State Bank of India

NSEI:SBIN Stock Report

Market Cap: ₹7.2t

State Bank of India Valuation

Is SBIN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SBIN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SBIN (₹804.25) is trading above our estimate of fair value (₹721.69)

Significantly Below Fair Value: SBIN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SBIN?

Key metric: As SBIN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SBIN. This is calculated by dividing SBIN's market cap by their current earnings.
What is SBIN's PE Ratio?
PE Ratio10x
Earnings₹715.56b
Market Cap₹7.18t

Price to Earnings Ratio vs Peers

How does SBIN's PE Ratio compare to its peers?

The above table shows the PE ratio for SBIN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.4x
ICICIBANK ICICI Bank
18.7x8.5%₹8.9t
500247 Kotak Mahindra Bank
15.4x-6.7%₹3.4t
532215 Axis Bank
12.6x8.8%₹3.5t
HDFCBANK HDFC Bank
18.7x10.3%₹12.9t
SBIN State Bank of India
10x5.8%₹7.2t

Price-To-Earnings vs Peers: SBIN is good value based on its Price-To-Earnings Ratio (10x) compared to the peer average (16.4x).

Price to Earnings Ratio vs Industry

How does SBIN's PE Ratio compare vs other companies in the IN Banks Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
SBIN 10.0xIndustry Avg. 9.7xNo. of Companies9PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SBIN is expensive based on its Price-To-Earnings Ratio (10x) compared to the Indian Banks industry average (9.7x).

Price to Earnings Ratio vs Fair Ratio

What is SBIN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SBIN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10x
Fair PE Ratio11x

Price-To-Earnings vs Fair Ratio: SBIN is good value based on its Price-To-Earnings Ratio (10x) compared to the estimated Fair Price-To-Earnings Ratio (11x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SBIN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹804.25
₹958.02
+19.1%
10.3%₹1,102.00₹690.00n/a41
Nov ’25₹821.20
₹934.05
+13.7%
10.6%₹1,075.00₹690.00n/a41
Oct ’25₹796.95
₹932.51
+17.0%
10.9%₹1,075.00₹690.00n/a41
Sep ’25₹815.60
₹936.05
+14.8%
10.6%₹1,075.00₹690.00n/a41
Aug ’25₹862.65
₹912.88
+5.8%
11.0%₹1,050.00₹665.00n/a40
Jul ’25₹841.95
₹904.98
+7.5%
11.3%₹1,050.00₹665.00n/a41
Jun ’25₹830.35
₹889.07
+7.1%
11.7%₹1,050.00₹615.00n/a43
May ’25₹826.25
₹769.79
-6.8%
9.6%₹915.00₹570.00n/a42
Apr ’25₹758.30
₹762.88
+0.6%
9.4%₹915.00₹570.00n/a42
Mar ’25₹769.15
₹755.72
-1.7%
9.0%₹915.00₹570.00n/a43
Feb ’25₹647.65
₹710.83
+9.8%
8.2%₹840.00₹530.00n/a40
Jan ’25₹641.35
₹709.00
+10.5%
7.0%₹800.00₹530.00n/a39
Dec ’24₹571.75
₹706.15
+23.5%
6.7%₹790.00₹530.00n/a40
Nov ’24₹566.40
₹704.37
+24.4%
6.9%₹790.00₹530.00₹821.2038
Oct ’24₹598.55
₹708.05
+18.3%
5.5%₹790.00₹610.00₹796.9537
Sep ’24₹569.55
₹707.28
+24.2%
5.3%₹780.00₹610.00₹815.6039
Aug ’24₹611.85
₹717.89
+17.3%
3.8%₹780.00₹645.00₹862.6537
Jul ’24₹572.85
₹716.75
+25.1%
4.0%₹780.00₹645.00₹841.9536
Jun ’24₹582.75
₹716.19
+22.9%
3.7%₹770.00₹645.00₹830.3536
May ’24₹578.30
₹712.70
+23.2%
4.9%₹805.00₹610.00₹826.2537
Apr ’24₹523.75
₹716.97
+36.9%
4.9%₹805.00₹635.00₹758.3038
Mar ’24₹536.70
₹713.72
+33.0%
5.5%₹805.00₹600.00₹769.1539
Feb ’24₹527.35
₹719.54
+36.4%
5.5%₹821.00₹600.00₹647.6537
Jan ’24₹613.70
₹715.11
+16.5%
6.6%₹821.00₹541.00₹641.3537
Dec ’23₹608.10
₹709.36
+16.7%
6.9%₹821.00₹541.00₹571.7539
Nov ’23₹576.90
₹657.44
+14.0%
6.2%₹776.00₹541.00₹566.4039

Analyst Forecast: Target price is less than 20% higher than the current share price.

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