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SBI Cards & Payment Services Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Midcap 150 · Nifty Financial Services · NIFTY Midcap 100 · Nifty 200 · NIFTY LargeMidcap 250 · Nifty MidSmallcap 400 · +2 more

₹553.00+2.97% today
Market cap
₹52,583 Cr
P/E
23.10
ROE
14.69%
PEG
-16.88
Price to sales
2.64
Debt to equity
2.80
52W high / low
₹902 / ₹525
Sales growth (5Y)
16.43%
EBITDA margin
26.78%
Net profit margin
10.89%
Promoter holding
68.86%
Sales (last year)
₹20,063 Cr

SBI Cards and Payment Services Limited is a non-deposit accepting systemically important nonbanking financial company registered with the RBI. The Company is engaged in issuing credit cards to consumers in India. It is headquartered in Gurgaon, Haryana. It is a subsidiary of India’s largest commercial bank, the State Bank of India. [1][2][3]

Guidance scorecard · Q2 FY27 call

What SBI Cards & Payment Services Ltd's management guided
and where it ranks in Finance

Revenue10–20%MarginsFlatCapexWhat management saidFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • SBI Cards expects sustainable, long-term growth driven by India’s strong macroeconomic fundamentals and rapid digital transformation.
  • Industry projected to grow consistently over the next decade with 121 million credit cards currently in circulation and significant expansion potential.
  • Focus on expanding credit card acquisitions, especially leading up to the festive season, which is expected to drive volume and revenue upticks.
  • Strategy emphasizes increasing the instalment lending (EMI) portfolio share from the current 33%, supported by partnerships with OEMs and payment gateways.
  • Retail spend growth is prioritized with new initiatives, hyper-personalization, and enhanced customer engagement increasing active user base.

2 more points from SBI Cards & Payment Services Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what SBI Cards & Payment Services Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

  • SBI Cards has made a significant tech investment last year focused on hyper-personalization, enhancing the ability to contact customers individually and offer tailored promotions.
  • The company continues to invest in digital capabilities to support sustained growth and customer-centric innovation.
  • The focus remains on maintaining disciplined execution and strengthening the market position through technology and analytics improvements.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what SBI Cards & Payment Services Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what SBI Cards & Payment Services Ltd said on the order book →

Full Q1 FY27 analysis
Full Finance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Finance
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does SBI Cards & Payment Services Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Finance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,632 Cr69.0
240%+Up 2%+₹458 Cr23.7
340%+Up 0–2%₹877 Cr29.8
440%+Flat₹40,658 Cr37.4
540%+Flat₹16,070 Cr70.5
640%+Flat₹13,546 Cr—

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Pro shows every company guiding 40%+ revenue growth →Full Finance ranking

Financials of SBI Cards & Payment Services Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

SBI Cards & Payment Services Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +68.75%68.63%68.62%68.61%68.60%68.60%68.59%68.59%68.58%68.92%68.86%68.86%
FIIs +9.35%8.59%8.72%9.18%9.52%9.88%10.23%10.10%10.14%9.54%8.98%7.12%
DIIs +16.27%16.68%16.54%16.76%16.47%17.22%17.50%17.76%17.84%18.12%18.13%20.18%
Public +5.62%6.09%6.11%5.46%5.41%4.30%3.68%3.56%3.42%3.42%4.02%3.82%
No. of Shareholders10,28,67310,36,63210,19,1179,48,9169,37,2708,47,6727,74,6427,50,7867,18,3427,05,5977,29,8627,17,215

Pros & Cons

SBI Cards & Payment Services Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 2.95 times its book value
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 11.1% of profits over last 3 years
Raw Insights
  • Stock is trading at 2.95 times its book value
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 11.1% of profits over last 3 years

Financials of SBI Cards & Payment Services Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +4,0874,6224,3484,3594,4214,6194,6744,8774,9615,1274,9345,0415,141
Interest605695724767788829795813760785714745787
Expenses +2,7603,2582,8112,8673,1733,3723,3203,4393,7423,7853,6253,5373,436
Financing Profit722668813725461419559625459557596759917
Financing Margin %18%14%19%17%10%9%12%13%9%11%12%15%18%
Other Income +134120127124135148158158176226253165161
Depreciation475152495049-2353534323133
Profit before tax8097388887995455187197486007498168931,046
Tax %26%26%25%26%26%26%26%26%26%26%25%26%26%
Net Profit +603549662594404383534556445557609664778
EPS in Rs6.375.786.976.254.254.035.615.844.675.856.406.988.17
Gross NPA %2.43%2.64%2.76%3.06%3.27%3.24%3.08%3.07%2.85%2.86%2.41%2.04%1.90%
Net NPA %0.89%0.96%0.99%1.11%1.19%1.18%1.46%1.42%1.29%1.28%1.04%0.83%0.77%

Financials of SBI Cards & Payment Services Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +1,8222,3923,3475,1957,0179,2819,30110,67913,67016,98618,07419,90120,243
Interest3784365287121,0091,3011,0431,0271,6482,5953,1783,0723,030
Expenses +1,2551,6172,3663,7154,8876,6187,2237,9539,44411,46012,73114,58714,384
Financing Profit1893394527691,1211,3621,0341,6992,5792,9312,1642,2432,828
Financing Margin %10%14%14%15%16%15%11%16%19%17%12%11%14%
Other Income +82100124175270471413622615498563806805
Depreciation1152455104123149164197147136129
Profit before tax2714385729191,3351,7301,3242,1723,0313,2322,5812,9133,504
Tax %1%35%35%35%35%28%26%26%25%25%26%26%
Net Profit +2672843736018651,2459851,6162,2582,4081,9162,1672,608
EPS in Rs3.403.624.757.6610.3313.2610.4717.1423.8725.3220.1422.7727.40
Dividend Payout %15%28%21%0%10%8%0%15%10%10%12%11%

Financials of SBI Cards & Payment Services Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital785785785785837939941943946951951952952
Reserves1813706641,5682,7514,4025,3626,8108,88411,13312,83014,77416,220
Borrowing4,6995,9288,26811,41313,54917,57317,89522,98231,11039,89144,94744,06447,850
Other Liabilities +5937971,0481,9203,0092,3932,8163,9134,6066,1966,8176,5396,080
Total Liabilities6,2577,88010,76515,68620,14625,30727,01334,64845,54658,17165,54666,32871,102
Fixed Assets +2224242196311308439551542320219238
CWIP0003520241014232210120
Investments0000119581,2972,1403,5196,2356,3747,980
Other Assets +6,2567,87810,74115,40919,92824,97125,73732,89842,83254,08858,98059,72362,885
Total Assets6,2577,88010,76515,68620,14625,30727,01334,64845,54658,17165,54666,32871,102

Financials of SBI Cards & Payment Services Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-879-1,158-2,235-2,891-2,327-4,063692-4,391-6,671-5,653-2,140493
Cash from Investing Activity +11-1128-76-77-997-538-921-1,255-2,491245
Cash from Financing Activity +1,0081,1412,2442,9532,8243,9234325,0457,8248,4014,687-1,172
Net Cash Flow130-179190422-2181271152321,49255-434
Free Cash Flow-879-1,158-2,236-2,931-2,423-4,141635-4,491-6,764-5,728-2,196459

Financials of SBI Cards & Payment Services Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %31%27%29%32%29%28%17%23%26%22%15%15%

Guidance history

How SBI Cards & Payment Services Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Flat———
Q3 FY26 call →10–20%Down 0–2%——Flat
Q2 FY26 call →10–20%Flat———

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

10out of 100

Momentum score · price trend

10 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,918 stocks
Last 12 months−37.2%12%
Last 6 months−14.9%28%
Last 3 months−16.9%22%

The price is 51.5% below its all-time high of ₹1,139.85 (8 Oct 2021). Stocks more than 20% below their peak have their score halved, so 20 became 10.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,918 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For SBI Cards & Payment Services Ltd: 0.4 × 12 + 0.4 × 28 + 0.2 × 22 = 20, halved to 10 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 4 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What SBI Cards & Payment Services Ltd's management said in earlier quarters

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