Accumulate SBI Cards and Payment Services; target of Rs 935: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on SBI Cards and Payment Services

We believe that when EMI assets in receivables mix starts to increase (currently at 61%), there can be improvement in yields that can negate higher cost of funds. Re-rating can happen as the revolver mix edges higher and company continues to increase focus on EMI assets. Maintain ‘Accumulate’.

Outlook

We maintain ‘Accumulate’ rating and decrease our TP to Rs935 (34x on PE Sep’24E results) from Rs1013 (earlier:34x PE Sep’24E results) as we decrease our FY24/25 NII estimates by 7.3%/14.7%, given increase in cost of funds to 6.5%/6.6% for FY24/25 (from 5.7%/5.8% earlier).

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SBI Cards and Payment Services - 27 -01-2023 - prabhu