Nuvama sets INR 1,300 target for State Bank of India stock

Published on 10/09/2026 at 11:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q1 FY27 net interest income hit INR 469.92 billion, up 15.00 percent year over year. Nuvama sees more than 18 percent upside for State Bank of India stock.

Key points in brief

Nuvama retained a Buy view and set an INR 1,300 target after State Bank of India reported Q1 FY27 figures.
Q1 FY27 net interest income rose 15.00 percent year over year to INR 469.92 billion.
State Bank of India reported a 2.86 percent whole-bank net interest margin and a 0.38 percent net NPA ratio.
The NSE-listed bank had a market capitalization of INR 8.8 trillion as of October 9, 2026.

SBI, INE062A01020, Illustration mit AI erstellt.

State Bank of India (ISIN INE062A01020) had an INR 1,300 target from Nuvama after Q1 FY27 net interest income reached INR 469.92 billion, up 15.00 percent year over year. The Economic Times reported the target and the bank's first-quarter performance on October 9, 2026. For investors, the central issue is whether loan growth can support margins as the bank expands credit.

Q1 income and asset quality

State Bank of India reported standalone net profit of INR 211.21 billion in Q1 FY27, a 10.00 percent year-over-year increase, according to The Economic Times. Operating profit rose 10.00 percent year over year to INR 335.29 billion, while domestic net interest margin reached 3.00 percent.

The same Q1 FY27 report showed whole-bank net interest margin at 2.86 percent, up 5 basis points sequentially. Gross non-performing assets stood at 1.47 percent and net non-performing assets at 0.38 percent, giving the earnings story a second support beyond revenue growth.

What does the target imply?

DSIJ reported on August 8, 2026, that Prabhudas Lilladher retained a Buy recommendation and an INR 1,200 target. The broker cited Q1 FY27 net interest income of INR 469.92 billion, 14.40 percent higher year over year, and a 2.86 percent reported margin.

Nuvama's INR 1,300 target was paired with more than 18 percent upside in the Economic Times report. Nomura kept a Neutral view with an INR 1,160 target, while Morgan Stanley used an Equal Weight view with an INR 980 target, showing a wide spread in broker expectations.

Three dated SBI milestones

On August 8, 2026, DSIJ summarized the Q1 FY27 update, including INR 46,992 crore of net interest income and a 2.86 percent whole-bank margin. On September 15, 2026, Bsenexus listed an SBI Investor Day outcome among the bank's regulatory disclosures. On October 8, 2026, the same filing tracker showed SBI's market capitalization at INR 8,794.9 billion and a 52-week range of INR 861.30 to INR 1,234.70, placing the latest market context alongside the results.

Market level and upcoming dates

The NSE page identified State Bank of India as SBIN and assigned ISIN INE062A01020. Its quoted price was INR 940.40 on October 8, 2026 at 1:44 p.m. IST, down 1.43 percent, while the finance quote placed market capitalization at INR 8.8 trillion as of October 9, 2026. The bank's Q1 FY27 reporting date was August 7, 2026, and its investor-day disclosure was dated September 15, 2026.

State Bank of India therefore combines a 15.00 percent year-over-year increase in net interest income with a 2.86 percent margin and a 0.38 percent net NPA ratio. The main monitorable is the balance between credit expansion and the margin level that supports the INR 1,300 valuation case.

State Bank of India was last quoted at INR 940.40 on the NSE on October 8, 2026 at 1:44 p.m. IST. Market report BSE Sensex.