SBI Cards and Payment Services is India's largest pure-play credit card issuer, and its Q2 FY27 print lands amid a volume-rich but value-thin card-spending environment where industry spend growth halved to +5.5% YoY in August 2026. The results will speak to whether the credit-cost-driven profit momentum holds — Q1 PAT rose 20% YoY on gross credit cost falling to 6.5% — and whether cost-to-income comes back inside the 55-58% FY27 guidance band after printing 58.73% in Q1.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,205 Cr (total income) |
| Previous quarter PAT | Rs. 664 Cr |
| Market cap | Rs. 55,176.31 Cr |
| CMP | Rs. 579.8 |
The Board of SBI Cards and Payment Services Limited meets on October 23, 2026, to approve the unaudited financial results for the quarter and half year ended September 30, 2026. The trading window has been closed since October 1, 2026, and reopens 48 hours after the results.
The Q2 FY27 earnings call is scheduled for Friday, October 23, 2026, at 15:00 hrs IST. Access is via domestic/international dial-in with Diamond Pass pre-registration (confirmation no. 8035759).
The Q2 FY27 print is the last checkpoint before the guided H2 FY27 receivables-growth acceleration, with the book standing at Rs. 58,269 Cr after just 2-3% QoQ/YoY growth in Q1. The dominant swing factor remains credit cost, which drove Q1's 20% YoY PAT growth as gross credit cost fell to 6.5% and GNPA reached a series-low 2.04%; the retained Rs. 70 Cr geopolitical overlay — down from Rs. 220 Cr at March 31, 2026 — is the disclosed lever, where further release would extend the tailwind and utilization would pressure the credit-cost line. The pressure point is internal: cost-to-income printed 58.73% in Q1 against the 55-58% FY27 guidance band, with operating costs up 23.4% YoY against revenue growth of just 3.36% YoY, and three co-brand launches in the window (Google Pay Flex on July 29, Secured Advantage on September 23, Eternal on October 15) argue for continued acquisition spend. On funding, management expects cost of funds (6.6% in Q1) to trend higher in line with market rates, keeping NIM (10.8% in Q1, down from 11.1% in Q4 FY26) flat-to-slightly-compressing, with the revolver-mix decline to 32% an acknowledged drag management said may not be fully recoverable. On spends, SBI Card's August spends fell ~10.8% MoM to Rs. 35,312.7 Cr even as it added 193,294 cards, and management is monitoring Middle East conflict impact with no substantial impact witnessed yet as of Q1.
ROA and cost-to-income vs guidance: Two guided markers face their next test in Q2.
Credit cost and the Rs. 70 Cr geopolitical overlay: Credit cost produced Q1's profit growth and remains the swing factor.
Growth inflection checkpoint before H2: Q2 is the last print before the guided H2 FY27 acceleration.
Cost of funds, NIM and spend environment: Funding direction and spend value are the external variables.
Revenue growth slowed to 3% YoY in Q1 FY27 from 11-13% YoY in FY26 quarters, which management linked to caution on revolving assets while the installment portfolio grows strongly. Management expects asset growth to accelerate in H2 FY27.
Management has guided for a medium-term ROA of 4% to 4.5%, and said the 3.9% ROA in Q1 FY27 puts the company on track. ROA has climbed from 2.6% in Q2 FY26 to 3.9% in Q1 FY27, driven mainly by falling credit cost.
Yes — the guidance of 0.9 to 1 million new accounts per quarter was exceeded in Q1 FY27 with 1M+ new accounts and the industry's highest net card addition of 4.84 lakhs. The target was set in Q3 FY26 and missed in that quarter (8.64 lacs) before being met in Q4 FY26 (9.17 lacs).
CFO Rashmi Mohanty declined FY27 cost-of-funds guidance, saying it is too early to give any indication for the full year, citing RBI stance uncertainty and geopolitical tensions. Directionally, management expects cost of funds (6.6% in Q1 FY27) to trend higher in line with market rates.