In the process, the state-owned lender has overtaken both ICICI Bank and software major Tata Consultancy Services (TCS) in market value. SBI now commands a market capitalisation of ₹10.94 lakh crore — about ₹40,000 crore higher than TCS and nearly ₹90,000 crore more than ICICI Bank.
On Wednesday (February 11), SBI shares rose another 3.5%, taking their week-to-date gain to 11%. In comparison, the benchmark Nifty50 has advanced about 1% during the same period.
The shift in valuations is striking. Just a year ago, TCS was nearly twice the size of SBI in market capitalisation. However, this isn’t the first time SBI has surpassed TCS. The last instance was in October 2007, when both companies had a market value of around ₹1 lakh crore. Since then, both have expanded roughly tenfold to cross the ₹10 lakh crore mark.SBI reported a strong December quarter performance, with net profit rising to ₹21,028 crore. Net interest income (NII) grew 9.04% year-on-year to ₹45,190 crore, supported by robust loan growth, healthy margins and improving asset quality. Following recent trade developments with the US and the European Union, the bank raised its credit growth outlook to 13%-15%, from an earlier 12%-14%.
Citi maintained its ‘buy’ rating on the stock and raised its target price to ₹1,265 per share from ₹1,140, revising earnings estimates upward by 5%-6% for FY26-FY28.
Meanwhile, TCS and other IT stocks have come under pressure amid concerns that the growing adoption of artificial intelligence could disrupt their business models. TCS shares have declined 8% so far this year, compared with a 21% gain in SBI. The Nifty50 is marginally down about 1% over the same period.
Reliance Industries remains India’s most valuable company with a market capitalisation of nearly ₹20 lakh crore, followed by HDFC Bank at ₹14.3 lakh crore and Bharti Airtel at ₹12.3 lakh crore.
