SBI Cards & Payment Services Ltd(SBICARD)

NSE: SBICARDBSE: 543066

₹ 538.05-1.28%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 51,203 crWebsite: www.sbicard.comUpdated: 27 Oct 2026

About

SBI Cards & Payment Services Ltd is India's second-largest credit card issuer, operating as a pure-play credit card NBFC. It held a spend market share of 19.5% per RBI June 2026 data, up from 18.1% in FY26. FY26 consolidated turnover was ₹20,707.62 crore, up 11.11% on the previous year.^[1][2]

Cards in force and market position

Cards in force reached 2.26 crore in Q1 FY27, up 7% YoY, with a cards-in-force market share of 18.6% as of March 2026, maintaining the second-largest credit card issuer position in India.^[3]
Net card addition of 4.84 lakh in Q1 FY27 was the highest in the industry per RBI June 2026 data.^[3]
New accounts added exceeded 1 million in Q1 FY27, up 17% YoY and 11% QoQ, after averaging 864K - 900K per quarter through FY26.^[3]

Spends and receivables

Total spends reached a record ₹1,18,475 crores in Q1 FY27, up 27% YoY; spend market share expanded to 19.5% from 18.1% in FY26 per RBI June 2026 data.^[3]
FY26 full-year spends were ₹4.3 trillion, up 29% YoY; retail spends reached a highest-ever ₹3.54 trillion for FY26, vs ₹3,08,779 crore in FY25.^[4][5]
Receivables stood at ₹58,269 crores in Q1 FY27, up 3% YoY and 2% QoQ; interest-earning assets were about 55% and revolver mix 22%.^[3]

Co-brand and product portfolio

BPCL SBI Card crossed 5 million cards in force in Q1 FY27, one of the largest fuel co-branded credit card partnerships in India.^[3]
Co-brand cards launched in Q2 FY26 include Flipkart SBI Card, PhonePe SBI Card (two variants) and IndiGo SBI Card (two variants); a new Flipkart co-brand card followed in Q1 FY27.^[6][3]
UPI spends on RuPay credit cards grew over 10% QoQ in Q4 FY26; Tier 2+ cities account for 77% of UPI-active cards in force and 81% of UPI spends.^[4]

Asset quality and credit cost

Gross credit cost improved 301 bps YoY and 116 bps QoQ to 6.5% in Q1 FY27, the lowest in the post-COVID recovery period.^[3]
GNPA fell to 2.04% in Q1 FY27, lowest since Q3 FY23, down 102 bps YoY; NNPA was 0.83% and Stage 2 was 3.57%, both at post-COVID lows.^[3]
Stage 2 balances fell ₹246 crores QoQ and ₹844 crores YoY in Q3 FY26, with the declining trend continuing through Q1 FY27.^[7]

Key operating metrics

NIM was 10.8% in Q1 FY27, down 41 bps YoY; portfolio yield was 16.0%, down 102 bps YoY; cost of funds was 6.5%, down 59 bps YoY.^[3]
The FY26 annual report states an average cost of funds of about 6.70%.^[2]
Capital adequacy ratio was 25.6% in Q1 FY27, up 242 bps YoY.^[3]
ROA reached 3.9% in Q1 FY27, up 51 bps YoY and 26 bps QoQ; the stated medium-term ROA target is 4 - 4.5%.^[3]
Cost-to-income ratio was 58.7% in Q1 FY27, up 846 bps YoY, partly from corporate spend pass-backs; FY27 guidance is 56 - 58%.^[3]

Distribution and relationship with SBI

Card acquisition is split about 50 - 55% through the SBI banking channel (Banca) and 45 - 50% through the open market on a long-term basis; the Q3 FY26 open market / Banca split was 56/44.^[4][7]
State Bank of India is a related party; the company uses SBI for banking services, cash management, transaction banking, fees and commissions, and borrowing facilities, and intends to continue.^[2]
Proposed FY27 transactions with SBI are about ₹28,000 crore, 135.22% of FY26 turnover, mostly borrowing and debenture limits of about ₹27,135 crore.^[2]

Instalment lending strategy

A double-digit percentage of monthly spends converts to instalment lending; app-based EMI conversion and credit limit rationalisation are levers to grow the EMI book.^[3]
Management is prioritising EMI growth via merchant and OEM tie-ups to offset a declining revolver mix, which stood at 22% in Q1 FY27.^[7]
A personal loan on credit card product is under internal evaluation and may be extended to new customers in future.^[3]

Near-term outlook and guidance

Receivables growth is expected to pick up from H2 FY27, driven by higher new card acquisitions from Q1 FY27 and festive season volumes in Q3 FY27.^[3]
Gross credit cost is expected to stay at about 6.5%, subject to any adverse impact from Middle East geopolitical developments.^[3]
NIM is expected to remain around 10.8%; FY26 full-year NIM was 11.2%, up 31 bps YoY.^[3]

Market Cap

₹51,203 Cr

High / Low

₹965 / 525

Stock P/E

19.9

Price / Book

3.0

Book Value

₹165

EPS

₹22.8

No. of Shares

95.16 Cr

ROE

14.7%

Debt / Equity

2.80

Sales

₹19,900 Cr

Net Profit

₹2,167 Cr

Promoter holding

68.9%

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