State Bank of India (SBI) Share Price Today, 2 December 2025: Near Record Highs as Brokerages See 2026 Upside

State Bank of India (SBI), India’s largest lender, is trading just below its lifetime high on 2 December 2025 while most domestic and global brokerages maintain bullish calls and raise price targets for 2026. Fresh research published today and over the past few days points to healthy earnings visibility, strong balance sheet quality and scope for further re-rating in public-sector banks.

SBI share price today: near record highs, steady gains in 2025

As of late morning on 2 December 2025, SBI shares are changing hands around ₹975–978 on the NSE/BSE, up about 0.2% versus the previous close of ₹973.15. Intraday, the stock has traded between roughly ₹973.7 and ₹980.4. ^[1]

The 52‑week range currently stands near ₹680 on the downside and just above ₹999 on the upside, putting today’s quote only a few percentage points below the stock’s all‑time high. ^[2]

Key near-term performance markers:

Year-to-date (2025): SBI is up roughly 22–25%, depending on the cut-off date, handily outperforming many private-sector peers. ^[3]
Last month: Mint and Economic Times data show low‑single‑digit positive returns over the past month, reflecting consolidation near the highs. ^[4]

At a market capitalisation close to ₹9 trillion, SBI is one of India’s most valuable listed companies and the largest PSU bank by a wide margin. ^[5]

Five‑year rally: from value stock to market leader

A premium analysis from Mint/Equitymaster published this morning highlights just how powerful SBI’s compounding has been over the last half decade. An investor buying 100 SBI shares around ₹248 in December 2020 would now be sitting on a position worth roughly ₹99,300, implying about a 32% compound annual growth rate over five years (before dividends). ^[6]

Another Mint article from November noted that SBI’s share price has risen about 286% over five years, and that it recently became the first public-sector lender to cross a market capitalisation of ₹9 trillion, after hitting a new lifetime high of around ₹976–977. ^[7]

Economic Times and Times of India coverage over 1–2 December stresses that 2025 is shaping up as one of SBI’s strongest years, with the stock up about 25% year‑to‑date, outpacing every major private-sector bank in the Nifty Bank index. ^[8]

Q2 FY26 results: profit beats estimates, asset quality improves

SBI’s bullish narrative in 2025 is anchored in robust fundamentals. In early November, the bank reported Q2 FY26 results that beat market expectations on both growth and profitability:

Net profit for the quarter rose about 10% year‑on‑year to roughly ₹20,160 crore, versus consensus that had actually pencilled in a decline. ^[9]
Net interest income (NII) grew in the low‑single to mid‑single digits year‑on‑year, depending on the definition (around 3–6%), supported by healthy loan growth. ^[10]
A partial stake sale in Yes Bank generated a profit of about ₹4,593 crore, recognised under exceptional items; SBI’s remaining Yes Bank stake is now just over 10%. ^[11]
Retail, agriculture and MSME (RAM) advances grew around 14–19% year‑on‑year, pushing RAM loans above ₹25 lakh crore and prompting management to raise its full‑year loan growth guidance to 12–14%. ^[12]
Multiple result summaries note continued improvement in asset quality, with lower gross and net NPAs and moderating credit costs. ^[13]

A brief from TradingView summarised the quarter as another validation of SBI’s strong corporate credit pipeline, estimated at about ₹7 lakh crore of projects expected to begin over the next year or two. ^[14]

Together, these data points underpin the view that SBI is not just a cyclical rate‑play but a structural earnings compounder in India’s ongoing credit cycle.

Fresh research dated 2 December 2025: Nomura, Mint and others

Nomura: SBI favoured among PSU banks

A new note from Nomura, highlighted by Business Standard today, argues that Indian banks as a group still trade at valuations that leave “ample room for re‑rating,” citing stronger profitability and improving credit growth. At the sector level, Nomura expects system loan growth to accelerate to 13–14% by FY26–FY27, with earnings CAGR of roughly 16% over FY26–FY28. ^[15]

Within that backdrop:

Nomura prefers SBI over Bank of Baroda among PSU banks, citing superior core profitability.
In its pecking order across banks, Nomura ranks Axis Bank first, ICICI Bank second, and SBI third, reflecting a tilt toward large lenders with clean asset quality and strong liability franchises. ^[16]

The same macro view is reinforced in another Business Standard story on Nomura’s Nifty 50 2026 target of 29,300, where financials remain one of the broker’s key overweight sectors. ^[17]

Equitymaster/Mint: three‑year outlook for SBI

Also on 2 December, Mint carried an Equitymaster deep‑dive titled “Where will SBI share price be in the next three years?” The piece underlines several themes: ^[18]

SBI has kept NPAs under tight control, with net NPAs nearly halving between FY20 and FY25.
It operates with an asset base above ₹61 trillion, over 22,000 branches, and more than 500 million customers, supported by a growing global footprint.
Key growth drivers identified for the next three years include:
- India’s GDP growth staying above 6%, aiding loan expansion.
- Continued digital transformation, especially via YONO and fintech partnerships.
- Focus on asset quality, cost control and capital adequacy to sustain profitability even as net interest margins face pressure.

The article does not offer an explicit target price, but its tone is broadly constructive on SBI’s ability to deliver steady growth, provided macro conditions remain supportive.

Real‑time coverage: liveblogs and technical flashes

Economic Times is running a liveblog specifically for SBI today, showing last-traded prices around ₹975, a market cap just over ₹9 lakh crore, and a trailing P/E in the low double digits (around 11x) with EPS in the high‑80s per share. ^[19]
Mint’s “State Bank of India Share Price Today” page reports similar pricing, with the stock up about 0.19% on the day, a day range of ₹973.70–₹980.05 and a 52‑week range of ₹679.65–₹999.10. ^[20]
MarketsMojo’s recent piece (26 November) flagged the stock hitting a new 52‑week and all‑time high of ₹990.9, with one‑year returns of about 18% and the price trading well above all major moving averages—classic signs of strong positive momentum. ^[21]

Consensus forecasts and target prices: how much upside do analysts see?

Across domestic and international brokerages, the message is broadly consistent: SBI remains a Buy / Strong Buy with moderate double‑digit upside potential from current levels.

Street consensus

Investing.com’s compilation of 40 analysts shows a “Buy” consensus, with 33 Buy, 6 Hold and 1 Sell rating. The average 12‑month target price is about ₹1,074, with a high estimate of ₹1,170 and a low of ₹720. ^[22]
TipRanks, based on a smaller sample of 7 analysts, puts the average target at ₹1,010.7, with a high of ₹1,170 and a low of ₹880, implying a few percentage points of upside from today’s price. ^[23]
Trendlyne’s Indian brokerage aggregation shows an average target of roughly ₹1,012, again indicating low‑ to mid‑single‑digit upside on average, but with many houses sitting higher. ^[24]

Domestic broker targets after recent results

After the strong Q2 FY26 print and the stock’s breakout to new highs, several domestic brokers have refreshed their numbers: ^[25]

ICICI Securities: Buy, target ₹1,150.
ICICI Direct (retail arm): Target ₹1,120, implying mid‑teens upside from levels around ₹955 at the time of their note.
CLSA: Accumulate, target ₹1,170 (nearly 20% upside from late‑November prices).
Axis Securities: Buy, with raised earnings estimates and no visible growth or asset‑quality headwinds flagged in its commentary.
HSBC: Buy, target ₹1,110, upgraded from ₹960, citing stronger core pre‑provision operating profit.
Nomura: Target around ₹1,100, backed by expected RoA of about 1.1% and RoE of ~16% over FY27–FY28.
Prabhudas Lilladher, Emkay, Deven Choksey, others: A cluster of Buy calls with targets in the ₹1,100–₹1,108 band.

In parallel, Mint’s data for 2 December lists 38 analysts covering SBI, of whom 17 rate it “Strong Buy”, 15 “Buy”, 5 “Hold” and only 1 “Sell”, with the broker‑rating label summarised as “Strong Buy”. ^[26]

In short, while the stock has already rerated significantly, the Street still expects high‑single to high‑teens percentage upside over the next 12 months, depending on the scenario.

Valuation and fundamentals: still reasonably priced?

Several data providers paint a broadly similar picture of SBI’s valuation on 2 December 2025:

Trailing P/E is around 9.7–11x, depending on whether standalone or consolidated earnings are used. ^[27]
Price‑to‑book (P/B) stands near 1.6–1.7x. ^[28]
Return on equity (ROE) is roughly 14–15%, with some brokers projecting ~16% over FY27–FY28. ^[29]
Dividend yield is around 1.6%, modest but not trivial for a large bank still in a growth phase. ^[30]
Mint and Groww both highlight SBI’s market cap near ₹9 lakh crore and its status as a dominant lender with a diversified mix of retail, corporate and international business. ^[31]

Relative to private-sector peers, SBI continues to trade at a valuation discount despite comparable or improving profitability metrics. That discount—and the potential for it to narrow further—is central to the bullish arguments from Nomura, HSBC, CLSA and others. ^[32]

Technical and near‑term trading view

Short‑term traders are watching SBI’s price action closely as it consolidates just below the ₹1,000 mark.

An EquityPandit weekly outlook for 1–5 December pegs immediate support near ₹965 and immediate resistance around ₹996, with deeper support near the low‑₹950s and higher resistance above ₹1,010. ^[33]
Mint’s technical section calculates pivot‑based resistance levels (R1/R2/R3) at roughly ₹990, ₹1,001 and ₹1,012, and support levels (S1/S2/S3) near ₹969, ₹959 and ₹948, based on prior‑day price action. ^[34]
MarketsMojo’s 26 November note emphasised that SBI is trading above all key moving averages (5‑, 20‑, 50‑, 100‑ and 200‑day), a configuration usually interpreted as technically bullish. ^[35]

In plain terms, the stock is in an uptrend but not cheap in the very short term. Many technical commentators suggest that a decisive close above the ₹1,000–1,010 zone could trigger another leg higher, whereas a sustained break below the mid‑₹960s would signal a deeper consolidation phase.

Medium‑ to long‑term growth drivers

The 2 December Equitymaster/Mint analysis structures SBI’s next three years around several strategic drivers that are also echoed in brokerage reports: ^[36]

Economic growth and credit demand
As long as India’s GDP growth holds above roughly 6%, system credit growth in the low‑ to mid‑teens is plausible. SBI’s raised loan‑growth guidance and large corporate pipeline suggest it is positioned to capture a disproportionate share of that demand.
Digital transformation (YONO and beyond)
SBI’s YONO platform and broader digital initiatives are expected to lift fee income, reduce cost‑to‑income ratios and improve cross‑selling across retail and SME customers.
Asset quality discipline
Over the last few years, net NPAs have fallen sharply, and recent quarters have not shown any material new stress. Sustaining this discipline is critical to keeping credit costs low and RoE high.
Rural and semi‑urban penetration
SBI’s unmatched branch and correspondent network offers deeper access to rural and semi‑urban markets, which remain under‑penetrated for formal banking and offer long‑run growth.
Subsidiaries and non‑bank businesses
SBI Life, SBI General, SBI Mutual Fund and SBI Cards collectively enhance earnings diversification and provide optionality through future value unlocking.
Capital strength and government backing
As a majority government‑owned bank with systemic importance, SBI benefits from an implicit backstop, which keeps funding costs competitive and supports long‑term confidence.

Key risks to monitor

No bullish story is risk‑free. Analysts and research pieces highlight several vulnerabilities investors should keep in mind: ^[37]

Interest‑rate and margin risk: Faster‑than‑expected policy rate cuts could pressure net interest margins before loan growth fully compensates.
Credit‑cycle risk: If corporate capex or retail demand slow, loan growth could undershoot the ambitious 12–14% guidance.
Asset quality shocks: A turn in the credit cycle, especially in unsecured retail or SME segments, could raise NPAs and credit costs.
PSU‑specific governance risk: As a public‑sector bank, SBI is exposed to policy‑driven mandates that may not always be purely profit‑maximising.
Valuation risk: After a multi‑year rally and recent all‑time highs, any earnings disappointment or macro shock could trigger sharper corrections than in earlier years.

Bottom line: where does SBI stock stand on 2 December 2025?

On 2 December 2025, SBI sits in a sweet—but demanding—spot:

The stock is near record highs after a multi‑year rally and about 25% gains in 2025. ^[38]
Fundamentals are strong: double‑digit profit growth, improving asset quality, robust capital, and a loan‑growth outlook that has been upgraded, not cut. ^[39]
Valuations remain reasonable versus private peers, with P/E around 10x and P/B around 1.6x, and ROE mid‑teens. ^[40]
Brokerage sentiment is overwhelmingly positive, with a consensus Buy/Strong Buy rating and most targets clustered between ₹1,050 and ₹1,170, suggesting further—but not unlimited—upside. ^[41]

For long‑term investors who believe in India’s banking cycle and are comfortable with PSU‑bank risk, SBI remains a core index‑level play on the economy, backed by strong institutional ownership and deep liquidity.

However, given how far the stock has run and how widely owned it is, new investors need to think carefully about entry price, time horizon and portfolio concentration. None of the sources cited here replace personalised advice: assessing risk tolerance, goals and diversification with a qualified adviser is still essential.