SBI shares trading near record high ahead of Q2 earnings: Here's what to expect 

Shares of State Bank of India (SBI) were trading near their record high ahead of the country's largest lender's Q2 earnings set to be announced on Tuesday.  In the current session, SBI shares approached their record high of Rs 953.15 reached on November 3 this year. SBI stock hit a high of Rs 952.60 today. Market cap of the lender stood at Rs 8.72 lakh crore. 

Total 1.76 lakh shares changed hands amounting to a turnover of Rs 16.63 crore. The scrip is trading in the overbought zone, signals its relative strength index (RSI) of 78. SBI stock has a one-year beta of 1, indicating average volatility during the period.

SBI shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.          

The stock has risen 19.30% in 2025 and gained 64% in two years.

Here's a look at expectations from the earnings of the country's largest lender. 

Axis Securities

The domestic brokerage sees SBI’s Advances and Deposits to grow at 12 per cent and 9 per cent Y-o-,Y respectively. 
 
Net interest income (NII) growth may take a hit due to margin pressures. Axis expects NII at Rs 40,499 crore, down 3 per cent Y-o-Y and 1.4 per cent Q-o-Q.

In comparison, NII came at Rs 41,620 crore in the year-ago period, and Rs 41,072 crore in Q1FY26.

Nomura

Global brokerage Nomura expects Q2 profit at around Rs 17,730 crore. 

Pre-provision operating profit (PPOP) is likely to fall 3 per cent Y-o-Y and 7 per cent Q-o-Q to Rs 28,300 crore. Pre-provision operating profit came at Rs 29,290 crore in Q2FY25 and Rs 30,540 crore in Q1FY26. 
 
“We expect loan and deposit growth trends to remain healthy, but estimate NIM decline of 8 basis points Q-o-Q. Credit cost, meanwhile, may remain contained at 0.5 per cent,” Nomura said in its Q2 results preview report.

InCred Equities

InCred Equities expects a double digit fall in State Bank’s net and operating profit.

The brokerage expects SBI’s Q2 net profit slipping 13 per cent on year and 17 per cent over the previous quarter to Rs 16,000 crore. PPOP, meanwhile, is seen falling to Rs 25,500 crore.
 
NII may fall 2 per cent Y-o-Y and 0.6 per cent Q-o-Q to Rs 40,800 crore with credit costs falling to 39 bps from 46 per cent Q-o-Q. Net profit is expected at Rs 15,282 crore, slipping 16.6 per cent Y-o-Y and 20.2 per cent Q-o-Q.

In the first quarter of the current fiscal, SBI reported a 12.48 per cent year-on-year (YoY) rise in standalone net profit. Profit climbed to Rs 19,160 crore in Q1 FY26 led by healthy growth in operating income and improved asset quality, despite a marginal dip in net interest income (NII).

Operating profit in Q1 climbed 15.49 per cent YoY to Rs 30,544 crore. NII slipped 0.13 per cent YoY, while the net interest margin (NIM) for the whole bank and domestic operations stood at 2.90 per cent and 3.02 per cent, respectively.