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SBICARD - SBI Cards

📊 NSE: SBICARD 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 12:56

📢 Recent Corporate Announcements

SBI Card Q4 FY26 PAT Rises 14% to ₹609 Cr; Asset Quality Improves as GNPA Drops to 2.41%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 May 2026, 07:53 PM

SBI Cards reported a steady Q4 FY26 with PAT growing 14% YoY to ₹609 crores, driven by a 31% surge in total spends reaching ₹1.15 trillion. Asset quality showed significant improvement as GNPA fell to 2.41% and credit costs moderated by 55 bps sequentially to 7.7%. Net Interest Margins (NIM) remained healthy at 11.1%, supported by a lower cost of funds at 6.4%. The company maintained its market position with an 18.6% share in cards-in-force and declared an interim dividend of ₹2.50 per share.

Full-year FY26 PAT reached ₹2,167 crores, marking a 13% YoY growth with total revenue at ₹20,708 crores.
Asset quality improved significantly with GNPA reducing by 46 bps QoQ to 2.41% and Stage 2 assets falling to ₹2,090 crores.
Total spends for Q4 grew 31% YoY to ₹1.15 trillion, while retail spends for FY26 hit a record ₹3.54 trillion.
Net Interest Margin (NIM) for FY26 improved by 31 bps YoY to 11.2%, aided by a 71 bps reduction in the annual cost of funds.
New account additions stood at 9.17 lakhs for Q4, with a sourcing mix of 54% from the open market and 46% from banca channels.

💡 Investors should take confidence in the improving asset quality and moderating credit costs, which have been primary concerns for the stock. The company's ability to maintain double-digit NIMs despite a calibrated acquisition strategy makes it a strong hold for long-term credit growth exposure.

SBI Cards Allots 5,138 Equity Shares Under ESOP Plans 2019 and 2023

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Apr 2026, 10:30 AM

SBI Cards and Payment Services Limited has approved the allotment of 5,138 equity shares to employees under its 2019 and 2023 ESOP schemes. The allotment includes 2,000 shares at an exercise price of Rs. 152.10 and 3,138 shares at a face value price of Rs. 10. This action has marginally increased the company's total paid-up equity capital to 95,16,05,389 shares. Given the small number of shares issued, the impact on earnings per share (EPS) and overall equity dilution is negligible.

Allotment of 5,138 equity shares of face value Rs. 10 each following ESOP exercise.
2,000 shares issued under ESOP Plan 2019 at an exercise price of Rs. 152.10 per share.
3,138 shares issued under ESOP Plan 2023 at an exercise price of Rs. 10.00 per share.
Total paid-up capital increased from Rs. 9,51,60,02,510 to Rs. 9,51,60,53,890.

💡 No action is required from investors as this is a routine administrative allotment with no material impact on the company's valuation.

SBI Cards Releases Q4 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 27 Apr 2026, 06:23 PM

SBI Cards and Payment Services Limited has officially released the audio recording of its Q4 FY26 earnings conference call held on April 27, 2026. The disclosure is made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, ensuring transparency for all stakeholders. The recording provides management's detailed commentary on the company's financial performance for the quarter and the full fiscal year. Investors can access the recording via the link provided on the company's official website to gain deeper insights into operational metrics and future guidance.

Audio recording of the Q4 FY26 earnings call is now available for public access.
The call was conducted on April 27, 2026, at approximately 04:30 PM IST.
Disclosure follows Regulation 30 and Schedule III Part A of SEBI (LODR) Regulations, 2015.
Management commentary covers financial results for the quarter and year ended March 31, 2026.

💡 Investors should listen to the recording to understand management's perspective on credit costs, net interest margins, and growth outlook for FY27.

SBI Card Q4 FY26 PAT Rises 14% to ₹609 Cr; Asset Quality Improves Significantly

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Apr 2026, 02:59 PM

SBI Cards reported a steady performance for Q4 FY26, with Profit After Tax (PAT) growing 14% YoY to ₹609 Cr and full-year PAT increasing 13% to ₹2,167 Cr. While new account additions slowed to 917K from 1,109K YoY, total spends surged by 31% YoY to ₹1,15,350 Cr, indicating higher usage intensity. Asset quality showed notable improvement, with Gross NPA dropping to 2.41% from 3.08% and Net NPA falling to 1.04%. The company also maintained a strong capital position with a CRAR of 25.5%.

Q4 FY26 PAT increased by 14% YoY to ₹609 Cr, while full-year FY26 PAT rose 13% to ₹2,167 Cr.
Card spends grew significantly by 31% YoY to ₹1,15,350 Cr in Q4, with market share in spends rising to 18.1% from 15.7%.
Asset quality improved with Gross NPA at 2.41% (vs 3.08% YoY) and Net NPA at 1.04% (vs 1.46% YoY).
Total Revenue for Q4 grew 7% YoY to ₹5,187 Cr, supported by a 13% increase in fee-based income.
Capital Adequacy Ratio remains robust at 25.5%, with Tier 1 capital at 20.0%.

💡 Investors should focus on the significant improvement in asset quality and the robust 31% growth in spends as signs of healthy credit demand. However, monitor the 22% rise in annual operating costs and the slight dip in market share for card-in-force (18.6% vs 19.0%).

SBI Card Q4 FY26 PAT Rises 14% to ₹609 Cr; Asset Quality Improves with GNPA at 2.41%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Apr 2026, 02:51 PM

SBI Cards and Payment Services reported a steady performance for FY26, with annual Profit After Tax (PAT) growing 13% YoY to ₹2,167 Cr. Total spends for the year surged by 29% to ₹4,30,359 Cr, although new account sourcing saw a 12% decline. Asset quality showed notable improvement as GNPA fell by 67 bps YoY to 2.41%, and credit costs moderated to 8.6%. The company maintained a healthy Return on Average Assets (ROAA) of 3.2% for the full year.

Full-year FY26 PAT increased by 13% YoY to ₹2,167 Cr, with Q4 FY26 PAT at ₹609 Cr (+14% YoY).
Total spends for FY26 grew by 29% to ₹4,30,359 Cr, while Cards-in-force reached 2.21 Cr (+6% YoY).
Asset quality improved significantly with GNPA at 2.41% (down 67 bps YoY) and NNPA at 1.04% (down 42 bps YoY).
Cost of Funds (COF) for Q4 FY26 declined to 6.4%, while Net Interest Margin (NIM) stood at 11.1%.
Capital Adequacy Ratio (CAR) remains robust at 25.5%, providing a strong cushion for future growth.

💡 Investors should take confidence in the significant improvement in asset quality and strong spend momentum. While new account sourcing has slowed, the focus on high-quality retail and corporate spends makes the company a strong play on Indian consumption.

SBI Cards Schedules Q4 FY26 Earnings Conference Call for April 27, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 22 Apr 2026, 04:40 PM

SBI Cards and Payment Services Limited has announced its earnings conference call for the fourth quarter and full year of FY26, scheduled for April 27, 2026, at 3:30 PM IST. This call is a standard procedure following the release of quarterly financial results to discuss performance with analysts and institutional investors. The management is expected to provide insights into the company's financial health, asset quality, and growth trajectory for the upcoming fiscal year. Investors can join via universal access numbers or pre-register using the provided Diamond Pass link.

Earnings conference call for Q4 FY26 scheduled for Monday, April 27, 2026, at 15:30 hrs IST.
Universal access dial-in numbers provided are +91 22 6280 1506 and +91 22 7115 8871.
International toll-free numbers available for major hubs including USA, UK, Singapore, and Hong Kong.
Diamond Pass registration link offered to participants to bypass the operator and join the call immediately.

💡 Investors should track the upcoming financial results and listen to the call for management's outlook on credit costs and spending growth. No immediate trading action is required based on this scheduling announcement.

SBI Cards Submits Routine SEBI Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 01:01 PM

SBI Cards and Payment Services Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing, dated April 8, 2026, pertains to the quarter ended March 31, 2026. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no requests for dematerialization of securities were received during this period. This is a standard procedural disclosure required by Indian stock exchanges.

Compliance certificate filed for the quarter ended March 31, 2026
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
Zero dematerialization requests were received by the company or RTA during the quarter
Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's financial performance or business strategy.

SBI Card Appoints Amit Batra as EVP & Chief Strategy Officer Effective July 2026

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 01 Apr 2026, 07:11 PM

SBI Cards and Payment Services has announced the appointment of Mr. Amit Batra as Executive Vice President & Chief Strategy Officer, effective July 01, 2026. Mr. Batra brings approximately 30 years of leadership experience in strategy, operations, and business transformation. He joins from TransUnion CIBIL India, where he served as Chief Operating Officer, and has prior experience with GE Capital and a previous stint at SBI Card. This appointment is aimed at strengthening the company's strategic planning and operational resilience.

Mr. Amit Batra appointed as EVP & Chief Strategy Officer with effect from July 01, 2026
Possesses approximately 30 years of experience in leadership roles across strategy, ESG, and operations
Previously served as Chief Operating Officer at TransUnion CIBIL India leading enterprise transformation
Alumnus of INSEAD and a Master Black Belt in Lean Six Sigma with past experience at GE Capital and SBI Card

💡 Investors should view this as a positive leadership reinforcement given Mr. Batra's deep background in credit bureau operations and strategy. No immediate action is required as the appointment is effective from July 2026.

SBI Cards to Close Trading Window from April 1, 2026 for Q4 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 04:06 PM

SBI Cards and Payment Services Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the company's financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons until 48 hours after the financial results are made public. This is a standard regulatory procedure to prevent insider trading during the finalization of price-sensitive financial data.

Trading window closure begins on April 1, 2026
Closure pertains to the financial results for the period ending March 31, 2026
Window to reopen 48 hours after the official declaration of financial results
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement with no direct impact on the company's valuation. Investors should monitor for the upcoming announcement of the specific date for the Q4 and FY26 earnings release.

SBI Cards Allots 5,530 Equity Shares Under ESOP Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Mar 2026, 12:28 PM

SBI Cards and Payment Services Limited has approved the allotment of 5,530 equity shares following the exercise of employee stock options. The allotment comprises 3,350 shares under the 2019 ESOP scheme at an exercise price of Rs. 152.10 and 2,180 shares under the 2023 scheme at Rs. 10. Consequently, the company's paid-up share capital has increased slightly to Rs. 951.60 crore. This is a routine administrative action with negligible impact on the overall shareholding structure.

Allotment of 5,530 equity shares of face value Rs. 10 each approved on March 22, 2026.
3,350 shares issued under ESOP Scheme 2019 at an exercise price of Rs. 152.10 per share.
2,180 shares issued under ESOP Scheme 2023 at an exercise price of Rs. 10 per share.
Total paid-up capital increased from 95,15,94,721 to 95,16,00,251 equity shares.
The dilution resulting from this allotment is extremely minimal at approximately 0.0006%.

💡 No action is required as this is a routine ESOP allotment. Investors should continue to monitor the company's quarterly earnings and credit card spending trends.

SBI Cards Participates in Group Call with 42 Institutional Investors Organized by Morgan Stanley

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Mar 2026, 06:34 PM

SBI Cards and Payment Services Limited conducted a group investor call on March 18, 2026, organized by Morgan Stanley. The meeting saw participation from 42 high-profile institutional investors, including Goldman Sachs, CPP Investment Board, and Franklin Templeton. The company confirmed that the interaction lasted approximately 49 minutes and focused on information already available in the public domain. This disclosure is part of the company's routine regulatory compliance regarding investor relations.

Group call held on March 18, 2026, from 1:30 PM to 2:19 PM in Gurugram.
A total of 42 institutional investors participated, including major global and domestic funds.
The event was organized by Morgan Stanley as part of an analyst/investor meet schedule.
Company stated that no unpublished price-sensitive information was shared during the session.

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should continue to monitor the company's quarterly performance and credit growth trends.

SBI Cards Schedules Group Investor Meeting with Morgan Stanley for March 18

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Mar 2026, 04:44 PM

SBI Cards and Payment Services Limited has announced a virtual group meeting with investors and analysts scheduled for March 18, 2026, at 02:30 PM. The session is being organized by Morgan Stanley and will involve representatives from the company interacting with institutional participants. The company has clarified that only information already available in the public domain will be shared during this interaction. This is a routine disclosure under SEBI Listing Obligations and Disclosure Requirements.

Group meeting with investors and analysts scheduled for March 18, 2026, at 02:30 PM
The interaction is organized by Morgan Stanley and will be conducted in virtual mode
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Company confirms that only publicly available information will be discussed during the call

💡 This is a routine investor relations event; no immediate action is required. Investors may look for any post-meeting transcripts if published to understand management's perspective on current market trends.

SBI Cards Conducts One-on-One Meetings with Major Global Investors in Singapore

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 04:57 PM

SBI Cards and Payment Services Limited held a series of one-on-one meetings with five major global institutional investors on March 10, 2026. The meetings, organized by JP Morgan in Singapore, included high-profile entities such as GIC Private Limited, Temasek Holdings, and Citadel Asset Management. The company stated that the discussions were based on information already available in the public domain. These interactions are part of the company's ongoing investor relations efforts to engage with significant international stakeholders.

One-on-one meetings conducted with 5 prominent global investment firms on March 10, 2026.
Participating investors included GIC Private Limited, Temasek Holdings, and Citadel Asset Management.
The event was organized by JP Morgan and took place in Singapore, concluding at 02:00 PM IST.
Company confirmed that only publicly available information was shared during the sessions.

💡 No immediate action is required as this is a routine regulatory disclosure of investor engagement. Investors should continue to monitor quarterly shareholding patterns for any significant shifts in institutional ownership.

SBI Cards Conducts Investor Meetings with 18 Global Institutional Firms in Singapore

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 04:53 PM

SBI Cards and Payment Services Limited held a series of one-on-one meetings with 18 major global institutional investors and analysts on March 9, 2026. The meetings, organized by JP Morgan, took place in Singapore and concluded at 2:00 PM IST. Participating firms included high-profile entities such as GIC Private Limited, HSBC Global Asset Management, and Allianz Global Investors. The company stated that only information already available in the public domain was shared during these sessions.

Meetings conducted with 18 prominent global institutional investors and analysts
Event organized by JP Morgan in Singapore on March 9, 2026
Key participants included GIC Private Limited, AIA Group, and Janus Henderson Investors
Company confirmed no unpublished price-sensitive information was shared during the interactions

💡 This is a routine disclosure of investor engagement; no immediate action is required as no new material information was disclosed. Investors should monitor for any future research notes or sentiment changes from the participating global institutions.

SBI Cards Declares Interim Dividend of Rs 2.50 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 06 Mar 2026, 07:05 PM

The Board of Directors of SBI Cards and Payment Services Limited has declared an interim dividend of Rs. 2.50 per equity share for the financial year 2025-26. This payout represents 25% of the face value of Rs. 10 per share. The company has established March 11, 2026, as the record date to identify eligible shareholders. Following new SEBI regulations, the dividend will be distributed solely through electronic modes, with no physical warrants or cheques being issued.

Interim dividend declared at Rs. 2.50 per equity share (25% of face value).
Record date for dividend entitlement is fixed as Wednesday, March 11, 2026.
Dividend payment will be strictly electronic as per SEBI Fifth Amendment Regulations, 2025.
Shareholders must update bank details with Depository Participants to receive funds.
The decision was finalized in the Board meeting held on March 05, 2026.

💡 Investors should ensure their bank account, PAN, and KYC details are updated with their DP by the record date to ensure seamless credit. The stock will likely trade ex-dividend shortly before March 11, 2026.

View All SBICARD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Revenue as a percentage of Average Total Assets (ATA) stood at 30.5% in Q2 FY26, up 32 bps YoY. Interest Income contributed 14.8% (down 38 bps YoY), Fees and Other Income contributed 14.7% (up 58 bps YoY), and Recoveries contributed 1.0% (up 13 bps YoY). Total income (net of finance cost) was INR 8,596 Cr for H1 FY26 compared to INR 15,459 Cr for the full year FY25.

Geographic Revenue Split

Not disclosed in available documents. The company operates as a national credit card issuer leveraging State Bank of India's (SBI) pan-India branch network.

Profitability Margins

Return on Average Assets (ROAA) was 2.6% in Q2 FY26, down 75 bps QoQ and 4 bps YoY. Return on Average Equity (ROAE) was 12.1% in Q2 FY26, down 363 bps QoQ and 37 bps YoY. Net profitability (RoA) for FY25 was 3.0%, a decline from 4.5% in FY24 due to higher credit costs and increased cost of funds.

EBITDA Margin

Earnings before Credit Costs stood at 11.3% of ATA in Q2 FY26, down 156 bps QoQ and 40 bps YoY. Profit After Tax (PAT) for Q2 FY26 was INR 445 Cr, up 10% YoY but down 20% QoQ from INR 556 Cr in Q1 FY26.

Capital Expenditure

Not disclosed in available documents; however, the company is making significant investments in digital customer onboarding and enhancing digital interfaces to mitigate social and operational risks.

Credit Rating & Borrowing

Maintains highest credit ratings (CRISIL AAA/Stable, ICRA AAA/Stable). Cost of funds for Q2 FY26 was 6.4%, down 71 bps YoY and 51 bps on a daily weighted average basis from 7.1% in Q1 FY26. Borrowing profile is dominated by bank borrowings at 83.4% as of June 30, 2025.

⚙️ Operational Drivers

Raw Materials

Not applicable as SBICARD is a financial services provider. The primary 'input' is capital/funding, with bank borrowings representing 83.4% of the funding base.

Import Sources

Not applicable. Funding is sourced domestically from banks (majority from parent SBI, which provides 45% of total borrowings) and capital markets.

Key Suppliers

State Bank of India (SBI) is the primary financial supporter, holding a 68.59% stake and providing 45% of total borrowings as of June 30, 2025.

Capacity Expansion

Cards-in-force (CIF) grew to 2.15 Cr in Q2 FY26, a 10% YoY increase. New accounts added in Q2 FY26 were 9.36 lakhs, up 4% YoY and 7% QoQ. Total spends reached a record INR 107,063 Cr in Q2 FY26, up 31% YoY.

Raw Material Costs

Finance costs stood at 4.5% of ATA in Q2 FY26, down 71 bps YoY. Total finance costs for H1 FY26 were 4.7%, a 50 bps YoY reduction due to repo rate cut benefits being absorbed.

Manufacturing Efficiency

Cost-to-income ratio was 56.8% in Q2 FY26, up 339 bps YoY and 649 bps QoQ, driven by higher festive campaign costs and corporate pass-backs.

Logistics & Distribution

Operating costs (including distribution and festive marketing) stood at 14.8% of ATA in Q2 FY26, up 143 bps YoY.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth is driven by leveraging SBI's vast customer base and branch network for card distribution (Banca channel). The company is focusing on 'quality acquisition' with a 50-50 split between Banca and open market. Expansion is also targeted through digital onboarding and festive campaigns to drive retail spends, which grew 17% YoY to INR 89,611 Cr in Q2 FY26.

Products & Services

Credit cards (Core Cards and Co-branded Cards), payment services, and unsecured retail loans (receivables).

Brand Portfolio

SBI Card, SBI Card ELITE, SBI Card PRIME, and various co-branded cards with partners in Travel, Fuel, and Retail segments.

New Products/Services

Focus on digital-native consumer products and co-branded cards. New accounts added (9.36 lakhs) contribute to the 10% YoY growth in CIF.

Market Expansion

Market share in CIF remained steady at 19% as of September 2025. Spend market share grew to 16.8% in FY26 (based on August 2025 RBI data).

Market Share & Ranking

Second-largest credit card issuer in India with a 19% market share in Cards-in-Force (CIF) and a top-three player by spends.

Strategic Alliances

Strong integration with parent SBI (68.59% stake). Co-branding alliances exist across Travel, Fuel, and Retail sectors with various partners.

🌍 External Factors

Industry Trends

The credit card industry is seeing faster growth in CIF; SBICARD's CIF grew 10% YoY. There is a significant shift toward digital platforms and 'transactor' behavior (higher volumes but lower interest yields).

Competitive Landscape

SBICARD is the #2 player. Competition is intense from other large private banks, but SBICARD maintains a 19% CIF market share.

Competitive Moat

Moat is built on the 'SBI' brand and the parent's massive distribution network. This provides a low-cost customer acquisition channel (Banca) and strong liquidity support (INR 10,350 Cr unutilised lines).

Macro Economic Sensitivity

Highly sensitive to systemic interest rates; a reduction in rates is expected to seep into the weighted average cost of funds by end-FY26, improving NIMs.

Consumer Behavior

Shift toward festive-driven spending and digital native preferences. Transactor volumes spike during Q2/Q3, impacting short-term yields but driving record spends (INR 1.07 Lakh Cr).

Geopolitical Risks

Low direct exposure; however, indirect risk exists if macroeconomic instability affects the repayment capacity of the unsecured individual borrower base.

⚖️ Regulatory & Governance

Industry Regulations

Regulated as an NBFC by the RBI. Subject to RBI norms on capital adequacy (CAR 22.5% vs 15% requirement) and asset classification (GNPA 2.85%).

Environmental Compliance

Direct environmental risk is not significant due to the service-oriented nature of the business.

Taxation Policy Impact

Effective tax rate was approximately 25% (PBT INR 600 Cr vs PAT INR 445 Cr in Q2 FY26).

Legal Contingencies

No specific pending court case values disclosed, but the company monitors risks related to data security and customer privacy to avoid regulatory censure.

⚠️ Risk Analysis

Key Uncertainties

Asset quality remains the primary uncertainty; 99.5% of the portfolio is unsecured. Net credit costs were elevated at 7.7% in Q2 FY26 and 8.2% in Q1 FY26.