State Bank of India (SBIN.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

-94.2%

₹57.29

vs ₹992.35 price

Levered DCF

-₹130.02

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.25

Distress zone

Rating

B-

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	10.74×	8.88×	10.09×	8.4×	12.45×	14.51×	8.89×	125.1×
P/B	1.5×	1.41×	1.63×	1.3×	1.44×	1.18×	0.7×	1.23×
P/S	1.28×	1.06×	1.16×	1.02×	1.12×	0.88×	0.49×	0.9×
EV / EBITDA	10.69×	8.53×	6.69×	5.72×	5.68×	6.02×	2.44×	30.5×
Gross margin	54.8%	53.7%	55.5%	58.7%	60.2%	57.9%	54.8%	51.5%
Operating margin	16.4%	16.4%	15.6%	16.4%	12.7%	8.9%	8.5%	1.6%
Net margin	12.0%	11.9%	11.5%	12.1%	9.0%	6.0%	5.5%	0.7%
Current ratio	0×	0.07×	0.18×	0.17×	0.2×	0.18×	0.17×	0.17×
Debt / equity	1.3×	1.25×	1.34×	1.45×	1.5×	1.55×	1.29×	1.46×
Interest coverage	0.36×	0.35×	0.35×	0.4×	0.32×	0.21×	0.19×	0.03×
Dividend yield	1.6%	1.8%	1.5%	1.4%	0.8%	0.0%	0.0%	0.0%
Payout ratio	17.1%	15.8%	15.0%	11.4%	10.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.0%	15.9%	16.2%	15.5%	11.6%	8.1%	7.9%	1.0%
Return on invested capital	1.0%	4.2%	3.9%	3.9%	2.9%	2.1%	1.8%	0.3%
Return on assets	1.0%	1.1%	1.0%	0.9%	0.7%	0.5%	0.5%	0.1%
Free cash flow yield	17.3%	6.2%	2.6%	-19.3%	12.3%	26.5%	11.9%	9.2%
Earnings yield	9.3%	11.3%	9.9%	11.9%	8.0%	6.9%	11.3%	0.8%
Enterprise value	₹12.7T	₹9.4T	₹6.4T	₹4.5T	₹3T	₹2.2T	₹829.4B	₹2.7T
Net debt / EBITDA	3.16×	2.29×	-0.43×	-0.19×	-2.56×	-2.88×	-2.73×	-2.55×
Cash conversion cycle (days)	0	121	123	127	149	91	82	92