Following impressive Q2 results, SBI's share price sets a record high, joining the $100 billion market value club.

The sixth Indian business to join the coveted $100 billion market-cap club is State Bank of India (SBI). Reliance Industries ($228.7 billion) leads the list, followed by HDFC Bank ($183.6 billion), Bharti Airtel ($140.3 billion), TCS ($124.8 billion), and ICICI Bank ($108.5 billion).

With its market capitalization surpassing $100 billion on Thursday, SBI's share price increased by more than 1% to reach a record high. SBI's market capitalization reached ₹8.96 lakh crore (more than $100 billion) as its shares increased by 1.47% to a new all-time high of ₹971.15 per share on the BSE.

The largest state-run lender, State Bank of India (SBI), has achieved this milestone, making it the sixth Indian business to join the coveted $100 billion market-cap club. Reliance Industries leads the list with $228.7 billion, followed by HDFC Bank ($183.6 billion), Bharti Airtel ($140.3 billion), Tata Consultancy Services ($124.8 billion), and ICICI Bank ($108.5 billion).

The price of SBI shares has been rising steadily in recent months. The stock has increased by over 23% over the last six months and by 10% over the last month. SBI shares have increased by 66% over the last two years and have produced multibagger returns of 336% over the previous five.

Following the lender's impressive second-quarter performance in FY26, which exceeded analysts' projections and revealed solid earnings growth, the share price of SBI has recently increased. Additionally, SBI's overall revenue surpassed ₹100 lakh crore.

SBI Q2 Outcomes
For the quarter ending in September 2025, SBI reported a 10% year-over-year (YoY) increase in net profit of ₹20,159.67 crore, bolstered by a ₹4,593 crore profit from the sale of a 13.18% share in Yes Bank.

While pre-provision operating profit (PPOP) decreased 6.8% YoY to ₹27,310.92 crore, the bank's net interest income (NII) increased 3.28% to ₹42,985 crore in Q2FY26. For Q2FY26, the Whole Bank Net Interest Margin (NIM) was 2.97%, while the Domestic NIM was 3.09%.

SBI's asset quality gradually improved, with the net NPA ratio dropping to 0.42% from 0.47% QoQ and the gross NPA ratio lowering to 1.73% from 1.83% in the preceding quarter.

SBI's total revenue exceeded ₹100 lakh crore. Advances totaled ₹44.2 lakh crore, while deposits exceeded ₹55.9 lakh crore.

Should you purchase stock in SBI?
According to Anand Dama, Senior Research Analyst at Emkay Global Financial Services, SBI's margins are expected to stay rangebound, with the latest CRR cut's benefits somewhat balancing the effects of future rate reductions.

Emkay Global increased its earnings projections by 3–5% in light of the Q2 earnings beat and robust growth forecast. The bank is expected to generate a healthy RoA of ~1.0%–1.1% and RoE of ~15%–16% (after the recent capital raise).

Emkay Global has increased the SBI share price objective to ₹1,100 per share while maintaining a "Buy" recommendation on the company.

According to Axis Securities, SBI has performed the best of the bigger banks, and it is still in a strong position to continue doing so thanks to the management's emphasis on strengthening the bank's liability franchise, allocating capital to higher RoRWA assets, upholding a strict pricing policy, and utilizing technology to improve operational efficiency.

Over FY26–FY28E, the brokerage firm anticipates steady RoA and RoE deliveries of 1%–1.1% and 14%–16%, respectively. It raised the target price of SBI shares from ₹1,055 to ₹1,135 while maintaining a "Buy" recommendation.