State Bank of India (SBIN) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: 85/100 (Exceptional)

Business Quality 53/100

ROE (Return on Equity): 15.4%

ROCE (Return on Capital): 6.1%

Explain Methodology →

Financial Health 99/100

Debt to Equity: 0.00x

Solvency Runway: High (Interest Coverage > 8x)

Explain Methodology →

Growth Trajectory 84/100

Annual Revenue Growth: 16.4% YoY

Net Profit Growth: 21.8% YoY

Explain Methodology →

Profitability & Margins 89/100

Operating Margin (OPM): 28.5%

Net Profit Margin: 16.5%

Explain Methodology →

Cash Flow Quality 95/100

Free Cash Flow (FCF): Cash Accretive

CFO to EBITDA Conversion: > 75% Conversion Rate

Explain Methodology →

Valuation Attractiveness 94/100

Stock P/E Multiple: 10.5x

Price to Book (P/B): 1.4x

Explain Methodology →

Price & Trend Momentum 73/100

14-Day RSI: 58.4 (Neutral/Bullish)

DMA Alignment: Trading Above 50 & 200 DMA

Explain Methodology →

Governance & Risk 85/100

Promoter Pledge: 0.0% (Clean)

Statutory Auditor Opinion: Unqualified / Clean Pass

Explain Methodology →

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.84%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 10.8%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 15.4%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,024.06

200-Day DMA ● Overlay

₹949.77

14-Day RSI ● Overlay

58.4 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹8.81 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

10.5x

Price / EPS

Book Value (₹) Assets

₹674.0

P/B: 1.4x

ROE (%) Quality

15.4%

Net Profit / Equity

ROCE (%) Efficiency

6.1%

EBIT / Capital

Dividend Yield Yield

1.82%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹90.87

Trailing 12M

OPM (%) Spread

28.5%

EBITDA Margin

Free Cash Flow Cash

₹29,734 Cr

CFO - Capex

About State Bank of India

Website →

State Bank of India is a Fortune 500 public sector banking and financial services statutory body with over 200 years of heritage and a 25% domestic market share.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 20.5% × Turnover: 0.85x × Leverage: 1x = ROE: 15.4%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Delivers solid shareholder returns with an ROE of 15.4%.

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹4.43 Lakh Cr

Latest PAT

₹89,665 Cr

EPS (TTM)

₹90.87

OPM %

28.5%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Operating Profit (EBITDA)	-₹49,080 Cr	-₹59,365 Cr	-₹62,635 Cr	-₹65,418 Cr	-₹53,996 Cr	-₹62,709 Cr	-₹64,890 Cr	-₹74,438 Cr	-₹59,496 Cr	-₹72,265 Cr	-₹76,799 Cr	-₹75,050 Cr	-₹64,930 Cr
OPM %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest Expense	₹58,045 Cr	₹62,955 Cr	₹68,092 Cr	₹70,644 Cr	₹71,701 Cr	₹73,619 Cr	₹77,397 Cr	₹78,227 Cr	₹78,266 Cr	₹78,002 Cr	₹78,783 Cr	₹79,953 Cr	₹82,248 Cr
Depreciation	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Profit before Tax (PBT)	₹25,208 Cr	₹21,936 Cr	₹15,245 Cr	₹28,852 Cr	₹26,428 Cr	₹27,474 Cr	₹25,566 Cr	₹26,897 Cr	₹29,229 Cr	₹28,657 Cr	₹30,067 Cr	₹26,076 Cr	₹32,884 Cr
Net Profit (PAT)	₹19,094 Cr	₹16,648 Cr	₹11,598 Cr	₹22,203 Cr	₹20,094 Cr	₹20,565 Cr	₹19,484 Cr	₹20,379 Cr	₹22,121 Cr	₹21,861 Cr	₹22,176 Cr	₹20,508 Cr	₹25,121 Cr
EPS in ₹	₹20.77	₹18.04	₹12.40	₹23.96	₹21.65	₹22.17	₹21.12	₹21.96	₹23.76	₹22.90	₹23.09	₹21.28	₹26.12

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Expenses	₹96,675 Cr	₹1.10 Lakh Cr	₹1.46 Lakh Cr	₹1.69 Lakh Cr	₹1.66 Lakh Cr	₹1.73 Lakh Cr	₹1.93 Lakh Cr	₹1.97 Lakh Cr	₹2.04 Lakh Cr	₹2.40 Lakh Cr	₹2.52 Lakh Cr	₹2.79 Lakh Cr	₹2.89 Lakh Cr
Operating Profit	-₹96,675 Cr	-₹1.10 Lakh Cr	-₹1.46 Lakh Cr	-₹1.69 Lakh Cr	-₹1.66 Lakh Cr	-₹1.73 Lakh Cr	-₹1.93 Lakh Cr	-₹1.97 Lakh Cr	-₹2.04 Lakh Cr	-₹2.40 Lakh Cr	-₹2.52 Lakh Cr	-₹2.79 Lakh Cr	-₹2.89 Lakh Cr
OPM %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Interest	₹1.33 Lakh Cr	₹1.43 Lakh Cr	₹1.49 Lakh Cr	₹1.47 Lakh Cr	₹1.56 Lakh Cr	₹1.61 Lakh Cr	₹1.56 Lakh Cr	₹1.56 Lakh Cr	₹1.90 Lakh Cr	₹2.60 Lakh Cr	₹3.01 Lakh Cr	₹3.15 Lakh Cr	₹3.19 Lakh Cr
Depreciation	₹1,581 Cr	₹2,252 Cr	₹2,915 Cr	₹3,105 Cr	₹3,496 Cr	₹3,662 Cr	₹3,711 Cr	₹3,691 Cr	₹3,696 Cr	₹3,849 Cr	₹3,991 Cr	₹4,830 Cr	₹0 Cr
Profit before Tax	₹25,855 Cr	₹18,177 Cr	₹945.00 Cr	-₹12,245 Cr	₹5,220 Cr	₹30,317 Cr	₹32,796 Cr	₹49,739 Cr	₹75,399 Cr	₹91,240 Cr	₹1.06 Lakh Cr	₹1.14 Lakh Cr	₹1.18 Lakh Cr
Net Profit	₹17,832 Cr	₹13,019 Cr	-₹97.00 Cr	-₹3,749 Cr	₹3,351 Cr	₹21,140 Cr	₹23,888 Cr	₹37,183 Cr	₹57,750 Cr	₹69,543 Cr	₹80,523 Cr	₹86,666 Cr	₹89,665 Cr
EPS in Rs	22.76	15.75	0.30	-5.11	2.58	22.15	25.11	39.64	62.35	75.17	86.91	90.24	93.39

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹747.00 Cr	₹776.00 Cr	₹797.00 Cr	₹892.00 Cr	₹892.00 Cr	₹892.00 Cr	₹892.00 Cr	₹892.00 Cr	₹892.00 Cr	₹892.00 Cr	₹892.00 Cr	₹923.00 Cr
Reserves & Surplus	₹1.61 Lakh Cr	₹1.80 Lakh Cr	₹2.16 Lakh Cr	₹2.29 Lakh Cr	₹2.34 Lakh Cr	₹2.50 Lakh Cr	₹2.75 Lakh Cr	₹3.05 Lakh Cr	₹3.58 Lakh Cr	₹4.14 Lakh Cr	₹4.86 Lakh Cr	₹5.95 Lakh Cr
Borrowings (Debt)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Total Liabilities	₹26.99 Lakh Cr	₹30.72 Lakh Cr	₹34.42 Lakh Cr	₹36.16 Lakh Cr	₹38.88 Lakh Cr	₹41.97 Lakh Cr	₹48.46 Lakh Cr	₹53.61 Lakh Cr	₹59.54 Lakh Cr	₹67.34 Lakh Cr	₹73.14 Lakh Cr	₹83.21 Lakh Cr
Fixed Assets	₹12,924 Cr	₹15,415 Cr	₹51,189 Cr	₹42,035 Cr	₹39,941 Cr	₹39,608 Cr	₹41,600 Cr	₹41,032 Cr	₹45,880 Cr	₹46,072 Cr	₹47,716 Cr	₹59,772 Cr
Total Assets	₹26.99 Lakh Cr	₹30.72 Lakh Cr	₹34.42 Lakh Cr	₹36.16 Lakh Cr	₹38.88 Lakh Cr	₹41.97 Lakh Cr	₹48.46 Lakh Cr	₹53.61 Lakh Cr	₹59.54 Lakh Cr	₹67.34 Lakh Cr	₹73.14 Lakh Cr	₹83.21 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹26,297 Cr	₹14,477 Cr	₹77,406 Cr	-₹96,508 Cr	₹29,556 Cr	₹23,929 Cr	₹89,919 Cr	₹57,695 Cr	-₹86,014 Cr	₹21,632 Cr	₹45,484 Cr	₹38,097 Cr
Cash from Investing (CFI)	-₹3,424 Cr	-₹2,747 Cr	-₹4,572 Cr	₹13,053 Cr	₹220.00 Cr	-₹555.00 Cr	-₹3,670 Cr	-₹2,652 Cr	-₹966.00 Cr	-₹3,476 Cr	-₹3,387 Cr	₹9,240 Cr
Cash from Financing (CFF)	-₹1,553 Cr	₹4,348 Cr	-₹4,196 Cr	₹5,547 Cr	₹448.00 Cr	₹5,430 Cr	₹7,143 Cr	-₹3,845 Cr	₹6,386 Cr	-₹9,896 Cr	-₹10,737 Cr	-₹3,427 Cr
Free Cash Flow (FCF)	₹22,848 Cr	₹10,701 Cr	₹72,982 Cr	-₹89,906 Cr	₹26,550 Cr	₹20,864 Cr	₹86,091 Cr	₹54,644 Cr	-₹86,014 Cr	₹17,457 Cr	₹39,847 Cr	₹29,734 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	30	30	30	30	30	30	30	30	30	30	30	30
Inventory Days	45	45	45	45	45	45	45	45	45	45	45	45
Cash Conversion Cycle (Days)	25	25	25	25	25	25	25	25	25	25	25	25
ROCE %	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%	6.13%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹1,387.83 • Undervalued (Margin of Safety)

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,061.20

DCF Fair Value

₹1,387.83

Graham Number

₹1,173.90

Margin of Safety

+21.7%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹1,387.83

Undervalued (Margin of Safety) (Margin: +21.7%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹1,351	₹1,338	₹1,326	₹1,314
10%	₹1,376	₹1,363	₹1,351	₹1,339
12%	₹1,401	₹1,388	₹1,375	₹1,363
14%	₹1,426	₹1,413	₹1,400	₹1,387

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹1,388	Undervalued
Benjamin Graham Number	₹1,174	Margin of Safety
Historical Sector P/E	₹1,999	Discounted
EV / EBITDA Multiplier	₹1,114	In-Line
Free Cash Flow Yield Model	₹1,040	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

5.71 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 28.5%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

55.47%

FIIs (Foreign)

10.81%

DIIs (Domestic)

26.52%

Government

0.15%

Public / Retail

7.06%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	57.49%	57.49%	57.54%	57.54%	57.51%	57.43%	57.43%	57.42%	55.50%	55.50%	55.52%	55.47%
+ FIIs (Foreign Portfolio)	10.72%	10.91%	11.09%	11.15%	10.71%	10.27%	9.94%	9.33%	9.57%	10.34%	11.41%	10.81%
+ DIIs (Mutual Funds / Insurance)	24.36%	24.15%	23.96%	23.61%	23.96%	24.79%	24.92%	25.54%	27.65%	27.04%	26.11%	26.52%
+ Public (Retail & HNIs)	7.41%	7.40%	7.37%	7.67%	7.67%	7.35%	7.54%	7.56%	7.13%	6.97%	6.81%	7.06%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Financial Services.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

SBIN Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

SBIN Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

SBIN Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,358.34

Accelerated market share capture in Financial Services, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,188.54

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 11x P/E.

🐻 Bear Case (15%) -12.0%

₹933.86

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Financial Services)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:54 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ State Bank of India (SBIN)	Target Stock	₹1,061.20	+1.84%	10.5x	15.4%	6.1%	0.00	₹8.81 Lakh Cr
HDFC Bank Ltd (HDFCBANK)	Private Sector Bank	₹806.60	+1.06%	14.1x	13.6%	7.0%	0.00	₹11.12 Lakh Cr
ICICI Bank Ltd (ICICIBANK)	Private Sector Bank	₹1,571.60	-1.10%	16.8x	15.9%	7.2%	0.00	₹9.41 Lakh Cr
Bajaj Finance Ltd (BAJFINANCE)	Non-Banking Financial Company (NBFC)	₹1,078.80	+1.31%	28.8x	18.2%	10.9%	0.00	₹5.90 Lakh Cr
Kotak Mahindra Bank Ltd (KOTAKBANK)	Private Sector Bank	₹487.70	+1.71%	20.7x	11.4%	7.0%	0.00	₹4.14 Lakh Cr
Axis Bank Ltd (AXISBANK)	Private Sector Bank	₹1,336.40	+1.96%	13.6x	13.1%	6.2%	0.00	₹3.79 Lakh Cr
Bajaj Finserv Ltd (BAJAJFINSV)	Sector Peer	₹1,845.00	+0.44%	27.0x	13.2%	10.6%	5.52	₹2.78 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:54:26 IST	✓ Live Sync
Financial Statements (10Y)	State Bank of India Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

State Bank of India

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About State Bank of India

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Financial Services)

Metric Explainer

Stock DNA Methodology

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