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India's largest bank by assets, a state-owned lender with the country's biggest branch, ATM and digital-banking network.
India's largest bank by assets, a state-owned lender with the country's biggest branch, ATM and digital-banking network.
Earns mostly from the spread on lending funded by a huge, low-cost deposit base gathered through branches across India, including rural areas where private banks seldom operate. The Government of India owns most of the shares. It merged five associate banks into itself in 2017, and its life-insurance and card arms are listed separately.
In one line: India's Bank of America (state-owned).
Moat: narrow (scale, distribution, regulatory licence). Unmatched branch network and low-cost deposit base as India's largest, state-backed bank.
Headquarters: Mumbai, India · Founded: 1955 · Employees: 245,131
Size State Bank of India (SBIN.NS) is an India Financials company (Regional Banks) with a market value of $99.5B, the 6th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,018 on 6 Nov 2026.
Performance Over six months the shares fell 6.7%, against +8.0% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +2.5%); the operating margin is 28.3% (peer median 35.1%).
Valuation It trades at 1.40× book value against a peer median of 1.27× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 20.7%; State Bank of India delivers 14.6%, so the price asks more than the business earns today.
Credit State Bank of India has 6 bonds outstanding ($3.80B), rated BBB by the agencies and trading like BBB at a weighted spread of 94 bp.
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹7.35T | ₹7.16T | ₹6.58T | ₹5.90T | ₹4.78T |
| Revenue growth | — | +9% | +12% | +23% | — |
| Net income | ₹904B | ₹833B | ₹776B | ₹671B | ₹556B |
| Free cash flow | n/a | ₹1.55T | ₹1.61T | ₹1.17T | ₹935B |
| Capital expenditure | n/a | ₹83.6B | ₹56.4B | ₹41.8B | ₹46.7B |
| Total debt | ₹7.41T | ₹7.99T | ₹6.29T | ₹6.50T | ₹5.32T |
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 |
|---|---|---|---|---|---|---|
| State Bank of India SBIN.NS | $99.5B | -7% | +6% | 15% | 1.40× | 20.7% |
| HDFC Bank HDFCBANK.NS | $129B | -1% | +5% | 14% | 2.00× | 24.8% |
| ICICI Bank ICICIBANK.NS | $119B | +23% | +8% | 16% | 2.89× | 36.7% |
| Punjab National Bank PNB.NS | $15.4B | +16% | +3% | 15% | 0.90× | 17.0% |
| Bank of Baroda BANKBARODA.NS | $13.7B | -7% | +8% | 12% | 0.74× | 13.2% |
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 | SBIN.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.8% | +2.5% | 6th highest of 21 |
| 6-month return | -6.7% | +8.0% | 3rd lowest of 21 |
| Return on equity | 14.6% | 10.5% | 7th highest of 21 |
| Price / book | 1.40× | 1.27× | 8th most expensive of 21 |
| Trailing P/E | 10.4× | 12.7× | 8th cheapest of 20 |
| ROE the price implies | 20.7% | 9.1% | 3rd most demanding of 21 |
| ROE delivered | 14.6% | 10.6% | 7th highest of 20 |
| Bond spread | 94 bp | 87 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| State Bank of India SBIN.NS | India | $99.5B | -7% | +6% | 15% | 1.40× | 20.7% | 14.6% |
| Canadian Imperial Bank of Commerce CM.TO | Canada | $105B | +8% | 0% | 16% | 2.50× | 20.1% | 15.6% |
| CaixaBank CABK.MC | Spain | $91.9B | +7% | -2% | 16% | 2.05× | 13.3% | 16.5% |
| ICICI Bank ICICIBANK.NS | India | $119B | +23% | +8% | 16% | 2.89× | 36.7% | 16.3% |
| Postal Savings Bank of China 1658.HK | Hong Kong | $71.2B | +10% | +2% | 9% | 0.54× | 5.7% | 8.8% |
| Japan Post Bank 7182.T | Japan | $65.5B | +7% | +39% | 7% | 1.11× | 8.3% | 6.6% |
| Industrial Bank 601166.SS | China | $62.6B | +10% | -4% | 9% | 0.49× | 2.2% | 9.2% |
| Truist Financial TFC | United States | $59.2B | +1% | -5% | 8% | 1.06× | 9.6% | 8.2% |
| Nu Holdings Ltd. Class A NU | United States | $58.1B | -13% | +54% | 32% | 4.39× | 32.4% | 31.6% |
| Credit Agricole ACA.PA | France | $53.7B | -8% | -1% | 9% | 0.68× | 8.1% | 8.9% |
| Shanghai Pudong Development Bank 600000.SS | China | $50.1B | +8% | -3% | 6% | 0.40× | 2.0% | 6.1% |
| Fifth Third Bancorp FITB | United States | $47.9B | +8% | +15% | 9% | 1.55× | 13.6% | 9.4% |
| Commerzbank CBK.DE | Germany | $46.3B | +4% | -3% | 10% | 1.36× | 10.3% | 10.3% |
| Ctbc Financial 2891.TW | Taiwan | $43.7B | +37% | +9% | 15% | 2.06× | 8.9% | 14.7% |
| Banca Monte dei Paschi di Siena BMPS.MI | Italy | $38.4B | +19% | +55% | 16% | 1.30× | 13.9% | 15.5% |
| KBFinancialGroup 105560.KS | South Korea | $37.5B | -5% | +32% | 10% | 0.99× | 5.6% | n/a |
| Bank of Jiangsu 600919.SS | China | $35.1B | +13% | +5% | 13% | 0.83× | 2.9% | 12.8% |
| Bank of Ningbo 002142.SZ | China | $34.0B | +3% | +3% | 13% | 0.92× | 7.0% | 13.3% |
| M&T Bank MTB | United States | $31.4B | +3% | 0% | 11% | 1.24× | 9.3% | 10.6% |
| Resona 8308.T | Japan | $30.8B | +9% | +17% | 9% | 1.57× | 8.7% | 9.3% |
| First Citizens BancShares FCNCA | United States | $25.2B | +16% | 0% | 11% | 1.29× | 9.3% | 11.0% |
State Bank of India has 6 bonds outstanding with $3.80B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.48%, a spread of 94 bp over government bonds.