SBICARD

SBI Cards share price & financials

Price
₹616.9
Market cap
₹62.6k Cr
Sector
Financial Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 24 Jul 2026

SBI Cards Q1 FY27

Total Revenue ₹5,205 cr +3%PAT ₹664 cr +20%NIM 10.8%

What went well

  • PAT grew 20% Y-o-Y to INR664 crores.
  • Total spends reached a highest-ever level of INR1,18,475 crores, growing 27% Y-o-Y.
  • Gross NPA reduced by 102 bps Y-o-Y to 2.04%.

What to watch

  • Geopolitical uncertainties (Middle East conflict) remain a watch item for potential impact on asset quality.
  • Cost of funds expected to trend higher in line with market rates.
Read the full call →

What SBI Cards does

SBI Cards and Payment Services Limited issues and manages credit cards across super-premium, core and co-branded categories, partnering with banks (including State Bank of India, Bank of Maharashtra, UCO Bank and PSB) and retail, travel and fuel brands such as Flipkart, Tata Neu, IndiGo, BPCL and IRCTC. It earns primarily through interest income on revolving card balances, fees and commissions on cardholder spends, and business development incentive and insurance commission income. Cards are sourced both through SBI's banking network and through open-market/direct acquisition channels. The company is majority-owned by State Bank of India and positions itself as the largest pure-play (non-bank) credit card issuer in the country.

Cards-in-force
2.18 crore (~21.8 million) as of Dec 2025
Market position
India's 2nd-largest credit card issuer overall and the largest pure-play (non-bank) credit card company
Market share
18.6% in cards-in-force and 18.1% in spends (FY26, industry data)
Credit card product portfolio
~28 distinct card products across super-premium, core and co-branded categories
Co-brand partner brands
12+ brand partnerships spanning banking (Bank of Maharashtra, UCO Bank, PSB, Karnataka Bank), retail (Flipkart, Tata Neu, Titan, Paytm, PhonePe) and travel/fuel (IndiGo, IRCTC, BPCL, KrisFlyer)
Card sourcing channels
Cards sourced via SBI's bank/branch network and through open-market (direct) acquisition channels
Founded 1998Headquarters Gurugram, Haryana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 4 delivered 1 missed 8 open
  • ROA on track said Q4 FY26 Promised: 4% to 4.5% of ROA in the medium term Q1 FY27: ROA improved to 3.9%. Management states this puts them 'on track to achieve our stated ROA guidance'.
  • Cost-to-Income Ratio delivered said Q4 FY25 Promised: 55% to 57% for FY26 Q4 FY26: Full year FY26 Cost-to-Income was 55.3%, within the guided range of 55-57%.
  • Receivable Growth missed said Q4 FY25 Promised: 12% to 14% for FY26 Q4 FY26: Final YoY receivables growth for FY26 was 2% (56,926 cr vs 55,840 cr). This is significantly below the original 12-14% and revised 10-12% guidance.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 3.4%, net profit up 19.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,421 4,619 4,674 4,877 4,961 +12%5,127 +11%4,934 +6%5,041 +3%
Net profit404 383 534 556 445 +10%557 +45%609 +14%664 +19%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −23.3% 1Y

₹600₹700₹800₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 24 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 27 Apr 2026Q1 FY27 — 24 Jul 2026

1Y: ₹854.4 on 10 Sept 2025 → ₹655.2. High ₹937.95 (20 Oct 2025), low ₹568.25 (11 Jun 2026).

How the price took the results

close before → close after

Q1 FY27
−0.5%
24 Jul
Q4 FY26
+0.1%
27 Apr
Q3 FY26
+1.5%
28 Jan
Q2 FY26
+0.0%
24 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.3% a year over 3 years, FY23 to FY26.

Year endingFY23FY24FY25FY26
Revenue₹13.7k Cr₹17.0k Cr₹18.1k Cr₹19.9k Cr
Interest₹1.6k Cr₹2.6k Cr₹3.2k Cr₹3.1k Cr
Depreciation₹164 Cr₹198 Cr₹146 Cr₹136 Cr
Net profit₹2.3k Cr₹2.4k Cr₹1.9k Cr₹2.2k Cr
Net margin16.5%14.2%10.6%10.9%
ROE26.0%22.0%15.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹941 Cr₹943 Cr₹946 Cr₹951 Cr₹952 Cr₹952 Cr
Reserves₹5.4k Cr₹6.8k Cr₹8.9k Cr₹11.1k Cr₹13.8k Cr₹14.8k Cr
Borrowings₹17.9k Cr₹23.0k Cr₹31.1k Cr₹39.9k Cr—₹44.1k Cr
Other liabilities₹2.8k Cr₹3.9k Cr₹4.6k Cr₹6.2k Cr₹5.8k Cr₹6.5k Cr
Total liabilities₹27.0k Cr₹34.6k Cr₹45.5k Cr₹58.2k Cr₹69.9k Cr₹66.3k Cr
Fixed assets₹308 Cr₹439 Cr₹551 Cr₹542 Cr₹277 Cr₹219 Cr
Capital work in progress₹10 Cr₹14 Cr₹23 Cr₹22 Cr₹0 Cr₹12 Cr
Investments₹958 Cr₹1.3k Cr₹2.1k Cr₹3.5k Cr₹5.9k Cr₹6.4k Cr
Other assets₹25.7k Cr₹32.9k Cr₹42.8k Cr₹54.1k Cr₹63.7k Cr₹59.7k Cr
Total assets₹27.0k Cr₹34.6k Cr₹45.5k Cr₹58.2k Cr₹69.9k Cr₹66.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −1.25 pp while DIIs added +0.63 pp. The shareholder count shrank 6% to 7,29,862.

Promoters
68.9%
FIIs
9.0%
DIIs
18.1%
Public
4.0%

Since Jun 2025

  • FIIs −1.25 pp
  • DIIs +0.63 pp
  • Public +0.34 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 68.9%, FIIs 9.1%, DIIs 17.3%, Public 4.7%.Dec '23: Promoters 68.8%, FIIs 9.3%, DIIs 16.3%, Public 5.6%.Mar '24: Promoters 68.6%, FIIs 8.6%, DIIs 16.7%, Public 6.1%.Jun '24: Promoters 68.6%, FIIs 8.7%, DIIs 16.5%, Public 6.1%.Sep '24: Promoters 68.6%, FIIs 9.2%, DIIs 16.8%, Public 5.5%.Dec '24: Promoters 68.6%, FIIs 9.5%, DIIs 16.5%, Public 5.4%.Mar '25: Promoters 68.6%, FIIs 9.9%, DIIs 17.2%, Public 4.3%.Jun '25: Promoters 68.6%, FIIs 10.2%, DIIs 17.5%, Public 3.7%.Sep '25: Promoters 68.6%, FIIs 10.1%, DIIs 17.8%, Public 3.6%.Dec '25: Promoters 68.6%, FIIs 10.1%, DIIs 17.8%, Public 3.4%.Mar '26: Promoters 68.9%, FIIs 9.5%, DIIs 18.1%, Public 3.4%.Jun '26: Promoters 68.9%, FIIs 9.0%, DIIs 18.1%, Public 4.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of SBI Cards above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
State Bank Of India Bank68.58%unchanged
ICICI Prudential Large & Mid Cap Fund Mutual fund7.09%newly disclosed
Life Insurance Corporation Of India - P & Gs Fund Insurer6.11%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund2.38%unchanged
Government Pension Fund Global Sovereign1.30%+0.11 pp
SBI Life Insurance Co. Ltd Insurer0.28%−0.06 pp
SBI Capital Markets Limited 0.00%unchanged
SBI-SG Global Securities Services Private Limited 0.00%unchanged
State Bank of India (UK) Limited 0.00%unchanged
Uttarakhand Gramin Bank 0.00%unchanged
State Bank of India (California) 0.00%unchanged
SBI Canada Bank 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SBICARD

Filings to Aug 2026

2 new, 9 added, 2 trimmed, 0 sold out — net +15.60 L shares (+5.7%).

Held by funds
₹1.9k Cr
18 schemes
Biggest holder
Nippon India Multi Cap Fund
₹422 Cr · 0.8% of that fund
SchemeHoldingLast month
Nippon India Multi Cap Fund Nippon India Mutual Fund₹422 Cr−22.00 L
Nippon India Focused Fund Nippon India Mutual Fund₹302 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹299 Crheld
Nippon India Banking & Financial Services Fund Nippon India Mutual Fund₹251 Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹199 Cr+10.80 L
SBI PSU Fund SBI Mutual Fund₹164 Crnew
HDFC Balanced Advantage Fund HDFC Mutual Fund₹124 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹63 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

9 added, 2 trimmed — net +15.60 L shares (+5.7%)

Funds are sitting on
-22%
vs est. average cost
Held by funds
₹1.9k Cr
18 schemes · ≈ 2.9% of the company
Biggest holder
Nippon India Multi Cap Fund
₹422 Cr · 0.8% of that fund
Longest holder
Nippon India Banking & Financial Services Fund
6y 2m · since Jul '20

Shares held by these funds −17%

Aug '23 2.74 cr shares Jul '26

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse SBI Cards

Guides on how to read this kind of business and the numbers that matter.