SBIN · NSE · Banking
State Bank of India, commonly known as SBI, is India’s largest public sector bank and one of the most important financial institutions in Asia.
Current price
₹954.90
▼ −₹2.10 (0.22%) today
ET&A View
Last reviewed 17 September 2026
ET&A sees significant upside from the current price with an attractive risk/reward profile.
State Bank of India has evolved from a traditionally discounted public-sector lender into one of India's strongest large banking franchises, supported by enormous scale, a dominant deposit base, improving digital capabilities and…
Business Health
Is the business financially healthy?
Yes — healthy
Revenue, earnings and profitability stand out.
Overall
Revenue
₹3.85tn · ↑ +9% last year
Earnings
₹862.1bn · ↑ +7% last year
Profitability
Earns 15% a year on shareholders' money
Capital strength
Its cushion against losses
Dividend
1.8% yield · Pays out 19% of earnings · covered 5.4×
Investor View
Open a section for the detail behind the quick view.
State Bank of India has evolved from a traditionally discounted public-sector lender into one of India's strongest large banking franchises, supported by enormous scale, a dominant deposit base, improving digital…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2026 | ₹3.82tn | +9.2% | — | ₹833.0bn | ₹91.16 | ₹297.3bn |
| FY2025 | ₹3.50tn | +8.0% | — | ₹775.6bn | ₹86.91 | ₹398.5bn |
| FY2024 | ₹3.24tn | +19.7% | — | ₹670.8bn | ₹75.17 | ₹174.6bn |
| FY2023 | ₹2.70tn | — | — | ₹556.5bn | ₹62.35 | −₹900.6bn |
Long-term growth investors
Also suits: Investors who want a mix of growth and stability
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare State Bank of India with any company → The model’s own peer calculations are in the Research View.
State Bank of India, commonly known as SBI, is India’s largest public sector bank and one of the most important financial institutions in Asia. The bank provides services across retail banking, corporate banking, wholesale banking, treasury, deposits, lending, cards, payments, wealth, digital banking, insurance, asset management, and international banking, serving individuals, SMEs, corporates, government entities, and institutional clients.
SBI’s strength comes from its scale, trusted domestic brand, vast branch network, large deposit base, and deep connection to India’s financial system. Its business is closely tied to household savings, consumer lending, mortgages, SME finance, corporate credit, government banking, digital payments, and the broader formalisation of India’s economy. This makes SBI a core banking platform for India’s long-term growth, with exposure to both domestic consumption and corporate investment.
Banking · India
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Thin margins · Soft
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (30% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 7.4 / 10 | Strong |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 7.9 / 10 | Strong |
| Profitability |
For banks and insurers ET&A judges profitability on return on equity (and cost ÷ income where known), not sales margins. | 8.1 / 10 | Strong |
| Capital strength | Needs equity and total assets to rate. For banks ET&A measures capital as equity ÷ assets, on its bank capital scale. | — | Not rated |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 4.6 / 10 | Average |
| Overall | Average of the 3 rated areas | 7.8 / 10 | Strong |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for State Bank of India yet.
Need deeper analysis on State Bank of India? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
Chinese electric cars are becoming cheaper, better and more popular in Britain. That is good news for consumers. It may be much less comfortable for Britain's car industry.
A. Francis Ugbabe · 6 October 2026 · 4 min read
The last era of globalisation was shaped by cheap labour. The next could be shaped by cheap electrons. As AI, semiconductors, electric vehicles and advanced manufacturing consume extraordinary amounts of power, the countries able to provide abundant, reliable and inexpensive electricity may acquire one of the most important economic advantages of the next decade.
A. Francis Ugbabe · 29 September 2026 · 14 min read
Africa’s largest IPO has captured the Nigerian public. The refinery is exceptional. The harder question is whether investors should buy it immediately.
A. Francis Ugbabe · 18 September 2026 · 19 min read