The banking giant is expected to report double-digit net interest income growth supported by an estimated 17% to 18% loan increase. Alongside steady sequential net interest margins, other income will likely benefit from stake sales in the National Stock Exchange and SBI Funds Management. Asset quality is projected to hold firm with estimated slippages of about 1.1% of loans. Brokerages are offering varied tactical strategies, citing balanced trade-offs between margin recovery hopes and near-term treasury pressures.
Key points
Investors are keenly awaiting management commentary on margin trajectories and the transi…: Investors are keenly awaiting management commentary on margin trajectories and the transition toward the Expected Credit Loss framework.
SMC Global Securities suggests maintaining a Hold rating until official earnings and forw…: SMC Global Securities suggests maintaining a Hold rating until official earnings and forward guidance provide clarity on treasury pressures.
Kantilal Chhaganlal Securities favors a tactical trade with upside price targets ranging…: Kantilal Chhaganlal Securities favors a tactical trade with upside price targets ranging from ₹1,005 to over ₹1,035.
Sources checked by our analysis pipeline: 1
SBI Q2 results 2026 today: State Bank of India (SBI) share price will remain in focus today as the company is all set to announce its July-September quarterly results for the financial year 2026-27 on Tuesday, 3 November.
India’s largest lender is expected to report double-digit growth in net interest income (NII), supported by strong loan growth. However, its margins are likely to remain stable in the September quarter (Q2), aided by lower FCNR(B) fund mobilisation.
Kotak Institutional Equities expects the bank’s operating profit to grow about 5% year-on-year (YoY), given that the base quarter included gains from the sale of its stake in Yes Bank. Net interest income (NII) is projected to rise 13% YoY, driven by 18% loan growth. Net interest margins (NIMs) are expected to remain flat sequentially, with negligible impact from the FCNR deposits mobilised during the quarter. The brokerage also anticipates slower growth in fee income while factoring in gains from the sale of the bank’s stake in NSE.
On the asset quality front, slippages are expected to stand at around 1.1% of loans, indicating…
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