Buy State Bank of India; target of Rs 680: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on State Bank of India

We see continued outperformance in the stock, given that SBI remains the key beneficiary of improved outlook for the overall sector, led by acceleration in credit growth and benign credit cost over the medium term. We expect 10-15 bps margin improvement from FY22, led by repricing of loans in the next 3-12 months and strong retail growth in high-yield segments. Strong PPoP growth along with benign credit costs (due to sustained improvement in corporate credit cycle) should lead to improvement in return ratios in the near to medium term.

Outlook

At the CMP, SBI trades at 1.1x and 1.1x its FY2023E/FY2024E core ABV. We retain our Buy rating on SBI with a revised PT of Rs. 680. It is our top pick among PSU banks with strong balance sheet strength and improved core operating metrics.

More Info

At 15:15 hrs State Bank of India was quoting at Rs 567.00, down Rs 2.80, or 0.49 percent.

It has touched an intraday high of Rs 574.00 and an intraday low of Rs 562.00.

It was trading with volumes of 425,364 shares, compared to its thirty day average of 550,449 shares, a decrease of -22.72 percent.

In the previous trading session, the share closed down 0.75 percent or Rs 4.30 at Rs 569.80.

The share touched its 52-week high Rs 578.65 and 52-week low Rs 425.00 on 15 September, 2022 and 08 March, 2022, respectively.

Currently, it is trading 2.01 percent below its 52-week high and 33.41 percent above its 52-week low.

Market capitalisation stands at Rs 506,025.49 crore.

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State Bank of India - 220922 - khan