SBI share price: Shares of State Bank of India (SBI) traded flat on Tuesday, November 18, a day after becoming the first public-sector lender to surpass a market capitalisation of ₹9 trillion. The stock also hit a new lifetime high of ₹976.80 in the previous session.
SBI’s share performance has remained strong over multiple time frames. The PSU stock has risen 21% over the past year, 23% in the last six months, 17.5% in the last three months and over 9% in the past month. Over five years, SBI has delivered multibagger returns, surging 286%.
The lender has also been in the spotlight following reports of further consolidation among public-sector banks (PSBs). As policymakers consider ways to build scale and support financing needs in one of the world’s fastest-growing major economies, Bloomberg News reported on November 14 that Chairman Challa Sreenivasulu Setty believes “some further rationalisation might make sense,” noting that “there are still some smaller, sub-scale banks.”
In the same interview, Setty indicated that another consolidation round “may not be a bad idea”.
State Bank of India Q2 Results
The PSU lender also posted a decent set of earnings for the second quarter of the financial year 2025-26 (FY26), which also bolstered investors’ view on the stock.
SBI posted a consolidated net profit of ₹21,504.49 crore for Q2FY26, a 6.4% increase over ₹20,219.62 crore in the same quarter last year. On a standalone basis, profit rose 10% to ₹20,159.67 crore from ₹18,331.44 crore a year earlier.
Net interest income (NII) climbed 3.28% year-on-year to ₹42,984 crore from ₹41,620 crore in Q2FY25. Domestic net interest margin (NIM) narrowed by 18 basis points to 3.09% from 3.27% in the corresponding period last year. The bank’s provision coverage ratio (PCR) improved by 13 basis points to 75.79%.
Asset quality continued to improve: Net NPA ratio dropped 11 basis points year-on-year to 0.42%, while gross NPA fell 40 basis points to 1.73%.
Phillip Capital pegs SBI target price at ₹1100
Against this backdrop, Phillip Capital maintained a Buy rating with a revised target price of ₹1100 on SBI stock, up from ₹900. The new target indicates an upside potential of 13% from current levels.
The brokerage said SBI has a strong sanction pipeline, which supports its loan growth guidance of 12–15%. The brokerage observed that disciplined loan pricing and better liability management helped the bank deliver a margin beat in a challenging environment. It added that stable asset quality and high provision buffers provide confidence for moderate credit costs, enabling SBI to generate +1% ROA on a sustainable basis.
Phillip Capital models earnings growth of 9% and 3% for FY26E and FY27E, translating to +1% ROA between FY26–28E.
SBI share price: Technical outlook
While the outlook for the stock remains bullish, the technical setup signals that the stock is likely nearing an overbought stage. Thus, analysts advise caution in the near term.
Anand James, Chief Market Strategist at Geojit Investments, noted that Friday’s strong close allowed SBIN to break above a seven-day trading range on Monday, which ideally should have supported an extension of the ongoing uptrend. However, he flagged that while histogram centre-line crossovers backed this setup, oscillators were showing negative divergences.
“This discourages us from being too bullish at this stage, and we would rather play for limited upside, with expectations of volatility setting in, once in the vicinity of 1000,” he said.
Amruta Shinde, Research Analyst, Choice Broking, stated that SBIN is trading at ₹973.35 with strong bullish momentum.
She noted, “The stock has formed a new all-time high at ₹976 while maintaining a higher-high, higher-low structure. It has also broken above the recent swing high of ₹971.40, reinforcing the ongoing uptrend.”
She added that a clean move above ₹976 with rising volumes could fuel the next rally. SBIN remains above its 20-, 50-, and 200-day EMAs, with RSI at 77.28 showing strong buying interest but nearing overbought territory. She highlighted resistance at ₹1000, with potential upside to ₹1032, while support lies near ₹964. Traders, she said, may consider entries around ₹973.35 with a stop loss at ₹944 and a target of ₹1032.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
