NSE: SBICARD · BSE: 543066
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) | — | — | — | — | — |
| Cash from operations | (4,391) | (6,671) | (5,452) | (2,140) | 493 |
| Capex | (100) | (93) | (74) | (56) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD ◆ | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.1 | 18.1 | 112 of 200 | 44% |
| P/B | 3.2 | 1.1 | 213 of 253 | 15% |
| ROE | 13.8 | 3.1 | 24 of 257 | 91% |
| 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 | 50202 | 34 | 6 of 268 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · SBI Card partners with Air India and Visa for co-branded card | compliance | low | — | — |
| 24 Oct 2026 · Q2 FY27: net profit up 75% to Rs 777.6 cr as revenue rises 3.6% | compliance | minimal | — | — |
| 23 Oct 2026 · SBI Card Q2 FY27 earnings call audio recording shared | investor communications | low | — | — |
| 23 Oct 2026 · ICRA reaffirms AAA Stable ratings; Rs 800 crore debenture rating withdrawn | credit debt | medium | — | — |
| 23 Oct 2026 · Q2 FY27 profit rises 75% as credit costs fall | compliance | low | — | — |
| 23 Oct 2026 · Q2 FY27 profit rises 75% as credit costs fall and asset quality improves | investor communications | medium | — | — |
| 23 Oct 2026 · SBI Cards Q2 PAT jumps 75% YoY to Rs 778 cr; NPA improves | results | high | — | — |
| 23 Oct 2026 · SBI Cards Q2 PAT up 75% YoY at Rs 778 Cr; H1 PAT at Rs 1,442 Cr | results | high | — | — |
| 19 Oct 2026 · SBI Cards Q2 FY27 earnings call scheduled on Oct 23, 2026 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 23 to consider Q2 and H1 FY27 results | results | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
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.