SBI Cards & Payment Services Ltd Share Price – NSE  / BSE

Finance, Small Cap

The ratings factor in continued support from majority shareholder, State Bank of India (SBI), on ongoing basis as well as in the event of distress. Majority ownership and shared brand imply a strong moral obligation on SBI to continue supporting SBI Cards in meeting debt obligation in a timely manner.

The standalone credit risk profile of SBI Cards is supported by its steady market position. The company is the second-largest player in the credit card industry with 2.15 crore cards-in-force (CIF), and market share of 19.0% as on 30 September 2025.

As far as profitability is concerned, while it has remained above average, has witnessed moderation during fiscal 2025 owing to decline in net interest margins (NIM), fee income and elevation in credit costs.

During fiscal 2025, company?s return on assets (RoA) declined to 3.0% as against 4.6% during fiscal 2024. Further during first half of fiscal 2026, the RoA stood at 3.0% (on an annualised basis). Despite profitability remaining above average, it remains susceptible to asset quality challenges owing to unsecured nature of asset class.

In terms of asset quality, the company?s gross non-performing assets (GNPAs) continued to show increasing trajectory during last 4-6 quarters in accordance with the industry dynamics.

As on September 30, 2025, company?s gross NPAs stood at 2.85% which were at 3.08% as on March 31, 2025 and 2.76% as of March 31, 2024. The increase in NPAs mainly driven by increase in delinquencies across overdue buckets.

Hence, company?s ability to keep strong check on its collections and recoveries thereby managing its overall portfolio quality, especially in light of risks inherent in the credit card business, will remain a key monitorable.

SBI Cards is the second-largest player (by CIF) in the credit card business with 2.15 crore CIF and market share of 19% as on 30 September 2025. Spend for fiscal 2025 was Rs 333,480 crore, compared with Rs 329,589 crore in fiscal 2024. Networth stood at Rs 13,782 crore as on 31 March 2025.

The company's profit after tax (PAT) was Rs 1,916 crore on total income (net of finance cost) of Rs 15,459 crore in fiscal 2025, as against Rs 2,408 crore on Rs 14,888 crore, respectively, in fiscal 2024.

The scrip fell 1.55% to currently trade at Rs 875.20 on the BSE.

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SBI Cards & Payment Services has received affirmation in credit ratings from CRISIL as under:

Total bank loan facilities rated - Rs 62,000 crore
Long term rating - Crisil AAA/ Stable (Reaffirmed)
Short term rating - Crisil A1+ (Reaffirmed)

Rs 34000 crore Commercial Paper - Crisil A1+ (Reaffirmed)

Lower Tier II Bonds aggregating Rs 5300.2 crore - Crisil AAA/ Stable (Reaffirmed)

Non Convertible Debentures of Rs 8550 crore - Crisil AAA/ Stable (Reaffirmed)

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Honasa Consumer Ltd, Mankind Pharma Ltd, Pfizer Ltd, Ramkrishna Forgings Ltd are among the other stocks to see a surge in volumes on BSE today, 13 November 2025.

SBI Cards & Payment Services Ltd clocked volume of 20.71 lakh shares by 10:46 IST on BSE, a 97.6 times surge over two-week average daily volume of 21217 shares. The stock gained 0.44% to Rs.874.00. Volumes stood at 8364 shares in the last session.

Honasa Consumer Ltd registered volume of 4.81 lakh shares by 10:46 IST on BSE, a 18.17 fold spurt over two-week average daily volume of 26452 shares. The stock rose 4.38% to Rs.294.30. Volumes stood at 69104 shares in the last session.

Mankind Pharma Ltd witnessed volume of 10.07 lakh shares by 10:46 IST on BSE, a 17.3 times surge over two-week average daily volume of 58232 shares. The stock dropped 0.25% to Rs.2,267.50. Volumes stood at 1.29 lakh shares in the last session.

Pfizer Ltd witnessed volume of 8204 shares by 10:46 IST on BSE, a 14.41 times surge over two-week average daily volume of 569 shares. The stock increased 2.19% to Rs.5,129.75. Volumes stood at 477 shares in the last session.

Ramkrishna Forgings Ltd recorded volume of 2.49 lakh shares by 10:46 IST on BSE, a 12.94 times surge over two-week average daily volume of 19226 shares. The stock gained 6.55% to Rs.574.00. Volumes stood at 24362 shares in the last session.

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Total revenue from operations stood at Rs 4,960.98 crore in the second quarter of FY26, up 12.21% year on year.

Profit before tax in Q2 FY26 stood at Rs 599.77 crore, up by 10% from Rs 545.21 crore in Q2 FY25.

Total income increased by 13% to Rs 5,136 crore in Q2 FY26, compared to Rs 4,556 crore in Q2 FY25. This growth was primarily driven by a 9% rise in interest income to Rs 2,490 crore from Rs 2,290 crore, and a 16% increase in fee and commission income to Rs 2,471 crore from Rs 2,131 Cr during the same period. Additionally, finance costs declined by 4% to Rs 760 crore in Q2 FY26, as against Rs 788 crore in Q2 FY25, mainly due to a lower cost of borrowings.

Total operating costs increased by 24% to Rs 2,484 crore in Q2 FY26 from Rs 2,011 crore in Q2 FY25, reflecting higher business volumes and operational expansion.

Earnings before credit costs rose by 8% to Rs 1,892 crore in Q2 FY26, compared to Rs 1,757 crore in Q2 FY25.

Impairment losses and bad debt expenses increased by 7% to Rs 1,293 crore in Q2 FY26, as against Rs 1,212 crore in Q2 FY25.

The company continued to deliver strong business performance in Q2 FY26, with cards-in-force growing by 10% year-on-year to 2.15 crore, compared to 1.96 crore in Q2 FY25. New account volumes stood at 936K in Q2 FY26, up from 904K in the corresponding quarter last year. Spends recorded a robust 31% YoY growth, reaching Rs 107,063 crore as against Rs 81,893 crore in Q2 FY25, while receivables increased by 8% to Rs 59,845 crore, compared to Rs 55,601 crore in Q2 FY25.

The company?s market share for cards-in-force stood at 19.0% (Q2 FY25: 18.5%) and for spends at 17.0% (Q2 FY25: 15.7%), maintaining its position as #2 in cards-in-force and #3 in spends within the industry.

On asset quality front, the gross non-performing assets (GNPA) stood at 2.85% of gross advances as of 30 September 2025, compared to 3.27% as of 30 September 2024, reflecting an improvement in asset quality. The net non-performing assets (NNPA) were at 1.29% as of 30 September 2025, as against 1.19% as of 30 September 2024.

As of 30 September 30, 2025, the company's CRAR was 22.5% compared to 22.1 % as of 30 September 2024. The Tier I capital requirement for an NBFC-ND-SI is a minimum of 10% at all times. The company?s Tier I capital stood at 17.5% as of 30 September 2025, compared to 16.3% as of September 30, 2024, indicating a strong capital adequacy position well above the regulatory requirement.

Total advances (net of provisions) were Rs 57,856 crore as of 30 September 2025, up from Rs 53,935 crore as of 31 March 2025. The company?s net worth also increased to Rs 14,861 croroe as of 30 September 2025, compared to Rs 13,853 crore as of 31 March 2025, demonstrating continued strengthening of the balance sheet.

SBI Cards and Payment Services (SBI Card) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle.

Shares of SBI Cards and Payment Services rose 0.21% to close at Rs 930.40 on Friday, 24 October 2025.

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