State Bank of India (SBI) shares were slightly lower in Monday’s trade but continue to hover close to their all‑time high, as investors digest a strong September‑quarter earnings report, record business growth and a stream of upbeat brokerage targets for 2025–26.
At around 11:08 AM IST on 8 December 2025, SBI was trading at ₹962.25 on the NSE, down about 0.9% from the previous close of ₹971.40. The stock is less than 4% below its 52‑week (and all‑time) high of ₹999.10, hit on 26 November 2025, and carries a market capitalisation of roughly ₹8.9 trillion.Business Standard
SBI share price today (8 December 2025)
Business Standard’s live quote page shows SBI at ₹962.25 at 11:08 AM, down ₹9.15 on the day, with intraday moves between roughly ₹962 and ₹973.Business Standard The broader context:
- Previous close: ₹971.40
- 52‑week range: ₹679.65 (low on 3 March 2025) to ₹999.10 (high on 26 November 2025)Business Standard
- Market cap: about ₹8.88 lakh crore
- 1‑year return: ~11–12%
- 3‑year return: ~57% – comfortably ahead of the Sensex over the same periodBusiness Standard
On a 3‑month basis, SBI has rallied around 19%, reflecting strong buying interest in PSU banks and in SBI in particular.Business Standard
IndMoney’s dashboard paints a similar picture, showing a price around ₹964 in early trade, a 52‑week range of ₹680–₹999, and healthy longer‑term performance: roughly 59% over three years and more than 250% over five years.INDmoney
From a valuation perspective, SBI still trades at what many analysts consider reasonable multiples for a bank of its size:
- P/E (trailing): ~10.6x
- P/B: ~1.6x
- Dividend yield: about 1.6%
- EPS (TTM): ~₹90.8; Book value per share: ~₹587Business Standard
These are significantly lower than typical multiples for top private‑sector peers, which is one reason brokerages continue to see room for further re‑rating.
A standout 2025 for SBI stock
Despite the mild pullback in early December, 2025 has already been a very strong year for SBI shareholders.
An ETMarkets analysis on 1 December notes that SBI shares are up about 25% in 2025, outpacing every private‑sector bank in the Nifty.The Economic Times This builds on returns of around 5% in 2023 and 23% in 2024, putting the stock on track for a fifth straight positive year.
On a weekly view, technical research from EquityPandit shows that SBI closed last week down about 1.4%, with the previous week’s high at ₹991.20 and low at ₹944.45, suggesting some consolidation just below the ₹1,000 mark after a strong run‑up.Equitypandit
Put simply:
- Long‑term trend: up and still intact
- Short‑term: a pause, not (yet) a breakdown
Q2 FY26 earnings: profit beat and ₹100 trillion business milestone
The biggest fundamental trigger for the recent move has been SBI’s Q2 FY26 results (quarter ended September 2025), released on 4 November.
Profit and income
According to the company’s filings and coverage by The Economic Times and other outlets:The Economic Times+1
- Standalone net profit: ₹20,160 crore
- Up 10% year‑on‑year (vs ₹18,331 crore in Q2 FY25)
- Up ~5.5% quarter‑on‑quarter from ₹19,160 crore in Q1 FY26The Economic Times
- Net interest income (NII): ₹42,984 crore
- Up 3.3% YoY, and about 4.7% QoQ
- Interest income: ₹1,19,654 crore, up about 5% YoY
- Interest expense: ₹76,670 crore, up around 6% YoYThe Economic Times
- Operating profit (Q2 FY26): ₹31,904 crore, up nearly 9% YoYThe Economic Times
Q1 FY26 was also strong, with net profit of ₹19,160 crore, up 12% YoY, and operating profit up 15% YoY, despite some pressure on margins.The Economic Times
Business growth: crossing the ₹100 trillion mark
The Q2 numbers also came with a symbolic milestone: SBI’s total business (advances + deposits) has now crossed ₹100 trillion.The Economic Times+1
Key balance‑sheet metrics for Q2 FY26:
- Total advances: ₹44.2 lakh crore, up 12.73% YoY
- Deposits: ₹55.9 lakh crore, up about 9.3% YoY
- Credit‑to‑deposit ratio: around 69.8%The Economic Times+1
Growth has been broad‑based:
- Retail personal loans up ~14% YoY, with home loans rising over 15% and auto loans nearly 10%
- Agriculture loans up ~14% and SME credit up nearly 19% YoYThe Economic Times
This reflects healthy underlying demand across households and smaller businesses, not just large corporates.
Yes Bank stake sale boost
Part of the profit beat came from a one‑off gain: SBI sold a 13.2% stake in Yes Bank to Sumitomo Mitsui Banking Corporation for ₹8,889 crore, generating a sizeable one‑time profit (around ₹4,593 crore).Reuters
Even adjusting for that, however, the core earnings trajectory looks solid, thanks to expanding loan volumes and controlled credit costs.
Asset quality: NPAs at multi‑year lows
For investors, the biggest change in the SBI story over the last few years has been the steady clean‑up of the balance sheet.
In Q2 FY26:
- Gross NPA ratio:1.73%
- Down from 1.83% in Q1 FY26 and 2.13% in Q2 FY25
- Net NPA ratio:0.42%, vs 0.47% in Q1 FY26 and 0.53% a year ago
- Gross NPAs in rupees: ₹76,243 crore
- Net NPAs: ₹18,460 croreMoneycontrol+1
Provisioning has remained robust:
- Provision Coverage Ratio (PCR): about 75.8%
- PCR including AUCA (written‑off accounts): over 92%Moneycontrol+1
Credit costs are low and stable:
- Credit cost (Q2): roughly 0.39%
- Slippage ratio (Q2): about 0.45%The Economic Times
Capitalisation is comfortable, with a Capital Adequacy Ratio (CAR) around 14.6%, giving SBI room to grow without immediate equity dilution.The Economic Times
For a PSU bank that once struggled with double‑digit NPA ratios, these are very different numbers – and they underpin much of the market’s re‑rating.
FY25 in the rear‑view mirror: record profit year
The strength of FY26 so far builds on a record FY25, when SBI reported around $9.2 billion in profit, driven by strong loan growth and a rapidly scaling digital franchise.The Times of India
That performance marked SBI out as not just India’s largest bank by assets, but also one of the world’s most profitable banks in nominal terms – a key reason why global institutional investors have gradually warmed to the stock.
Valuation snapshot and Street targets
At today’s price around ₹960–965, SBI trades at:
- ~10.5–10.6x trailing earnings
- ~1.6x book value
- A dividend yield in the 1.5–2% zoneBusiness Standard+1
Consensus analyst targets
Data aggregated by IndMoney (sourcing S&P Global) and TradingView suggests:INDmoney+1
- Around 39–46 analysts track SBI
- 80%+ of them rate the stock “Buy” or “Strong Buy”
- 1‑year average target price: roughly ₹1,075–1,085
- Target range: roughly ₹720–₹1,170+
That implies a 10–12% upside from current levels on average, with more bullish houses expecting 15–20% returns if the credit cycle stays supportive.
Brokerage views
A recent detailed result note from Axis Securities (Axis Direct) maintains a BUY rating with a sum‑of‑the‑parts (SOTP) target price of ₹1,135 per share. The note:Axis Direct
- Values the core banking business at 1.4x FY27E adjusted book value, versus about 1.3x currently
- Assigns ₹263 per share of value to subsidiaries like SBI Life, SBI Cards, SBI AMC, SBI Capital and SBI General
- Projects medium‑term RoA above 1% and RoE in the 14–16% range
- Expects 13% loan, 11% deposit, 14% NII and 9% earnings CAGR over FY26–28
Meanwhile, ETMarkets’ broader review of broker commentary notes multiple large houses with targets at or above ₹1,100, arguing that SBI’s combination of scale, improving asset quality and still‑reasonable valuations leaves room for further re‑rating as PSU banks gain credibility with global investors.The Economic Times+1
Technical picture: support, resistance and seasonal quirks
Short‑term traders are watching SBI’s price action closely as it oscillates below the ₹1,000 mark.
Key support and resistance levels
EquityPandit’s weekly outlook for 8–12 December sets out the following levels:Equitypandit
- Immediate support: ₹946.90
- Major support: ₹922.30
- Immediate resistance: ₹993.65
- Major resistance: ₹1,015.80
- Expected weekly trading band: roughly ₹900–₹1,040
The previous week’s close was ₹971.50, with a high of ₹991.20 and a low of ₹944.45, highlighting how tightly the stock has been coiling beneath the recent high.
A short‑term trade idea from Anand Rathi’s Ganesh Dongre, published by Mint ahead of Monday’s session, recommends:mint
SBI: Buy at ₹960–970, target ₹1,020, stop‑loss ₹940.
That’s very much a trading call, not a long‑term valuation view, but it does reflect the market’s bias to buy dips as long as the stock holds above the mid‑₹900s.
December seasonality
Seasonality data on Moneycontrol shows that December has historically been a tricky month for SBI: in 11 of the last 17 years, the stock has delivered negative returns in December, with an average move of roughly –0.2% for the month and wide swings between the best and worst years.Moneycontrol
History is not destiny, but it’s a reminder that recent gains can see bouts of profit‑taking – especially if broader markets wobble.
Key drivers for SBI stock in 2025–26
Looking beyond this week’s tick‑by‑tick moves, several structural drivers are shaping the medium‑term story for SBI.
1. Credit growth and market share
SBI’s loan book is growing in the low‑to‑mid teens, with Q2 FY26 credit up 12.7% YoY, driven by retail, agriculture, SME and overseas operations. Total advances stand at about ₹44.2 lakh crore, with the RAM (Retail, Agriculture, MSME) portfolio alone exceeding ₹25 lakh crore.The Economic Times+1
This breadth reduces reliance on any single segment and positions SBI well to benefit from India’s still‑robust GDP and consumption growth.
2. Asset‑quality tailwind
With Gross NPAs at 1.73% and Net NPAs at 0.42%, provisioning coverage above 75% (and over 92% including written‑off loans), and low credit costs, SBI’s balance sheet looks cleaner than at any point in the last decade.Moneycontrol+1
Lower slippages and credit costs improve earnings quality and make future capital‑raising less dilutive.
3. Interest‑margin dynamics
Margins are a mixed picture:
- NIM (overall): 2.97% in Q2 FY26
- Domestic NIM: 3.09%
Both are slightly lower year‑on‑year due to higher deposit costs but improved sequentially as rate cuts and repricing began to flow through.The Economic Times+1
Analysts expect NIMs to stabilise around current levels if the rate‑cut cycle is gradual and deposit competition doesn’t intensify too sharply.
4. Subsidiary value unlock
Axis Securities’ SOTP work highlights ₹263 per share of value coming from SBI’s listed and unlisted subsidiaries – SBI Life, SBI Cards, SBI Mutual Fund, SBI Capital Markets and SBI General Insurance – even after applying a holding‑company discount.Axis Direct
Any future IPOs, stake sales or re‑ratings of these entities could unlock additional value for SBI shareholders.
5. Digital scale and operating leverage
TOI and other outlets have repeatedly emphasised how SBI’s digital channels and “digital cohort” of customers were central to its record FY25 profit.The Times of India
As more volumes migrate to digital, the bank benefits from lower marginal costs and better data on customer behaviour, which can sustain fee income and cross‑sell opportunities.
Risks and what could go wrong
No PSU bank – even one as large and improved as SBI – is risk‑free. Some key watch‑outs:
- Margin pressure and deposit war
Deposit growth (9.3% YoY) is lagging loan growth (12.7% YoY), pushing up the credit‑to‑deposit ratio. If deposit competition intensifies, SBI may have to offer higher rates, squeezing NIMs.The Economic Times+1 - PSU overhang and policy risk
The government still owns around 55% of SBI. Changes in regulation, directed lending, or expectations around supporting weaker PSU banks could weigh on valuations over time.Business Standard - Macro and credit‑cycle reversal
Current numbers assume benign credit conditions and steady economic growth. A sharp slowdown, policy mistake, or global shock could hit both growth and asset quality. - Competition from private and fintech players
While SBI’s scale is a defensive moat, private banks and nimble fintechs compete aggressively in profitable niches – credit cards, unsecured retail, and affluent customers. Sustaining growth without compromising underwriting will be a constant balancing act.
SBI stock: who might consider it now?
Given all of the above, how does SBI look as of 8 December 2025?
- For long‑term investors:
SBI offers exposure to India’s banking system via its largest lender, with improving NPAs, decent capital levels, and valuations that are still below many private‑sector banks on P/B and P/E metrics. The Street expects mid‑teens RoE to be sustainable, and consensus targets imply high‑single‑ to low‑double‑digit upside over 12 months, with potential for more if PSU banks continue to re‑rate.Axis Direct+1 - For income‑oriented investors:
The dividend yield (around 1.5–2%) is not spectacular but is backed by strong earnings and a track record of regular payouts.Business Standard+1 - For traders:
The near‑term set‑up is all about whether SBI can defend support in the mid‑₹900s and break convincingly above ₹1,000–1,015. EquityPandit’s bands and short‑term calls like Anand Rathi’s “buy at ₹960–970, target ₹1,020, stop ₹940” express that tight risk‑reward trade‑off.Equitypandit+1
None of this guarantees future returns. PSU bank stocks are volatile, sentiment‑driven, and sensitive to both global risk‑off phases and domestic policy shifts. This article is for information and news purposes only and does not constitute investment advice. Any investment decision should factor in your own risk tolerance, time horizon, tax situation and, ideally, guidance from a qualified adviser.
