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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
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.
How the price compares to earnings, assets and cash generation.
You are paying 10.3 years of current profit for each share. The earnings yield is 9.7%. The tracked Banking & Finance median is 20.4× (n=15), so this trades cheaper than its peers.
The market values the company at 1.4× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
Not available.
Pays 1.81% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 9.1× against 10.3× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 2.3× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
Earns ₹15.2 of profit a year for every ₹100 of shareholders' money. Always check how much of this comes from leverage rather than the business.
ROE is 14.0 points above ROA — a large gap, meaning leverage is doing much of the work.
Keeps ₹35.7 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹0.0 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
Not available.
Not available.
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Against cash of ₹2,12,013 Cr. Net debt is what matters, not gross borrowings.
Not available.
Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing slower than sales, meaning margins are compressing. The company may be buying its growth.
EBITDA of — and operating cash flow of —.
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
The figures quoted per share, and how much profit is handed back to owners.
₹93.02 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹673.78; price-to-book compares the market price with this.
Pays out 19% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹8,80,693 Cr.
Return on equity splits into three drivers. The identical ROE can be a genuinely great business or a heavily borrowed ordinary one.
Leverage is doing much of the work here — a high ROE built on borrowing is more fragile than the same ROE earned from margins or turnover.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 7.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹3,81,709 Cr | ₹3,49,523 Cr | ₹3,23,614 Cr | ₹2,70,337 Cr |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating expenses | ₹2,57,394 Cr | ₹2,32,877 Cr | ₹2,28,815 Cr | ₹1,86,170 Cr |
| Operating income | — | — | — | — |
| Interest expense | ₹3,15,005 Cr | ₹3,00,943 Cr | ₹2,59,736 Cr | ₹1,89,981 Cr |
| Pre-tax income | ₹1,14,028 Cr | ₹1,06,365 Cr | ₹91240.05 Cr | ₹75398.56 Cr |
| Tax | ₹28859.51 Cr | ₹27348.14 Cr | ₹23101.78 Cr | ₹18840.13 Cr |
| Net profit | ₹83298.78 Cr | ₹77561.34 Cr | ₹67084.67 Cr | ₹55648.17 Cr |