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26 Aug, 2025 12:21

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SBI Cards & Payment Services Limited (SBI Cards), a subsidiary of Sate Bank of India (SBI), is a non-deposit taking NBFC and one among the two credit card issuers registered as an NBFC and will become the only listed company in India in this space. SBI Cards is the 2nd largest credit card issuer in India, with 18.1% market share in terms of the number of credit cards outstanding as of November 30, 2019. SBI Cards offers various types of credit cards considering the need of retail clients (viz. Lifestyle Cards, Rewards, Shopping, Travel and Fuel). It also offers corporate cards and is the largest co-brand credit card issuer in India. It also issue card in partnership with smaller or regional banks.

At the upper end of the price band, SBI Cards is valued at 45.5x of 9MFY2020 annualised earnings. Although the valuations are a bit on the higher side, we are positive on the future outlook of the company given favorable industry scenario, large untapped SBI Bank customers and strong financial track record. We recommend a Subscribe to the issue.

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