State Bank of India Share Price Today (1 December 2025): SBI Stock Near Record Highs as Analysts Eye Up to 20% Upside in 2026

State Bank of India (SBI) stock is starting December 2025 almost exactly where long‑term investors like it: large, liquid, near record highs and still on most brokers’ “buy” lists.

As of Monday morning, 1 December 2025, SBI shares are trading around ₹985–990 on the NSE, after moving roughly between ₹983 and ₹991 in early trade and closing the last session at ₹979. ^[1] The stock sits just below its 52‑week and all‑time high of about ₹999, with a market capitalisation of roughly ₹9 trillion. ^[2]

At the same time, Bank Nifty has opened above 60,000 for the first time ever, with SBI among the gainers driving the index to a new record. ^[3]

Below is a deep dive into SBI’s latest share price action, fundamentals, analyst forecasts and macro backdrop as of 1 December 2025.

SBI share price today (1 December 2025): trading near record territory

Multiple live feeds put SBI share price today around ₹988–990 in the morning session, up roughly 1% versus Friday’s close of ₹979. ^[4]
Key trading metrics today:

Intraday range: Roughly ₹982.75 – ₹991.20 so far. ^[5]
Previous close: ₹979.0. ^[6]
52‑week range: Low ~₹680; high ~₹999. ^[7]
Market cap: Around ₹9.0–9.1 lakh crore (≈₹9 trillion), depending on the data source and timing. ^[8]

Performance snapshot from Business Standard and other exchanges: ^[9]

1 month: ≈+5%
3 months: ≈+22%
12 months: ≈+17%
3 years: ≈+62%

In other words, this is not a sleepy PSU counter any more; SBI is trading like a large‑cap growth stock with a dividend.

2025 rally: SBI leads the PSU bank comeback

According to fresh ET Markets coverage, SBI shares are up about 25% in calendar 2025 so far, outpacing private‑sector peers in the Nifty bank universe. ^[10]

That 25% jump sits on top of a 23% gain in 2024 and a smaller 5% rise in 2023, giving SBI five consecutive years of positive returns and one of its strongest stretches in recent memory. ^[11]

The rally is part of a broader surge in public‑sector banks: Nifty PSU Bank is at record highs, with SBI, Indian Bank and Canara Bank among the PSU names delivering 20–66% returns in 2025. ^[12]

On 1 December, Bank Nifty opened above 60,000 for the first time, with SBI among the contributors to the index’s latest all‑time high. ^[13]

So if you’re looking at SBI share price today, you’re not just looking at a single stock – you’re looking at the pilot of the entire PSU‑bank trade.

Q2 FY26 results: strong profit, cleaner book, one‑off boost

The latest fundamental read‑through for SBI comes from its Q2 FY26 (September 2025 quarter) results, released on 4 November and widely seen as solid to strong:

Net profit: ~₹20,160 crore, up about 10% year‑on‑year, beating Street estimates. ^[14]
Total income: ~₹1.35 lakh crore, up around 4–5% YoY. ^[15]
Net interest income (NII): Around ₹43,000 crore, up 3.3% YoY. ^[16]
Net interest margin (NIM): Domestic NIM at 3.09%; whole‑bank NIM ~2.97%, down 17–18 bps YoY but up 7 bps QoQ – suggesting margins may have bottomed out. ^[17]
Credit growth: Advances up 12.7% YoY to ~₹44.2 lakh crore. ^[18]
Deposits: Up 9.27% YoY to ~₹55.9 lakh crore, taking total business past the ₹100 lakh crore (₹100 trillion) mark. ^[19]

On asset quality, the numbers look like a different universe from the bad‑loan scares of the last decade:

Gross NPA ratio: 1.73% (vs 2.13% a year ago). ^[20]
Net NPA ratio: 0.42%, down 11 bps YoY. ^[21]
Provision coverage ratio (PCR): ~75.8%; PCR including AUCA (written‑off accounts) over 92%. ^[22]
Capital adequacy ratio (CAR): About 14.62%, comfortably above regulatory minimums. ^[23]

One important nuance:

Q2 profit was boosted by a one‑off gain of about ₹4,593 crore (₹45.93 billion) from selling a 13.2% stake in Yes Bank, plus divestment of its stake in Jio Payments Bank. ^[24]

So the underlying earnings trend is still strong, but not quite as explosive as the headline PAT might suggest.

Capital strength and growth pipeline: no new equity for six years?

SBI has spent 2025 quietly fortifying its balance sheet while the share price did the loud part.

Key developments:

In July 2025, the bank completed a ₹25,000 crore Qualified Institutional Placement (QIP) at a floor price of ₹811.05 per share to strengthen capital. ^[25]
That QIP, along with retained earnings, has pushed CAR to about 14.6%, and reduced the government’s stake to ~55.03% from 56.92% earlier. ^[26]

In a recent interview, Chairman C. S. Setty said SBI is now well‑capitalised to fund nearly ₹12 lakh crore of credit growth without fresh equity for the next six years, relying on internal accruals and bond issuances instead. ^[27]

The bank plans to raise ₹12,500 crore via bonds in FY26 as part of routine capital management, after already issuing ₹7,500 crore of Tier‑II bonds at a relatively low coupon of 6.93% – a deal that opened the door for other PSU banks to sell around $1 billion of similar debt. ^[28]

Put simply: capital is no longer the bottleneck for SBI’s growth story. The constraint now is more likely to be macro demand, regulation and risk appetite than balance‑sheet strength.

Valuation check: Is SBI stock expensive after the rally?

Valuation is where the debate around SBI share price today gets interesting.

Fresh snapshots from Business Standard, Tickertape and StockAnalysis show roughly: ^[29]

Trailing P/E (TTM): ~10.5–11.5×
Price‑to‑book (P/B): ~1.7–1.8×
Dividend yield: ~1.5–1.6%
Book value per share: ≈₹460–495

Smart‑Investing data suggests SBI’s latest P/B around 1.8–1.9× is somewhat above its five‑year average P/B of ~1.5×, meaning the stock has already re‑rated vs its own history. ^[30]

Some valuation services – like MarketsMojo – go further and now classify SBI as “expensive” versus PSU peers, pointing out that its P/E has climbed above 12× at points, well above cheaper names like Bank of Baroda or Punjab National Bank. ^[31]

On the other side of the argument, several strategists note that:

SBI is delivering roughly 14% return on equity (ROE), and PSU banks still trade at a significant discount to private peers despite cleaner balance sheets. ^[32]
Public‑sector banks as a group are seeing strong earnings and are still materially cheaper than high‑quality private banks on P/B and P/E metrics. ^[33]

The result: valuations are no longer in “deep value” territory, but still look reasonable for a large, systemically important lender with double‑digit ROE and improving asset quality.

Analyst views and SBI stock forecast for 2026

Across brokerages and data platforms, SBI stock is still largely a consensus “Buy” – but the expected upside is now more moderate after the 2025 rally.

A few key aggregates:

Investing.com: Consensus rating “Buy”; 40 analysts, with 33 recommending Buy, 6 Hold and 1 Sell. Average 12‑month target: ~₹1,074, with a high of ₹1,170 and low of ₹720. ^[34]
TipRanks: Average target ~₹1,011, high ₹1,170, low ₹880. ^[35]
TradingView: Average price target ~₹1,086, with max estimate ₹1,232 and minimum ₹720. ^[36]
Trendlyne: Average target ~₹1,012, implying low‑single‑digit upside from current levels, based on 31 reports from 14 analysts. ^[37]

Recent research and media commentary after Q2 FY26 results show:

Top brokerages see 7–20% upside over the next 12 months, driven by strong credit growth, stable margins and asset‑quality gains. ^[38]
Financial Express notes that analysts expect SBI shares could rally up to 19% in one year, even after factoring in the one‑off Yes Bank gain. ^[39]
ET’s latest piece on 1 December 2025 highlights that several houses see targets of ₹1,100 and above as achievable if the current earnings and macro trends sustain. ^[40]

Overall, the street view is:

“Core story intact, upside smaller than before, but still positive as long as India’s growth and banking cycle stay strong.”

Macro backdrop: RBI, rates and why they matter for SBI

SBI’s next leg of performance is tightly linked to what happens at the RBI’s December monetary policy meeting (3–5 December 2025).

Here’s the setup:

The repo rate currently stands at 5.50% after 100 bps of cuts earlier in 2025. ^[41]
A Reuters poll of economists expects another 25 bps cut to 5.25% on 5 December, with rates likely to stay there through 2026. ^[42]
Economic Times polling and market commentary highlight extremely low inflation – with CPI near 0.25% in October – and robust GDP growth, making the decision a close call. ^[43]
Q2 GDP growth surprised at 8.2%, reinforcing the bullish case for banks, especially PSU lenders like SBI that benefit from capex and government spending. ^[44]

For SBI, the implications are nuanced:

Lower rates can pressure margins in the short term, because banks usually cut lending rates faster than deposit rates.
But a strong, low‑inflation growth environment boosts loan demand and keeps credit costs lower – which is especially powerful for a bank with SBI’s scale and CASA franchise.

SBI’s management has indicated that it expects to maintain stable NIMs even if policy rates drop further, thanks to deposit repricing, better loan mix and higher fee income. ^[45]

Technical picture: key SBI share price levels to watch this week

If you care about charts (even just conceptually), recent technicals are pretty straightforward:

Price vs moving averages: SBI trades above its 50‑day and 200‑day moving averages, signalling an ongoing uptrend. Investing.com estimates the 50‑DMA around ₹980 and 200‑DMA near ₹952, both below the current price. ^[46]
Momentum: 14‑day RSI sits roughly in the mid‑60s, which is “neutral to mildly overbought” but short of the classic 70+ euphoria zone. ^[47]

Fresh weekly levels from EquityPandit for 1–5 December 2025: ^[48]

Immediate support: ~₹965
Stronger support: ~₹951; deeper support near ₹934
Immediate resistance: ~₹996
Major resistance: ~₹1,013, with a wider range top near ₹1,027

EquityPandit’s weekly outlook suggests that a decisive close above ~₹996–1,013 could trigger a sharper breakout, while a close below ₹965 would signal short‑term weakness. ^[49]

ETMoney’s live technical snapshot also flags pivot levels around ₹978–988 and classifies the RSI trend as up, with the stock currently trading just above the R2 resistance pivot. ^[50]

In plain language: SBI is in a bullish trend but not in nosebleed mania; dips towards the mid‑960s are being watched as support and a clean break above ₹1,000–1,010 would excite momentum traders.

Strategic and digital updates: mCASH exit and investor engagement

Beyond pure numbers, a couple of operational updates are relevant for SBI stock watchers:

Discontinuation of mCASH: SBI has decided to discontinue its mCASH service on OnlineSBI and YONO Lite from 30 November 2025. Customers can no longer send or claim funds via mCASH and are being nudged towards standard channels like NEFT, IMPS and UPI. ^[51]
Digital scale: SBI’s balance sheet has crossed ₹66 lakh crore and the bank continues to push digital adoption through its YONO super‑app, which has tens of millions of users and is increasingly central to its retail strategy. ^[52]
Investor outreach: Exchange filings show SBI lined up group meetings with institutional investors on 1 December 2025, organised by Macquarie, after roadshows in Dubai and elsewhere in November – a sign of active engagement with global capital. ^[53]

These are the quieter moving parts behind the share price: gradually simplifying legacy channels, scaling digital platforms and making sure the world’s big money managers stay interested.

Key risks investors are monitoring

Even the market’s current favourite PSU bank doesn’t get a free pass. Among the commonly cited risks:

Valuation vs peers: SBI now trades at a noticeable premium to many PSU banks on P/E and P/B; some analysts explicitly label the stock as “expensive” versus names like Bank of Baroda and PNB. ^[54]
Interest‑rate path: If RBI cuts more aggressively than expected, or competition for deposits intensifies, margins could compress faster than management anticipates. ^[55]
Subsidiaries and one‑offs: A part of recent profit growth has been driven by gains from stake sales (Yes Bank, Jio Payments Bank) and value unlocking from subsidiaries; these are not endlessly repeatable. ^[56]
Contingent liabilities and size: As the largest lender, SBI carries large off‑balance‑sheet exposures and is central to government policy. That “too big to fail” status is a strength, but also means it will often be first in line for complex or politically sensitive lending. ^[57]

For most brokerage models, these risks are seen as manageable in light of better capitalisation, high provision coverage and improving NPAs – but they’re not trivial.

Bottom line: How does SBI stock look at the start of December 2025?

Pulling it together for 1 December 2025:

SBI share price is hovering just below record highs around ₹990, with Bank Nifty and PSU‑bank indices also at or near all‑time highs. ^[58]
The bank just posted a 10% YoY profit jump, double‑digit credit growth, and some of the cleanest asset‑quality metrics in its history, with GNPA at 1.73% and NNPA at 0.42%. ^[59]
Capital buffers are strong after a ₹25,000 crore QIP and Tier‑II bond issuance, and the chairman believes no fresh equity will be needed for about six years. ^[60]
Most analysts still rate the stock a Buy, with typical 12‑month targets clustering in the ₹1,010–1,100+ range – implying modest but positive upside from current levels, roughly 5–20% depending on the house. ^[61]
The big near‑term catalysts are the RBI policy decision on 5 December, the broader India earnings cycle and further signs of sustained credit demand. ^[62]

For long‑term investors watching State Bank of India stock today, the story has shifted from “turnaround and clean‑up” to “execution and compounding”. The easy money from deep‑discount valuations is probably behind us, but SBI remains one of the purest large‑cap ways to ride India’s banking and credit cycle as 2026 approaches.