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)

1. What is SBI’s current share price?
   As of 11 February 2026 (11:13 IST), SBI shares were trading at ₹1,168.70.
2. What was SBI’s net profit in Q3FY26?
   SBI reported a net profit of ₹21,028 crores for the quarter ended 31 December 2025.
3. 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.

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