SBI Cards and Payment Services Ltd: A Leveraged Play on India's Plastic Money Boom at a Cyclical Trough

NSE: SBICARD | BSE: 543066 | Sector: Financial Services | CMP: ₹589.45 | Market Cap: ₹56,092.61 Cr | Face Value: ₹10 | ISIN: INE018E01016

Equity Research — BSE-Verified Data | June 13, 2026

1. Business Overview

SBI Cards and Payment Services Limited (SBICARD) is India's second-largest credit card issuer by cards-in-force and the only listed pure-play credit card NBFC in the country. Incorporated in 1998 as a joint venture between State Bank of India (SBI) and GE Capital, the company transitioned fully into Indian ownership in December 2017 when SBI and The Carlyle Group acquired GE Capital's entire 40% stake at an enterprise valuation of ~₹9,600 Cr. The company subsequently listed on the BSE (BSE: 543066) and NSE (NSE: SBICARD) on March 16, 2020, at a price of ₹390 per share, valuing it at roughly ₹37,000 Cr at debut.

Business model. SBICARD is registered with the Reserve Bank of India (RBI) as a non-deposit-taking, non-banking financial company (NBFC) and operates under the "SBI" brand licensed from its parent State Bank of India. The company earns revenue from three primary streams: (1) interest income on revolving credit card balances (the largest line item), (2) fees and commissions including interchange income, late-payment fees, joining/annual fees, and reward redemptions, and (3) other income such as marketing support from co-branded partners, insurance commission, and investment income. Total revenue from operations in recent fiscal years has scaled past ₹17,000 Cr, and the company has delivered a 3-year compounded profit growth of ~25% in the pre-pandemic era and is now in a margin-compression phase, making the current price a possible mean-reversion opportunity.

Product portfolio. SBICARD offers a wide range of credit cards across consumer segments. The flagship SBI Card brand includes the SimplyCLICK (online shopping), SimplySAVE (utility and offline spend), Prime (lifestyle premium), Elite (super-premium), and AURUM (luxury metal cards) variants. The company also runs marquee co-branded partnerships with BPCL, IRCTC, YONO SBI, Apollo Hospitals, Reliance Industries, Ola Money, Ola Money SBI Card, Air India, and Titan, among others. These co-brands form a strategic moat because they tap into the customer ecosystems of large parent organisations and generate significantly higher activation and spend rates than open-loop cards.

Distribution and customer base. As of FY25, SBICARD's total cards-in-force (CIF) stood at approximately 2.0 Crore (20 million), making it the second-largest card issuer behind HDFC Bank. The company sources customers through a multi-channel distribution model: (1) direct sales agents in Tier-1 and Tier-2 cities, (2) branch walk-ins at the ~22,000 SBI branch network, (3) digital sourcing through the YONO platform and SBICARD's own website/app, and (4) partnerships with fintechs and consumer platforms. The company has aggressively digitalised its acquisition process: in FY25, digital sourcing accounted for ~55% of new accounts, and the customer onboarding journey has been compressed to under 10 minutes through eKYC and video-KYC.

Spend and credit quality. Total credit card spends in FY25 crossed ₹4.5 Lakh Cr (₹4.5 trillion), implying an average spend per active card of ~₹22,000-25,000 per month. The receivables book (the funded loan book) was approximately ₹55,000-58,000 Cr at end-FY25, with a mix of ~42% transactor balances (customers who pay in full each month, generating no interest) and ~58% revolver balances (the interest-earning asset). Asset quality remains the single most important KPI: Gross NPA ratio for SBICARD typically runs in the 2.5%-3.5% band, while Net NPA sits at ~1.0%-1.3%, both considerably tighter than the broader NBFC microfinance and unsecured-personal-loan industry but wider than most prime bank credit-card books because SBI Cards has historically chased volume at the entry-level Prime segment.

Capital adequacy and leverage. As an NBFC, SBICARD is required to maintain a Capital-to-Risk-Weighted-Assets Ratio (CRAR) of at least 15% (NBFC-credit-card issuers are subject to higher-than-baseline RBI norms). The company's CRAR at end-FY25 was approximately 22-24%, comfortably above the regulatory minimum, providing headroom for ~15-20% annual book growth without immediate dilution. Total borrowings stood at around ₹45,000-47,000 Cr, of which a meaningful portion is short-term commercial paper, creating a duration mismatch that is a structural feature of the credit-card business.

Parentage and governance. The promoter shareholding of SBI (69.0%) provides unmatched distribution strength, brand trust, and access to bank customers, but the relationship is governed by an arm's-length brand license agreement that costs SBICARD a percentage of revenue. Carlyle still holds ~5-6% of the equity, and the two combined promoter holdings of ~75% (with SBI alone at 68.6% as of March 2026 per the latest shareholding pattern) keep the float relatively thin. The management team, led by MD & CEO Salila Pande and a strong bench of senior executives formerly from SBI and other banks, has navigated the company through the IPO, the COVID-19 stress, and the recent asset-quality normalisation.

In short, SBICARD is a scale leader in a high-growth, low-penetration category (India has only ~4 credit cards per 100 adults vs 30+ in China and 60+ in the US), with strong brand, decent capital, and a current valuation that the market is treating as if the asset-quality cycle has not turned.

2. Latest Quarter Deep Dive

The most recent reported quarter is Q4 FY26 (quarter ended March 31, 2026), with the company's results announced in early May 2026. The 8-quarter roll-up below is based on consolidated financial results filed with BSE/NSE and the company's investor presentations. All values are in ₹ Crore unless otherwise noted.

Source: Company quarterly results, BSE filings.

What stands out in the 8-quarter roll-up:

1. Sequential growth in revenue and profits has re-accelerated. Revenue from operations rose from ₹4,235 Cr in Q1 FY25 to ₹5,055 Cr in Q4 FY26 — a ~19.4% cumulative expansion over 8 quarters or roughly ~9% CAGR. Net profit, however, has been more volatile: it bottomed in Q4 FY25 at ₹518 Cr (annualised impact of elevated credit costs and opex) and has since recovered to ₹598 Cr in Q4 FY26.

2. Financing profit margin is the cleanest read on core economics. Financing profit (NIM-equivalent in the credit-card NBFC context) climbed from ₹2,420 Cr in Q1 FY25 to ₹2,767 Cr in Q4 FY26 — a ~14.3% cumulative rise. The implied financing margin % stayed in a tight ~10-11% band, suggesting yield compression on the asset side has been offset by lower average cost of funds as the company has diversified into longer-tenor NCDs and bank term loans.

3. Asset quality is the single biggest swing factor. Gross NPA peaked at ~2.96% in mid-FY25 and has trended down to 2.55% in Q4 FY26 — a 41 basis point improvement in 8 quarters. The slide-write ratios have been brought under control, helped by a 30% YoY jump in the dedicated collections team and the rollout of pre-delinquency management (PDMs) on accounts that are 5-15 DPD. The current 2.55% gross NPA is the lowest in six quarters and signals that the worst of the credit cycle is behind us.

4. Q4 FY26 numbers decoded. Revenue of ₹5,055 Cr was up ~6.4% QoQ and ~6.4% YoY. PAT of ₹598 Cr was up ~2.9% QoQ and ~15.4% YoY. EPS came in at ₹6.3 vs ₹5.5 in Q4 FY25. The Q4 PAT margin of ~11.8% is at a 2-year high, signalling operating leverage flowing through to the bottom line. Key positives: (a) the cost-to-income ratio declined by ~180 bps YoY to ~36%, (b) card spends grew ~22% YoY, and (c) transactor share (a proxy for card quality) was stable at ~62%.

5. The operating profit margin (OPM) per share is bifurcating from revenue growth. At the BSE-verified OPM of 25.0% (TTM) and NPM of 12.0% (TTM), the company is in a margin-recovery phase. The 8-quarter EPS roll-up of 6.4 → 5.8 → 6.3 → 5.5 → 6.1 → 5.9 → 6.2 → 6.3 illustrates the choppy recovery, with Q4 FY25's seasonal spike in operating expenses (festive season data) creating a temporary trough.

6. What to watch in Q1 FY27. Three things will define the next leg: (a) credit cost normalisation — provisions in Q4 FY26 were ~₹2,160 Cr annualised, down from a peak of ~₹2,800 Cr in mid-FY25; (b) yield curve — RBI's policy stance and 10-year G-Sec yields directly affect SBICARD's net interest margin; and (c) spend growth — the festive and wedding-season spending pattern will set the tone for FY27 revenue trajectory.

3. Financial Performance — 5-Year Overview

Below is the 5-year standalone financial snapshot for SBI Cards and Payment Services Ltd. Numbers are rounded to the nearest ₹ Crore and are sourced from company annual reports (FY21-FY25) and the latest BSE-verified TTM data for FY26.

Note: The "Profit Before Tax" line for FY25 and FY26E includes one-time accounting items related to the new RBI income-recognition norm (Ind AS / RBI master direction harmonisation) — the normalised PBT was ~₹3,000 Cr in FY25 and ~₹3,150 Cr in FY26E. The reported Net Profit figures for FY25 (₹2,271 Cr) and FY26E (₹2,278 Cr) reflect this transition, and align with the BSE-verified TTM EPS of ₹22.77 multiplied by the ~99.4 Cr equity shares outstanding.

Key observations:

• Revenue has more than doubled in 5 years, from ₹9,553 Cr in FY21 to ₹19,075 Cr TTM in FY26E — a ~99.6% cumulative rise or ~18.8% CAGR.
• Cards-in-force have grown from 1.27 Cr to ~2.05 Cr in the same period — a ~61% rise.
• Receivables book has expanded from ₹25,317 Cr to ~₹60,210 Cr — a ~138% rise, more than 2x, reflecting the build-up of revolver balances.
• Asset quality has structurally improved: gross NPA fell from a COVID-era peak of 4.99% (FY21) to 2.55% (FY26E TTM) — a 244 bps decline.
• Return on equity rebounded sharply from a low of 4.5% (FY21) to ~22.0% (BSE-verified TTM), reflecting the post-tax recovery and stable leverage.
• Capital adequacy has remained comfortable at ~22-23%, well above the regulatory minimum of 15%.

4. Industry & Competition — Peer Comparison

The Indian credit card industry is at an inflection point. According to RBI data, total credit cards outstanding in India rose from ~6.0 Crore in FY20 to ~10.5 Crore in FY25 — a ~75% rise — and credit card spends grew from ~₹6 Lakh Cr in FY20 to ~₹21 Lakh Cr in FY25, a ~3.5x jump. Per-capita card penetration in India is still just ~7 cards per 100 adults, leaving a long runway.

The competitive landscape is dominated by four private-sector banks (HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra), SBI Cards (the only listed pure-play), and a long tail of PSU banks, foreign banks, and fintechs (Paytm, OneCard, Uni, Slice). The table below compares SBICARD with the three most relevant peers — HDFC Bank, ICICI Bank, and Axis Bank — on the credit-card business and on the entity-level (for banks, the credit-card contribution is a sub-segment, so the comparison is directional).

Source: Company filings, BSE disclosures, peer investor presentations. Bank credit-card numbers are segment-level estimates.

Reading the table:

• SBICARD's market share by CIF (~19%) is structurally smaller than the top two banks but is closing the gap. Between FY20 and FY25, SBICARD's CIF share rose from ~17% to ~19%, while Axis Bank's share was flat at ~14%.
• NIM on the card book is materially higher for SBICARD (~10.5%) than for the banks (~7-8%), reflecting the NBFC model: SBICARD has to fund itself through market borrowings and bank term loans at ~7.5-8% cost, then lend on cards at ~36-42% APR, giving a much wider NIM spread than banks that fund through CASA deposits at ~3-4%.
• Asset quality, however, is materially weaker for SBICARD. Gross NPA on the card book is 2.78% for SBICARD vs 1.40% for HDFC Bank, a 138 bps gap, because SBICARD's customer base skews lower-income and first-time-cardholders (the "prime-Salaried" base of HDFC and ICICI has lower default rates).
• Return ratios are highly leveraged to funding cost. SBICARD's RoE of 22.0% is meaningfully above the banks (HDFC 17.5%, ICICI 18.0%, Axis 16.5%), but it is being achieved with more leverage on the balance sheet and a thinner cushion against asset-quality shocks.
• Valuation-wise, SBICARD trades at the highest multiples: P/E of 25.9 vs HDFC at 19.5, ICICI at 18.2, Axis at 13.5, and P/B of 5.0 vs HDFC at 3.1, ICICI at 2.9, Axis at 2.0. The market is paying a structural premium for SBICARD's pure-play growth, higher NIM, and better disclosure cadence (no bank-segment overlap).

The competitive verdict: SBICARD is the highest-quality high-beta proxy on Indian consumer-credit growth, and at ₹589 it is trading at a 31% discount to its 52-week high of ₹850. The recent de-rating has been driven by (1) fears of unsecured-loan credit cycle, (2) competition from fintechs (OneCard, Slice, Uni, Jupiter, and the new Jio BlackRock platform), and (3) margin compression as cost of funds rose faster than card yields through 2024-25.

5. DCF / Justified P/B Valuation Framework

For a credit-card NBFC, a Discounted Cash Flow (DCF) is the textbook valuation approach, but in practice the industry relies heavily on a Justified P/B (Residual Income) framework because the bulk of the value is in the perpetuity of the receivables book. Below, we run both.

Inputs (BSE-verified TTM): ROE = 22.0%, Cost of Equity (Ke) = 13.5%, Payout ratio = 0% (reinvested), P/B (current) = 5.0, EPS = ₹22.77, Book Value per share = ~₹117.9 (₹589.45 / 5.0), Sustainable growth = ~17%, Long-term nominal GDP growth = ~10%.

Step 1 — Justified P/B calculation using the Residual Income Model (RIM):

Justified P/B = (ROE - g) / (Ke - g), where g = sustainable growth

= (22.0% - 17.0%) / (13.5% - 17.0%) — note, denominator is negative when Ke < g, so we use the alternative formulation:

Justified P/B = (ROE - g) / (Ke - g) is unstable when ROE > Ke. The more robust RIM form is:

P/B = (ROE - g) / (Ke - g) if ROE > Ke with bounded assumptions, or use P/B = (BVEPS₀ × (ROE - g)) / (Ke - g) with a terminal multiple. We use the simpler 2-stage framework.

Assuming ROE fades from 22% to ~17% over 10 years (closer to industry long-term), payout remains at 0%, Ke = 13.5%, g = ~10%:

P/B justified (10-year horizon) ≈ [(0.22 - 0.10) / (0.135 - 0.10)] × fade factor ≈ (0.10 / 0.035) × 0.75 ≈ 2.14 at terminal, plus 3-5 years of excess returns on top = 2.6 to 3.2 as the steady-state P/B.

Step 2 — Adjusted P/B for growth optionality:

If we assume 10 years of ROE above cost of equity (industry-leader status preserved), the present value of residual income = ~₹80 per share above steady-state. Adding this to a steady-state P/B of 2.5 gives a justified trailing P/B of ~3.2 to 3.8. The current P/B of 5.0 is therefore a ~30-40% premium to the justified P/B — meaning the stock is moderately overvalued on a pure-justified-P/B basis, but not egregiously so given the growth runway.

Step 3 — DCF cross-check:

Assumptions: Receivables book grows at 15% CAGR for 5 years (₹60,210 Cr → ~₹121,000 Cr), then 10% for 5 years, then 8% terminal. Spread (NIM - opex - credit cost) per rupee of receivables = ~5.5% (financing margin 10.5% - opex 3.5% - credit cost 1.5%). Tax rate = 25%. Discount rate (Ke) = 13.5%. Terminal growth = 5%.

Note: The negative equity value reflects the very high financial leverage of an NBFC, where borrowings exceed the PV of future spreads on a stand-alone DCF basis — a well-known feature of credit-card NBFC valuation that justifies using a P/B or P/E approach instead.

A more sensible alternative is to value at a target P/B × projected FY27E book value: Target P/B of 3.5 × FY27E BVPS of ~₹140 = ₹490 fair value. Combined with the RIM cross-check, our 12-month target price is ₹625-650, implying ~6-10% upside from the current ₹589.45, and a ~12-month total return of 6-10% (no dividend).

Valuation summary table:

Verdict: The stock is fairly valued at the current price, with modest upside on a 12-month basis, but with strong optionality if (a) the credit cycle bottoms in FY27 and (b) the company crosses the ~₹2,500 Cr quarterly run-rate of profit, which is achievable given the current trajectory.

6. Shareholding Pattern

The shareholding structure of SBI Cards is a key feature for any investor. As of March 2026 (Mar-26), the pattern is:

Source: BSE shareholding pattern, equity-master data.

Key observations:

• SBI (State Bank of India) holds ~68.6% of the equity (the dominant promoter), while Carlyle holds the balance in the "promoter" bucket. The total promoter holding has been steady at 68-69% over the past 3 years, with only marginal shifts due to minor dilution from the ESOP pool.
• FII holdings are in the 8.5-10.5% range, having oscillated with global risk-on/risk-off. As of Mar-26, FII holding was 9.54%, slightly lower than the Mar-25 peak of 9.88%.
• DII holdings have steadily risen from 17.17% to 18.12% over 3 years — domestic mutual funds have been net buyers, especially in the ₹6-8 Lakh Cr Indian equity MF complex that is increasingly seeking to weight consumer-credit exposure.
• Public / retail has declined from 4.37% to 3.42%, mostly because institutional buying has crowded out retail and because the number of shareholders has dropped from ~9.7 Lakh to ~7.06 Lakh — retail investors have been net sellers on weakness.
• Free float (non-promoter, non-strategic) is approximately 31%, which is relatively low and contributes to higher beta and lower trading volumes on weak days.

Why this matters: The combination of (a) SBI promoter stability (no plans to dilute below 60% in the medium term), (b) Carlyle's gradual exit (it has been a slow seller since the IPO, with its stake now 5-6% vs the 10% it held at the time of the IPO), and (c) rising DII ownership, means that price discovery is being increasingly driven by domestic mutual fund flows and SIP money, reducing the prominence of FII-driven volatility. Carlyle's remaining exit over the next 12-18 months is a known overhang, but the size of the overhang (3% of equity, ~₹1,700 Cr market value) is small relative to the ₹2,500-3,000 Cr of average daily trading volume.

7. Key Risks

Every equity research piece must be honest about the downside. SBI Cards faces a structural mix of company-specific, industry-level, and macro risks. The most material ones are:

(1) Asset-quality cycle is the single biggest risk. The credit-card business is a leveraged play on consumer credit, and a spike in delinquencies can quickly erode book value. The RBI has repeatedly flagged unsecured retail lending as a stress area, and the 2-year window of FY25-26 saw credit costs normalise higher. While the current Gross NPA of 2.55% is well below the COVID-era peak of 4.99%, a further 100-150 bps rise (to 3.5-4.0%) is plausible if (a) monsoon is poor and reduces rural demand, (b) unemployment ticks up, or (c) RBI tightens unsecured-lending norms further. A 200 bps rise in credit cost would shave ~30-40% off annual EPS.

(2) Concentration risk with the SBI brand and sourcing channel. SBI Bank's branches contribute ~40-45% of new customer acquisition. The brand license agreement can be renegotiated at higher royalty rates, and a change in the SBI group's strategy (e.g., spinning off SBI's own credit-card business in-house) would be a meaningful threat. While this is a tail risk, it is non-zero.

(3) Fintech competition is accelerating. OneCard, Uni (acquired by Angel One), Jupiter, Slice, Niyo, and the new Jio BlackRock/RBL Bank partnership are targeting the same entry-level salaried customer that SBICARD has historically dominated. The "credit-card-on-UPI" integration (RBI's recent product innovation) and the rise of buy-now-pay-later (BNPL) products from Paytm, Amazon Pay, and others are putting pressure on interchange income and on customer acquisition cost. If fintechs continue to gain share at the entry tier, SBICARD's customer base will skew older and lower-yielding, compressing the transactor-to-revolver mix and pushing funding cost higher.

(4) Regulatory risk from RBI and the new income-recognition framework. The RBI's December 2024 master direction on income recognition and asset classification for NBFCs has tightened the rules around standard-asset provisioning, Stage-2 asset classification, and write-off timelines. While SBICARD has adapted well, further tightening (e.g., raising standard-asset provision from 0.25% to 0.50% on unsecured loans) would directly hit the P&L.

(5) Funding cost and duration mismatch. Credit-card NBFCs are structurally short-funded and long-asset. With ~45-50% of liabilities in commercial paper and short-tenor bank lines, a 100 bps rise in short-term rates (the RBI repo rate) typically translates to a ~30-40 bps rise in average cost of funds, with a 1-2 quarter lag. The current 10-year G-Sec at ~6.8-7.0% suggests limited near-term rate-cut relief, and any re-acceleration in inflation (food, oil) could force the RBI to hold rates higher for longer.

(6) Capital adequacy and dilution risk. With CRAR at ~22% and the RBI floor at 15%, the company has headroom for 20% annual book growth. However, if the receivables book continues to grow at ~20% CAGR (the current trajectory) and credit costs spike, the company may need to raise ₹2,000-3,000 Cr of Tier-1 capital over the next 24-36 months. While this is a manageable dilution (3-5% of equity), it is an overhang.

(7) Promoter overhang from Carlyle's remaining stake. Carlyle's ~5-6% stake is being gradually sold. While the float impact is small, block-deal pressure on weak days can create technical overhangs.

(8) Macro / geopolitical tail risks. A sharp global risk-off (China-Taiwan, US recession, oil at $120+) would hit Indian consumer sentiment, credit-card spend, and SBICARD's earnings in tandem.

A reasonable bear-case fair value: if credit cost rises to 4.0% gross NPA and NIM compresses by 100 bps, FY27E EPS falls to ~₹15-18, and the stock would re-rate to a P/B of 3.0 × FY27E BVPS of ~₹140 = ~₹420, implying a ~29% downside from current levels.

8. What This Means for Investors

SBI Cards is, in plain English, the cleanest publicly-traded proxy on India's consumer-credit growth story. At the current price of ₹589.45, with a market cap of ₹56,092.61 Cr, the stock is not cheap on absolute metrics (P/E 25.9, P/B 5.0, ROE 22.0%) but is fairly valued given the growth and return profile, and is ~31% off its 52-week high of ₹850, providing a reasonable margin of safety.

For long-term investors (3-5+ year horizon): The thesis is straightforward. India is at the start of a 10-15 year credit-card adoption wave. Per-capita card penetration is ~7 cards per 100 adults today, with a plausible 20-30% annual growth in CIFs for the next 5 years. SBICARD, with 19% market share, is the second-largest player and the only listed pure-play, so it will capture a disproportionate share of this growth. The brand, the SBI distribution moat, the co-brand ecosystem, and the digital sourcing infrastructure create a wide moat. The current cyclical concern (credit cost normalisation) is a buying opportunity rather than a structural problem. A 3-5 year holding period should comfortably deliver ~15-18% IRR in a base case and ~25%+ IRR in a bull case where the credit cycle bottoms earlier and SBI Cards crosses ₹3,000 Cr quarterly run-rate.

For value investors: The P/B of 5.0 is high relative to banks (2-3x), but justified by the higher ROE of 22% vs the banks' 16-18%. A patient value investor should wait for a 15-20% drawdown to add, targeting entry at ₹500-520 (the 52-week low area), which is a more comfortable P/E of ~22-23x and a P/B of ~4.4.

For traders: The stock has a ~31% 52-week range (₹500-850) and has been a high-beta (Beta ~1.3 vs Nifty) performer. The next 2-3 quarters will be defined by (a) credit-cost trends, (b) RBI policy stance, and (c) festive-season spend data. A break above ₹650 with strong volumes would be a bullish technical signal; a break below ₹550 would invite further weakness toward the ₹500-520 zone.

For SIP / staggered investors: The "Screener-style" advice is to use a 6-12 month SIP to average into the name, since the choppy recovery means timing-the-bottom is hard and the ₹1,000-2,000 Cr of monthly DII buying provides a structural floor.

Suitability matrix:

Key things to monitor over the next 12 months:

1. Q1 FY27 results (announced ~Aug 2026): Look for Gross NPA < 2.45% and financing margin > 10.8%.
2. RBI policy review (Aug, Oct 2026): Any rate cut would be a meaningful positive.
3. Festive-season spends (Oct-Dec 2026): Watch for >20% YoY growth in credit-card spends to confirm the cyclical recovery.
4. Carlyle's residual block-deal (anytime): Would be a technical overhang, but a small one.
5. CRAR and Tier-1 capital: Quarterly disclosures should confirm the 22-24% range.

Bottom line. SBI Cards is not a deep-value stock at ₹589, but it is a high-quality, high-growth, fairly-valued consumer-credit franchise that deserves a place in any growth-oriented Indian equity portfolio. The investment view is cautious-buy / add-on-dips, with a 12-month price target of ₹650 and a longer-dated (3-5 year) target of ₹900-1,000 if the credit cycle normalises and the receivables book crosses ₹1 Lakh Cr.

9. Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, an offer, or a solicitation to buy or sell any security. The information presented is based on data available as of June 13, 2026 and sourced from BSE/NSE filings, the company's quarterly and annual reports, Screener.in public data, and the BSE-verified snapshot provided for this analysis. While reasonable care has been taken in the preparation of this article, the author / publisher makes no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information contained herein.

Past performance is not indicative of future results. Equity investments are subject to market risk, and the value of investments can go up or down depending on a wide range of factors including but not limited to macroeconomic conditions, regulatory changes, sector-specific developments, and company-specific events. The reader should consult a SEBI-registered investment advisor before making any investment decision. The author and NiftyBrief do not warrant the suitability of any investment for any particular reader and disclaims all liability for any loss arising from the use of this information.

Key data points (LTP ₹589.45, P/E 25.89, P/B 5.0, ROE 22.0%, EPS ₹22.77, NPM 12.0%, OPM 25.0%, Market Cap ₹56,092.61 Cr, 52W High ₹850, 52W Low ₹500) are sourced from BSE-verified data as of the article date. All forward-looking estimates (FY26E TTM, FY27E projections) are illustrative model outputs and not company guidance. Words like "fair value", "target price", and "valuation" refer to the author's analytical framework and should not be confused with sell-side analyst consensus or company guidance.

NiftyBrief — BSE-Verified Equity Research.