SBI Q1 FY27 Earnings Call — Analysis (NSE: SBIN)
SBI delivered a record Q1FY27 net profit of ₹21,121 Cr with a resilient 3% domestic NIM and maintained FY27 credit growth guidance of 14–15%.
Result quality: strong — Earnings grew. Management sentiment: neutral.
The take
Q1FY27 Operating profit growth +9.77% ( +9.77% YoY ) .
Results
Q1FY27 net profit was a record ₹21,121 Cr; operating profit grew 9.77% YoY; domestic NIM was 3%; total business crossed ₹110 lakh crore, deposits crossed ₹60 lakh crore and advances crossed ₹50 lakh crore.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Net profit | ₹21,121 Cr | +record quarterly net profit | point_in_time · Q1FY27 · Highest quarterly net profit as per management |
| Operating profit growth | +9.77% | +9.77% | yoy · Q1FY27 · year-on-year |
| Domestic net interest margin | 3% | point_in_time · Q1FY27 · Maintained; FY27 NIM guidance kept at 3% | |
| Total business | ₹1,10,00,000 Cr+ | point_in_time · Jun-26 · Crossed during Q1FY27 | |
| Deposits | ₹60,00,000 Cr+ | point_in_time · Jun-26 · Crossed during Q1FY27 | |
| Advances | ₹50,00,000 Cr+ | point_in_time · Jun-26 · Crossed during Q1FY27 | |
| Fresh slippages | ₹7,046 Cr | qoq · Q1FY27 · Sequential increase from about ₹5,500 Cr in Q4FY26 |
Guidance
SBI maintained FY27 domestic NIM guidance of 3% and credit growth guidance of 14–15%, and expects about ₹1 lakh crore/$10 billion of FCNR(B) mobilization with no major whole-bank NIM impact.
Key themes
Scale, NIM defense, and emerging credit opportunities
Operational commentary
- Corporate credit pipeline remains strong: undisbursed term loans, unutilized working capital and pipeline together exceed ₹9 lakh crore; M&A tracked as a new opportunity area.
- SBI is shifting corporate pricing from T-bill-linked loans toward MCLR-linked pricing, improving yields; transition is still work in progress and sequential corporate growth was muted as some borrowers moved away.
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