Buy State Bank of India; target of Rs 610: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on State Bank of India

SBI reported better earnings of Rs84.3bn (PLe: Rs79.3bn) on combination of better other income & relatively lower opex. Slippages of Rs25bn (0.4% of loans) have been coming off with expectations of similar run rate to continue, while recovery trend remains strong. Bank despite slightly slower operating performance is currently clocking 14% ROEs/0.7% ROAs and with credit cost expected to undershoot, rebound in credit growth and gradual improvement in operating performance, ROEs/ROAs remain on track for 15%/0.9%.

Outlook

We retain BUY with revised TP of Rs610 (from Rs540) based on 1.2x Sep-23 core ABV & Rs221 (from Rs218) for Subs.

More Info

At 14:21 hrs State Bank of India was quoting at Rs 527.20, down Rs 6.00, or 1.13 percent.

It has touched an intraday high of Rs 537.55 and an intraday low of Rs 519.25.

It was trading with volumes of 1,041,479 shares, compared to its thirty day average of 1,012,865 shares, an increase of 2.83 percent.

In the previous trading session, the share closed up 0.57 percent or Rs 3.00 at Rs 533.20.

The share touched its 52-week high Rs 549.05 and 52-week low Rs 321.15 on 07 February, 2022 and 19 April, 2021, respectively.

Currently, it is trading 3.98 percent below its 52-week high and 64.16 percent above its 52-week low.

Market capitalisation stands at Rs 470,505.52 crore.

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