Mumbai, February 9, 2026 – Shares of State Bank of India jumped nearly 7% in morning trade on Monday, hitting a fresh all-time high of around ₹1,137 on the BSE as its quarterly performance for Q3 FY26 saw it record the strongest net profit ever. Net profit surged 24.5% YoY to ₹21,028 crore.
That did much to beat most analyst expectations and underlined the operational solidity of SBI in an increasingly fierce banking landscape. The performance sent investors cheering, pushing the bank’s market capitalization past the ₹10 lakh crore mark for the first time — making it the sixth Indian company to achieve this milestone and overtaking ICICI Bank to become the second most-valuable bank in the country — behind HDFC Bank.
Key Highlights from Q3 ResultsSBI’s standalone net profit climbed to ₹21,028 crore, up 24.5% from ₹16,891 crore in the same quarter last year. This marked the highest quarterly profit the bank has ever recorded.Net Interest Income (NII) grew a healthy 9% YoY to ₹45,190 crore.
The NIM increased modestly to 2.99% while domestic NIM reached 3.12%.
The loan book has expanded strongly by 15.6% YoY, driven by healthy growth in corporate and SME segments.
Asset quality continued to improve: gross NPA ratio fell, and provisions came in lower than expected.
It also revised the full-year credit growth guidance upwards to 13-15% from 12-14% earlier, reflecting confidence on sustained momentum.
Besides, there was an extra boost to profitability through a one-time special dividend from its asset management arm, SBI Mutual Fund, which is getting ready for an IPO. Core operations were strong with steady fee income and controlled costs.
Brokerages Raise Target Prices, Stay BullishThe blockbuster results triggered a wave of upgrades from brokerages, with several raising their price targets and reinforcing ‘Buy’ calls. Analysts highlighted SBI’s robust return ratios, improving asset quality, strong loan growth, and potential value unlocking from subsidiaries.Key takeaways: Jefferies and Motilal Oswal increased targets to ₹1,300 apiece, implying about 14% upside from recent levels.
Nomura raised its target to ₹1,235 (upside of ~16%).
Citi increased the target to ₹1,265 (~19% potential upside).
CLSA moved to ₹ 1,275 with an ‘Outperform’ rating.
Nuvama upgraded the view and set a target of ₹1,250.
Many analysts pointed out that SBI is delivering stronger earnings consistency than several private peers for the third straight quarter, making it a standout in the PSU banking space.
