Key Takeaways
- Net profit after tax rose 19.5% YoY to Rs 664.44 crore for the quarter ended June 30, 2026, from Rs 555.96 crore a year earlier, per the company’s official exchange filing; EPS came in at Rs 6.98
- Total income from operations grew 3.4% YoY to Rs 5,040.55 crore
- Total spends hit a record Rs 1,18,475 crore, up 27% YoY; cards in force rose 7% YoY to 2.26 crore
- Gross NPA improved to 2.04% from 2.41% sequentially; Net NPA eased to 0.83%, its lowest since Q3 FY23
- Shares were flat on results day (July 24) but jumped over 2% on Monday, July 27, once the Street had digested the post-market earnings call
SBI Cards and Payment Services Ltd’s board approved its unaudited results for the June 2026 quarter on July 24, reporting a standalone net profit of Rs 664.44 crore, up 19.5% from Rs 555.96 crore in the year-ago period.
The figures, filed with the exchanges and published in Business Standard’s English and Hindi editions on July 25 under SEBI disclosure norms, show a quarter where improving credit quality did the heavy lifting for profit growth, even as revenue growth stayed modest and costs climbed.
Check Live: SBI Cards Option Chain Live – NSE
Profit And Revenue
Total income from operations rose 3.4% year-on-year to Rs 5,040.55 crore, against Rs 4,876.92 crore in Q1 FY26. Profit before tax came in at Rs 893.13 crore, up from Rs 748.36 crore, while earnings per share rose to Rs 6.98 from Rs 5.84.
For the full year ended March 2026, the company had posted total income of Rs 19,899.63 crore and net profit of Rs 2,166.71 crore. The company also allotted 14,257 equity shares during the quarter under its employee stock option plan, taking paid-up equity capital to Rs 951.61 crore.
Spends And Card Additions Hit Records
Total card spends touched a record Rs 1,18,475 crore, up 27% YoY, split between retail spends of Rs 94,033 crore (up 14%) and corporate spends that more than doubled.
The company added over 10 lakh new accounts during the quarter, up 17% YoY; separately, RBI data showed its net card additions of 4.84 lakh were the highest in the industry for the quarter.
Return on assets improved to 3.9% and return on equity to 16.5%, both up on a YoY and sequential basis.
Asset Quality Improves, But Costs Are Still Climbing
Gross non-performing assets improved to 2.04%, from 2.41% in the March quarter and 3.07% a year earlier, while net NPA eased to 0.83%, the lowest since the December 2022 quarter. Gross credit cost dropped 301 basis points YoY to 6.5%.
Set against that, operating expenses rose roughly 23% YoY, pushing the cost-to-income ratio to around 58-59%, from near 50% a year ago.
On the July 24 earnings call, management linked part of the jump to a one-time provision tied to new labour-code-related employee benefit liabilities, and confirmed the company is still carrying forward a Rs 70 crore additional provision above its approved credit-loss model, citing ongoing geopolitical uncertainty.
For the full year, management guided cost-to-income to stay within a 56-58% band and expects net interest margin to hold near the current 10.8%.
Stock Reaction: Flat Friday, Sharp Monday Move
Shares were little changed on July 24 itself, closing at Rs 618.75, down about 0.5% from the previous close of Rs 622.05, a muted response, partly because the earnings call with analysts was held only that evening, at 6 PM, after market hours.
Once the Street had the weekend to weigh management’s commentary on costs and asset quality, the stock reopened sharply higher on Monday, July 27, gapping up to Rs 630.65 at the open.
It touched an intraday high of Rs 642.65 before easing back, trading around Rs 633, up roughly 2.3%, by mid-morning, per NSE data at 10:17 AM IST.
That puts the company’s market capitalisation at approximately Rs 60,280 crore. The stock remains about 34% below its 52-week high of Rs 965 (October 2025) and well above its 52-week low of Rs 565.45.
Also Check: SBI CARDS AND PAYMENT SERVICES Options Chart
NiftyTrader Desk View
| Metric | Q1 FY27 | Change |
|---|---|---|
| Net Profit After Tax | Rs 664.44 crore | +19.5% YoY |
| Total Income from Operations | Rs 5,040.55 crore | +3.4% YoY |
| EPS | Rs 6.98 | vs Rs 5.84 |
| Gross NPA | 2.04% | -37 bps QoQ |
| Net NPA | 0.83% | -21 bps QoQ |
| Cost-to-Income Ratio | ~58-59% | +~800 bps YoY |
| Share Price (Jul 27, 10:17 AM) | ~Rs 633 | +2.3% intraday |
Bottom Line
SBI Card’s Q1 print follows a pattern the stock has shown before: genuinely improving credit quality and profitability, offset by a cost base that keeps climbing.
The market’s shrug on results day and its sharper Monday move suggest investors needed the full earnings-call context, especially management’s FY27 cost-to-income guidance, before re-rating the stock.
Whether that 56-58% guidance holds through the festive-season cost ramp management has already flagged will likely decide the next leg for the shares.
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Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Please consult a SEBI-registered investment advisor before making any investment decisions. Stock market investments are subject to market risks.
