Buy State Bank of India; target of Rs 370: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on State Bank of India

SBIN reported PAT of INR9.4b (ahead of our estimate), largely driven by robust other income; NII growth was in line with our estimate. Other income was mainly supported by INR15.6b of gain from stake sale in SBI General Insurance. PPoP, thus, increased 16% QoQ to INR139b. Watch-list, including SMA-1 and 2, declined to INR204b (0.98% of loans; 1QFY19: INR246b). Of the standard power exposure of INR1,463b, INR99.7b is included in the watch list, while the remaining exposure continues to be standard. Around 66% of the power exposure is rated A- and above.

Outlook

We maintain Buy with a revised target price of INR370 (1.5x FY20E ABV for the bank + 79 per share for the subsidiaries).

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