SBI surpasses TCS to become India's fourth-largest company by market cap

SBI market cap: State Bank of India (SBI) has surged past Tata Consultancy Services (TCS) to become India’s fourth-largest listed company by market capitalisation, following a sharp rally in its stock after stronger-than-expected December-quarter earnings.

At close on February 10, SBI’s market capitalisation stood at around ₹10.9 lakh crore, exceeding TCS’s valuation of about ₹10.53 lakh crore. The rally has also seen the state-owned lender move ahead of ICICI Bank in terms of market value, which stood at 10.05 lakh crore.

However, Reliance Industries (RIL) continues to top the charts as India’s most valuable company with a market capitalisation of close to ₹20 lakh crore, followed by HDFC Bank at ₹14.3 lakh crore and Bharti Airtel at ₹12.3 lakh crore.

Stock performace

On Wednesday, February 11, SBI shares climbed another 3.4% to ₹1,183, while TCS ended the session 2.5% lower at ₹2,909.40. On a year-to-date basis in 2026, SBI stock is up 21%, while TCS shares are down 8%. The benchmark Nifty50 is marginally lower by about 1% during this period.

SBI Q3 results

SBI’s rally followed the announcement of its December-quarter results on February 7. The lender reported a net profit after minority interest of ₹21,028.15 crore for Q3 FY26, marking its highest-ever quarterly profit and a 24.49% YoY increase from ₹16,891.44 crore in Q3 FY25. Net interest income rose 9% YoY to ₹45,190 crore, supported by steady loan growth.

Asset quality also improved sequentially, with the gross NPA ratio declining to 1.57% in Q3 FY26 from 1.73% in Q2 FY26, while net NPAs eased to 0.39% from 0.42%.

Should you buy SBI?

Brokerage house Motilal Oswal said SBI delivered a strong all-round performance in the quarter, driven by business growth, margin expansion and healthy asset quality.

“SBIN reported a strong all-round performance, led by robust business growth, margin expansion and healthy asset quality, with NIM expanding 2 bps QoQ to 2.99% and domestic NIMs at 3.12%,” the brokerage said.

Motilal Oswal added that SBI expects net interest margins to remain above 3% in FY26 and over the long term, supported by fee income. Credit growth stood at 15.6% YoY, and management raised FY26 credit growth guidance to 13%–15%. The brokerage raised its FY27 and FY28 earnings estimates and reiterated a BUY rating with a revised target price of ₹1,300.

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