SBI share price: State Bank of India () traded flat on Tuesday, November 18, a day after entering uncharted territory by becoming the first public-sector lender to surpass a market capitalisation of ₹9 trillion. The stock also hit a new lifetime high of ₹976.80 in the previous session.
SBI’s share performance has remained strong over multiple time frames. The stock has risen 21 percent over the past one year, gained 23 percent in the last six months, advanced 17.5 percent in the last three months and climbed more than 9 percent in the past month. Over a five-year period, SBI has delivered returns, surging 286 percent.
The lender has also been in the spotlight following reports that it supports the possibility of further consolidation among public-sector banks (). As policymakers consider ways to build scale and support financing needs in one of the world’s fastest-growing major economies, Bloomberg News reported on November 14 that Chairman Challa Sreenivasulu Setty believes “some further rationalisation might make sense,” noting that “there are still some smaller, sub-scale banks.” In the same interview, Setty indicated that another consolidation round “may not be a bad idea,” according to the report.
State Bank of India Q2 Results
SBI posted a consolidated net profit of ₹21,504.49 crore for , a 6.4 percent increase over ₹20,219.62 crore in the same quarter last year. On a standalone basis, profit rose 10 percent to ₹20,159.67 crore from ₹18,331.44 crore a year earlier.
Net interest income (NII) climbed 3.28 percent year-on-year to ₹42,984 crore from ₹41,620 crore in Q2FY25. Domestic net interest margin (NIM) narrowed by 18 basis points to 3.09 percent from 3.27 percent in the corresponding period last year. The bank’s provision coverage ratio (PCR) improved by 13 basis points to 75.79 percent.
Asset quality continued to improve: the net NPA ratio dropped 11 basis points year-on-year to 0.42 percent, while gross NPA fell 40 basis points to 1.73 percent.
Anand James, Chief Market Strategist at Geojit Investments, noted that Friday’s strong close allowed SBIN to break above a seven-day trading range on Monday, which ideally should have supported an extension of the ongoing uptrend. However, he flagged that while histogram centre-line crossovers backed this setup, oscillators were showing negative divergences.
“This discourages us from being too bullish at this stage, and would rather play for limited upside, with expectations of volatility setting in, once in the vicinity of 1000,” he said.
Amruta Shinde, Research Analyst, Choice Broking, stated that SBIN is trading at ₹973.35 with strong bullish momentum.
She noted, “The stock has formed a new all-time high at ₹976 while maintaining a higher-high, higher-low structure. It has also broken above the recent swing high of ₹971.40, reinforcing the ongoing uptrend.”
She added that a clean move above ₹976 with rising volumes could fuel the next rally. SBIN remains above its 20-, 50-, and 200-day EMAs, with RSI at 77.28 showing strong buying interest but nearing overbought territory. She highlighted resistance at ₹1000, with potential upside to ₹1032, while support lies near ₹964. Traders, she said, may consider entries around ₹973.35 with a stop loss at ₹944 and a target of ₹1032.
Fundamental View
Phillip Capital maintains a Buy rating with a revised target price of ₹1100, up from ₹900. The new target indicates an upside potential of 13 percent.
The brokerage said SBI has a strong sanction pipeline, which supports its loan growth guidance of 12–15 percent. The brokerage observed that disciplined loan pricing and better liability management helped the bank deliver a margin beat in a challenging environment. It added that stable asset quality and high provision buffers provide confidence for moderate credit costs, enabling SBI to generate +1 percent ROA on a sustainable basis.
The firm noted that resilient margins, a stable cost-to-income ratio and contained credit costs will drive earnings. Phillip Capital models earnings growth of 9 percent and 3 percent for FY26E and FY27E, translating to +1 percent ROA between FY26–28E.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.