State Bank of India (SBIN) — share price & stock analysis

Market cap

₹9,66,815 Cr

P/BV

1.62×

ROE

15.4%

vs own 10-yr valuation

90th pctile

Book value / share

₹646

EPS (TTM)

₹90.3

10-yr median P/BV

1.3×

Revenue (FY26)

₹5,14,933 Cr

Profit after tax (FY26)

₹86,666 Cr

Weinstein stage

Stage 2 (58 weeks)

Data as of

1 July 2026

3 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROE 15% — a genuinely good bank; GNPA 1.6% — workable, not pristine; the spread is mid-band vs its own history. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, lending and bad loans count double.

The business grew faster than the stock

Since Mar 2016, earnings per share grew 467% while the stock is up 435%. The business has outrun its own share price.pricettm_eps

When profits grow faster than the price, the stock quietly gets cheaper while doing better — the market hasn’t fully caught up.

Today’s P/BV of 1.6× means the market is paying up — this is the expensive end of its own 10-year history (90th percentile).pb_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/BV — what the market pays per rupee of book value; the dotted line is its long-run median (1.3×).

Stage 2: the trend is up, and has been for 58 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 58 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹994 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 47 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Losses, then a rebuild: profits are at an all-time high

Over 12 years, income went from ₹1,89,062 Cr to ₹5,14,933 Cr (about 9% a year), and profit from ₹14,807 Cr to ₹86,666 Cr.revenuenet_profit

The books show real losses in FY17 and FY18 (worst: ₹−3,749 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Interest income has flattened

Mar 26 income was ₹1,31,080 Cr, up 3% on a year ago. A bank grows by lending more and charging well — this line is both together.revenue

The squeeze is easing — the spread bottomed at 38% and is mending

Of every ₹100 of interest the bank earns, ₹61 goes straight out as interest on deposits and borrowings. It keeps ₹39 — up 1 point from a year ago.revenueinterest_expense

The visible arc: squeezed from 43% down to 38% (Jun 25) as deposits repriced faster than loans, and recovering since. The direction matters more than the level now.interest_expense

Bad loans are healing — from a worst of 2.8% (Mar 23) to 1.6%

₹1.6 of every ₹100 lent is currently stuck with borrowers who’ve stopped paying — down from ₹2.8 at the Mar 23 worst. After the money already set aside, the true exposure is 0.4%.gross_npa_pctnet_npa_pct

Falling bad loans still help — less new money needs setting aside — but this year’s profit growth is coming from the lending engine itself (interest income), not from provision releases. The healing cleans the book; the growth is earned.gross_npa_pctrevenue

Profit is flat

Mar 26 profit was ₹20,508 Cr, up 1% on last year — earnings per share of ₹21.28.net_profiteps

Where the growth comes from matters: this year it is the lending engine — net interest income — doing the lifting, not one-off provision releases. That is the more durable kind.revenue

You are paying near the top of its own range

Today you pay ₹1.62 for every ₹1 of book value, against a long-run median of ₹1.30. It has traded cheaper than this only 90% of the time since 2016.pb_ratio

Promoter holding dropped in one step — an event, not a slow exit

Promoters hold 55.5% (down 2 points over 8 quarters). Foreign funds own 11.4%, domestic funds 26.1%.promoters_pctfiis_pctdiis_pct

The promoter move came in a single step (Sep 25) — promoters rarely buy on-market, so a jump like this is almost always an allotment, infusion or restructuring: a capital event, not a slow accumulation of conviction. Worth knowing which, before reading it as a signal.promoters_pct

A turnaround that stuck — the question is what’s left to re-rate

The numbers are genuinely mixed, and the price hasn’t fully caught up with the improvement.

Best thing in the data: bad loans improving (2.1% → 1.6%).gross_npa_pct

Biggest worry: return on equity falling (17.0% → 15.0%).roe_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data