# Finance - Credit Cards — company-by-company sector analysis > Finance - Credit Cards: SBI Cards & Payment Services Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice. ## Bottom line Finance - Credit Cards has underperformed NIFTY 500 by 21.3% over 52 weeks and 2.9% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. SBI Cards & Payment Services Ltd leads with income of ₹20,063 crore, based on 1 of 1 comparable companies through Jun 2026. ## Sector relative strength Finance - Credit Cards has underperformed NIFTY 500 by 21.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2.9%. 0 of 1 covered company currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. SBI Cards & Payment Services Ltd is the strongest against the sector itself at 0%. 13-week sector return versus NIFTY 500: -2.9% 52-week sector return versus NIFTY 500: -21% Stocks leading NIFTY: 0/1 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹60.2K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. SBI Cards & Payment Services Ltd (SBICARD): 54/100 — Mixed-positive evidence; evidence 73% - Growth & earnings 22.2/35 | Capital efficiency 14.9/25 | Valuation 9.1/20 | Relative strength 7.5/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 22.2 + 14.9 + 9.1 + 7.5 = 53.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action SBI Cards & Payment Services Ltd has the strongest one-year price move in Finance - Credit Cards at -19.6%. It also leads on Mansfield relative strength against NIFTY at -17.7%. 0 of 1 covered company are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. SBI Cards & Payment Services Ltd (SBICARD): -20% ### Strongest relative strength versus NIFTY 500 1. SBI Cards & Payment Services Ltd (SBICARD): -18% ## Income Scale & Growth Durability What the numbers say: SBI Cards & Payment Services Ltd is the scale leader at ₹20,063 crore, SBI Cards & Payment Services Ltd's growth is 7.9% from a ₹20,063 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: SBI Cards & Payment Services Ltd is the scale benchmark; SBI Cards & Payment Services Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: SBI Cards & Payment Services Ltd's growth falls below SBI Cards & Payment Services Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: SBI Cards & Payment Services Ltd · ₹20,063 crore | Not enough peers | 7/8 recent comparable periods | 1/1 companies · 15 observations Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year. ### Income — largest 1. SBI Cards & Payment Services Ltd (SBICARD): ₹20.1K Cr ### Income growth — fastest growers 1. SBI Cards & Payment Services Ltd (SBICARD): 7.9% ### 20-quarter Income history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 ₹5.0K Cr ### 20-quarter Income growth history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 32% | Mar 2024 16% | Jun 2024 11% | Sep 2024 8.2% | Dec 2024 -0.1% | Mar 2025 7.5% | Jun 2025 12% | Sep 2025 12% | Dec 2025 11% | Mar 2026 5.6% | Jun 2026 3.4% ## Profit Scale & Acceleration What the numbers say: SBI Cards & Payment Services Ltd leads with ₹2,275 crore of TTM profit, SBI Cards & Payment Services Ltd shows 21.2% growth from a ₹2,275 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: SBI Cards & Payment Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: SBI Cards & Payment Services Ltd · ₹2,275 crore | Not enough peers | 4/8 recent comparable periods | 1/1 companies · 15 observations Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table. ### Net profit — largest 1. SBI Cards & Payment Services Ltd (SBICARD): ₹2.3K Cr ### Profit growth — fastest growers 1. SBI Cards & Payment Services Ltd (SBICARD): 21% ### 20-quarter Net profit history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 ₹509 Cr | Mar 2023 ₹596 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹603 Cr | Dec 2023 ₹549 Cr | Mar 2024 ₹662 Cr | Jun 2024 ₹594 Cr | Sep 2024 ₹404 Cr | Dec 2024 ₹383 Cr | Mar 2025 ₹534 Cr | Jun 2025 ₹556 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹557 Cr | Mar 2026 ₹609 Cr | Jun 2026 ₹664 Cr ### 20-quarter Profit growth history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.9% | Mar 2024 11% | Jun 2024 0.2% | Sep 2024 -33% | Dec 2024 -30% | Mar 2025 -19% | Jun 2025 -6.4% | Sep 2025 10% | Dec 2025 45% | Mar 2026 14% | Jun 2026 19% ## Funding Base & Its Composition What the numbers say: There is not enough comparable evidence to name a reliable deposits leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current borrowings signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive. ### Deposits — largest deposit bases ### Borrowings — largest borrowings 1. SBI Cards & Payment Services Ltd (SBICARD): ₹44.1K Cr ### 20-quarter Deposits history ### 20-quarter Borrowings history - SBICARD: Mar 2018 ₹11.4K Cr | Mar 2019 ₹13.5K Cr | Mar 2020 ₹17.6K Cr | Mar 2021 ₹17.9K Cr | Mar 2022 ₹23.0K Cr | Dec 2022 — | Mar 2023 ₹31.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹39.9K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹44.9K Cr | Jun 2025 — | Sep 2025 ₹49.2K Cr | Dec 2025 — | Mar 2026 ₹44.1K Cr | Jun 2026 — ## Return On Assets What the numbers say: There is not enough comparable evidence to name a reliable roa leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset. ### ROA — highest ### ROA change — fastest improvers ### 20-quarter ROA history ### 20-quarter ROA change history ## ROE — Leaders & Improvers What the numbers say: SBI Cards & Payment Services Ltd leads both roe at 14.7% and roe change at 0 percentage points. Investor read: SBI Cards & Payment Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roe change signal. Evidence: SBI Cards & Payment Services Ltd · 14.7% | Not enough peers | Not enough history | 1/1 companies · 0 observations Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage. ### ROE — highest 1. SBI Cards & Payment Services Ltd (SBICARD): 15% ### ROE change — fastest improvers 1. SBI Cards & Payment Services Ltd (SBICARD): 0.0 pp ### 20-quarter ROE history ### 20-quarter ROE change history ## Gross NPA — Leaders & Improvers What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 14 observations Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted. ### Gross NPA — lowest ### GNPA change — fastest improvers 1. SBI Cards & Payment Services Ltd (SBICARD): −0.7 pp ### 20-quarter Gross NPA history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 2.2% | Mar 2023 2.4% | Jun 2023 2.4% | Sep 2023 2.4% | Dec 2023 2.6% | Mar 2024 2.8% | Jun 2024 3.1% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 3.1% | Jun 2025 3.1% | Sep 2025 2.9% | Dec 2025 2.9% | Mar 2026 2.4% | Jun 2026 — ### 20-quarter GNPA change history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 — | Mar 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +0.4 pp | Mar 2024 +0.4 pp | Jun 2024 +0.7 pp | Sep 2024 +0.8 pp | Dec 2024 +0.6 pp | Mar 2025 +0.3 pp | Jun 2025 +0.0 pp | Sep 2025 −0.4 pp | Dec 2025 −0.4 pp | Mar 2026 −0.7 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: SBI Cards & Payment Services Ltd has the lowest comparable P/BV ÷ ROE at 0.26×. Only 1 of 1 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: SBI Cards & Payment Services Ltd · 0.26× | Not enough peers | 0/8 recent comparable periods | 1/1 companies · 0 observations Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive. ### P/BV ÷ ROE — lowest return-adjusted price 1. SBI Cards & Payment Services Ltd (SBICARD): 0.3 ### P/BV — lowest P/BV 1. SBI Cards & Payment Services Ltd (SBICARD): 3.8 ### 20-quarter P/BV ÷ ROE history ### 20-quarter P/BV history - SBICARD: Mar 2018 — | Mar 2019 — | Mar 2020 — | Mar 2021 15.2 | Mar 2022 11.7 | Dec 2022 8.4 | Mar 2023 9.0 | Jun 2023 10.3 | Sep 2023 7.6 | Dec 2023 6.5 | Mar 2024 5.9 | Jun 2024 5.7 | Sep 2024 6.2 | Dec 2024 4.9 | Mar 2025 6.4 | Jun 2025 7.8 | Sep 2025 6.0 | Dec 2025 5.6 | Mar 2026 4.3 | Jun 2026 4.3 ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROE can be manufactured with leverage. Read it beside ROA and asset quality. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing. - 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business. - Thin comparisons: Funding base, Return on assets, Asset quality have fewer than three usable current readings. ## Every company - SBI Cards & Payment Services Ltd (SBICARD) — market value ₹60.2K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD ## Source standing of each company Cross-checked: 0. Unverified: 0. Withheld: 1. Graded companies: 1. 1 of 1 company has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: SBI Cards & Payment Services Ltd (SBICARD) — its two data sources disagree by up to 5.1% on reported income across 14 comparable periods, so its derived ratios are withheld. - WITHHELD | SBICARD | SBI Cards & Payment Services Ltd | diff_gt_2pct | disagreement up to 5.12% over 14 comparable periods ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Finance - Credit Cards sector outperforming NIFTY 500? Finance - Credit Cards has underperformed NIFTY 500 by 21.3% over 52 weeks and 2.9% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. ### Which Finance - Credit Cards company is largest by income? SBI Cards & Payment Services Ltd leads with income of ₹20,063 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Finance - Credit Cards company is growing fastest? SBI Cards & Payment Services Ltd has the fastest current income growth at 7.9%, across 1 of 1 comparable companies. ### Which Finance - Credit Cards company has the strongest 4-Factor Sector Score? SBI Cards & Payment Services Ltd ranks first at 53.7/100 with 73.2% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Finance - Credit Cards company has the lowest comparable P/BV-to-ROE? SBI Cards & Payment Services Ltd has the lowest comparable P/BV ÷ ROE at 0.26, among 1 of 1 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Finance - Credit Cards comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Finance - Credit Cards index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Finance - Credit Cards, this page builds its own equal-weight basket of 1 listed Finance - Credit Cards companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026. ### Which are the best Finance - Credit Cards stocks in India? Ranked by this page's four-factor score, SBI Cards & Payment Services Ltd places first among 1 listed Finance - Credit Cards companies. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Finance - Credit Cards stocks are listed in India? This comparison covers 1 listed Finance - Credit Cards companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026. ### Which Finance - Credit Cards company is the biggest? SBI Cards & Payment Services Ltd is the largest, with trailing-twelve-month income of ₹20,063 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Finance - Credit Cards company makes the most profit? SBI Cards & Payment Services Ltd earns the most, at ₹2,275 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. SBI Cards & Payment Services Ltd has the fastest profit growth at 21.2%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Finance - Credit Cards stock is the cheapest? On price-to-book divided by return on equity — where a LOWER number is cheaper — SBI Cards & Payment Services Ltd screens cheapest at 0.26×. All 1 companies qualify for the ratio comparison. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the Finance - Credit Cards sector beating the market? Finance - Credit Cards has underperformed NIFTY 500 by 21.3% over the last 52 weeks and 2.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Finance - Credit Cards stock has the strongest price momentum? SBI Cards & Payment Services Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Finance - Credit Cards company scores highest for research priority? SBI Cards & Payment Services Ltd scores 53.7 out of 100 with 73.2% evidence confidence, from 22.2 points on growth and earnings, 14.9 on capital efficiency, 9.1 on valuation and 7.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Finance - Credit Cards companies does this comparison cover, and over what period? It compares 1 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Finance - Credit Cards sector? The 1 Finance - Credit Cards companies on this page carry ₹60,239 crore of combined market value. SBI Cards & Payment Services Ltd is the largest at ₹60,239 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20. ### How is the Finance - Credit Cards sector performing? 0 of the 1 covered Finance - Credit Cards companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 21.3% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.