SBI Share Price: Shares of State Bank of India (SBI), India’s biggest bank, rose over 1 per cent on Wednesday following the lender’s 14 per cent growth in standalone net profit for the quarter ended September 30, 2026.
The Q2 results have also drawn brokerage attention, with Citi, Nuvama, HDFC Securities and Morgan Stanley sharing their recommendations and share price targets.
The Nifty 50 stock was up 1.2 per cent, or Rs 11, at Rs 981.30 on Wednesday. During the session, it touched a high of Rs 987.50, reflecting an upside of 1.8 per cent.
India’s largest bank on Tuesday reported a 14 per cent year-on-year growth in standalone net profit at Rs 23,038 crore for the second quarter ended September 30, 2026.
SBI’s total income increased to Rs 1,43,796 crore from Rs 1,34,979 crore in the second quarter of the previous fiscal year. Interest earned during the period rose to Rs 1,32,019 crore from Rs 1,19,654 crore in the corresponding quarter of FY26.
The bank’s asset quality also improved during the quarter. Gross non-performing assets (NPAs) declined to 1.39 per cent of gross advances as on September 30, 2026, compared with 1.73 per cent a year ago.
Consequently, provisions for bad loans declined to Rs 2,759 crore from Rs 4,132 crore in the corresponding quarter of the previous year.
SBI Share Price Target
Following SBI’s Q2 results, Citi, Morgan Stanley, HDFC Securities and Nuvama have maintained their respective recommendations on the stock.
Citi has maintained its BUY rating with a target price of Rs 1,300, indicating an upside of 33.98 per cent from Tuesday’s closing price of Rs 970.25.
Morgan Stanley has maintained its EQUAL-WEIGHT rating and raised its target price to Rs 1,135 from Rs 1,120. HDFC Securities has maintained its BUY recommendation with a target price of Rs 1,270.
Nuvama has also maintained its BUY rating but reduced its target price to Rs 1,225 from Rs 1,300.
| Brokerage Name | Target Price | Recommendation |
| Citi | Rs 1,300 | 33.98% |
| Morgan Stanley | Rs 1,135 | 16.98% |
| HDFC Securities | Rs 1,270 | 30.89% |
| Nuvama | Rs 1,225 | 26.26% |
SBI Outlook: How could the stock of India’s biggest lender go up?
According to Citi, SBI’s net interest income (NII) beat expectations as domestic net interest margin (NIM) rose 8 basis points to 3.11 per cent. The bank reported slippages below 0.5 per cent and credit costs under 0.35 per cent.
However, loan growth of 18.2 per cent year-on-year lagged the system, while corporate lending remained flat. Citi also raised its FY27 earnings estimates by 4 per cent.
Nuvama said SBI prioritised margins over growth, with domestic NIM improving to 3.11 per cent. The bank retained its cautious guidance of 14-15 per cent loan growth and 3 per cent NIM amid macroeconomic concerns.
On provisioning, Nuvama estimated that the new provisioning rules under the Expected Credit Loss (ECL) framework would cost around Rs 19,500 crore, spread over four to five years.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)