SBI joins $100 billion market-cap club as share price hits record high after strong Q2 results

SBI share price gained over 1% on Thursday to hit a record high, with its market capitalisation crossing the $100 billion mark. SBI shares rose as much as 1.47% to a fresh all-time high of ₹971.15 apiece on the BSE, taking its market cap to ₹8.96 lakh crore (over $100 billion).

With this milestone, State Bank of India (SBI), the state-run largest lender, has become the sixth Indian company to enter the coveted $100 billion market-cap club. The list is topped by Reliance Industries ($228.7 billion), followed by HDFC Bank ($183.6 billion), Bharti Airtel ($140.3 billion), Tata Consultancy Services ($124.8 billion), and ICICI Bank ($108.5 billion).

SBI share price has witnessed a strong upward trajectory in recent months. The stock has gained 10% in the past month and over 23% in the last six months. Over a two-year period, SBI shares have risen 66%, while delivering multibagger returns of 336% over five years.

The latest rally in SBI share price follows the lender’s strong second-quarter performance in FY26, where it beat analysts’ estimates and reported robust earnings growth. SBI’s total business also crossed the ₹100 lakh crore mark.

SBI Q2 Results

SBI reported a 10% year-on-year (YoY) rise in net profit to ₹20,159.67 crore during the quarter ended September 2025, supported by a ₹4,593 crore profit from divesting a 13.18% stake in Yes Bank.

The bank’s net interest income (NII) in Q2FY26 grew 3.28% to ₹42,985 crore, while pre-provision operating profit (PPOP) fell 6.8% YoY to ₹27,310.92 crore. Whole Bank Net Interest Margin (NIM) for Q2FY26 was at 2.97% and Domestic NIM was at 3.09%.

SBI’s asset quality improved sequentially, with gross NPA ratio easing to 1.73% from 1.83% in the previous quarter and net NPA ratio falling to 0.42% from 0.47%, QoQ.

The total business of SBI crossed ₹100 lakh crore. Deposits crossed ₹55.9 lakh crore and advances were at ₹44.2 lakh crore.

Should you buy SBI shares?

Anand Dama, Senior Research Analyst at Emkay Global Financial Services expects SBI’s margins to remain rangebound, with benefit from the recent CRR cut partly offsetting any impact from further rate cuts.

Factoring in the Q2 earnings beat and strong growth guidance, Emkay Global raised its earnings estimates by 3-5% and expects the bank to deliver a healthy RoA of ~1.0% - 1.1% and RoE of ~15% - 16% (after the recent capital raise).

Emkay Global has retained a ‘Buy’ rating on the stock and raised SBI share price target to ₹1,100 apiece.

Axis Securities noted that SBI’s performance has been the best amongst the larger banks and the bank remains well-poised to sustain its performance supported by the management’s focus on deepening liability franchise, allocating capital to higher RoRWA assets, maintaining a disciplined pricing approach and leveraging tech to drive operating efficiency.

The brokerage firm expects consistent RoA and RoE delivery of 1% - 1.1% and 14% - 16% over FY26 - FY28E. It maintained a ‘Buy’ recommendation on SBI shares and increased the target price to ₹1,135 per share from ₹1,055 earlier.

Motilal Oswal Financial Services raised its adjusted earnings estimates for SBI by 5.8% and 3.1% for FY26 and FY27E, and estimated FY27E RoA and RoE at 1.1% and 15.5%. It reiterated a ‘Buy’ call and raised SBI share price target to ₹1,075 per share.

At 12:20 PM, SBI share price was trading 0.43% higher at ₹961.15 apiece on the BSE.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.