എസ്ബിഐ രണ്ടാം പാദഫലം: മികച്ച പ്രകടനത്തിന് പിന്നാലെ ഓഹരികളിൽ ശുഭപ്രതീക്ഷയുമായി ബ്രോക്കറേജ് സ്ഥാപനങ്ങൾ

Brokerages largely maintained positive ratings on State Bank of India (SBI) following its Q2 FY27 results, citing stronger net interest margins, healthy loan growth and improving asset quality. However, some flagged weaker underlying operating earnings and the contribution of exceptional gains to reported profit, with one brokerage noting that earnings per share grew just 5 percent year-on-year (YoY) excluding one-offs.

SBI shares closed 1.7 percent lower at Rs 970.25 on Tuesday, following the announcement of its fiscal second quarter results. The stock has declined 1.5 percent so far in 2026, compared with an 8.9 percent fall in the Nifty 50.

SBI Q2 results: Profit rises 14%, exceptional gain supports earnings

SBI reported a 14.3 percent YoY increase in net profit to Rs 23,038 crore for the July-September quarter, beating the CNBC-TV18 poll estimate of Rs 22,859 crore. The bank reported an exceptional gain of Rs 7,289 crore, compared with Rs 4,593 crore a year earlier. Net interest income (NII) rose 14.7 percent to Rs 49,143 crore, exceeding estimates, while domestic net interest margin (NIM) improved 11 basis points sequentially to 3.11 percent.

Asset quality improved, with the gross non-performing assets (GNPA) ratio declining to 1.39 percent from 1.47 percent in the preceding quarter. The net NPA ratio eased to 0.36 percent from 0.38 percent.

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CLSA, Citi positive on SBI

CLSA maintained an Outperform rating on SBI stock with a target price of Rs 1,325 per share, implying a 37 percent upside from Tuesday's close. It said NII beat estimates by 2 percent, supported by margin expansion, although lower fee income and treasury losses led to a 3 percent miss in profit before tax. The brokerage highlighted broad-based domestic loan growth of 17 percent YoY and deposit growth of 12 percent. It also expects limited impact from new insurance distribution guidelines.

Citi retained its Buy rating with a target price of Rs 1,300, citing stronger margins and healthy asset quality. It said that nearly 49 percent of SBI's loans were linked to external benchmarks, supporting margins in a rising-rate environment. Citi estimated the expected credit loss (ECL) transition impact at Rs 19,500 crore, or 3.3 percent of net worth.

HSBC, Macquarie retain positive ratings

HSBC maintained a Buy rating but cut its target price to Rs 1,220, factoring in slower loan growth and lower valuation multiples for some subsidiaries. It raised FY27-29 earnings per share estimates by 4-8 percent, citing stronger margin momentum and operating leverage.

Macquarie retained an Outperform rating with a target price of Rs 1,220. It highlighted resilient margins, healthy asset quality and manageable ECL transition costs, describing valuations as comfortable at 1.3 times FY28 price-to-book value.

Bernstein, Nomura cautious on core earnings

Bernstein maintained a Market Perform rating with a target price of Rs 1,300, saying that headline profit growth was supported by lower credit costs and stake sale gains. It said underlying pre-provision operating profit declined YoY because of weaker other income and higher expenses. Excluding one-offs, earnings per share grew just 5 percent YoY.

Nomura retained a Neutral rating with a target price of Rs 1,100. It said core performance was in line with expectations, but higher operating expenses and lower other income weighed on operating earnings.

SBI management has maintained its FY27 credit growth guidance of 14-15 percent and expects net interest margin to remain above 3 percent.