Quarter Ended: March 2026
SBI Cards & Payment Services Ltd – Q4 FY26 Results Analysis
NSE
sbicard
BSE
543066
Revenue and profit growth remain steady, but high credit costs and weak operating cash flow highlight underlying stress in the lending portfolio
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹4,934.50 Cr
- QoQ Change: -3.76%
- YoY Change: +5.57%
- Previous Quarter (Q3 FY26): ₹5,127.26 Cr
- Previous Year (Q4 FY25): ₹4,673.95 Cr
- Total Income (Q4 FY26): ₹4,934.50 Cr
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹609.30 Cr
- QoQ Change: +9.46%
- YoY Change: +14.06%
- Previous Quarter (Q3 FY26): ₹556.64 Cr
- Previous Year (Q4 FY25): ₹534.18 Cr
- PAT (Q4 FY26): ₹609.30 Cr
- QoQ Performance
- Revenue Trend: Slight decline
- Profit Trend: Moderate improvement
Margin Analysis
Key Drivers:
- High impairment on financial instruments (credit cost pressure)
- Stable finance costs
- Controlled operating expenses
Key Signal: Margins are stable but under pressure due to elevated credit costs
Segment insight
Summary:
- Business is primarily driven by credit card lending and fee-based income
Characteristics:
- High dependence on unsecured lending
- Fee + interest income mix
- Sensitive to credit cycle
Earning quality check
Drivers:
- Strong interest income growth
- High impairment charges (~₹1,096 Cr quarterly impact)
- Stable fee income
Interpretation:
- Earnings are operationally sound but impacted by elevated credit costs, indicating moderate stress
balance sheet Analysis
- Total Assets: ₹66,327.79 Cr
- Total Liabilities: ₹50,602.29 Cr
Insight:
- Strong asset growth driven by loan book expansion, with high leverage typical of NBFC model
key risks
- Rising NPAs / credit losses
- Weak operating cash flow (₹493 Cr vs negative last year recovery base)
- High dependence on unsecured lending segment
- Interest rate sensitivity
management strategy signals
- Tightening credit underwriting
- Improving collections efficiency
- Expanding card base and spends
Financial Metrics
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹5,187.04 Crore | -3.11% | +7.35% |
| PBT | ₹815.91 Crore | +8.91% | +13.55% |
| PAT | ₹609.30 Crore | +9.46% | +14.06% |
SBI Cards delivered a stable but cautious quarter, with steady profit growth despite declining revenue QoQ. Elevated credit costs remain a key concern, signaling stress in the unsecured lending cycle. Near-term outlook depends heavily on asset quality normalization
Official Exchange Filing: SBI Cards & Payment Services Ltd
Quarterly Performance Context
COST OF OPERATIONS AS % OF REVENUE
84%
NET PROFIT AS % OF REVENUE
12.35%
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED