26 October 2026
2 mins read
SBI Bank reported ₹5,14,933 crore in FY26 revenue. Total assets are close to ₹61 lakh crore. The stock’s future performance will depend on book value growth, deposit growth, and valuation.
State Bank of India (SBI) is a public sector bank offering banking and financial services across retail banking, corporate banking, treasury and other financial activities. The bank has a network of over 23,302 branches, 63,580 ATMs/ADWMs and 82,900 business correspondent outlets, serving more than 50 crore customers.
On October 7, 2026, SBI shares were trading at ₹955.7, following a 2.8% year-to-date (YTD) decline.
| Metric | SBI Bank |
|---|---|
| Share Price | ₹955.7 |
| Market Capitalisation | ₹8,84,307 crore |
| 52-Week High | ₹1,234 |
| 52-Week Low | ₹857.25 |
| P/E Ratio | 10.5x |
| P/B Ratio | 1.43x |
| FY26 Revenue | ₹5,14,933 crore |
| FY26 PAT | ₹86,666 crore |
| Dividend Yield | 1.8% |
(Source: Company Annual Report, Screener)
As of October 7, 2026, SBI Bank was trading at a P/E ratio of 10.5. Its valuation can be considered alongside financial performance, operating margins, customer relationships and other business factors.
State Bank of India (SBI) is a public sector bank headquartered in Mumbai. It provides banking and financial services to retail customers, businesses and institutional clients. The bank has a history spanning more than 200 years and operates across domestic and international markets, with a presence in 29 countries.
SBI's business includes deposits, lending, treasury operations, digital banking and services through subsidiaries in insurance, mutual funds and credit cards. Its distribution network includes branches, ATMs and banking correspondents.
| FY26 Revenue Mix | Contribution |
|---|---|
| Retail Banking | 37% |
| Wholesale Banking | 21% |
| Treasury | 18% |
| Insurance | 18% |
| Other | 6% |
| Total | 100% |
(Source: Company Annual Report, BSE)
| FY26 Revenue Mix | Contribution |
|---|---|
| Fee Income | 72% |
| Investments | 23% |
| Miscellaneous Income | 5% |
| Total | 100% |
(Source: Company Annual Report, BSE)
SBI's financial performance can be assessed through revenue, profit after tax (PAT) and net interest margin (NIM). Changes in interest rates, deposit costs, lending activity and broader banking-sector conditions can influence these measures.
Bank Nifty declined by about 6.7% during the year, as stated in the source data. Changes in interest rates, foreign institutional investor (FII) activity and net interest margins are among the factors associated with movements in the banking sector.
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Revenue from Operations | ₹4,39,189 crore | ₹4,90,313 crore | ₹5,14,933 crore |
| Revenue Growth | 25.18% | 11.64% | 5.02% |
| PAT | ₹69,543 crore | ₹80,523 crore | ₹86,666 crore |
| PAT Growth | 21% | 16% | 7% |
| NIM | 3.28% | 3.08% | 2.91% |
(Source: Company Annual Report, BSE)
Bank Nifty was trading at 55,227, while SBI Bank shares had declined 2.8% YTD to ₹955.7 as of October 7, 2026. The stock had also moved from its 52-week high of ₹1,234.
SBI's revenue from operations increased from ₹4,39,189 crore in FY24 to ₹5,14,933 crore in FY26. Over the same period, the stated revenue growth rate declined from 25.18% to 5.02%.
PAT increased from ₹69,543 crore in FY24 to ₹86,666 crore in FY26, while the stated PAT growth rate declined from 21% to 7%. NIM moved from 3.28% in FY24 to 2.91% in FY26.
SBI's valuation can be examined alongside broader banking-sector conditions and interest-rate expectations. Bank Nifty was trading at 55,227 with a P/E ratio of 13.7, while SBI's P/E ratio has varied over the past three years.
The bank's reported return on equity (ROE) is 15.4%, alongside a NIM of 2.91%. Its other financial measures include a stated debt-to-equity ratio of 11.1x and a dividend yield of 1.8%.
| Key Ratio (FY26/TTM) | SBI Bank |
|---|---|
| P/E | 10.5x |
| P/B | 1.43x |
| ROE | 15.4% |
| NIM | 2.91% |
| Dividend Yield | 1.8% |
(Source: Company Annual Report, BSE, Screener)
SBI Bank is trading at a P/E ratio of 10.5 and a P/B ratio of 1.43. Book value growth is one of the factors relevant to assessing its valuation.
Technical analysis examines historical price movements, support and resistance levels, and moving averages. These indicators provide a framework for studying price trends and trading activity.
SBI Bank shares have shown a pattern of lower highs and lower lows. The source data identifies ₹935 as an immediate support level and ₹999 as an overhead resistance level. A sustained movement above resistance would change the existing price pattern.
As of October 7, the stock was trading below its short-term moving averages. On the weekly timeframe, SBI Bank was positioned below both its 10-week and 30-week moving averages but above its 100-week moving average, while trading around the ₹935 support level.
SBI Bank's shareholding pattern provides information about ownership by promoters, foreign institutional investors (FIIs), domestic institutional investors (DIIs), and public shareholders.
The stated FII holding increased from 9.57% in September 2025 to 10.81% in June 2026. DII holding moved from 27.65% to 26.52% over the same period. Public and other shareholding stood at 7.06% in June 2026, while promoter holding was reported at 55.47%.
| Shareholding Pattern | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Promoters | 55.50% | 55.50% | 55.52% | 55.47% |
| FIIs | 9.57% | 10.34% | 11.41% | 10.81% |
| DIIs | 27.65% | 27.04% | 26.11% | 26.52% |
| Public & Others | 7.13% | 6.97% | 6.81% | 7.06% |
(Source: Screener)
SBI Bank's future financial performance will depend on book value growth, earnings, deposit growth, lending activity and valuation multiples.
Over the past five years, the bank has reported changes in revenue, profit and net interest margins. Its FY26 figures include revenue of ₹5,14,933 crore, an NIM of 2.91% and a net profit of ₹86,666 crore.
The projections use an assumed growth rate. Earnings, valuation multiples, interest rates, market sentiment, and other financial and economic factors may affect actual share prices.
SBI operates in a banking sector that includes public and private sector banks. HDFC Bank, Axis Bank and ICICI Bank are among its competitors across deposits, lending and other banking services.
SBI accounts for approximately 30% of the total installed base of ATMs and ADWMs. Its reported transaction volumes include 285.17 crore NEFT transactions, representing a 14.12% market share; 8.55 crore RTGS transactions, representing a 12.21% market share; and 106.53 crore IMPS transactions, representing a 21.68% market share.
SBI's total assets are stated at ₹76.26 lakh crore. HDFC Bank has total assets of ₹50 lakh crore, while ICICI Bank and Axis Bank have total assets of ₹30 lakh crore and ₹18 lakh crore, respectively.
The following table presents five stocks from the Nifty Bank index, along with their market capitalisation, sales and profit variance, and one-year and three-year returns.
| Stock Name | Market Cap (In ₹ cr) | Sales Variance of 3Y | Profit Variance 3Y | 3 Year Return | 1 Year Return |
|---|---|---|---|---|---|
| HDFC Bank | 10,88,861.37 | 15.68% | 18.06% | -2.03% | -25.28% |
| ICICI Bank | 9,44,256.37 | 17.85% | 16.58% | 11.51% | -4% |
| SBI | 8,86,892.07 | 19.94% | 14.38% | 17.10% | 10.01% |
| Kotak Mahindra | 4,14,727.15 | 17.46% | 8.94% | 6.25% | -0.42% |
| Axis Bank | 3,80,461.78 | 20.59% | 34.58% | 6.73% | 3.06% |
(Source: Screener)
SBI Bank's market capitalisation was approximately ₹8,86,892.07 crore as of October 7, 2026, with a P/E ratio of around 10.5. Its reported three-year return was 17.1%, while its one-year return was 10.01%.
The table also reports a three-year sales variance of 19.94% and a three-year profit variance of 14.38% for SBI.
Cost of Funds Pressure
Interest rates and deposit pricing influence a bank's net interest margin. If deposit costs increase faster than income generated from loans, the margin may narrow. Higher costs associated with term deposits can also affect funding expenses.
Growth in NPAs
Non-performing assets (NPAs) arise when borrowers do not meet repayment obligations according to applicable classification rules. An increase in NPAs can affect a bank's profitability and provisions. Asset quality is therefore an important factor in evaluating banking performance.
Macroeconomic and Geopolitical Risks
SBI's domestic and international operations face macroeconomic conditions, interest-rate changes, and developments affecting trade and financial markets. These factors can influence credit demand, borrower repayment capacity and foreign institutional investment flows.
SBI recorded returns of 17.10% over three years and 10.01% over one year. The performance of the bank and the wider banking sector can be examined through financial results, valuation measures and changes in market conditions.
Over the last five years, SBI has reported changes in book value and revenue. Its total business has crossed ₹110 trillion, with deposits and advances above ₹60 trillion and ₹50 trillion, respectively, according to the source data.
State Bank of India reported a net profit of ₹21,121 crore in Q1 FY27, with a year-on-year (YoY) growth of 10.23%. Operating profit increased by 9.77% to ₹33,529 crore, alongside net interest income (NII) growth of 14.88% YoY.
The bank's reported return on assets (ROA) was 1.11%, while return on equity (ROE) was 17.87%. Whole-bank advances grew by 18.63% YoY, and domestic advances grew by 18.15% YoY. Domestic NIM increased by 7 basis points (bps) quarter-on-quarter (QoQ) to 3.00%, while whole-bank NIM increased by 5 bps QoQ to 2.86%.
SBI's brand, distribution network and range of financial services are relevant parts of its business profile. Their financial significance can be considered alongside operating costs, asset quality, deposit growth, profitability and capital adequacy.
In FY25, SBI's credit growth was reported at 12.03% YoY, with total advances of ₹42.21 lakh crore. SME credit grew by 16.86% YoY, alongside activity in agriculture credit.
Net interest income (NII) increased by 4.43% YoY to ₹1,66,965 crore. The reported NIM was 3.09% for the whole bank and 3.22% for domestic operations.
The source data also reports a gross NPA ratio of 1.82%, described as an increase of 42 bps YoY, and a net NPA ratio of 0.47%, described as a decrease of 10 bps YoY.
Credit growth reflects changes in the bank's lending activity. NIM represents the relationship between interest income and interest expenses, while slippages refer to loans newly classified as non-performing during a reporting period. These measures provide different information about lending, income generation and asset quality.
SBI Life Insurance operates in India's life insurance sector. Its business includes individual and group insurance products distributed through multiple channels, including the bancassurance network associated with SBI.
The source data lists a market capitalisation of ₹1,73,243 crore, a stock P/E ratio of 66.6 and a return on equity (ROE) of 15%.
SBI Life's business performance can be considered through measures such as new business premiums, product mix, distribution channels and profitability.
SBI Cards and Payment Services operates in the credit card sector. Its business includes issuing credit cards and providing related payment services.
The company operates in a market where unsecured credit growth, customer spending, delinquencies, funding costs and credit card margins can influence financial performance. HDFC Bank is another major participant in the credit card market.
SBI Mutual Fund operates in India's asset management sector and manages mutual fund schemes across different investment categories. The source data lists assets under management (AUM) of ₹13,16,223.67 crore, market capitalisation of ₹1,01,882 crore, ROE of 43% and a stock P/E ratio of 32.8.
Asset management businesses generate revenue primarily through fees associated with assets under management and the products they offer. AUM, fee rates, operating expenses, product mix and market movements can influence their financial performance.
SBI declared a dividend of ₹15.90 per share for FY24–25 and ₹17.35 per share for FY25–26. The source data states that the bank distributes roughly 20% of its net income to shareholders.
Dividend payments are a way for companies to distribute a portion of their profits to eligible shareholders. Dividend yield changes with both the dividend amount and the share price.
The source data also refers to changes in the public sector banking system, including a gross NPA ratio of 1.82%, annual net income above ₹70,901 crore and capital buffers associated with lending activity.
A re-rating refers to a change in the valuation multiple at which the market values a company. Changes in profitability, asset quality, capital requirements, interest rates and market expectations can influence valuation multiples.
The outlook for SBI Bank's share price can be considered in relation to book value growth, net interest margin, and valuation. Other factors include interest-rate movements, changes in margins and revenue, and broader economic conditions.
SBI Bank operates in a banking sector influenced by credit demand, deposit costs, interest rates and asset quality. Its financial results, valuation and business performance are among the factors relevant to understanding the stock.
Factors that may influence SBI's business performance include net interest margin, deposit growth, lending activity, total assets, fee income and operating efficiency.
Risks associated with SBI include an increase in NPAs, pressure on net interest margins, changes in funding costs, macroeconomic uncertainty and fluctuations in the banking sector.
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Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
