State Bank of India Q2 Earnings Set Focus With 13% NII Estimate

State Bank of India is expected to report 13% year-on-year growth in September-quarter net interest income to Rs 48,570 crore, placing SBI at the centre of a Q2 FY27 results day that also includes National Stock Exchange of India, Bajaj Finserv and Lupin.

What is expected from SBI's Q2 FY27 results?

SBI is expected to report healthy September-quarter numbers, supported by steady loan growth, deposit mobilisation and an improvement in asset quality. Estimates in the available earnings preview put net interest income at Rs 48,570 crore, compared with Rs 42,984 crore a year earlier.

Net profit is estimated to rise 12.2% year-on-year to Rs 22,619 crore from Rs 20,160 crore. Pre-provision operating profit is projected to increase by nearly 7% to Rs 34,122 crore. These are expectations ahead of the result announcement, rather than reported figures.

Which SBI operating metrics will investors watch?

SBI's net interest margin is estimated at 2.89%, which would be 3 basis points higher than the preceding quarter but 8 basis points lower than a year ago. That comparison makes margin commentary relevant alongside the headline growth figures.

Asset quality is another focus area. The gross non-performing asset ratio is expected to improve to 1.45% from 1.47% in the prior quarter, while the net NPA ratio is forecast to fall to 0.37%. Investors will also look for management comments on loan growth, deposit mobilisation through FCNR(B) schemes and the impact of the ECL framework.

Why are NSE and Bajaj Finserv also in focus today?

National Stock Exchange of India and Bajaj Finserv are among the prominent companies scheduled to announce Q2 FY27 results on November 3. NSE's release is notable because it is described as its first quarterly result since its reported stock market debut on September 24, 2026.

The reporting schedule spans banking, financial services and market infrastructure, placing SBI, NSE and Bajaj Finserv on the same earnings calendar. The supplied material does not provide earnings estimates for NSE or Bajaj Finserv, so the immediate market focus will be on the numbers, operating trends and management outlook disclosed with their results.

What makes Lupin relevant to the results-day watchlist?

Lupin is scheduled to report Q2 FY27 results and has separately received US Food and Drug Administration approval for Amifampridine Tablets, 10 mg. The tablets are described as similar to Catalyst Pharmaceuticals' Firdapse drug.

Lupin is among the early companies that applied for the drug and is eligible for 180 days of generic exclusivity, according to the provided context. Its Q2 FY27 earnings call is scheduled for November 4, one day after the results, creating a further opportunity for investors to assess management commentary.

How could the Q2 releases affect stock-price attention?

The results could direct stock-market attention toward SBI, NSE, Bajaj Finserv and Lupin because their announcements cover banking, financial services, exchange operations and pharmaceuticals. However, the available context contains no reported post-results share-price moves, so it does not establish whether any stock has risen or fallen on the announcements.

For SBI, the comparison between actual results and the Rs 48,570 crore NII estimate, the Rs 22,619 crore profit estimate and expected asset-quality trends will be central. For NSE, Bajaj Finserv and Lupin, investors will have to assess the disclosed quarterly performance and outlook once the companies release their figures.

Conclusion

The November 3 Q2 FY27 calendar combines major financial-sector names with Lupin, making SBI's projected 13% NII growth and 12.2% profit growth key reference points for the day. NSE's first quarterly result since its reported September 24 debut adds another market-infrastructure development to the session, while Lupin has an additional USFDA approval update in focus.

Investors will next watch SBI's post-results analyst meeting, scheduled after the announcement, for discussion of lending, deposits, margins and the ECL framework. Lupin's earnings call is scheduled for November 4, while the reported results and management disclosures from NSE and Bajaj Finserv will determine the next set of company-specific questions.