Q3 Results impact: SBI Card, SBI Life shares fall 3%; Gland Pharma surges 9% to two-month high

Q3 Results impact: SBI Card, SBI Life shares fall 3%; Gland Pharma surges 9% to two-month high

• SBI Card and SBI Life shares dropped 3% after Q3 results.
• Gland Pharma shares rose 9% on strong Q3 profit and sales in Europe, US markets.
• Brokerages revised targets for SBI Card and SBI Life, keeping neutral or buy ratings.

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The shares of SBI Card and SBI Life dropped more than 3 percent each on January 29 after their respective Q3 results failed to impress D-Street. Gland Pharma shares meanwhile rallied more than 9 percent.

The three companies had released their results for the October-December quarter of the ongoing financial year 2026 earlier yesterday.

SBI Card Q3 Results:

SBI Cards and Payment Services shares dropped 3 percent to trade at a near one-year-low of Rs 758 apiece, nearing its 52-week low of Rs 721 apiece. The stock has now snapped a two-session gaining streak.

The company reported a net profit of Rs 556.64 crore for the third quarter of FY26. This marked a 45 percent year-on-year (YoY) rise from the Rs 383.23 crore net profit reported in the same period of the previous financial year.

The firm’s revenue from operations meanwhile rose more than 11 percent YoY to Rs 5,127.26 crore during the quarter under review.

Motilal Oswal said that net interest margins fell 11 percent sequentially, as most of the benefit from the lower cost of funds has already been realized, while yields carry a mild near-term downside bias, which could keep margins under check.

“We reduce our earnings estimates by 4%/6.5% for FY26/FY27, considering a contraction in margins and a decline in receivables, while credit costs are likely to witness a modest decline. We expect SBICARD to post an RoA/RoE of 3.85%/17.9% by FY27,” the domestic brokerage said.

It reiterated its ‘Neutral’ rating on the stock, but revised its target price to Rs 875 apiece. This implies an upside potential of nearly 12 percent from the stock’s previous closing price.

SBI Life Q3 Results:

SBI Life Insurance Company also fell more than 3 percent to trade at a one-month low of Rs 1,984.20 apiece, snapping a two-session gaining streak.

SBI Life Insurance Company reported a net profit of Rs 576.74 crore for Q3 FY26, marking a 5 percent YoY increase from the Rs 550.82 crore net profit reported in Q3 FY25. This however included a one-time exceptional item arising due to the new labour codes.

Goldman Sachs maintained a ‘Buy’ call on the stock, with a target price of Rs 2,385 apiece. This implies an upside potential of more than 16 percent from the stock’s previous closing price. The international brokerage noted that the firm’s VNB rose 22 percent YoY, driven by improved product mix.

It however noted that margin declined by 35 bps YoY due to ITC loss.

Jefferies said that improvement in APE growth is encouraging, but markets expected a slight upgrade as company's reiterated growth guidance of 13-14 percent.

Gland Pharma Q3 Results:

Gland Pharma shares gained more than 9 percent to trade at Rs 1,847.10 apiece, the highest level seen by the stock since November 14 last year.

The company reported a consolidated net profit of Rs 261.47 crore for Q3 FY26, marking a 28 percent year-on-year (YoY) increase from the Rs 204.69 crore net profit reported in Q3 FY25. This was supported by strong sales in the key European and U.S. markets.

The firm’s revenue from operations meanwhile grew around 22.5 percent YoY to Rs 1,695.36 crore. Nomura upgraded the stock to ‘Buy’ from ‘Neutral’, saying that the risk‑reward now appears favorable given recent earnings revisions and the stock’s correction.

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