SBI Cards Q4 and FY26 Earnings Conference Call Transcript

SBI Cards and Payment Services Limited has released the transcript of its earnings conference call for the fourth quarter and full financial year ended March 31, 2026, following a board meeting on April 27, 2026, in New Delhi.

The company reported a 13 per cent year-on-year increase in profit after tax (PAT) for the full financial year FY26, totaling Rs 2,167 crore, compared to Rs 1,916 crore in FY25.

Fourth Quarter Performance

For the quarter ending March 31, 2026, the company saw a 14 per cent year-on-year rise in PAT, reaching Rs 609 crore from Rs 534 crore in the same period last year.

Total revenue for the quarter grew 7 per cent year-on-year to Rs 5,187 crore, up from Rs 4,832 crore in Q4 FY25. Fees and other revenue specifically increased 13 per cent to Rs 2,553 crore, compared to Rs 2,259 crore in the prior-year quarter.

Operational costs for the quarter rose 24 per cent to Rs 2,561 crore, up from Rs 2,073 crore in Q4 FY25. However, finance costs declined 10 per cent to Rs 714 crore from Rs 795 crore in the same quarter last year.

Earnings before credit cost for Q4 FY26 declined 3 per cent to Rs 1,913 crore, compared with Rs 1,964 crore in Q4 FY25. Impairment losses and bad debts expenses for the quarter fell 12 per cent to Rs 1,097 crore from Rs 1,245 crore in the previous year’s fourth quarter.

The company’s Return on Average Assets (ROAA) was 3.6 per cent in Q4 FY26, up from 3.4 per cent in Q4 FY25. The Return on Average Equity (ROAE) stood at 15.6 per cent, compared with 15.5 per cent in Q4 FY25.

Full Year FY26 Financials

Total income for the full financial year rose 11 per cent to Rs 20,708 crore, compared to Rs 18,637 crore in FY25. Earnings before credit cost for the year increased 6 per cent to Rs 7,876 crore from Rs 7,452 crore in FY25.

The total operating cost for FY26 increased 22 per cent to Rs 9,760 crore, up from Rs 8,007 crore in FY25. Finance costs for the full year declined 3 per cent to Rs 3,072 crore from Rs 3,178 crore in FY25.

Impairment losses and bad debts expenses for the full year rose 2 per cent to Rs 4,962 crore, compared to Rs 4,872 crore in FY25.

Business Metrics and Market Share

Consumer spending through the company’s cards saw a significant jump, rising 31 per cent year-on-year to Rs 1,15,350 crore in Q4 FY26, compared with Rs 88,365 crore in Q4 FY25.

Card-in-force grew 6 per cent year-on-year to 2.21 crore as of Q4 FY26, up from 2.08 crore in Q4 FY25. However, new account volumes declined, with 917 thousand accounts in Q4 FY26 compared to 1,109 thousand accounts in Q4 FY25.

The company’s market share in spends increased to 18.1 per cent in FY26, up from 15.7 per cent in FY25. Conversely, its market share in card-in-force decreased slightly to 18.6 per cent in FY26 from 19.0 per cent in FY25.

Balance Sheet and Asset Quality

As of March 31, 2026, the total balance sheet size was Rs 66,328 crore, compared with Rs 65,546 crore as of March 31, 2025.

Gross advances, consisting of credit card receivables, stood at Rs 56,926 crore as of March 31, 2026, compared with Rs 55,840 crore as of March 31, 2025. Receivables increased 2 per cent year-on-year for the fourth quarter.

The company’s net worth increased to Rs 15,797 crore as of March 31, 2026, from Rs 13,853 crore as of March 31, 2025.

Gross non-performing assets were recorded at 2.41 per cent of gross advances as of March 31, 2026.