SBI Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹10.13 lakh Cr
- Book Value
- ₹674
- Stock P/E
- 12.0
- Dividend Yield
- 1.58%
- ROE
- 15.4%
- ROCE
- —
- PEG Ratio
- 0.39
- EV/EBITDA
- —
Fundamentals from Screener.in, as of 9 Aug 2026. Live price via Yahoo Finance.
SBI share price today
State Bank of India (NSE: SBIN) owns the deposit franchise every Indian bank would like to replicate. Its branch network, government relationships and place in household savings give it funding scale that no new competitor can buy.
The market still values SBI at about 1.63 times book and 12.0 times earnings. That discount once reflected weak asset quality and low returns. Those numbers have repaired. The question is whether mid-teen ROE is now normal or merely the best point in a favourable credit cycle.
Cheap because it is a PSU — but government ownership is not free
Government ownership helps the liability franchise. Depositors treat SBI as a national institution, and that trust lowers the cost of funding. It also means the bank may be asked to serve policy goals that a purely private lender would decline.
The discount should therefore narrow when underwriting and returns improve, but it should not disappear entirely. Investors must price both the franchise benefit and the possibility that capital allocation will not always maximise minority shareholder returns.
For a bank, deposits and credit costs matter more than sales. A lending boom can make profit look excellent just before future bad loans appear. The honest test is whether return on equity stays around the mid-teens through a weaker cycle.
Latest quarterly results: profit recovered in June
Bank revenue is not comparable with industrial-company sales, so focus on interest cost, pre-tax profit and net profit rather than an operating-margin percentage designed for manufacturers.
| Consolidated, ₹ crore | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Total revenue | 1,25,729 | 1,28,040 | 1,30,386 | 1,31,080 | 1,36,240 |
| Interest expense | 78,266 | 78,002 | 78,783 | 79,953 | 82,248 |
| Profit before tax | 29,229 | 28,657 | 30,067 | 26,076 | 32,884 |
| Net profit | 22,121 | 21,861 | 22,176 | 20,508 | 25,121 |
| EPS | ₹23.76 | ₹22.90 | ₹23.09 | ₹21.28 | ₹26.12 |
June 2026 delivered the strongest pre-tax and net profit in this five-quarter set despite higher funding cost. That is encouraging, but the credit-cycle test is still ahead: quarterly profit must be read together with net-interest margin, slippages, provisions and gross/net NPA disclosures in SBI’s result presentation.
Annual trend: the repair is visible in profit
| Consolidated, ₹ crore | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Total revenue | 3,50,845 | 4,39,189 | 4,90,313 | 5,14,933 | 5,25,747 |
| Interest expense | 1,89,981 | 2,59,736 | 3,00,943 | 3,15,005 | 3,18,986 |
| Profit before tax | 75,399 | 91,240 | 1,06,365 | 1,14,028 | 1,17,683 |
| Net profit | 57,750 | 69,543 | 80,523 | 86,666 | 89,665 |
| EPS | ₹62.35 | ₹75.17 | ₹86.91 | ₹90.24 | ₹93.39 |
Net profit increased 50% from FY23 to FY26, slower than the five-year CAGR but still evidence that the asset-quality repair translated into shareholder earnings. The next phase is less about cleaning the old book and more about preserving underwriting quality while loan growth and deposit competition rise.
Deposit franchise and balance-sheet scale
| Consolidated, ₹ crore | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Deposits | 40,87,411 | 44,68,536 | 49,66,537 | 54,39,898 | 60,43,097 |
| Borrowings | 4,49,160 | 5,21,152 | 6,39,610 | 6,10,857 | 7,77,302 |
| Reserves | 3,04,696 | 3,58,039 | 4,14,047 | 4,86,144 | 5,95,208 |
| Total assets | 53,60,878 | 59,54,415 | 67,33,756 | 73,13,730 | 83,21,176 |
Deposits grew about 48% over four years and remain the defining advantage. The reserve base nearly doubled, providing more loss-absorption capacity. Borrowings also increased, so funding mix and deposit growth should be watched alongside headline advances. Cash-flow statements are less useful for banks because loans and deposits are operating items; capital adequacy, asset quality and liquidity are the relevant safeguards.
Shareholding pattern
| Holder | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Government promoter | 57.42% | 55.50% | 55.50% | 55.52% | 55.47% |
| Foreign institutions | 9.33% | 9.57% | 10.34% | 11.41% | 10.81% |
| Domestic institutions | 25.54% | 27.65% | 27.04% | 26.11% | 26.52% |
| Public | 7.56% | 7.13% | 6.97% | 6.81% | 7.06% |
The government’s holding remains above 55%, preserving control and the PSU discount discussed above. Institutional ownership is high and stable; changes within a quarter are less important than any policy-led capital allocation or future dilution.
The numbers
| Metric | Current snapshot |
|---|---|
| Market capitalisation | ₹10.13 lakh Cr |
| P/E · price/book | 12.0 · 1.63 |
| Return on equity | 15.4% |
| Book value per share | ₹674 |
| Profit CAGR (5 years) | 30.0% |
| Profit CAGR (3 years) | 14.4% |
| Dividend yield | 1.58% |
| EPS (TTM) | ₹93.39 |
| 52-week range | ₹950 – ₹1,235 |
The five-year profit CAGR begins near the stressed period and overstates the repeatable rate. The three-year figure is a more defensible starting point. SBI’s annual reports should be read for deposit mix, net interest margin, slippages and provision coverage — the four lines a P/E shortcut misses.
SBI share price target 2026 to 2030
Banks are better valued on book value than industrial-company P/E. Starting book value is ₹647.24. Bear: book grows 7% and earns 1.2×. Base: sustained mid-teen ROE supports 11% book growth and 1.7×. Bull: strong asset quality and profitable growth deliver 15% at 2.2× book.
The bull case requires the market to treat SBI as a high-quality bank, not only a cheap PSU bank. That must be earned across a full credit cycle.
What would change our mind
Deposit growth and CASA mix. A bank cannot compound loans safely without a stable funding franchise.
Slippages and credit cost. Gross NPA is backward-looking; new stress entering the book tells us more about tomorrow.
ROE through normalised provisions. The case needs sustainable mid-teen returns, not a temporary benefit from unusually low credit costs.
Should you buy at the current price?
The valuation still carries a meaningful PSU discount despite repaired returns. Our current rating and accumulation zone appear in the signed-in panel.
FAQ
What is the SBI share price target for 2030? The table shows bear, base and bull targets through 2030 after sign-in. We use book-value growth and price-to-book multiples because SBI is a bank.
Why not use only P/E for SBI? Bank earnings can swing with provisions. Book value and sustainable ROE better connect the balance sheet to long-run shareholder value.
Why does SBI trade below some private banks? Government ownership, historical asset-quality problems and policy obligations justify part of the discount. Stronger underwriting and returns can narrow it.
What is SBI’s biggest risk? A new bad-loan cycle hidden by current credit growth and low provisions.
Related research
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.