Result Update
SBI Cards and Payment Services Ltd
Banks
Hold
Current Price 936
Target Price 1025
October 24, 2025
Credit cost declines but misses consensus
SBI Cards turned in strong growth in Q2FY26 retail spends (9% QoQ) and receivables (6% QoQ) boosted by festive demand, but NIM, fees, opex and credit cost missed consensus. NIM stayed flat QoQ despite a 51bp YoY decline