State Bank of India (SBIN) fair value: what the stock is really worth
We calculate from audited financials what State Bank of India is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹371.41 – ₹1,207 · fair‑value band ₹610.52 – ₹1,235 · the ₹996.20 price screens above the ₹759.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
State Bank of India provides banking products and services in India and internationally. The company operates through the Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Business segments.
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State Bank of India provides banking products and services in India and internationally. The company operates through the Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Business segments. It offers personal banking products and services, including current, savings, salary, and deposit accounts; home, personal, pension, auto, education, and gold loans, as well as loans against insurance property, and securities; debit, business debit, prepaid, and green remit cards; overdrafts; mutual funds, insurance, equity trading, portfolio investment schemes, remittance services; digital lending; and mobile, internet, and digital banking services. The company also provides corporate banking products and services comprising corporate accounts, working capital and project finance, deferred payment guarantees, corporate term loans, structured finance, dealer and channel financing, equipment leasing, loan syndication, construction equipment loans, financing Indian firms' overseas subsidiaries or JVs, and cash management, as well as trade and service products. In addition, it offers NRI services, including accounts, investments, loans, and remittances; agricultural banking services; and international banking services. Further, it provides life and general insurance; estate planning services; merchant banking and advisory; securities broking; trusteeship service; factoring; payment solution; asset management; portfolio and investment management; credit cards; and custody and fund accounting services. State Bank of India was founded in 1806 and is headquartered in Mumbai, India.
Stock analysis
State Bank of India (SBIN) currently trades at ₹996.20, while our model-based Fair Value estimate is ₹759.37, implying the stock looks roughly 31.2% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ₹904.15 per share, and 1 of the 6 models we run sit above the ₹996.20 price.
Bear case: the Dividend Discount group reads lowest at ₹265.22, and 5 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹610.52 (bear) to ₹1,235 (bull), the price of ₹996.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
State Bank of India reported revenue of ₹7.0T in FY2026 versus ₹3.9T in FY2022, a compound +15.4%/yr. Reported net income was ₹833B in FY2026, compounding +23.9%/yr from FY2022.
Key figures
Market cap ₹9.1T (≈ $94.7B) · P/E ratio 11.2 · P/S ratio 1.33 · EPS (TTM) ₹89.25 · Dividend yield 1.7% · Net margin 12.0% · Return on equity 15.5% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 30% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −24%, SBIN screens cheaper than that median.
Fair Value models
Bear ₹610.52Fair Value ₹759.37Bull ₹1,235
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹35.17 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.5%
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+31.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.4%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.29% vs 19%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 16%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.0%
Yearly growth needed for the next five years to justify today's price.
News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1073 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−3% · Above median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets1% · Above median
Net margin (TTM)22% · Below median
Operating margin (TTM)29% · Below median
Growth and dividend
Revenue growth7% · Below median
Dividend yield (TTM)1.7% · Below median
Balance sheet
Debt / equity0.69× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "State Bank of India Fair Value". https://www.fairvalue-calculator.com/stock/SBIN
Frequently asked questions
Is State Bank of India (SBIN) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹759.37 versus a price of ₹996.20, about −24% upside (overvalued).
What is the fair value of SBIN?
Our model-based fair value for State Bank of India is ₹759.37 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹996.20.
What is the quality score of SBIN?
State Bank of India has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for State Bank of India (SBIN)?
Our model-based price target is the fair value of ₹759.37 (as of Sep 18, 2026) from 6 valuation models. Cautious scenario ₹610.52, optimistic scenario ₹1,235. It is a calculation from audited fundamentals, not an analyst target.
What is the State Bank of India stock forecast for 2026?
Our models put fair value at ₹759.37, about −24% upside versus a price of ₹996.20 (overvalued). Cautious scenario ₹610.52, optimistic scenario ₹1,235. The calculation is refreshed regularly with new filings.
What is the revenue of State Bank of India (SBIN)?
State Bank of India reported trailing-twelve-month revenue of about ₹3.8T (latest available figure, as of Sep 18, 2026).
Does State Bank of India pay a dividend?
State Bank of India currently shows a dividend yield of about 1.74% relative to its recent price (as of Sep 18, 2026).
What growth is priced into State Bank of India (SBIN)?
For today's price to be fair in a discounted-cash-flow model, State Bank of India would have to grow free cash flow by -5.0 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.5 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of SBIN use?
Our models discount State Bank of India at 10.4 %: a base by market capitalisation (large), damped by beta 0.37, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For State Bank of India that is -5.0 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has State Bank of India (SBIN) delivered so far?
Over the past 5 years revenue at State Bank of India grew +13.5 % a year. The price currently implies -5.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of State Bank of India (SBIN) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into State Bank of India (-5.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of State Bank of India (SBIN)?
The free-cash-flow yield on the price is 17.03 %: that much free cash flow State Bank of India produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of State Bank of India (SBIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For State Bank of India it is ₹759.37 per share (as of Sep 18, 2026), against a price of ₹996.20. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is State Bank of India stock overvalued or undervalued in 2026?
As of Sep 18, 2026, SBIN trades above its calculated fair value: price ₹996.20, fair value ₹759.37, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SBIN?
No. The price is what the market pays today (₹996.20); the fair value is what the company's own numbers justify (₹759.37). For State Bank of India the two are ₹236.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is State Bank of India worth?
The market values State Bank of India at about ₹9.1T (market capitalisation, as of Sep 18, 2026). Per share that is ₹996.20; our models calculate a fair value of ₹759.37 per share.
What do the bullish and bearish scenarios say about SBIN?
Our models span a range for State Bank of India: cautious scenario ₹610.52, base ₹759.37, optimistic ₹1,235 per share (as of Sep 18, 2026, price ₹996.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SBIN?
State Bank of India trades at a price-to-earnings ratio of 11.2 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹759.37 is built from several models across several years. Other multiples: PEG 0.5, P/B 1.6, P/S 2.5, EV/EBITDA 8.1.
What is the PEG ratio of SBIN?
The PEG ratio of State Bank of India is 0.53 (P/E divided by earnings growth, as of Sep 18, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of State Bank of India (SBIN)?
Balance-sheet figures for State Bank of India (as of Sep 18, 2026): return on equity 15.5%, debt of 0.69 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is SBIN from its 52-week high?
State Bank of India trades at ₹996.20, about 18% below its 52-week high of ₹1,213 and 30% above the low of ₹767.89 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹759.37 is for.
Which stocks are comparable to State Bank of India?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is State Bank of India stock attractive at the current price?
The data as of Sep 18, 2026: price ₹996.20, calculated fair value ₹759.37 (−24%), Quality Score 51/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SBIN calculated?
We run State Bank of India through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹759.37, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. State Bank of India itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of State Bank of India (SBIN)?
The closing price on Sep 18, 2026 was ₹996.20. Our model-based fair value is ₹759.37, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with State Bank of India right now?
Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹610.52 to ₹1,235) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of State Bank of India (SBIN) come from?
Earnings per share at State Bank of India grew +23.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +8.1 %, EBIT margin +12.7 %, tax rate +1.3 %, residual (interest, one-offs) −0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of State Bank of India
How large is the market capitalisation of State Bank of India (SBIN)?
The market capitalisation of State Bank of India is ₹9.1T (≈ $94.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of State Bank of India (SBIN)?
The price-to-sales ratio of State Bank of India is 1.33 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of State Bank of India (SBIN)?
Earnings per share at State Bank of India are ₹89.25 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of State Bank of India (SBIN)?
The dividend yield of State Bank of India is 1.7% (payout 19.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of State Bank of India (SBIN)?
The net margin of State Bank of India is 12.0% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of State Bank of India (SBIN)?
The return on equity (ROE) of State Bank of India is 15.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of State Bank of India (SBIN)?
On an EBIT basis the return on assets of State Bank of India is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of State Bank of India (SBIN)?
The operating margin of State Bank of India is 29.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at State Bank of India (SBIN)?
Revenue at State Bank of India is growing +7.1% versus a year earlier (3y avg +14.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at State Bank of India (SBIN)?
Earnings per share at State Bank of India are growing −3.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does State Bank of India (SBIN) carry?
The net debt of State Bank of India is ₹3.8T (fiscal year 2026, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 18, 2026