SBI Cards and Payment Services (SBICARD) Q4 25/26 earnings summary

Executive summary

• Maintained position as India's second-largest credit card issuer with 18.6% market share in cards in force and 18.1% in spends for FY 2026.

• Net profit after tax rose 13% YoY to ₹2,167 crore for FY26, with Q4 FY26 PAT up 14% YoY to ₹609 crore.

• Added 917,000 new accounts in Q4, with new accounts up 12% YoY and total spends up 29% YoY to ₹430,359 crore.

• Launched several co-branded cards, enhanced digital engagement, and executed major brand campaigns, driving higher customer retention and engagement.

• Audited financial results for FY26 were approved with unmodified audit opinions; interim dividend of ₹2.50 per share declared.

Financial highlights

• FY26 total income: ₹20,708 crore, up 11% YoY; Q4 FY26 revenue: ₹5,187 crore, up 7% YoY.

• FY26 profit after tax: ₹2,167 crore, up 13% YoY; Q4 profit after tax: ₹609 crore, up 14% YoY.

• Receivables as of March 26: ₹56,926 crore, up 2% YoY.

• Retail spends in Q4: ₹89,786 crore, up 13% YoY; FY26 retail spends: ₹3.54 trillion, up 15% YoY.

• Online spends contributed 62.5% of total retail spends in FY26.

Outlook and guidance

• Card acquisition growth to remain calibrated at 9–10 lakh per quarter, focusing on high-value customers.

• Cost-to-income ratio expected to remain in the 55%-58% range for FY27.

• Net interest margin expected to remain stable, though sensitive to cost of funds and macroeconomic shifts.

• Credit cost expected to moderate further, but pace depends on geopolitical and macroeconomic factors.

• Management continues to monitor regulatory changes and will adjust provisions and accounting as needed.