SBI Cards Q1 FY27: Revenue up 12%, profit down 6% YoY

What the latest SBI Cards results show

SBI Cards and Payment Services Ltd. reported a mixed set of quarterly numbers, with revenue rising but profitability coming under pressure. Total revenue increased 12% year-on-year to ₹5,035.00 crore, while net profit declined 6% to ₹556.00 crore. The company’s update comes at a time when market participants are closely watching unsecured lending trends and credit costs.

The company has also been in focus because it scheduled a board meeting for July 24, 2026 to consider and approve the unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27). As part of compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window has been closed since July 1, 2026 and is set to reopen 48 hours after the results are declared.

Board meeting date, trading window, and what’s official

SBI Cards disclosed that a meeting of its Board of Directors is scheduled for Friday, July 24, 2026. The stated agenda includes consideration and approval of the unaudited financial results for the quarter ended June 30, 2026. The company also noted that the intimation is being uploaded to its website, www.sbicard.com.

Alongside the board process, the trading-window closure is a key operational detail for investors and employees who fall under designated-person rules. The company said the window has remained shut from July 1, 2026 and will reopen 48 hours after the declaration of the unaudited financial results.

Q1 headline numbers: revenue up, profit down

For the quarter, SBI Cards said total revenue rose 12% year-on-year to ₹5,035.00 crore, supported by growth in interest income and fees. However, profitability weakened, with net profit at ₹556.00 crore versus ₹594.00 crore in the same quarter last year.

The update also flagged stronger customer activity. Spends increased 21% year-on-year to ₹93,244.00 crore, while cards-in-force grew 10% to 2.12 crore. These operating metrics matter for credit card issuers because they influence fee income, interest income, and future loss behaviour.

Asset quality and market share indicators

SBI Cards reported that asset quality remained stable with GNPA at 3.07% and NNPA at 1.42%. It also reported improvements in market-share metrics, with cards-in-force market share rising to 19.1% and spends market share improving to 16.6%.

Separately, the company has highlighted past improvement in its credit-cost profile. Gross credit cost improved to 7.7% in Q4 FY26 from 9.6% in Q1 FY26. Management commentary also included a medium-term target of ROA between 4% and 4.5%, and an expectation that credit costs moderate further through FY27.

Reuters note: write-offs rise and profit misses estimates

Reuters reported that SBI Cards’ profit after tax for the quarter declined 6.5% to ₹556.00 crore and fell short of analysts’ consensus estimate of ₹586.00 crore (LSEG data). The same report attributed the miss to a notable rise in write-offs.

According to the Reuters update, gross write-offs increased 32% year-on-year to ₹1,280.00 crore. Reuters also stated that this was the fourth consecutive decline in profit for SBI Card, amid heightened delinquency rates in recent quarters.

How the stock traded around the update

The provided price snapshots show SBI Cards trading with modest declines in parts of the session. One quote showed ₹588.20, down 5.25 or 0.88%, while another showed ₹588.40, down 4.80 or 0.81%. Another data point listed “Today: 587.10”.

A separate snapshot in the same context listed CMP at ₹654.7 and a “Current Price” of ₹604. These figures reflect different timestamps in the dataset, but together they indicate that the stock remained actively tracked as investors waited for clarity on credit costs, asset quality, and spending growth.

Previous-quarter context and key reference points

A quick-data panel in the provided information listed the previous quarter revenue at ₹4,935 crore and previous quarter PAT at ₹609 crore, with market cap at ₹62,302.2 crore. It also mentioned “Upcoming Earnings date” as 27th Apr, 2026, and separately noted that the Q4 FY25-26 results date was April 27, 2026.

The narrative also referenced a strong Q4 FY26 performance with PAT up 14% year-on-year to ₹609 crore and gross NPAs improving to 2.41%. Another comparison point stated that the gross NPA ratio improved to 2.41% as of March 31, 2026, from 3.08% as of March 31, 2025.

Product and customer policy update: insurance benefit withdrawn

Separately, SBI Cards is discontinuing complimentary air accident insurance on several co-branded credit cards from August 11. While the financial impact is not quantified in the provided information, the change is operationally relevant for cardholders and may influence benefit positioning across specific co-branded portfolios.

Key numbers table

What investors are watching next

Ahead of the July 24, 2026 board meeting and result approval, the focus remains on credit costs, asset quality, spending growth, and margin trajectories. The company’s recent metrics show healthy customer spends and expanding cards-in-force, but profitability has softened amid higher write-offs.

The next confirmed milestone is the board’s consideration and approval of the unaudited financial results for the quarter ended June 30, 2026, after which the trading window is set to reopen 48 hours post-declaration.