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Data-driven stock valuation

State Bank of India (SBIN) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of State Bank of India stock ₹737, price ₹1,006, that is 26.8% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services IN · ISIN INE062A01020

SB State Bank of India logo Broad data Nov 4, 2026

State Bank of India

SBIN · NSE
Solid, but expensive

Our calculation puts a fair price 27% below what the stock costs today.

Healthy Growth (revenue 5y +13.5 %/yr in INR)
Highly profitable · 22.4% net margin (TTM)
Generates free cash flow
1.7% dividend yield · Well covered
Broad data
Quality 53/100
Moderate debt
Mixed vs. peers (8/15)
Wide moat 69/100 · thin data
Fair value ₹736.64 · Overvalued (−26.8%)

Risks from the AI analysis

🚩Cyber incident exposing customer records on dark web

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹1,207 ₹371.41 Fair Value ₹736.64 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range ₹371.41 – ₹1,207 · fair‑value band ₹604.50 – ₹1,075 · the ₹1,006 price screens above the ₹736.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

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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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 ₹1,006, while our model-based Fair Value estimate is ₹736.64, 27% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹803.42 per share, and 1 of the 6 models we run sit above the ₹1,006 price.

Bear case: the Dividend Discount group reads lowest at ₹210.90, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: ₹604.50 (bear) to ₹1,075 (bull), the price of ₹1,006 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 53/100 (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 ₹9.2T (≈ $97.3B) Large · P/E ratio 10.3 · P/S ratio 2.39 · EPS (TTM) ₹97.97 · Dividend yield 1.7% · Net margin 22.4% · Return on equity 15.2% · Return on assets (EBIT) 1.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).

What moves the price

The share trades about 17% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −27%, SBIN screens cheaper than that median.

Fair Value models

Bear ₹604.50 Fair Value ₹736.64 Bull ₹1,075
Price ₹1,006 · Downside -26.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹48.37 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income ₹604.50 ₹736.64 ₹1,075 75
Gordon GGM ₹125.89 ₹235.68 ₹335.65 67
DDM Multi-Stage ₹125.89 ₹210.90 ₹250.69 67
All 6 models by family
Dividend Discount
Gordon GGM ₹125.89 ₹235.68 ₹335.65 67
DDM Multi-Stage ₹125.89 ₹210.90 ₹250.69 67
Multiples
P/E Multiple ₹879.84 ₹1,173 ₹1,466 63
P/B Multiple ₹602.56 ₹803.42 ₹1,004 55
Asset-Based
NCAV (Graham) ₹286.93 ₹384.49 ₹573.87 54
Economic Profit
Residual Income ₹604.50 ₹736.64 ₹1,075 75

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 28
How much profit the company makes from its sales and capital
Quality Growth 50
Are margins and returns getting better?
Cashflow 92
Do the profits arrive as real cash?
Financial strength 16
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 90
How calm the share price moves, does not count
Price momentum 40
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 34
Distance to the 52-week high, does not count
New shares 66
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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%
Start year 2021 (pandemic). Over 10 years: +10.0% a year
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%
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.29.4% vs 19.0%, 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%
Pace: the 5-year rate starts in 2021 (pandemic)

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).
−4.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −8.6% a year for the price.

SBIN screens overvalued: fair value 27% below the price. Compare with China Merchants Bank Co →

Note from the team Oct 29, 2026
AI conclusion: Scale in the regulated banking sector offers some presence yet government ownership constraints and low ROA limit any durable moat or excess returns.
Main risk: Rising cyber attacks across finance may divert focus from everyday lending and branch growth, hitting operational capacity.
State Bank of India disclosed a cyber incident exposing a few thousand customer records on the dark web and has now opened its CyRIS centre of excellence to train staff on threat intelligence and quantum-safe technologies. The bank insists balances stay safe and operations unaffected, yet rising attacks across finance may pull focus from everyday lending and branch growth. Will stronger digital defences ultimately free up capacity or keep adding costs and complexity?
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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 · 1002 stocks

Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside −26.8% · Below median
Profitability
Return on equity (12 months) 15.2% · Top 25%
Return on assets 1.0% · Above median
Net margin (12 months) 22.4% · Below median
Operating margin (12 months) 35.7% · Below median
Growth and dividend
Revenue growth (quarter YoY) 10.3% · Above median
Dividend yield (12 months) 1.7% · Below median
Balance sheet
Debt / equity 0.69× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.3× · Cheaper than median
P/B 1.54× · Priciest 25%
P/S (12 months) 2.39× · Cheaper than median
Price / free cash flow 5.9× · Cheapest 25%
EV/EBITDA 7.8× · Cheaper than median
PEG 0.53× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)52 · sector 48
PAST (return on equity)61 · sector 43
HEALTH (low debt)65 · sector 85
DIVIDEND (yield)34 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.52 ¥7.59 +38% vs SBIN
China Merchants Bank Co 600036 ¥42.54 ¥52.73 +24% vs SBIN
BNP Paribas SA BNP €91.94 €106.01 +15% vs SBIN
Intesa Sanpaolo S.p.A ISP €6.27 €4.59 −27% vs SBIN
UniCredit S.p.A UCG €77.18 €50.44 −35% vs SBIN
Oversea-Chinese Banking Corporation O39 27.93 SGD 18.20 SGD −35% vs SBIN
Mizuho Financial Group MFG $9.80 $5.90 −40% vs SBIN
DBS Group D05 71.20 SGD 40.39 SGD −43% vs SBIN
HDFC Bank Limited HDFCBANK ₹760.00 ₹406.39 −47% vs SBIN
ICICI Bank Limited ICICIBANK ₹1,500 ₹615.63 −59% vs SBIN

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State Bank of India: fair value per Fair Value Calculator

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 Nov 4, 2026, our model estimates a fair value of ₹736.64 versus a price of ₹1,006, about 27% lower (overvalued).
What is the fair value of SBIN?
Our model-based fair value for State Bank of India is ₹736.64 (as of Nov 4, 2026), built from audited fundamentals. The current price: ₹1,006.
What is the quality score of SBIN?
State Bank of India has a Quality Score of 53/100. 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 ₹736.64 (as of Nov 4, 2026) from 6 valuation models. Cautious scenario ₹604.50, optimistic scenario ₹1,075. 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 ₹736.64, about 27% lower versus a price of ₹1,006 (overvalued). Cautious scenario ₹604.50, optimistic scenario ₹1,075. 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 ₹3.9T (latest available figure, as of Nov 4, 2026).
Does State Bank of India pay a dividend?
State Bank of India currently shows a dividend yield of 1.72% relative to its recent price (as of Nov 4, 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 -4.9 % 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 Nov 4, 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 0.38, 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 -4.9 % 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 -4.9 % 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 +9.4 % a year. That is the yardstick for the growth priced into State Bank of India (-4.9 % 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 16.86 %: 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 ₹736.64 per share (as of Nov 4, 2026), against a price of ₹1,006. 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 Nov 4, 2026, SBIN trades above its calculated fair value: price ₹1,006, fair value ₹736.64, a gap of about −27% (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 (₹1,006); the fair value is what the company's own numbers justify (₹736.64). For State Bank of India the two are ₹269.76 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 ₹9.2T (market capitalisation, as of Nov 4, 2026). Per share that is ₹1,006; our models calculate a fair value of ₹736.64 per share.
What do the bullish and bearish scenarios say about SBIN?
Our models span a range for State Bank of India: cautious scenario ₹604.50, base ₹736.64, optimistic ₹1,075 per share (as of Nov 4, 2026, price ₹1,006). 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 10.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹736.64 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings: 10.8. Other multiples: PEG 0.5, P/B 1.5, P/S 2.4, EV/EBITDA 7.8.
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 Nov 4, 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 Nov 4, 2026): return on equity 15.2%, debt of 0.69 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is SBIN from its 52-week high?
State Bank of India trades at ₹1,006, about 17% below its 52-week high of ₹1,207 and 8% above the low of ₹932.04 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹736.64 is for.
Which stocks are comparable to State Bank of India?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Nov 4, 2026: price ₹1,006, calculated fair value ₹736.64 (−27%), Quality Score 53/100, 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 ₹736.64, 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 15.5% 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 Nov 5, 2026 was ₹1,006. Our model-based fair value is ₹736.64, about 27% lower (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 (53/100) and above fair value, neither a clear bargain nor a standout compounder. 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 ₹9.2T (≈ $97.3B). 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 2.39 (last twelve months). 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 ₹97.97 (price ÷ EPS = P/E 10.3). 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 17.7%). 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 22.4% (last twelve months). 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 15.2% (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 35.7% (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 +10.3% 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 +9.9% 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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