SBI Card stock reports Q1 profit growth as credit costs ease

Published on 10/05/2026 at 21:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SBI Card stock was last at INR 566 on October 5, 2026, as Q1 FY27 profit rose 19.5 percent year over year. Credit cost fell to 6.5 percent, but receivables growth stayed modest.

SBI Card, INE931S01010, Illustration mit AI erstellt.

SBI Card (ISIN INE931S01010) was last at INR 566 on the NSE on October 5, 2026, up 0.50 percent from INR 563.20. The latest Q1 FY27 figures show profit after tax rising 19.5 percent year over year to INR 664 crore, giving the stock a recovery story with a clear growth constraint.

Profit grows as credit costs ease

According to DSIJ in its July 24, 2026 results update, Q1 FY27 profit after tax increased 19.5 percent year over year and 9 percent quarter over quarter to INR 664 crore. Net interest income was INR 1,680 crore, flat on both comparison periods, while operating expenses rose 23.4 percent year over year to INR 2,620 crore.

The asset-quality trend was more supportive. Credit cost declined to 6.5 percent from 7.7 percent in Q4 FY26, gross nonperforming assets improved to 2.04 percent, and net nonperforming assets fell to 0.83 percent, according to DSIJ.

Receivables remain the key test

Cards in force increased 6.6 percent year over year and 2.3 percent quarter over quarter to 22.6 million in Q1 FY27. Total spends grew 27 percent year over year to INR 118,480 crore, but receivables increased only 2.4 percent quarter over quarter to INR 58,270 crore, keeping the balance between transaction growth and interest income at the center of the SBI Card case.

The same Q1 update showed the net interest margin easing by 30 basis points quarter over quarter to 10.8 percent. The transactor mix declined to 45 percent from 46 percent, while the revolver mix stayed at 22 percent, making receivables momentum and portfolio mix important measures for the next report.

Analysts keep a cautious stance

Motilal Oswal Financial Services retained a Neutral recommendation and set a INR 700 target in the July 24, 2026 update published by DSIJ. The target is 23.7 percent above the October 5 price of INR 566, while the broker valued the company at 18 times estimated FY28 earnings.

The Economic Times lists a Hold consensus from 24 analysts as of October 5, 2026, with 6 Strong Buy, 5 Buy, 6 Hold, 6 Sell and 1 Strong Sell rating. That distribution captures the central tension: credit costs are improving, but slower receivables and margin pressure still restrain the earnings outlook.

Stock stays near its yearly low

SBI Card's October 5 price of INR 566 was INR 5.85 above its 52-week low of INR 560.15 and INR 399 below its 52-week high of INR 965. The stock's market capitalization was INR 538.6 billion and trading volume was 778,374 shares on the NSE.