SBI Card stock holds steady as Morgan Stanley keeps cautious view

SBI Card stock (ISIN INE931S01010) is trading around 635 Indian rupees on September 2, 2026, as investors weigh solid recent earnings against a cautious analyst stance and a weaker broader Indian market.

Analyst view turns cautious on valuation

According to a brokerage overview compiled by ET Now on September 2, 2026, Morgan Stanley maintains an UNDERWEIGHT rating on SBI Card with a target price of 530 rupees.

This target of 530 rupees implies downside compared with the recent spot level around 635 rupees, signaling that at least part of the analyst community sees the stock as fully valued after its rally over recent quarters.

Recent results underpin the business

Market data compiled on September 2, 2026, shows SBI Card trading close to 635 rupees with a modest daily gain of about 0.4 %, while a peer listing table from Screener lists SBI Cards at 632.40 rupees with a price to earnings multiple of 26.24 and a quarterly net profit of 664.44 crore rupees.

In the same peer table, quarterly sales for SBI Cards are reported at 5,040.55 crore rupees in the most recent period, up 3.36 % compared with the preceding quarter, indicating that revenue is still expanding even if growth has moderated.

The data set also shows a financing margin of 36 % for the latest quarter against a historical range of around 33 % to 38 %, suggesting that profitability remains healthy in the current reporting period.

Credit card focus and consumer reach

SBI Card, formally known as SBI Cards and Payment Services, operates one of India’s largest credit card franchises, offering a broad portfolio from entry level cards to premium co branded products with airlines and retailers.

The company’s revenue mix is primarily driven by interest income and fee based income on card spends, late fees and annual charges, so growth in card transactions and disciplined risk management are key levers for earnings.

SBI Card stock and current market level

On September 2, 2026, SBI Card stock is quoted around 635 rupees on the National Stock Exchange of India, representing a premium valuation at more than 26 times the latest quarterly earnings annualised.