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India's second-largest credit card issuer, a joint venture between State Bank of India and Carlyle-linked investors.
India's second-largest credit card issuer, a joint venture between State Bank of India and Carlyle-linked investors.
Earns from three sources: interest on balances customers carry forward, interchange, a fee merchants pay on each card purchase, and annual and late-payment fees, so credit losses and the cost of funds shape profit. Cards are sold largely through State Bank of India's branches and co-branded programmes with partners. State Bank of India holds the majority.
In one line: India's Synchrony Financial/Discover Financial.
Moat: narrow (distribution, brand, scale). Access to State Bank of India's vast customer base and branch network gives a strong sourcing advantage for cards.
Headquarters: Gurugram, India · Founded: 1998 · Employees: 33,129
Size SBI Cards & Payment Services (SBICARD.NS) is an India Financials company (Finance/Rental/Leasing) with a market value of $5.89B, the 191st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹585.00 on 6 Nov 2026.
Performance Over six months the shares fell 9.7%, against -5.9% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 6.5% over the last twelve months (peer median +12.4%); the operating margin is 36.1% (peer median 34.7%).
Valuation It trades at 3.24× book value against a peer median of 1.95× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 40.7%; SBI Cards & Payment Services delivers 16.3%, so the price asks more than the business earns today.
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹210B | ₹199B | ₹181B | ₹170B | ₹137B |
| Revenue growth | — | +10% | +6% | +24% | — |
| Gross profit | ₹164B | ₹175B | ₹160B | ₹140B | ₹112B |
| EBITDA | ₹77.2B | ₹61.1B | ₹61.0B | ₹64.7B | ₹51.5B |
| Net income | ₹26.1B | ₹21.7B | ₹19.2B | ₹24.1B | ₹22.6B |
| Free cash flow | n/a | ₹70.3B | ₹159B | ₹143B | ₹45.9B |
| Capital expenditure | n/a | ₹336M | ₹558M | ₹745M | ₹934M |
| Total debt | ₹479B | ₹442B | ₹452B | ₹403B | ₹315B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| SBI Cards & Payment Services SBICARD.NS | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% |
| HDFC Bank HDFCBANK.NS | $129B | -1% | +5% | 14% | 2.00× | 24.8% |
| ICICI Bank ICICIBANK.NS | $119B | +23% | +8% | 16% | 2.89× | 36.7% |
| Axis Bank AXISBANK.NS | $43.6B | +2% | +7% | 14% | 1.78× | 25.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SBICARD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.0% | -1.3% | 8th highest of 21 |
| 6-month return | -9.7% | -5.9% | 8th lowest of 21 |
| Return on equity | 16.3% | 12.1% | 6th highest of 21 |
| Price / book | 3.24× | 1.95× | 4th most expensive of 21 |
| Trailing P/E | 21.4× | 16.6× | 6th most expensive of 21 |
| ROE the price implies | 40.7% | 15.8% | 4th most demanding of 21 |
| ROE delivered | 16.3% | 12.1% | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| SBI Cards & Payment Services SBICARD.NS | India | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% | 16.3% |
| Chailease 5871.TW | Taiwan | $5.74B | -10% | -4% | 12% | 0.97× | 3.8% | 11.5% |
| Element Fleet Management EFN.TO | Canada | $5.61B | -31% | +5% | 11% | 2.06× | 9.2% | 10.6% |
| OneMain OMF | United States | $6.42B | 0% | +6% | 23% | 1.90× | 18.5% | 22.7% |
| Credit Acceptance CACC | United States | $5.37B | -1% | +2% | 23% | 3.86× | 38.2% | 22.7% |
| Jiangsu Financial Leasing 600901.SS | China | $6.66B | +12% | +14% | 13% | 1.67× | 5.9% | 13.5% |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 26% | 3.58× | 26.5% | 26.2% |
| Herc HRI | United States | $5.08B | +14% | +19% | 6% | 2.56× | 33.3% | 6.3% |
| Sundaram Finance SUNDARMFIN.NS | India | $4.95B | -11% | +14% | 14% | 2.89× | 35.3% | 14.4% |
| Bajaj Housing Finance BAJAJHFL.NS | India | $7.05B | -9% | +17% | 12% | 2.77× | 41.1% | 12.4% |
| BOC Aviation 2588.HK | Hong Kong | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% | 11.8% |
| Piramal Finance PIRAMALFIN.NS | India | $7.17B | +13% | +71% | 7% | 1.58× | 13.0% | 6.5% |
| L&T Finance LTF.NS | India | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% | 12.3% |
| HDB Financial Services HDBFS.NS | India | $4.71B | -24% | +11% | 14% | 2.01× | 30.2% | 14.3% |
| Nelnet NNI | United States | $4.67B | +7% | -7% | 8% | 1.24× | 10.1% | 8.1% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
| Bohai Leasing 000415.SZ | China | $4.44B | +2% | -7% | 18% | 0.90× | 6.3% | 17.8% |
| Poonawalla Fincorp POONAWALLA.NS | India | $4.42B | +4% | +77% | 9% | 3.02× | 47.4% | 9.2% |
| ACOM 8572.T | Japan | $4.38B | -12% | +7% | 9% | 0.96× | 5.6% | 9.3% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Blue Owl Technology Finance OTF | United States | $4.36B | -13% | +95% | 5% | 0.58× | 4.9% | 4.8% |