SBI Cards & Payment Services Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

SBI Cards & Payment Services Ltd trades at ₹633, in a downtrend and 29 weeks into that stage. That is −10.2% against its own 200-day average. It sits at 15% of a 52-week range of ₹581 to ₹929. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 29 of stage 4, confirmed. At ₹633 it trades −10.2% versus its 200-day average and sits at 15% of its 52-week range (₹581–₹929).

Against the market, two honest reads. Cumulative: over the last 6.4 years the stock moved −13% while the NIFTY 500 moved +251% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

SBI Cards & Payment Services Ltd trades at 3.8× P/BV, about the cheapest it has ever traded. Its long-run median P/BV is 8.0×, measured across 6.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 3.8× is about the cheapest it has ever traded, against a long-run median of 8.0× measured over 6.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year book value grew while the price moved −19.8% — price and book moved together, holding the multiple in its range.

The price move, decomposed: over 5y, of the −9.3%/yr price move, ~+20.0%/yr came from book-value growth and ~−29.3 pp from the multiple (compressing). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the book-value line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5.1% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, SBI Cards & Payment Services Ltd was priced for profit growth of about 16.5% a year. Profit itself has compounded 22.5% a year over the past 10 years. The market pays that at 3.8× P/BV, the 2nd percentile of its own 6-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

SBI Cards & Payment Services Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −20.4% at the trough to +21.2%, a 4-quarter improving streak, ROE slipping at 15.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

53.7/100 — rank 1 of 1 in Finance - Credit Cards · 73% evidence confidence

SBI Cards & Payment Services Ltd scores 53.7 out of 100 against the 1 companies it is compared with in Finance - Credit Cards, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.2 + 14.9 + 9.1 + 7.5 = 53.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

SBI Cards & Payment Services Ltd reported ₹5,041 Cr of income in the Jun 26 quarter, +3.4% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at 23.6% a year. The last full year, FY26, came in at ₹19,901 Cr. The last four reported quarters add to ₹20,063 Cr.

FY26 revenue came in at ₹19,901 Cr (+10.1% on the year), capping 10 years at 23.6% compound. The latest quarter (Jun 26) printed ₹5,041 Cr, +3.4% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +8.0% growth against the decade's 23.6% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.9% over the last 4 quarters against +7.3%/yr over the last 8 — stabilising; TTM profit +21.2% vs −2.8%/yr — accelerating.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

SBI Cards & Payment Services Ltd's net margin is 13.2% in the Jun 26 quarter, +1.8 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged 10.6% to 20.4%. The current quarter sits inside that band.

The latest quarter's net margin is 13.2%, +1.8 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged 10.6%–20.4%.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

SBI Cards & Payment Services Ltd earned ₹664 Cr of net profit in the Jun 26 quarter, +19.4% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹2,167 Cr. The 10-year compound rate is 22.5%. That is 13.2% of the quarter's revenue. The same quarter a year earlier earned ₹556 Cr.

Jun 26 profit was ₹664 Cr, +19.4% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹2,167 Cr (+13.1%), and the 10-year compound rate is 22.5%.

Why profit moved: revenue contributed +3.4% and the margin +1.8 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +22.2% vs revenue +8.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

SBI Cards & Payment Services Ltd's gross NPA is 2.41% of the loan book in Mar 26, down from 3.08% a year ago. Net of provisions already set aside, 1.04% remains. Across the 11 quarters held here the book has ranged 2.41% to 3.27%. Falling NPAs are a loan book healing; rising NPAs are damage arriving.

Mar 26: gross NPA at 2.41% and net NPA at 1.04%, against 3.08% / 1.46% a year ago. Over the 11 quarters we hold, the book's worst reading was 3.27% and its best is 2.41% — which is the current print.

The synthesis: profit growth at a bank is only as good as the book behind it, and this book is better than a year ago. A note on depth: quarterly provisioning detail is not in our numbers yet, so this ladder reads levels and trend, not the cost of the cleanup.

Why the ladder moved: recoveries, write-offs and slippages each play a part, and that split sits below what we hold — the numbers show the healing; the driver mix does not travel with them.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

SBI Cards & Payment Services Ltd's revenue grew +10.1% in FY26 to ₹19,901 Cr, so the book is growing. The latest quarter ran +3.4% year on year. The net margin on that income is 13.2%, +1.8 percentage points against a year ago.

FY26 revenue was ₹19,901 Cr, +10.1% on the year, and the latest quarter ran +3.4% year on year. The net margin on that revenue is 13.2% this quarter (+1.8 pp YoY) — growth with a widening margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.

SBI Cards & Payment Services Ltd earns a return on equity of 15% in FY26. Its trough over the ladder below was 15% in FY25. For a lender the balance sheet is the operating asset, so equity return and asset return have to be read together.

FY26 ROE came in at 15%. Return on assets is withheld on this page — its two source series disagree for this quarter. That clears the bar a bank must beat for its book value to compound.

Why: the ROE ladder shows the move; the deposit-cost and provisioning drivers behind it sit below what we hold.

The quarterly return-on-equity and return-on-assets curves, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 5.1% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.6 points of SBI Cards & Payment Services Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 18.1% of the company. Foreign institutions moved +0.3 points over the same window, to 9.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.6 points over 8 quarters to 18.1%; Foreign institutions: +0.3 points over 8 quarters to 9.0%; Promoters: +0.2 points over 8 quarters to 68.9%.

Why the register moved: domestic institutions drove it (+1.6 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

SBI Cards & Payment Services Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

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