SBICARDSBI Cards And Payment Services Ltd.

SBI Cards And Payment Services Q2 FY27 Results: Standalone Net Profit ₹778 Crore on Total Income of ₹5,302 Crore

Earnings
credit cards

Blacklitt Research23 October 20263 min read

SBI Cards And Payment Services (SBICARD) said in a filing on 23 Oct 2026 that for the quarter ended 30 Sep 2026 total income was ₹5,301.67 crore and net profit ₹777.60 crore.

Key highlights

Standalone

The company on its own, without its subsidiaries

Total income: ₹5,301.67 crore, up 3.2% YoY and 1.9% QoQ
Net profit and EPS: ₹777.60 crore, up 74.8% YoY; basic EPS ₹8.17 against ₹4.67 a year earlier
Finance costs: ₹787.27 crore, up 3.6% YoY and 5.7% QoQ
Impairment on financial instruments: ₹819.37 crore, down 36.6% YoY from ₹1,292.72 crore

Summary

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	5,301.67	5,136.48	+3.2%	5,205.36	+1.9%
Revenue from operations	5,140.53	4,960.98	+3.6%	5,040.55	+2.0%
Other income	161.14	175.50	-8.2%	164.81	-2.2%
	777.60	444.77	+74.8%	664.44	+17.0%
Finance costs	787.27	760.07	+3.6%	744.53	+5.7%
Depreciation	32.54	35.01	-7.1%	30.51	+6.7%
Tax expense	268.12	155.00	+73.0%	228.69	+17.2%
Net profit margin	14.67%	8.66%	+6.01 pp	12.76%	+1.90 pp
Tax as share of profit before tax	25.6%	25.8%	-0.20 pp	25.6%	+0.03 pp
EPS, basic (₹)	8.17	4.67	+74.9%	6.98	+17.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit rose 74.8% YoY, faster than total income (up 3.2%). Impairment on financial instruments was ₹819.37 crore, down from ₹1,292.72 crore a year earlier, and the notes say the company made an additional impairment provision of ₹30 crore in the quarter over and above the ECL-model provision.

Revenue from operations rose 3.6% YoY to ₹5,140.53 crore, while other income fell 8.2% to ₹161.14 crore. Other income is 3.0% of total income this quarter. Finance costs of ₹787.27 crore are 14.8% of total income, against ₹760.07 crore a year earlier.

Profit before tax rose to ₹1,045.72 crore from ₹599.77 crore a year earlier, up 74.4%. Tax expense of ₹268.12 crore is 25.6% of profit before tax, against 25.8% a year earlier, and rose 73.0% YoY. The notes say ₹27 crore was added to provisions for employee benefits for past services under the New Labour Codes in the quarter ended 30 Jun 2026, within employee benefit expenses.

The notes give asset-quality ratios of 1.90% gross NPA and 0.77% net NPA at 30 Sep 2026, against 2.41% and 1.04% at 31 Mar 2026. The ECL allowance on loan balances was ₹1,844.26 crore, against ₹1,941.87 crore at 31 Mar 2026, and the company says its impairment allowance exceeds the IRAC provision requirement, so no transfer to the impairment reserve is needed.

Inference

The filing shows 29,275 equity shares allotted in the quarter and 43,532 in the half year under the employee stock option scheme, taking paid-up equity capital to ₹951.64 crore. The company has no subsidiary, associate or joint venture and is not required to prepare consolidated results.

The company is classified as an NBFC-Middle Layer entity, but as a group entity of State Bank of India it is required to comply with the rules applicable to NBFC-Upper Layer, and the notes say it is operationally in compliance. Half-year total income was ₹10,505.12 crore and profit after tax ₹1,442.06 crore.

The joint statutory auditors draw attention to the ₹100 crore additional impairment allowance over the ECL allowance and say their conclusion is not modified in respect of it. The filing does not give a reason for the fall in the impairment charge from ₹1,292.72 crore a year earlier.

Reference: Original filing (PDF)

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