State Bank of India (SBI) has entered the $100 billion market capitalisation club following a strong September quarter (Q2 FY26) performance. The milestone comes as robust credit growth and festive retail demand helped the country’s largest lender by assets surpass ₹100 trillion in total business.
As of September 2025, SBI’s total business stood at ₹100.12 trillion, comprising advances of ₹44.20 lakh crore and deposits of ₹55.92 lakh crore.
Market Cap Milestone: Among India’s Top Six Companies
With this achievement, SBI joins an elite group of Indian corporates with valuations above $100 billion. The list includes:
Reliance Industries ($228 billion)
HDFC Bank ($170 billion)
Bharti Airtel
Tata Consultancy Services (TCS)
ICICI Bank
Out of these six companies, three are banks, highlighting the sector’s increasing influence in India’s rapidly expanding economy.
Infosys, which crossed the $100 billion mark in 2021, currently holds a valuation of around $70 billion, weighed down by a weaker rupee and sluggish IT sector growth.
SBI Q2 FY26 Results Beat Estimates
For the September 2025 quarter, SBI reported:
Net Interest Income (NII): ₹42,985 crore, up 3% year-on-year (YoY), exceeding CNBC-TV18’s estimate of ₹40,766 crore.
Net Profit: ₹20,160 crore, up 10% YoY, surpassing Street expectations of ₹17,048 crore.
The results were boosted by a one-off gain of ₹4,593 crore from the sale of its stake in Yes Bank during the quarter.
Also Read: Ola Electric Q2 FY26 Results: Loss Narrows Despite Revenue Drop
Chairman’s View: Consolidation Boosted Scale and Efficiency
SBI Chairman CS Setty highlighted that the consolidation of public sector banks (PSBs) has strengthened the industry. The number of PSBs has reduced from 26 to 12, improving scale advantages and enabling greater technology adoption.
“Scale is crucial, especially for technology investments. Without sufficient scale, it’s difficult to justify or gain returns on such investments,” Setty told CNBC-TV18.
He also indicated that further consolidation in the banking sector could be possible, though no timeline was specified.
SBI Stock Performance and Valuation
Since the beginning of 2025, SBI shares have gained over 20%, outperforming both the Nifty50’s 9% rise and the Nifty Bank index’s 14% gain.
Following the rally, the stock now trades at 1.5x its 12-month forward book value, slightly above its five-year average of 1.4x.
According to Bloomberg data, of the 50 analysts tracking the stock:
41 recommend ‘Buy’,
8 suggest ‘Hold’, and
1 has a ‘Sell’ rating.
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