India’s largest lender just wrapped its most profitable year ever, and the market’s response was to sell the stock. The full-year net profit crossed ₹80,000 crore for the first time in SBI’s history, a milestone most banks would celebrate loudly. Yet a closer look at the March quarter reveals tightening margins and an operating profit that went in the wrong direction. This guide cuts through the noise, numbers, and narratives so you know exactly what to make of the SBI Q4 results.
SBI Q4 Overview
Net profit crossed ₹19,684 crore for the quarter – up about 5.5% year-on-year, while advances grew a robust 16% to cross the ₹49 lakh crore mark. These are genuinely strong numbers. But the operating profit told a different story, declining over 11% year-on-year, which rattled investors who expected sustained core earnings momentum.
Treasury-related pressures and investment revaluation weighed heavily on the profits, emerging as the clear weak spots in an otherwise stable quarter. Underneath, though, the loan book was healthy, asset quality continued to improve, and deposits kept growing at a steady clip.
SBI Q4 Financial Results
SBI’s Q4 FY26 results compared against the previous quarter and the same quarter last year are presented in the table below:
| Metric (₹ Crore) | Q4 FY25 | Q3 FY26 | Q4 FY26 | YoY % | QoQ % |
| Interest Income | 1,19,509 | 1,22,352 | 1,23,098 | +3.00% | +0.61% |
| Interest Expenses | 76,892 | 77,366 | 78,718 | +2.37% | +1.75% |
| Net Interest Income (NII) | 42,618 | 44,987 | 44,380 | +4.13% | (1.35%) |
| Operating Profit | 31,286 | 32,862 | 27,704 | (11.45%) | (15.70%) |
| Loan Loss Provisions | 3,964 | 3,216 | 3,140 | (20.78%) | (2.34%) |
| Profit After Tax (PAT) | 18,643 | 21,028 | 19,684 | +5.58% | (6.39%) |
| Domestic NIM (%) | 3.14% | 3.11% | 2.93% | (21 bps) | (18 bps) |
| GNPA Ratio (%) | 1.82% | 1.57% | 1.49% | (33 bps) | (8 bps) |
| NNPA Ratio (%) | 0.47% | 0.39% | 0.39% | (8 bps) | Flat |
| CRAR (%) | 14.25% | 14.04% | 15.40% | +115 bps | +136 bps |
| CET-1 Ratio (%) | 10.81% | 10.99% | 12.29% | +148 bps | +130 bps |
SBI Revenue & Profit
Net Interest Income came in at ₹44,380 crore for Q4 FY26, a healthy 4% rise year-on-year but a slight one per cent dip sequentially. The more jarring number was operating profit, down by nearly 16% QoQ to ₹27,704 crore. The saving grace came from lower loss provisions. They went down from ₹3,964 crore in Q4 FY25 to ₹3,140 crore in Q4 FY26, cushioning the net profit.
SBI EPS (Earnings Per Share)
SBI’s EPS for Q4 FY26 came in approximately in line with its quarterly progression, modestly up year-on-year but down sequentially, mirroring the PAT trajectory. The full-year EPS picture is stronger, supported by the record ₹80,032 crore annual profit. Over a multi-year frame, the per-share earnings have compounded consistently even as quarterly swings have become more volatile, particularly due to treasury income fluctuations.
SBI Strong Capital Position
This is where SBI shines in Q4. The Capital to Risk Weighted Assets Ratio (CRAR) improved by 136 basis points, climbing to 15.40%. The CET-1 ratio surged to 12.29%, up 148 bps year-on-year. To put that in perspective, the minimum regulatory requirement for the CET-1 ratio is 5.5%, giving SBI meaningful headroom for credit growth or capital return.
Total business crossed ₹109 trillion. Advances stood at ₹49.3 trillion; deposits reached ₹59.8 trillion. Borrowings are well-covered by a CASA ratio at 39.46%, and retail term deposits grew around 14.7% year-on-year.
SBI Asset Quality
Asset quality was perhaps the cleanest section of the report. The Gross NPA ratio improved to 1.49% from 1.82% a year ago, a meaningful thirty-three basis point improvement. Net NPA held flat at 0.39%, and the credit cost dropped to just 0.27% in Q4 FY26.
The one wrinkle is that the slippage ratio ticked up to 0.47% in Q4 FY26 from 0.40% in Q3 FY26, a seven basis point sequential deterioration. This was flagged by investors and analysts as a concern worth watching out for.
SBI Dividend Announcement
The board has declared a final dividend of ₹17.35 per equity share for FY26. The eligibility will be determined on May 16, 2026, and the payment date is June 4, 2026. At the current share price of around ₹972, the dividend translates to a yield of approximately 1.77%, which may not appeal to income-seeking investors, but signals a clear intention from the board that it sees full-year earnings quality as solid enough to reward the shareholders.
Segment Performance
Each of SEBI’s business segments tells a different story:
| Segment | Advances (₹ Trillion) | Growth (YoY) |
| Retail Personal | 17.36 | +15.22% |
| Corporate / Wholesale | 14.25 | +14.83% |
| SME | +20.99% | |
| Agriculture | +19.68% | |
| Foreign Offices | +20.01% | |
| Total Deposits | 59.8 | +11.03% |
The SME and foreign office segments are leading the growth charge. SME advances growing at nearly 21% is notable; it reflects the bank’s deepening reach into India’s mid-market. The agri portfolio, now past the ₹4 trillion mark, remains both a growth engine and an area where slippage monitoring matters most going into FY27.
Market Reaction
The market’s verdict was swift and unforgiving. SBI shares crashed by 6.74% intraday on May 8, 2026, the day results were announced. Investors zeroed in on the margin compression, operating profit decline, and the treasury loss, and concluded that the headline PAT growth did not tell the full story.
The reaction was arguably sharper than the fundamentals warranted, but it reflected elevated expectations that had been built into the price.
SBI Stock Price Movement
Prior to the results, the stock was hovering around ₹1,090. Post results, SBIN fell to a day’s low near ₹1,011 before partial recovery. As of May 14, 2026, SBI stock is trading around ₹972. It sits well below its 52-week high at ₹1,234.70. The stock had fallen in March and was showing some recovery in April, only to reverse again after the Q4 disappointment.
Investment Implications
The real tension in SBI’s Q4 FY26 results is that the long-term story remains structurally intact, but the near-term setup carries headwinds that aren’t trivial. Here’s how investors should frame this.
Long-Term Outlook
SBI’s fundamentals over a multi-year lens remain compelling for investors who can tolerate quarterly noise:
- The CRAR at 15.40% and CET-1 at 12.29% give SBI significant room to expand its loan book without dilutive capital raises.
- Full-year ROE at 18.57% is high by PSU bank standards and still improving; ROA of 1.12% shows the business is using assets more efficiently.
- Deposit growth at 11% and a broad CASA base of 39.46% provide a relatively sticky, low-cost funding advantage.
- Subsidiaries, including SBI Life, SBI Cards, and SBI Funds Management, add consolidated earnings that the standalone print doesn’t fully capture. SBI Funds Management alone is being positioned for an IPO.
- With RBI cutting rates, term deposit repricing over the next four to six quarters should gradually ease funding costs and provide a NIM tailwind.
Short-Term Trading Opportunities
The near-term setup is complicated. The stock is trading far below its 52-week high, and the momentum seems negative after the results. NIM compression and the slippage rise remain concerns that are likely to cap any meaningful upside until the next quarterly results provide clarity.
For taking an entry, wait for a high-volume move that sustains above the recent breakdown. It is the minimum technical confirmation required.
Final Thoughts
SBI closed FY26 with a record profit, an improved asset book, and a generous dividend. The market focused on what went wrong in one quarter; the balance sheet reflects what’s quietly gone right over many. Neither extreme is the complete picture. For investors willing to think beyond one quarter, SBI deserves more patience than the post-result sell-off might suggest.
Other Recent Quarter 4 2026 Results
The Q4 FY26 earnings season brought important updates across sectors. Explore the latest quarterly results from other major companies.
| Hindustan Zinc Q4 Results | Trent Q4 Results |
| Persistent Systems Q4 Results | Reliance Q4 Results |
| Tech Mahindra Q4 Results | Groww Q4 Results |
| Nestle Q4 Results | Tata Elxsi Q4 Results |
