SBI Cards and Payment Services (NSE: SBICARD) delivered a standout Q3 FY2026 with net profit of 557 crore (up 45% YoY), revenue from operations of 5,127 crore (up 11% YoY), and Basic EPS of 5.85. The stock closed 1.75% higher ahead of the results announcement on January 28, 2026, before pulling back nearly 3% the following session as investors weighed margin compression and soft receivable growth against the strong headline numbers.
About SBI Cards and Payment Services Limited
SBI Cards and Payment Services Limited (Ticker: SBICARD | BSE: 543066) is India’s second-largest credit card issuer and a non-banking financial company (NBFC) registered with the Reserve Bank of India. The company was incorporated in 1998 and is headquartered in Gurugram, Haryana, with its registered office in New Delhi. It operates as a subsidiary of State Bank of India, which holds a 68.58% promoter stake.
The company is purely focused on credit cards, offering over 70 card variants – including core, co-branded, and super-premium products – across banking, travel, retail, and lifestyle categories. As of December 31, 2025, SBI Card had 2.18 crore cards-in-force, commanding an 18.8% market share in cards outstanding and a 17.7% market share in card spends as per RBI data.
As of March 17, 2026, the company’s market capitalization stands at approximately 66,188 crore (INR) (~$7.15 billion USD), with 951.58 crore shares outstanding. The P/E ratio based on trailing twelve-month earnings ending December 2025 is approximately 35.4. The company holds a Capital Adequacy Ratio (CAR) of 24.4% and a net worth of 15,424 crore, reflecting a healthy balance sheet.
Top Financial Highlights
- Total revenue reached 5,353 crore, reflecting a 12% increase year over year compared with 4,767 crore in Q3 FY25.
- Revenue from operations totaled 5,127 crore, representing 11% growth compared with the previous year.
- Net profit reached 557 crore, reflecting a strong 45% increase compared with 383 crore in Q3 FY25.
- Basic earnings per share reached 5.85, compared with 4.03 in Q3 FY25, representing a 45% year over year improvement.
- Interest income totaled 2,536 crore, reflecting 6% growth compared with the previous year.
- Fees and commission income reached 2,367 crore, increasing 17% year over year, supported by higher festive season spending.
- Total spends reached 1,14,702 crore, reflecting a significant 33% increase year over year, marking the highest level recorded.
- Retail spends totaled 91,962 crore, increasing 14% year over year, while online transactions accounted for 62.1% of total retail spends for the first nine months of FY26.
- Corporate spends reached 22,739 crore, contributing 19.8% to the overall spend mix.
- Total receivables stood at 57,213 crore, reflecting 4% growth both year over year and quarter over quarter.
- Gross credit cost improved to 8.3%, compared with 9.0% in Q2 FY26, reflecting a 73 basis point sequential decline.
- Gross non performing assets stood at 2.86%, improving 38 basis points compared with 3.24% in Q3 FY25.
- Net non performing assets reached 1.28%, reflecting a 10 basis point improvement year over year.
- Return on average assets improved to 3.2%, increasing 79 basis points compared with the previous year.
- Return on average equity reached 14.7%, reflecting a 322 basis point increase year over year.
- Capital adequacy ratio stood at 24.4%, improving 146 basis points compared with the previous year.
- Cost to income ratio for the quarter reached 56.8%, with full year FY26 guidance maintained between 55% and 57%.
- Net interest margin stood at 11.0%, slightly lower than 11.2% recorded in Q2 FY26.
- Cash and bank balances totaled 2,507 crore as of December 31, 2025.
Beat or Miss?
| Metric | Reported | Estimated / Context | Difference / Analysis |
| Revenue from Operations | 5,127 crore | ~5,050–5,100 crore (consensus) | Slight beat driven by record festive spends and fee income |
| Net Profit (PAT) | 557 crore | ~560 crore (Street estimate) | Broadly in line; credit cost improvement was the key upside driver |
| Basic EPS | 5.85 | ~5.80 (derived) | Marginal beat vs expectations |
| Gross Credit Cost | 8.3% | ~9.0% expected based on prior guidance | Positive surprise – 73 bps better QoQ |
| NIM | 11.0% | ~11.2% prior quarter | Slight miss due to lower revolver mix and yield compression |
| Total Spends | 1,14,702 crore | Record level — no prior benchmark | Significantly above trend – 33% YoY surge |
What Leadership Is Saying?
CEO View – Strategy and Vision
“Amidst a dynamic environment supported by a wide set of coordinated strategic interventions, the company has delivered robust results for the quarter and for the 9 months of FY26. We remain focused on further strengthening our risk management framework, moderating credit costs and maintaining healthy asset quality to ensure long-term robustness and resilience. We intend to scale up our business in a calibrated manner to ensure stronger and sustainable profitable growth for the long-term.” – Salila Pande, Managing Director and CEO, SBI Card (Q3 FY26 Earnings Call, January 28, 2026)
CFO View – Financials and Margins
“Cost-to-income, we anyway have indicated that for the year, we should be in the 55% to 57% range. The yield on the portfolio definitely looks like on a downward trend. Cost of funds at the most will remain stable – on a near to medium term, the margin will shrink towards the second half of the year.” – Rashmi Mohanty, Chief Financial Officer, SBI Card (Q3 FY26 Earnings Call, January 28, 2026)
Historical Performance – YoY Comparison
| Category | Q3 FY2026 | Q3 FY2025 | Change (%) |
| Total Revenue (Total Income) | 5,353 crore | 4,767 crore | 12.30% |
| Revenue from Operations | 5,127 crore | 4,619 crore | 11.00% |
| Net Profit (PAT) | 557 crore | 383 crore | 45.30% |
| Interest Income | 2,536 crore | 2,399 crore | 5.70% |
| Fees and Commission Income | 2,367 crore | 2,025 crore | 16.90% |
| Finance Costs | 785 crore | 829 crore | -5.30% |
| Total Operating Expenses | 4,604 crore | 4,249 crore | 8.40% |
| Profit Before Tax (PBT) | 749 crore | 518 crore | 44.60% |
| Basic EPS (not annualised) | 5.85 | 4.03 | 45.20% |
| Total Spends | 1,14,702 crore | ~86,093 crore (implied) | 33.20% |
| Gross NPA | 2.86% | 3.24% | -38 bps |
| ROAA | 3.2% | 2.4% | +79 bps |
Competitor Comparison – Q3 FY2026
The broader financial services and credit card ecosystem showed divergent trends in Q3 FY2026, with SBI Card outperforming peers on bottom-line growth while facing continued sector-wide pressure on receivable expansion.
| Category | SBI Card Q3 FY26 | SBI Card Q3 FY25 | Change (%) |
| Net Profit | 557 crore | 383 crore | 45.30% |
| Revenue from Operations | 5,127 crore | 4,619 crore | 11.00% |
| Gross NPA | 2.86% | 3.24% | -38 bps |
| Category | HDFC Bank Q3 FY26 | HDFC Bank Q3 FY25 | Change (%) |
| Net Profit | 18,654 crore | 16,736 crore | 11.50% |
| Net Interest Income | 32,620 crore | 30,650 crore | 6.40% |
| Gross NPA | 1.24% | 1.42% | -18 bps |
| Category | Axis Bank Q3 FY26 | Axis Bank Q3 FY25 | Change (%) |
| Net Profit (Standalone) | 6,490 crore | 6,304 crore | 3.00% |
| Total Income (Standalone) | 38,500 crore | 36,926 crore | 4.30% |
| Gross NPA | 1.40% | 1.46% | -6 bps |
| Category | ICICI Bank Q3 FY26 | ICICI Bank Q3 FY25 | Change (%) |
| Net Profit (Standalone) | 11,318 crore | 11,792 crore | -4.00% |
| Net Interest Income | 21,932 crore | 20,371 crore | 7.70% |
| Gross NPA | 1.53% | 1.96% | -43 bps |
SBI Card’s 45% PAT growth significantly outpaced larger banking peers on a percentage basis, largely because it started from a lower base and benefited from a sharper credit cost improvement cycle. Broader banks faced NIM pressure and higher provisions, though their absolute scale dwarfs SBI Card’s.
How the Market Reacted?
Ahead of the results, SBI Card shares closed 1.75% higher at 784.50 on the NSE on January 28, 2026, reflecting cautious optimism ahead of the announcement. However, on January 29, 2026, the stock dropped nearly 3% to trade near 758 apiece – approaching its 52-week low of 721 – as D-Street weighed the strong profit print against concerns over soft receivable growth and margin compression.
Brokerages delivered a mixed verdict: Emkay Global upgraded the stock to “Buy” citing improved risk-reward and a valuation correction, while others noted that CIF and AUM growth remained sluggish. The cost-to-income ratio at 56.8% and NIM slipping to 11.0% from 11.2% sequentially reinforced investor caution despite the headline profit beat.
