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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on credit card receivables, Fees and other card income. Spread-driven NBFC; interest income plus fee income, capital-light distribution through SBI branches and digital channels
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,677 | 13,667 | 16,968 | 18,072 | 19,900 |
| EBITDA (ex other income) | 2,724 | 4,223 | 5,509 | 5,341 | 5,313 |
| margin % | 25.5 | 30.9 | 32.5 | 29.6 | 26.7 |
| Owners' profit | 1,616 | 2,258 | 2,408 | 1,916 | 2,167 |
| EPS, as reported (₹) | 17.16 | 23.92 | 25.39 | 20.15 | 22.77 |
| ROE % · ROCE % | 20.8 · — | 23.0 · — | 19.9 · — | 13.9 · — | 13.8 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (4,391) | (6,671) | (5,452) | (2,140) | 493 |
| Capex | (100) | (93) | (74) | (56) | (34) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,421 | 4,619 | 4,674 | 4,877 | 4,961 | 5,127 | 4,935 | 5,041 |
| Profit before tax | 545 | 518 | 719 | 748 | 600 | 749 | 816 | 893 |
| Net profit | 404 | 383 | 534 | 556 | 445 | 557 | 609 | 664 |
| EPS (₹) | 4.25 | 4.03 | 5.62 | 5.84 | 4.67 | 5.85 | 6.40 | 6.98 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,43,552 | 31.7 | 5.50 | 11.6 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,42,019 | 18.1 | 3.67 | 6.7 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,57,446 | 27.2 | 5.17 | 6.9 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,54,110 | 28.2 | 3.27 | 6.5 | 10.4 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · SBICARD schedules investor and analyst meet with Jefferies on Sept 17 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Investor/analyst meet scheduled with Jefferies group on Sept 17 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · SBI Cards gets Crisil ESG rating of 71 under Leadership category | credit debt | medium | — | — |
| 8 Sept 2026 · SBI Cards to meet investors on September 15 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · SBI Cards ESG score rises to 80.2 from 79.7 in FY26, rated low risk | business updates | medium | — | — |
| 3 Sept 2026 · SBI Cards assigned ESG score of 66 by SEBI registered rating provider | business updates | medium | — | — |
| 2 Sept 2026 · SBI Cards holds one-on-one call with Bernstein on Sept 2, 2026 | investor communications | low | — | — |
| 1 Sept 2026 · SBI Cards meets analysts via Morgan Stanley group call | investor communications | low | — | — |
| 1 Sept 2026 · SBI Cards held investor meet with State Street on Sep 1, 2026 | investor communications | low | — | — |
| 31 Aug 2026 · AGM 2026 voting results: all 4 resolutions passed with over 99.99% majority | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| — |
| 75.8 |
| MUTHOOT FINANCE LIMITED | 1,12,094 | 9.9 | 2.82 | 3.9 | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD ◆ | 62,349 | 27.4 | 3.96 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 55,706 | 20.2 | 2.70 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,217 | 23.3 | 3.51 | 6.7 | 13.8 | — | — | 78.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.4 | 18.2 | 137 of 212 | 36% |
| P/B | 4.0 | 1.1 | 212 of 245 | 14% |
| ROE | 13.8 | 3.0 | 27 of 266 | 90% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| EBITDA margin | 33.1 | 48.6 | 144 of 249 | 42% |
| Revenue growth | 3.4 | 12.6 | 134 of 231 | 42% |
| Profit growth | 19.5 | 7.8 | 116 of 251 | 54% |
| Market cap | 62349 | 37 | 6 of 260 | 98% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
