SBI Cards and

SBI Cards reported Q4 FY26 revenue of ₹5,187 croreCurrent reported value: ₹5,187 crore. No comparable prior figure is available in the source record. (+7Current reported value: 7. No comparable prior figure is available in the source record.% YoY) and PAT of ₹609 croreCurrent reported value: ₹609 crore. No comparable prior figure is available in the source record. (+14Current reported value: 14. No comparable prior figure is available in the source record.% YoY), driven by strong spend growth (total spends ₹1.15 trillionCurrent ₹1.15 trillion. Reported change: +31% YoY., +31% YoY) and improving asset quality. Gross credit cost improved 55bps QoQ to 7.7%Current 7.7%. Reported change: -55bps QoQ., and NPA stock reduced by ₹268 crore QoQ. Management guided for calibrated card acquisition of 9 lakh to 1 million per quarter and expects credit cost to moderate further in FY27. However, receivables growth slowed to just 2% YoY, and the cost-to-income ratio remained elevated at 57.2% due to higher corporate spends. Revolver rates are expected to trend slightly downward, pressuring NIM. Key risk: geopolitical uncertainty could derail credit cost improvement and asset quality.