AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 30 Sep - SBI Cards joined Nuvama group analyst call on 30 September 2026.
Source: Bse
SBI Cards and Payment Services Limited (SBICARD)
Mid CapFinancial Services stocks · Mid cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result24 Jul, 09:53 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -10.8% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SBICARDD candles · FIT view-16.8%Latest close ₹557.95 on 2026-10-21
Bar
-1.7%
RSI
36
MACD hist
1.24
52W pos
2%
2026-10-21O ₹567.50H ₹571.15L ₹551.10C ₹557.95Vol 9.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SBICARDNifty Financial ServicesNifty 500
- SBICARD
- -13.5%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -7.0 pp
Chart stats
21 Oct 2026- From 52W high
- -42.2%
- 52W range position
- 2%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.04x
- Avg traded value
- ₹52.4 Cr
- 20D price channel
- ₹547.7 - ₹642.7
₹965
₹547.7 - ₹965
₹16.1
Latest completed session
20-session average
25.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average35
Revenue +3.4% · PAT +19.4% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+8.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 35/100Rev +3% YoY · PAT +19% YoY · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,041 Cr | +3.4% | +2.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹664 Cr | +19.4% | +9.0% |
| PAT margin | 13.2% | +177 bps | +83 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 23.70
- P/B
- 3.44
- EV/EBITDA
- 742.88
- Market Cap
- 53996.00Cr
Profitability
- ROE
- 14.70%
- ROCE
- 10.10%
- ROA
- 3.43%
- 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
- 1.04
- Book Value
- 165.00
Cash Flow
- FCF Yield
- 1.37%
- FCF Positive Y
- 1/5
- OCF
- 493.00 Cr
- EPS TTM
- 23.90
Shareholding
- Promoter Hold
- 68.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 5,041+2.2% vs prev
Net Profit
₹ CrLatest: 664+9.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.1% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish 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.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
-12.4%
3M return
-13.5%
6M return
-18.0%
1Y return
-38.8%
RS 1D
+1
RS 20D
-5
Sector rank
#10
Industry rank
#15
Stage evidence
- Price is 11.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 67.3-0.74%
RS vs Nifty 50067
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth12/25
Quality7/20
Balance Sheet0/15
Cash Flow2/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 12/25 to the score.
- Quality contributes 7/20 to the score.
- Cash flow contributes 2/10 to the score.
Main drags
- Altman Z is 1.0, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
23.7
PB
3.4
EV/EBITDA
742.9
ROE
14.7%
ROCE
10.1%
FCF Yield
1.4%
Debt/Equity
2.8
MoS
+8.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+8.4%
Previous: +6.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹297.87
-87.3% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹609.45
+8.4% MoS
PEG
1.39
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MOTILALOFS
Mid
Motilal Oswal Financial Services Limited
NBFC / Capital Markets / Insurance
match 130
26
32.4
15.5%
-89%
OVERVALUED
M&MFIN
Mid
Mahindra & Mahindra Financial Services Limited
NBFC / Capital Markets / Insurance
match 129
34
13.2
12.3%
+49%
WATCHLIST
LTF
Mid
L&T Finance Limited
NBFC / Capital Markets / Insurance
match 129
35
18.4
11.2%
+28%
WATCHLIST
SUNDARMFIN
Large
Sundaram Finance Limited
NBFC / Capital Markets / Insurance
match 124
29
20.8
15.0%
+31%
OVERVALUED
PIRAMALFIN
Small
Piramal Finance Limited
NBFC / Capital Markets / Insurance
match 124
19
24.3
0.9%
+5%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T07:55:13.113Z
Management commentary snapshot
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.
Current business mix
Receivables Mix by Type (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Transactor46.0%
Revolver22.0%
EMI32.0%
Growth engines
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.
Tailwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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%+.
Thesis monitor
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.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 35th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
109 docs text-extracted · 31 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Financial Services: 35th pctile, median 62 · Mid: 12th pctile, median 76
Evidence depth
Financial-only
109 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
48
watch · capital discipline
Results
82
strong · quarterly consistency
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 1.04.
- ▸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.
Continue researching SBI Cards and Payment Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Sep - Intimation of allotment of 685 Equity Shares pursuant to exercise of Employee Stock Options under the SBI Card-Employee Stock Option Plan 2023 (ESOP Plan 2023)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Aug - Disclosure under Regulation 30 and 47 of the SEBI (LODR) Regulations, 2015- Newspaper Publication relating to Notice of the 28th Annual General ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - Intimation of the Earnings Call with Analysts/Investors under Regulation 30 of SEBI (LODR) Regulations, 2015.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jun - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 26 May - Intimation of allotment of 3,905 Equity shares pursuant to exercise of Employee Stock Options under the SBI Card- Employee Stock Option Plan 2019 (ESOP Plan …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 May - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 May - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.