SBI Cards and Payment Services Limited (SBICARD.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+86.3%

₹1,006.45

vs ₹540.20 price

Levered DCF

-₹1,865.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.09

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	27.91×	42.78×	27.1×	30.94×	49.63×	88.57×	46.34×	72.26×
P/B	3.85×	5.95×	5.4×	7.11×	10.35×	13.84×	10.8×	17.41×
P/S	2.92×	4.7×	4.25×	5.67×	8.3×	10.18×	6.74×	9.87×
EV / EBITDA	33.52×	45.55×	29.99×	31.33×	44.27×	72.39×	40.64×	54.12×
Gross margin	78.0%	81.8%	83.1%	86.7%	89.4%	88.6%	85.5%	86.1%
Operating margin	38.0%	14.8%	21.1%	24.6%	22.5%	15.4%	20.2%	21.1%
Net margin	10.5%	11.0%	15.7%	18.3%	16.7%	11.5%	14.5%	13.7%
Current ratio	0×	1.87×	1.81×	0.71×	0.68×	0×	0.72×	1.11×
Debt / equity	2.8×	3.26×	3.34×	3.21×	3×	2.89×	3.25×	3.81×
Interest coverage	2.56×	0.81×	1.25×	1.84×	2.12×	1.35×	1.4×	1.52×
Dividend yield	0.4%	0.3%	0.6%	0.3%	0.3%	0.1%	0.2%	0.0%
Payout ratio	10.0%	15.0%	15.1%	9.4%	14.6%	9.5%	8.1%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.8%	13.9%	19.9%	23.0%	20.8%	15.6%	23.3%	24.1%
Return on invested capital	8.8%	3.0%	2.6%	9.8%	9.6%	2.5%	961.6%	299.9%
Return on assets	3.3%	2.9%	4.1%	5.0%	4.7%	3.6%	4.9%	4.3%
Free cash flow yield	26.1%	-2.7%	-8.5%	-9.7%	-5.6%	0.7%	-7.2%	-3.9%
Earnings yield	3.6%	2.3%	3.7%	3.2%	2.0%	1.1%	2.2%	1.4%
Enterprise value	₹1T	₹1.2T	₹1T	₹1T	₹1T	₹1T	₹745.2B	₹752.4B
Net debt / EBITDA	13.69×	15.48×	10.96×	9.45×	9.71×	12.11×	9.17×	9.27×
Cash conversion cycle (days)	-137	-178	-197	253	-134	-323	6,396	6,997