Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Oct
Source: Bse
State Bank of India (SBIN)
Large CapFinancial Services stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:08 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 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
40NeutralSMA20 -5.4% / mo · MACD +
Stock trend: 38
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SBIND candles · FIT view-11.6%Latest close ₹973.70 on 2026-10-19
Bar
+1.2%
RSI
50
MACD hist
3.82
52W pos
22%
2026-10-19O ₹962.60H ₹983.80L ₹960.70C ₹973.70Vol 1.5Cr 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
SBINNifty Financial ServicesNifty 500
- SBIN
- -8.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -2.6 pp
Chart stats
19 Oct 2026- From 52W high
- -21.1%
- 52W range position
- 30%
- ATR (14)
- 1.8%
- Volume vs 20D
- 1.71x
- Avg traded value
- ₹894 Cr
- 20D price channel
- ₹937.5 - ₹1,000.1
₹1,234.7
₹861.3 - ₹1,234.7
₹17.4
Latest completed session
20-session average
17.8% annualized volatility
Research snapshot
What the evidence says now
Investable 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 · UNDERVALUED62
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +8.4% · PAT +13.6% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model+59.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
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 · 45/100Rev +8% YoY · PAT +14% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,36,240 Cr | +8.4% | +3.9% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹25,121 Cr | +13.6% | +22.5% |
| PAT margin | 18.4% | +85 bps | +279 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.50
- P/B
- 1.42
- EV/EBITDA
- —
- Market Cap
- 881767.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 6.13%
- ROA
- 1.08%
- Dividend Y
- 1.82%
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
- 1.51
- Book Value
- 674.00
Cash Flow
- FCF Yield
- 5.37%
- FCF Positive Y
- 10/5
- OCF
- 38097.00 Cr
- EPS TTM
- 93.39
Shareholding
- Promoter Hold
- 55.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-90.0% vs prev
Net Profit
₹ CrLatest: 86.7k+7.6% vs prev
Return on Equity
%Latest: 14.5-12.0% vs prev
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
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 8% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
60
RS percentile
Stage 4 Downtrend
1M return
-2.3%
3M return
-8.1%
6M return
-11.7%
1Y return
+4.7%
RS 1D
+4
RS 20D
+6
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is 4.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 117.09+2.21%
RS vs Nifty 500117
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation21/30
Growth18/25
Quality8/20
Balance Sheet4/15
Cash Flow8/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
62
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
62/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 5.4%.
- Fair-value margin of safety is positive at 59.1%.
- Cash flow contributes 8/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
10.5
PB
1.4
EV/EBITDA
—
ROE
15.4%
ROCE
6.1%
FCF Yield
5.4%
Debt/Equity
0.1
MoS
+59.1%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
62
Previous: 62
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+59.1%
Previous: +59.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
62
62
62
63
62
62
62
62
62
62
62
62
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
₹1,190.07
+18.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,381.45
+59.1% MoS
PEG
0.44
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
UNIONBANK
Large
Union Bank of India
Banking
match 159
63
6.4
15.7%
+75%
UNDERVALUED
PNB
Large
Punjab National Bank
Banking
match 159
67
6.2
13.0%
+75%
UNDERVALUED
MAHABANK
Large
Bank of Maharashtra
Banking
match 159
64
8.5
22.6%
+68%
UNDERVALUED
IOB
Large
Indian Overseas Bank
Banking
match 159
64
10.1
15.6%
+61%
UNDERVALUED
UCOBANK
Large
UCO Bank
Banking
match 158
57
10.0
8.5%
+68%
FAIR VALUE
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 2026-06-03T15:42:17.622Z
Management commentary snapshot
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.
Current business mix
Share of Domestic Advances (Mar 2026)
Latest issuer-disclosed distribution across 4 reported categories.
Retail Personal41.4%
Corporate34.0%
SME14.6%
Agri10.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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%).
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
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
macro expectationnot yet verifiablequantified
The RBI projects India's real GDP growth at around 6.8% for FY26 and 6.6% for FY27.
Timeframe: FY26 and FY27Direction: growthConfidence: projects
"The RBI projects real GDP growth at around 6.8% for FY26 and 6.6% for FY27."
macro expectationnot yet verifiablequantified
Deposits and credit growth of scheduled commercial banks may remain in the range of 11-12% during FY26.
Timeframe: FY26Direction: remain in rangeConfidence: may remain
"deposits and credit growth of scheduled commercial banks may remain in the range of 11-12% during FY26"
revenue outlookpartially deliveredquantified
There is visibility of at least reaching 10% corporate credit growth in the next two quarters.
Timeframe: next two quartersDirection: reaching 10% growthConfidence: visibility of at least reaching
"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 outlooknot yet verifiable
Demand for credit is expected to continue in the second half of the fiscal year.
Timeframe: second halfDirection: continueConfidence: expect
"we expect demand for credit to continue in the second half"
project executionnot yet verifiable
The bank will shortly launch the next version of its YONO platform, YONO 2.0, as a leap forward in digital banking.
Timeframe: shortlyDirection: launchConfidence: will launch
"bank will shortly launch the next version of YONO platform - YONO 2.0"
revenue outlookpartially delivered
SBI is positioned to grow faster than the industry at its scale and to deliver higher Return on Equity (ROE) than the industry.
Timeframe: implicit futureDirection: faster growth, higher ROEConfidence: believe SBI is positioned
"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).
Trust Score
75Limited 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: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 78th percentile of the scored universe and 88th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
125 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Financial Services: 88th pctile, median 62 · Large: 59th pctile, median 73
Evidence depth
Financial-only
125 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/6 claims checked · 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
Can support position sizing if valuation and trend also agree.
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
89
strong · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
56
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 55.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.4%.
- ▸10 years of positive FCF.
Trust risks
- ▸Altman Z is 1.51.
- ▸ROCE is low at 6.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching State Bank of India
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 26 Sep - SBI held virtual investor interaction on 25 September 2026 with institutional investors and analysts.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Sep - SBI will meet multiple institutional investors virtually on 25 September 2026 through Citi group meeting.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 15 Sep - SBI held institutional investor interaction in Gurugram on 15 September 2026 via Jefferies.
Source: Bse
Investor presentation
Presentation: SBI Investor Day 15.09.2026 14 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 28 Aug - SBI held virtual institutional investor interactions on 27.08.2026 with multiple fund managers.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 21 Aug - SBI allotted 1,49,200 rights issue shares kept in abeyance after Delhi High Court case disposal.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Interaction with Institutional Investors organised by Motilal Oswal
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug - Newspaper publication of financial results for the quarter ended 30.06.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug - Newspaper Publication of Special Window for re-lodgement of transfer request
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.