Asset growth to accelerate in H2 FY27
Higher new card acquisitions from Q1 onwards combined with festive season in Q3 should drive receivables growth acceleration in the second half.
SBICARD / guidance tracker
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SBI Cards and Payment Services · forward-looking guidance across the available source record.
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What management said would happen.
growth
Gross credit costs to stay within current range
Management expects credit costs to moderate further given portfolio seasoning and improved asset mix, subject to any adverse impact from Middle East conflict.
Medium-term ROE guidance of 4-4.5%
Improved profitability and higher ROA of 3.9% (up 51bps YoY) puts the company on track to achieve stated ROE guidance in medium term.
Cost-to-income ratio to average 56-58% for FY27
Festive season will see higher costs but annual average cost-to-income should be maintained in the 56-58% range as previously guided.
Revenue growth target: 10-12% YoY for FY26
Management reiterated its full-year revenue growth guidance of 10-12% year-over-year for FY26, supported by strong spend momentum and new co-brand partnerships.
Credit cost to decline below 9% in next two quarters
Management explicitly stated that gross credit cost will be below 9% in Q3 and Q4 FY26, driven by declining Stage 2 and Stage 3 stocks and improved flow rates. However, declined to provide a specific normalized level target.
Cost-to-income ratio: 54-56% for FY26 (higher side)
Originally guided at 54-56% for FY26, but management indicated it would be at the higher end of this range due to elevated corporate spend-related opex and festive campaign costs in Q2.
Card addition rate: 0.9-1 million per quarter
Management maintained its quarterly card addition guidance of 0.9 to 1 million new accounts, continuing focus on quality acquisition through banker and open market channels.
New Account Acquisition Target
Company targets 900,000 to 1 million new account acquisitions per quarter, with focus on quality and premium accounts, especially from digital co-brands (Indigo, Flipkart, PhonePe).
Corporate Spend Mix
Management aims to maintain corporate spend at approximately 20% of overall retail spend, with the ratio stabilizing after rapid growth from 6% to ~20% in the past year.
Cost to Income Range
For FY26, cost-to-income ratio guidance maintained at 55-57%, factoring in higher corporate passback driven by increased corporate spend.
Medium-term AUM Growth
Management indicates intent to return to double-digit receivable growth in 2-3 years, contingent on credit cost normalization and portfolio quality improvement.