Highlights:
- Eight brokerages have assigned Buy ratings on SBI with target prices ranging from ₹1,200 to ₹1,300.
- SBI reported its highest-ever quarterly net profit of ₹21,028 crores in Q3FY26.
- Gross NPA ratio improved to 1.57%, while Capital Adequacy Ratio stood at 14.04%.
State Bank of India (NSE:SBIN) has attracted a wave of Buy recommendations from leading brokerages, might be following its Q3FY26 earnings announcement on 7 February. The country’s largest lender reported record quarterly profit and continued balance sheet expansion, prompting analysts to outline fresh target prices. As of 11 February 2026, at 11:13 IST, SBI shares were trading at ₹1,168.70, up ₹24.60 or 2.15%.
Brokerages Issue Buy Calls with Targets up to ₹1,300
Several research houses have maintained or initiated Buy ratings on SBI after reviewing its December quarter performance.
Brokers with Buy Recommendation on SBI
- Ambit Capital Pvt Ltd – Buy | Target Price: ₹1,200
- Prabhudas Lilladher Pvt Ltd – Buy | Target Price: ₹1,200
- JM Financial Institutional Securities Ltd – Buy | Target Price: ₹1,250
- Anand Rathi Securities Pvt Ltd – Buy | Target Price: ₹1,287
- Nirmal Bang Institutional Equities – Buy | Target Price: ₹1,291
- HDFC Securities Institutional Research – Buy | Target Price: ₹1,200
- Motilal Oswal Securities Ltd – Buy | Target Price: ₹1,300
- PhillipCapital (India) Pvt Ltd – Buy | Target Price: ₹1,300
With the stock trading at ₹1,168.70, the highest target of ₹1,300 indicates potential upside based on brokerage estimates.
Record Profit and Higher Operating Performance
SBI reported a net profit of ₹21,028 crores for Q3FY26, marking a 24.49% year-on-year increase. Operating profit rose 39.54% to ₹32,862 crores.
Net Interest Income (NII) grew 9.04% year-on-year to ₹45,190 crores during the quarter. For the nine months ended December 2025, return on assets (ROA) stood at 1.16%, while return on equity (ROE) was 20.68%.
Interest income for Q3FY26 came in at ₹1,22,556 crores, compared with ₹1,17,427 crores in Q3FY25. Profit after tax for the nine-month period reached ₹60,348 crores.
Business Growth and Balance Sheet Expansion
The bank’s total business crossed ₹103 trillion, with deposits surpassing ₹57 trillion and advances exceeding ₹46 trillion.
Whole bank advances grew 15.14% year-on-year, while domestic advances rose 15.44%. Retail advances increased 16.51%, SME advances climbed 21.02%, and agriculture advances expanded 16.56%. Corporate advances registered 13.37% growth.
Deposits rose 9.02% year-on-year. CASA deposits grew 8.88%, with the CASA ratio at 39.13% as of 31 December 2025.
Asset Quality and Capital Position
Gross NPA ratio improved to 1.57%, down 50 basis points year-on-year. Net NPA ratio declined to 0.39%.
Provision Coverage Ratio (including AUCA) stood at 92.37%. Slippage ratio for Q3FY26 was 0.40%, while credit cost came in at 0.29%.
Capital Adequacy Ratio (CAR) was reported at 14.04% at the end of Q3FY26, with CET-1 ratio at 10.99%.
Following SBI’s Q3FY26 performance, multiple brokerages have reiterated Buy ratings with target prices between ₹1,200 and ₹1,300. The earnings update, improved asset quality metrics, and continued loan growth have placed the stock in focus among analysts.
Frequently Asked Questions (F&Q)
- What is SBI’s current share price?
As of 11 February 2026 (11:13 IST), SBI shares were trading at ₹1,168.70. - What was SBI’s net profit in Q3FY26?
SBI reported a net profit of ₹21,028 crores for the quarter ended 31 December 2025. - What is the highest target price given by brokers?
Motilal Oswal Securities Ltd and PhillipCapital (India) Pvt Ltd have set the highest target price of ₹1,300.