Bernstein has maintained an Underperform rating on SBI Cards and Payment Services, assigning a target price of ₹690 — implying a downside of around 22.6% from the current market price of ₹891.10.
The brokerage noted that the company once again reported what has become its “most consistent metric” — elevated credit costs. SBI Cards posted a disappointing Q1FY26 result, with credit costs rising to 9.6%, up 60 basis points quarter-on-quarter, dashing hopes of a quick recovery.
Bernstein expressed concern over the persistence of credit stress and suggested that expectations for a near-term turnaround are increasingly unlikely.
Disclaimer: This article is based on Bernstein’s brokerage report and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
