SBI Cards and Payment Services Limited (SBICARD)
📢 Recent Corporate Announcements
SBI Cards and Payment Services Limited announced that Crisil ESG Ratings & Analytics Ltd. has assigned it an ESG rating of 'Crisil ESG 71'. This rating places the company in the 'Leadership' category based on data from fiscal 2026. The intimation is an administrative ESG update under Regulation 30 and has no direct financial or operational impact on earnings.
- Assigned rating of 'Crisil ESG 71' by Crisil ESG Ratings & Analytics Ltd.
- Categorized under the 'Leadership' band
- Evaluation based on data pertaining to fiscal 2026
- Intimated on September 09, 2026 following event date September 08, 2026
SBI Cards and Payment Services Limited announced a scheduled group meeting with investors and analysts on September 15, 2026, at 11:30 AM in Gurugram. The interaction is organized by Jefferies and will be conducted in-person. The company stated that only publicly available information will be shared during the meeting, with final investor lists to be disclosed post-event. This is a standard institutional interaction filing with no immediate material financial impact.
- In-person group investor meeting scheduled for September 15, 2026 at 11:30 AM
- Meeting organized by Jefferies to be held in Gurugram
- Company clarified that only information already in the public domain will be shared
SBI Cards and Payment Services Limited has disclosed its updated ESG assessment from SEBI-registered provider SES ESG Research Private Limited. The company received an adjusted ESG score of 80.2 out of 100 for FY 2025-26, reflecting a minor improvement of 0.5 points compared to 79.7 in FY 2024-25. The score was supported by improved environmental metrics (waste recovery and lower emissions) and governance enhancements, though tempered by social metrics such as customer complaints and workforce training coverage. No negative controversy adjustments were applied.
- Overall adjusted ESG score improved to 80.2 out of 100 for FY26 compared to 79.7 in FY25 (+0.5 YoY)
- Pillar-wise adjusted scores stood at 75.6 for Environment, 79.6 for Social, and 82.4 for Governance
- Core ESG score received 100 with reasonable assurance provided by SGS India Pvt. Ltd
- Zero material controversies reported across Environmental, Social, and Governance categories
SBI Cards and Payment Services Limited has been assigned an Environmental, Social, and Governance (ESG) score of 66 by ESG Risk Assessments & Insights Limited, a SEBI-registered ESG rating provider. The intimation was made on September 3, 2026, pursuant to SEBI LODR Regulation 30 requirements. This is a routine non-financial disclosure and carries no direct impact on the company's financial operations (TTM revenue of ₹20,712 Cr and PAT of ₹2,166 Cr).
- Assigned an ESG score of 66 by ESG Risk Assessments & Insights Limited
- Agency is a SEBI-registered ESG Rating Provider
- Rating intimation dated September 3, 2026 at approximately 04:24 PM
SBI Cards and Payment Services Limited disclosed that a one-on-one call with institutional investor Bernstein was conducted on September 2, 2026. The interaction took place in Gurugram between 5:00 PM and 6:00 PM IST. The company confirmed that only information already in the public domain was shared during the meeting.
- One-on-one analyst call held with Bernstein on 02.09.2026
- Meeting conducted in Gurugram between 05:00 PM and 06:00 PM IST
- Only publicly available information was discussed during the call
SBI Cards and Payment Services Limited participated in an institutional investor group call organized by Morgan Stanley on September 1, 2026. The 43-minute session included 30 institutional participants, such as Franklin Templeton, Citadel International Equities, and ICICI Prudential Mutual Fund. The company confirmed that only publicly available information was shared during the discussion.
- Group call held on September 1, 2026, from 05:05 PM to 05:48 PM
- Organized by Morgan Stanley with 30 institutional investor participants
- Company confirmed only public domain information was shared during the meet
SBI Cards and Payment Services Limited informed the exchanges that it conducted a one-on-one investor meeting with State Street Investment Management on September 1, 2026. The meeting took place at Gurugram between 12:00 Noon and 12:48 PM. The company stated that only information already available in the public domain was discussed during the interaction.
- Meeting conducted on September 1, 2026, between 12:00 Noon and 12:48 PM
- One-on-one interaction held with State Street Investment Management
- Only publicly available domain information was shared during the session
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
SBI Cards and Payment Services Limited concluded its 28th Annual General Meeting on August 31, 2026, with all ordinary resolutions passed by requisite majorities. Shareholders approved the adoption of FY26 financial statements, authorization to fix auditor remuneration for FY27, and confirmed an interim dividend of Rs 2.50 per share (25%). Additionally, material related party transactions with promoter State Bank of India were approved with 99.9991% votes in favour among voting non-promoter shares.
- All four ordinary resolutions passed with over 99.99% votes in favour
- Approval granted for material related party transactions with parent State Bank of India (237.98 Cr votes cast, 99.9991% in favour)
- Confirmation of Rs 2.50 per equity share (25% on face value of Rs 10) interim dividend for FY26
- Total shareholder count stood at 734,771 on the cut-off date of August 24, 2026
SBI Cards and Payment Services Limited held its 28th Annual General Meeting on August 31, 2026, transacting ordinary and special business items including the adoption of FY26 financial statements and approval of material related-party transactions with State Bank of India. The meeting confirmed an interim dividend of ₹2.50 per share (25%) for FY26. In the accompanying AGM presentation, the company highlighted FY26 total spends growth of 29% YoY to ₹4,30,359 Cr and PAT expansion of 13% YoY to ₹2,167 Cr, while GNPA improved by 67 bps to 2.41%.
- Confirmed payment of interim dividend of ₹2.50 (25%) per equity share of face value ₹10 for FY26
- FY26 total spends rose 29% YoY to ₹4,30,359 Cr compared to ₹3,33,480 Cr in FY25
- Asset quality showed improvement with GNPA reducing by 67 bps YoY to 2.41% in March 2026
- FY26 Total Income grew 11% YoY to ₹20,708 Cr, while PAT increased 13% YoY to ₹2,167 Cr
- New accounts sourced in FY26 stood at 3,590K, down 12% YoY from 4,092K in FY25
SBI Cards and Payment Services Limited announced the cancellation of a virtual group analyst/investor meeting that was scheduled for August 28, 2026, at 11:00 AM IST. The meeting was organized by Morgan Stanley and cancelled due to unavoidable circumstances. This is a routine administrative update with no operational or financial impact on the company.
- Cancellation of group analyst/investor meet scheduled on August 28, 2026
- Meeting was scheduled for 11:00 AM IST virtually from Gurugram
- The session was organized by Morgan Stanley and called off due to unavoidable circumstances
SBI Cards and Payment Services Limited has informed the exchanges about an upcoming investor and analyst interaction scheduled for September 1, 2026, at 05:00 PM IST. The group meeting will be conducted virtually from Gurugram and is organized by Morgan Stanley. The company stated that only information already available in the public domain will be discussed.
- Meeting date and time set for September 1, 2026, at 05:00 PM IST
- Interaction formatted as a virtual group call organized by Morgan Stanley
- Company confirmed only publicly available domain information will be shared
SBI Cards and Payment Services Limited has informed the exchanges of the cancellation of an analyst/investor meeting scheduled for August 25, 2026, at 05:00 PM IST. The in-person group meeting was organized by CITI Financial in Gurugram and has been called off due to unavoidable circumstances. This filing follows a prior scheduling intimation dated August 19, 2026. The announcement is purely administrative with no operational or financial impact.
- Cancelled group investor meeting scheduled for August 25, 2026 at 05:00 PM IST
- Meeting was scheduled as an in-person event organized by CITI Financial in Gurugram
- Update follows the previous intimation letter submitted on August 19, 2026
SBI Cards and Payment Services Limited has informed exchanges regarding an upcoming virtual investor/analyst interaction. The group meeting is organized by Morgan Stanley and is scheduled for August 28, 2026, at 11:00 AM IST. The company confirmed that only information already accessible in the public domain will be shared during the discussions.
- Group investor/analyst meet scheduled for August 28, 2026, at 11:00 AM IST
- Interaction organized by Morgan Stanley via virtual mode
- Company confirmed that only existing public domain information will be shared
SBI Cards and Payment Services Limited announced that its Nomination and Remuneration Committee approved the allotment of 606 equity shares of face value Rs 10 each under the ESOP Plan 2023 on August 24, 2026. The shares were allotted at an exercise price of Rs 10 per share. Following this allotment, the company's paid-up share capital increased marginally from Rs 9,51,64,24,920 (95,16,42,492 shares) to Rs 9,51,64,30,980 (95,16,43,098 shares). The equity dilution resulting from this allotment is negligible.
- Allotment of 606 equity shares of face value Rs 10 each under ESOP Plan 2023
- Options exercised at an exercise price of Rs 10 per share
- Total paid-up capital increased from Rs 9,51,64,24,920 to Rs 9,51,64,30,980
- Total issued equity shares rose to 95,16,43,098 from 95,16,42,492
SBI Cards and Payment Services Limited concluded a group investor meeting on August 21, 2026, organized by ICICI Securities in Gurugram. The participating institutional investors included Balyasny Asset Management, Dymon Asia Capital, and Millennium Partners. The company confirmed that only information already in the public domain was shared during the session. This is a routine post-meeting disclosure pursuant to SEBI Listing Regulations.
- Group meeting held on August 21, 2026, from 04:45 PM to 05:30 PM in Gurugram
- Organized by ICICI Securities with 3 institutional investor participants
- Participating funds: Balyasny Asset Management, Dymon Asia Capital, and Millennium Partners
- Company confirmed only publicly available information was discussed
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.
Geographic Concentration Risk
Pan-India operations through SBI's network; specific regional concentration percentages are not disclosed.
Third Party Dependencies
High dependency on SBI for branding, management (deputed senior employees), and 45% of total borrowings.
Technology Obsolescence Risk
Risk of being irrelevant to 'digitally native' consumers is being mitigated by investments in digital customer onboarding and brand evolution.
Credit & Counterparty Risk
Gross Stage 3 (GNPA) stood at 2.85% as of September 30, 2025, showing an improvement from 3.08% in March 2025. Net NPA (NNPA) was 1.29%.
