Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue from operations INR5,141 Cr +4% y-y; PAT INR778 Cr +75% y-y - Cards in force grew 8% y-y to 23.2 million; net new accounts over 1 million in Q2 - Retail spends INR95,299 Cr +6% y-y; total spends INR1,10,689 Cr +3% y-y - Credit cost improved to 5.6%, expected around 6% for FY27; gross NPA 1.9%, net NPA 0.77% - NIM stable at 10.8%; cost of funds up 18 bps q-o-q; focus on optimizing borrowing mix - Spend growth guidance mid-to-high teens for FY27; receivables growth expected in H2 FY27 - Capital adequacy >26%; ROA 4.4%, ROE 18.4% for Q2 - Multiple analyst queries on margin trajectory and credit cost; mgmt expects stable NIM and credit cost - New product launches including Google Pay Flex SBI Card and Advantage SBI Card - Strong focus on Tier 2/3 market expansion, digital capabilities, and cost discipline