SBI Cards Share Price: Profit toh bada, par Investors kyun hain confused? Margin squeeze ka tension!

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AuthorAnanya Iyer|Published at:
SBI Cards Share Price: Profit toh bada, par Investors kyun hain confused? Margin squeeze ka tension!
Overview

Arey yaar, SBI Cards ne apne Q3 results mein profit toh tagda dikhaya hai, YoY **45%** upar gaya. Lekin company ke margins tight ho rahe hain aur kharch bhi badh rahe hain, jiski wajah se investors thode chintit hain.

Asliyat mein, company ka net profit after tax (PAT) ₹5.6 billion pahunch gaya hai, jo pichhle saal se 45% aur pichhle quarter se 25% zyada hai. Ye sab badhti consumer spending aur credit cost kam hone ki wajah se possible hua.

Par achhi khabar ke saath thodi pareshani bhi hai. Company ka net interest margin (NIM) 20 basis points sekunch kar 11% ho gaya hai. Iska matlab hai ki paisa kamane ka jo spread hai, wo thoda kam ho gaya hai. Analysts ka kehna hai ki funding cost toh kam ho gaya hai, par ab yield se margins par thoda downside risk hai.

Aur haan, company ke operating expenses bhi 23% badh gaye YoY, jisme labor code adjustments ka bhi kuch impact tha, lagbhag ₹120 million ka.

Analyst Ratings aur Valuation ka Kya Scene Hai?

Is situation ko dekh kar brokers ki rai alag-alag hai. Motilal Oswal ne FY26 aur FY27 ke liye earnings estimate thoda kam kiya hai aur stock par 'Neutral' rating rakhi hai, target price ₹875 ke aas-paas. Par bhai, SBI Cards ka valuation dekhoge toh P/E ratio 35-39x ke beech mein hai, jo industry average 19-25x se kaafi zyada hai. Yehi wajah hai ki kuch analyst tension mein hain.

Emkay Global ne toh stock ko 'Buy' kar diya aur target ₹970 diya hai, par Morgan Stanley ne 'Underweight' rating rakhi hai aur target ghatakar ₹665 kar diya hai.

Is sabka asar stock par bhi dikha, results ke baad share 3% tak gir gaya tha. Technical indicators bhi abhi thoda bearish dikha rahe hain.

Waise toh credit card market mein spending toh 13.57% YoY badh rahi hai, par naye cards issue hone mein slowdown aur unsecured lending ka badhta risk bhi ek challenge hai. Dekhna hoga ki SBI Cards kaise apne margins ko manage karti hai aur apne premium valuation ko justify kar paati hai ya nahi.

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