SBI Cards and Payment Services Limited — Investor Meet, 01-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

SBI Card Q1 FY26 revenue grew 12% YoY to ₹ 5,035 Cr. PAT dipped 6% YoY to ₹ 556 Cr, impacted by higher credit costs (9.6%) due to a data model refresh. Receivables increased 7% YoY to ₹ 56,607 Cr, with card spends up 21% YoY. Asset quality remained stable, with GNPA at 3.07% and reduced Stage 2 balances. Management indicated cautious new card acquisition and expects receivable growth of 10-12% for the year, with improving cost of funds benefiting margins. The outlook is cautious yet confident.