SBICARDSBI Cards And Payment Services Ltd.

SBI Cards And Payment Services reaffirmed at ICRA AAA, ₹800 crore NCDs withdrawn

Credit rating
credit cards, NBFC

Blacklitt Research23 October 20262 min read

SBI Cards And Payment Services (NSE: SBICARD) had its ratings reaffirmed by ICRA on total rated instruments and bank facilities of ₹75,050 crore, it said in a filing on 23 Oct 2026. The rating on ₹800 crore of non-convertible debentures was withdrawn because no amount is outstanding against them.

Key highlights

Total rated amount: ₹75,050 crore, down from ₹75,850 crore
Rating: [ICRA]AAA (Stable), reaffirmed on most instruments
Bank lines and CP: [ICRA]AAA (Stable)/[ICRA]A1+, reaffirmed
Withdrawn: ₹800 crore non-convertible debentures

The rating action in numbers

Item	Detail
Rating agency	ICRA Limited
Action	Reaffirmed; ₹800 crore NCD rating withdrawn
Total rated amount	₹75,050 crore (previously ₹75,850 crore)
Term loan	₹15,000 crore, [ICRA]AAA (Stable)
Non-convertible debentures	₹7,750 crore, [ICRA]AAA (Stable)
Subordinated debt	₹5,300 crore, [ICRA]AAA (Stable)
Bank lines usage limit	₹47,000 crore, of which CP up to ₹34,000 crore

The reaffirmed ratings cover most of the rated debt

ICRA reaffirmed the ratings on the company's term loan, non-convertible debentures, subordinated debt and bank facilities. The rated total falls from ₹75,850 crore to ₹75,050 crore, a gap of ₹800 crore that equals the withdrawn NCDs.

ICRA's rationale cites the parent's 68.58% stake as on 30 Jun 2026 as a key credit strength. The agency says SBI is strategically important to the company because the credit card business is a key product for the bank's customers.

Asset quality and profitability figures sit behind the rating

According to ICRA, return on assets rose to 3.2% in FY2026 from 3.0% in FY2025, and to 3.8% annualised in Q1 FY2027. Gross stage 3 fell from 2.4% on 31 Mar 2026 to 2.0% on 30 Jun 2026.

ICRA describes the portfolio as largely unsecured and says it remains vulnerable. It names a significant decline in SBI's shareholding and a sustained deterioration in asset quality as factors that could pressure the ratings.

Liquidity and capital are reported as strong

ICRA rates liquidity as strong, citing sanctioned and unutilised bank lines of ₹14,600 crore as on 30 Jun 2026. Net worth was ₹16,391 crore, gearing 2.9 times and Tier I capital adequacy 20.3%, all as on the same date.

Market value at the 23 Oct 2026 close was ₹51,915 crore. The company reported standalone net profit of ₹664.44 crore for Q1 FY27, up 19.5% year on year, in its latest quarter.

What the rating action means for SBI Cards And Payment Services shareholders

The action leaves the company's rated borrowing capacity unchanged apart from the withdrawn NCDs, which have no amount outstanding. The rating documents are enclosed with the filing.

The filing does not say how the withdrawal affects the company's funding plans or whether any new debt will be rated. The filing also does not give the reason ICRA's rating was reaffirmed beyond the rationale in the enclosure.

Reference: Original filing (PDF)

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