SBI CARDS & PAY SER LTD

Issues credit cards to Indian consumers under its own brand and through co-brand partnerships with BPCL, Tata Neu, Flipkart, Indigo, PhonePe and Google Pay, leveraging the State Bank of India branch network as a primary distribution channel. Earnings come from interest charged on revolving credit-card balances and from card-related fees such as membership, interchange, late-payment and other transaction charges. As of Q1 FY27, it had 2.26 crore cards in force, an 18.6% share of the Indian cards-in-force market and a 19.5% share of card spends, making it the country's largest pure-play credit card issuer. Cardholders put through ₹1,18,475 cr of spends in the quarter (+27% year-on-year), of which retail spends were ₹94,033 cr and 63% of retail spends were online. Receivables on the books stood at ₹58,269 cr; FY26 revenue was ₹19,899.63 cr and FY26 net profit ₹2,166.71 cr, with Q1 FY27 return on assets at 3.9%. Growth is being driven by new card additions of 9 lakh to 1 million per quarter, deeper penetration in tier-2 and tier-3 cities and the convergence of credit cards with UPI through RuPay. The biggest cost driver is the cost of funds on borrowings, with net interest margin at 10.8% in Q1 FY27, while impairment losses on customer defaults (gross credit cost of 6.5% in Q1 FY27) are the key swing factor on profits.