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SME Scorecard · SBIN · as of Mar 2026

State Bank of India

Price
₹954
-0.50% · as of 07 Oct, 3:15 pm
Market cap
₹8,81,995 Cr
latest
P / E
10.5
trailing
52-week
857 – 1,235
low – high
Run the valuation reportFull data page
C
56/100
10 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
47
  1. Revenue CAGR, 3y
    ₹3,50,845 Cr (Mar 2023) → ₹5,14,933 Cr (Mar 2026).
    13.6%
    55
    Watch
  2. Profit CAGR, 3y
    Net profit ₹57,750 Cr (Mar 2023) → ₹86,666 Cr (Mar 2026).
    14.5%
    58
    Watch
  3. Latest quarter revenue YoY
    Jun 2026: ₹1,36,240 Cr vs Jun 2025: ₹1,25,729 Cr.
    8.4%
    28
    Watch
Profitability
weight 25
62
  1. Return on equity
    Top-ratio ROE.
    15.4%
    62
    Good
  2. Return on capital employed
    Not meaningful for a lender, whose capital employed is mostly deposits and borrowings. Not scored.
    —
    —
    Not scored
  3. Financing margin
    The financing margin (revenue less interest and opex) is not comparable to an operating margin. Not scored.
    —
    —
    Not scored
  4. Margin trend
    Not scored for a lender; see the note on financing margin.
    —
    —
    Not scored
Balance sheet
weight 20
—
  1. Debt to equity
    Lender: borrowings are funding and interest is the cost of funds, so this ratio is not meaningful. Not scored.
    —
    —
    Not scored
  2. Interest cover
    Lender: borrowings are funding and interest is the cost of funds, so this ratio is not meaningful. Not scored.
    —
    —
    Not scored
  3. Debt growth vs revenue growth
    Lender: borrowings are funding and interest is the cost of funds, so this ratio is not meaningful. Not scored.
    —
    —
    Not scored
Cash conversion
weight 15
46
  1. Cash from operations ÷ profit, 3 FY
    CFO ₹1,05,213 Cr ÷ net profit ₹2,36,732 Cr, cumulative.
    0.4×
    37
    Flag
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹29,734 Cr · Mar 2025: ₹39,847 Cr · Mar 2024: ₹17,457 Cr
    3 of 3
    100
    Good
  3. Debtor days
    Debtor days not reported for this company.
    —
    —
    Not scored
  4. Accounting flags
    capitalising interest; earnings lean on other income.
    2 flags
    0
    Flag
Governance
weight 15
73
  1. Promoter holding
    Quarter ended Jun 2026.
    55.47%
    89
    Good
  2. Promoter holding change
    57.49% (Sep 2023) → 55.47% (Jun 2026).
    -2.0 pp
    30
    Watch
  3. Promoter pledge
    A pledge is only reported when one exists; none listed here, but this is not confirmation of zero.
    —
    —
    Not scored
  4. Institutional holding
    FII 10.81% + DII 26.52%, Jun 2026.
    37.33%
    100
    Good
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against State Bank of India: the market pays 10.5× earnings for 13.6% revenue CAGR over 3 years, with promoters holding 55.47%.

Retail02
Two numbers and the flags

Grade C (56/100). ROE 15.4% is the number to remember. Watch: Revenue CAGR 13.6%; Profit CAGR 14.5%; Latest quarter revenue YoY 8.4%. Price sits 26% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 55.47%, institutions 37.33%, public 7.06% across 38,98,366 shareholders on a ₹8,81,995 Cr market cap. Leverage and cash items to size for: Cash from operations ÷ profit 0.4×; Accounting flags 2 flags.

Institutional04
Diligence priorities

Diligence priorities: Cash from operations ÷ profit 0.4×; Accounting flags 2 flags; Promoter holding change -2.0 pp. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

This report has been prepared by Beacon Capital Advisors Private Limited ("BCAPL") for the exclusive use of its clients who have accepted BCAPL's terms and conditions. It is not an offer or solicitation to buy or sell any security and may not be reproduced, redistributed or published, in whole or in part, without BCAPL's written consent. It does not take into account the investment objectives, financial situation or particular needs of any recipient, who should exercise independent judgement and seek professional advice before investing.

The report is based on information obtained from public and other sources believed reliable, but BCAPL makes no representation as to its accuracy or completeness. Opinions, estimates, target prices and projections are as of the report date, rest on stated assumptions, and are subject to change without notice. They are not assurances of returns. Any investment made on the basis of this report is subject to market risk, and there is no recourse to claim losses incurred on such investments. Past performance is not indicative of future results.

This report is not directed to, or intended for distribution to, any person in any jurisdiction where such distribution would be contrary to law or would subject BCAPL to any registration requirement.

BCAPL's affiliates may have business relationships with the subject company in capacities unrelated to research. BCAPL maintains information barriers and a conflict-of-interest policy under Regulation 26 and the SEBI general guidelines on conflicts of interest; research is not influenced by such relationships.

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