# State Bank of India (SBIN.NSE)

Canonical: https://gigainvestors.com/s/SBIN.NSE

Analysis as of: 2026-10-16T07:33:24.316Z. Financial observations: FY2016–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 960.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.75×

Chart: Net income; fiscal year observations.

- FY2017: INR 2.4B

- FY2018: INR -46B

- FY2019: INR 23B

- FY2020: INR 198B

- FY2021: INR 224B

- FY2022: INR 354B

- FY2023: INR 556B

- FY2024: INR 671B

- FY2025: INR 776B

- FY2026: INR 833B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 9.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.1%

- Cost / income, median: 66.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 0.1%

- FY2018: -2.0%

- FY2019: 1.0%

- FY2020: 7.9%

- FY2021: 8.1%

- FY2022: 11.6%

- FY2023: 15.5%

- FY2024: 16.2%

- FY2025: 15.9%

- FY2026: 14.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 10 years

- Starting book value per share: INR 232.66

- Ending book value per share: INR 652.39

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 17.5%

- FY2018: -3.4%

- FY2019: 1.8%

- FY2020: 6.9%

- FY2021: 9.8%

- FY2022: 12.2%

- FY2023: 19.5%

- FY2024: 18.4%

- FY2025: 20.3%

- FY2026: 22.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Unreported buybacks treated as zero; retained-earnings test is conservative

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: 1.6%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.22×

- Book value created per share: INR 419.72

- Earnings retained per share after dividends and buybacks: INR 342.87

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 103

- FY2018: 115

- FY2019: 115

- FY2020: 115

- FY2021: 115

- FY2022: 115

- FY2023: 115

- FY2024: 115

- FY2025: 115

- FY2026: 118

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 8.7%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

Down 20% since Feb 2026 · net income +7.4%

Story as of 2026-10-16T09:59:56.029Z; price observation 2026-10-15.

### Net income · FY2026

net income +7.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 2.4B 

- FY2018: INR -46B 

- FY2019: INR 23B 

- FY2020: INR 198B 

- FY2021: INR 224B 

- FY2022: INR 354B 

- FY2023: INR 556B 

- FY2024: INR 671B 

- FY2025: INR 776B 

- FY2026: INR 833B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in public sector bank; annual sales are INR 5.1 trillion.

- Source: https://www.screener.in/company/SBIN/consolidated/ (filed 2026-10-16T07:33:24.316Z); FY2026: revenue 5149330000000.

### Why customers stay

It earns 9.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.316Z); 10-year return on tangible equity observations [[2017,0.001109617297138016],[2018,-0.019781088133518004],[2019,0.009808311477856671],[2020,0.0787381502429698],[2021,0.0813068612757248],[2022,0.11575716323939422],[2023,0.15503815496571766],[2024,0.1616743665936439],[2025,0.15925106152317284],[2026,0.1397327097567481]]; median 0.0985320122575595. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.316Z); Dividend observations: [[2017,23370000000],[2018,24160000000],[2022,35700000000],[2023,63370000000],[2024,100850000000],[2025,122270000000],[2026,141900000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 1.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.316Z); Closing price 960 INR; reporting-to-trading FX 1; FY2026 annual sales per share 563.5276807644749; price multiple 1.7035542933714907. FY2026 cash earnings/share 90.47598140090706. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 258.35 per share

- 2016-12: INR 250.20 per share

- 2017-01: INR 260.35 per share

- 2017-02: INR 269.20 per share

- 2017-03: INR 293.40 per share

- 2017-04: INR 289.75 per share

- 2017-05: INR 288.30 per share

- 2017-06: INR 273.65 per share

- 2017-07: INR 312.50 per share

- 2017-08: INR 277.75 per share

- 2017-09: INR 253.85 per share

- 2017-10: INR 305.80 per share

- 2017-11: INR 320.35 per share

- 2017-12: INR 309.90 per share

- 2018-01: INR 313.25 per share

- 2018-02: INR 268.00 per share

- 2018-03: INR 249.90 per share

- 2018-04: INR 246.40 per share

- 2018-05: INR 269.55 per share

- 2018-06: INR 259.35 per share

- 2018-07: INR 293.50 per share

- 2018-08: INR 309.60 per share

- 2018-09: INR 265.50 per share

- 2018-10: INR 281.40 per share

- 2018-11: INR 284.65 per share

- 2018-12: INR 295.90 per share

- 2019-01: INR 293.65 per share

- 2019-02: INR 269.05 per share

- 2019-03: INR 320.75 per share

- 2019-04: INR 309.95 per share

- 2019-05: INR 352.50 per share

- 2019-06: INR 361.25 per share

- 2019-07: INR 332.20 per share

- 2019-08: INR 273.85 per share

- 2019-09: INR 270.80 per share

- 2019-10: INR 312.40 per share

- 2019-11: INR 341.85 per share

- 2019-12: INR 333.75 per share

- 2020-01: INR 318.45 per share

- 2020-02: INR 303.00 per share

- 2020-03: INR 196.85 per share

- 2020-04: INR 190.50 per share

- 2020-05: INR 161.30 per share

- 2020-06: INR 178.45 per share

- 2020-07: INR 191.45 per share

- 2020-08: INR 212.00 per share

- 2020-09: INR 185.40 per share

- 2020-10: INR 189.25 per share

- 2020-11: INR 244.25 per share

- 2020-12: INR 274.95 per share

- 2021-01: INR 282.10 per share

- 2021-02: INR 390.15 per share

- 2021-03: INR 364.30 per share

- 2021-04: INR 353.50 per share

- 2021-05: INR 424.35 per share

- 2021-06: INR 419.20 per share

- 2021-07: INR 431.80 per share

- 2021-08: INR 426.05 per share

- 2021-09: INR 453.00 per share

- 2021-10: INR 502.15 per share

- 2021-11: INR 460.55 per share

- 2021-12: INR 460.45 per share

- 2022-01: INR 538.30 per share

- 2022-02: INR 483.20 per share

- 2022-03: INR 493.55 per share

- 2022-04: INR 496.30 per share

- 2022-05: INR 468.10 per share

- 2022-06: INR 465.90 per share

- 2022-07: INR 528.35 per share

- 2022-08: INR 531.25 per share

- 2022-09: INR 530.60 per share

- 2022-10: INR 573.80 per share

- 2022-11: INR 602.45 per share

- 2022-12: INR 613.70 per share

- 2023-01: INR 553.50 per share

- 2023-02: INR 522.80 per share

- 2023-03: INR 523.75 per share

- 2023-04: INR 578.30 per share

- 2023-05: INR 579.85 per share

- 2023-06: INR 572.85 per share

- 2023-07: INR 620.20 per share

- 2023-08: INR 561.35 per share

- 2023-09: INR 598.55 per share

- 2023-10: INR 565.55 per share

- 2023-11: INR 564.75 per share

- 2023-12: INR 642.05 per share

- 2024-01: INR 640.50 per share

- 2024-02: INR 748.10 per share

- 2024-03: INR 752.35 per share

- 2024-04: INR 826.25 per share

- 2024-05: INR 830.35 per share

- 2024-06: INR 848.95 per share

- 2024-07: INR 872.40 per share

- 2024-08: INR 815.60 per share

- 2024-09: INR 787.90 per share

- 2024-10: INR 820.20 per share

- 2024-11: INR 838.95 per share

- 2024-12: INR 794.95 per share

- 2025-01: INR 772.90 per share

- 2025-02: INR 688.80 per share

- 2025-03: INR 771.50 per share

- 2025-04: INR 788.65 per share

- 2025-05: INR 812.30 per share

- 2025-06: INR 820.35 per share

- 2025-07: INR 796.55 per share

- 2025-08: INR 802.50 per share

- 2025-09: INR 872.45 per share

- 2025-10: INR 937.00 per share

- 2025-11: INR 979.00 per share

- 2025-12: INR 982.20 per share

- 2026-01: INR 1,077.15 per share

- 2026-02: INR 1,201.70 per share

- 2026-03: INR 979.40 per share

- 2026-04: INR 1,068.45 per share

- 2026-05: INR 964.40 per share

- 2026-06: INR 1,026.90 per share

- 2026-07: INR 1,027.40 per share

- 2026-08: INR 1,060.00 per share

- 2026-09: INR 959.50 per share

- 2026-10: INR 960.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations