) Compression
Whole Bank NIM at 2.91% for FY26, down 17 bps YoY; Domestic NIM at 3.03% for FY26, down 18 bps YoY. Q4FY26 Whole Bank NIM down 17 bps QoQ.
Sustained NIM Pressure
NIMs have shown a consistent declining trend both YoY and QoQ, indicating potential pressure on profitability.
Asset Quality in Specific Segments
While overall NPAs are low, Agri segment NPA ratio is 7.25% and Retail Personal is 2.17% as of Mar 26, higher than Corporate (0.88%).
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.
Annual (YoY) comparison is crucial for assessing the overall financial health and long-term trends of a large bank like SBIN, especially for profit, asset quality, and balance sheet growth. Quarterly (QoQ) comparison is vital for tracking sequential momentum in NIMs, operating expenses, and immediate asset quality movements.
Whole Bank Advances Growth (YoY)
Whole Bank advances registered YoY Growth of 16.87% and portfolio crossed 49 trillion.
Domestic NIM (FY26)
Domestic NIM at 3.03% for FY26, down 18 bps YoY.
Whole Bank NIM (Q4FY26)
Whole Bank NIM at 2.81% for Q4FY26, down 17 bps QoQ and 18 bps YoY.
Gross NPA Ratio (FY26)
Gross NPA Ratio at 1.49% for FY26, down 33 bps YoY.
Strengthening Liability Franchise
Strengthening liability franchise and CASA mobilisation remains the strategic focus of the Bank.
Digital Agenda Acceleration
YONO is driving the digital agenda, with new YONO crossing 4 crore registrations and 66% of savings accounts opened through YONO in FY26.
ESG and Climate Finance Focus
Formation of ESG & Climate Finance Unit; vision to achieve Net Zero (Scope 1, 2 and 3) by 2055.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Net Interest Margin (NIM) | 3.03% for FY26; 2.93% for Q4FY26. | Stabilization or improvement in NIMs, as continued compression will impact profitability. |
| Gross NPA Ratio | 1.49% for FY26. | Any reversal in the improving asset quality trend, especially in higher NPA segments like Agri and Retail. |
| Credit Growth | Whole Bank advances grew 16.87% YoY in FY26. | Sustained double-digit credit growth across key segments to maintain business momentum. |
| CASA Ratio | 39.46% of domestic deposits in Mar 2026. | Improvement in CASA ratio to support lower cost of funds and mitigate NIM pressure. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The RBI projects India's real GDP growth at around 6.8% for FY26 and 6.6% for FY27.
"The RBI projects real GDP growth at around 6.8% for FY26 and 6.6% for FY27."
Deposits and credit growth of scheduled commercial banks may remain in the range of 11-12% during FY26.
"deposits and credit growth of scheduled commercial banks may remain in the range of 11-12% during FY26"
There is visibility of at least reaching 10% corporate credit growth in the next two quarters.
"visibility of at least reaching 10% corporate credit growth in the next two quarters"
Outcome check: Revenue YoY averaged 4.0% across 2 later quarter(s).
Demand for credit is expected to continue in the second half of the fiscal year.
"we expect demand for credit to continue in the second half"
The bank will shortly launch the next version of its YONO platform, YONO 2.0, as a leap forward in digital banking.
"bank will shortly launch the next version of YONO platform - YONO 2.0"
SBI is positioned to grow faster than the industry at its scale and to deliver higher Return on Equity (ROE) than the industry.
"SBI is positioned to grow faster than the industry at this scale and to deliver higher ROE"
Outcome check: Revenue YoY averaged 4.0% across 2 later quarter(s).
Trend score and candlestick chart
42NeutralSMA20 -10.3% / mo
Technical chart
SBINdaily · 5Y+5.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 falling (~11.1% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 19% off 52W high · 7% above 52W low.
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
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.2%.
- Fair-value margin of safety is positive at 66.3%.
- Cash flow contributes 8/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Quality is weaker at 7/20; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
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: +0 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.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 73rd percentile of the scored universe and 87th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
Healthy Trust Lite: Promoter holding is 55.5%. Key concern: Altman Z is 1.52.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 87th pctile, median 62 · Large: 50th pctile, median 74
122 documents indexed, but claim history is not strong enough yet.
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy 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 55.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.2%.
- ▸10 years of positive FCF.
Trust risks
- ▸Altman Z is 1.52.
- ▸Promoter holding fell 1.9%.
- ▸ROCE is low at 6.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 10.90
- P/B
- 1.52
- EV/EBITDA
- 348.58
- Market Cap
- 906354.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 6.13%
- ROA
- 1.04%
- Dividend Y
- 1.77%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- —
- Altman Z
- 1.52
- Book Value
- 646.00
Cash Flow
- FCF Yield
- 5.22%
- FCF Positive Y
- 10/5
- OCF
- 38097.00 Cr
- EPS TTM
- 90.24
Shareholding
- Promoter Hold
- 55.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
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.