State Bank of India shares hit an all-time high on Monday at ₹1,148, extending gains after the lender reported better-than-expected third-quarter results. The stock closed the day near its all-time high on the BSE at ₹1,145.8, up 7.46 per cent, as analysts turned more bullish on the stock post Q3 results.
Thanks to the strong rally, SBI has become the fifth most valuable stock in terms of market-cap of ₹10.58 lakh crore. Only, RIL, HDFC Bank, Bharti Airtel and TCS are above the PSU Bank.
The country’s largest public sector bank posted Q3 FY26 net profit of ₹21,030 crore, marking a 24.5 per cent year-on-year growth and beating analyst estimates by 8-25 per cent across brokerages. The earnings were supported by healthy loan growth of 15.6 per cent yoy, stable net interest margins at 2.99 per cent, and improved asset quality with gross NPA declining to 1.57 per cent.
Global brokerages views
Morgan Stanley, which maintained Equalweight on SBI, raises its EPS estimate for F26 by 8 per cent given strong Q3-FY26. “Our EPS estimates for F27/F28 remain unchanged. We stay EW given near-full valuations (our PT implies 1.3x core F27e book), it said. BofA Securities also stayed Neutral on the stock but raised the target price to ₹1,100 from ₹1,050.
However, JP Morgan remained Overweight with a revised target price of ₹1,250 (₹1,220 earlier), said “overall, SBI’s results reinforce our positive thesis: the bank is delivering above-system growth, maintaining best-in-class asset quality, and expanding profitability.”
Jefferies while retaining its Buy stance increased the target price to ₹1,300 from ₹1,190, said SBI sustained strong asset quality & low credit cost, even in unsecured loan.
HDFC Securities maintains a Buy rating with a revised target of ₹1,200 (previously ₹1,035), valuing the bank at 1.5x September 2027 adjusted book value. Motilal Oswal lifted its target to ₹1,300 from ₹1,035, citing the bank’s raised credit growth guidance of 13-15 per cent for FY26. Emkay Global revised its target upward by 11 per cent to ₹1,225, while JM Financial set a target of ₹1,250.
SBI MF dividend
The bank received a one-time dividend income of ₹2,200 crore from SBI Mutual Fund during the quarter, along with treasury gains of ₹3,280 crore. Management guided for maintaining domestic NIMs above 3 per cent and expects cost-to-income ratio around 50 per cent.
With strong buying interest evident in morning trade, 49.7 per cent buy orders versus 50.3 per cent sell orders, and deliverable volume at 51 per cent, the stock has gained 54 per cent over the past year. Analysts view SBI as the top pick among PSU banks, expecting it to sustain return on assets at 1.1 per cent through operating leverage and stable asset quality.
Published on February 9, 2026