FY26 AR Analysis: Loan Repricing Mgt Key to NIMs; Productivity Improving

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FY26 AR Analysis: Loan Repricing Mgt Key to NIMs; Productivity Improving

India | Banks

State Bank of India EquityJuneResearch11, 2026

ESTIMATE CHANGEFY26 AR Analysis: Loan Repricing Mgt Key to

RATING BUYNIMs; Productivity Improving

PRICE INR1,003.30^

SBI's AR for FY26 points out that repricing corporate loans would be key to

sustaining NIMs, as deposits mature faster than assets, potentially leading PRICE TARGET | % TO PT INR1,300 | +30%

to faster repricing of deposits. It has improved consistently on deposit/ 52W HIGH-LOW INR1,234.80 - INR781.50

branch, lowered PSLC needs, leveraged on banca-fees & carries limited FLOAT (%) | ADV MM (USD) 46.3% | 203.33

buffer provisions. Slight risk can come from ECL transition. We see 13% MARKET CAP INR9.0T | $93.9B

cagr in loans and ROE of 14%. Vals reasonable at 1.4x FY27 adj PB. Stays TICKER SBIN IN ^Prior trading day's closing price unless otherwise

among top-picks; Buy. noted.

Margin stability will be key; improved fee growth is positive. Over the past 3 yrs, SBI's FY (Mar) CHANGE TO JEFe JEF vs CONS

domestic NIMs have come off (3.4% in FY24, 3.2% in FY25 and 3% in FY26). So, its ability to 2026 2027 2026 2027

sustain domestic NIMs at flat YoY in FY27 will be key to watch, esp as its ALM gap is wider REV NM NM NA NA

& corp loan share has risen. The bank has done well in growing fees (CEB) that rose by up

EPS NA NM NA NA

12% in FY25 and 14% in FY26. Bancassurance fees (insurance, MF etc) grew by 14% YoY, and

management is capitalising its strengths in distribution and lower rates to monetise further.

2026 (INR) Q1 Q2 Q3 Q4 FY

This can help to partly compensate for some pressure on NIMs.

EPS -- -- -- -- 88.16

Improved deposit productivity helps to sustain market share. Over the past few years, SBI's PREV