State Bank of India will announce its July-September quarterly results on Tuesday, 3 November. Analysts expect double-digit growth in net interest income, supported by strong loan growth. Seema Srivastava of SMC Global Securities said, "SBI warrants a Hold rating ahead of its Q2 results." Investors are watching the bank's margins closely.
SBI Q2 results 2026 today: State Bank of India (SBI) share price will remain in focus today as the company is all set to announce its July-September quarterly results for the financial year 2026-27 on Tuesday, 3 November.
India’s largest lender is expected to report double-digit growth in net interest income (NII), supported by strong loan growth. However, its margins are likely to remain stable in the September quarter (Q2), aided by lower FCNR(B) fund mobilisation.
SBI Q2 results 2026 preview
Kotak Institutional Equities expects the bank’s operating profit to grow about 5% year-on-year (YoY), given that the base quarter included gains from the sale of its stake in Yes Bank. Net interest income (NII) is projected to rise 13% YoY, driven by 18% loan growth. Net interest margins (NIMs) are expected to remain flat sequentially, with negligible impact from the FCNR deposits mobilised during the quarter. The brokerage also anticipates slower growth in fee income while factoring in gains from the sale of the bank’s stake in NSE.
On the asset quality front, slippages are expected to stand at around 1.1% of loans, indicating a gradual normalisation. However, Kotak Institutional Equities does not anticipate any fresh asset quality concerns across the bank’s portfolios. Recoveries and upgrades are also likely to be lower. The key monitorable for the quarter will be the trajectory of NIMs.
Meanwhile, brokerage firm Axis Direct expects advances growth to remain strong at 17-18% year-on-year, while deposit growth is likely to be supported by FCNR(B) mobilisation. Margins are expected to remain stable quarter-on-quarter.
Gains from the SBI Funds Management and NSE stake sales are likely to provide support to other income. Credit costs may inch up marginally, while slippages are expected to remain under control, with no significant concerns on asset quality.
According to the brokerage firm, management commentary on the outlook for net interest margin (NIM) recovery and the potential impact of the Expected Credit Loss (ECL) transition are key monitorables.
SBI share price - Buy, sell or hold ahead of Q2 results?
According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, SBI warrants a Hold rating ahead of its Q2 results. The bank exhibits strong operating fundamentals, characterised by robust, broad-based credit growth across retail, agriculture, MSME, and corporate segments, alongside stable asset quality and well-controlled credit costs. Management’s healthy growth guidance and improving deposit mobilisation via FCNR(B) inflows reinforce a positive long-term business outlook.
“However, near-term headwinds justify a cautious stance rather than aggressive buying. Incremental FCNR(B) deposits and a shifting funding mix pose distinct pressure on net interest margins (NIMs), while relatively weak treasury and forex income could constrain sequential profit acceleration,” said Srivastava.
She further added that existing investors can hold their positions to capture long-term compounding, while new investors are advised to wait for the official earnings print and monitor key management commentary on slippages and margin trajectories before deploying fresh capital.
On the other hand, Mahesh M Ojha, VP Research & Business Development at Kantilal Chhaganlal Securities, believes that SBI is showing positive momentum, and the stock is likely to witness further upside in the near term.
“Traders can maintain a stop-loss at ₹958, while the upside targets are placed at ₹1,005, ₹1,020 and ₹1,035+. Investors and traders can consider holding the stock as long as it sustains above the prescribed stop-loss level,” Ojha said.