SBI Cards and Payment Services Limited — Q2FY27 earnings call summary

• Credit cost improved to 5.6%, expected around 6% for FY27; gross NPA 1.9%, net NPA 0.77%
• Q2 FY27 revenue from operations INR5,141 Cr +4% y-y; PAT INR778 Cr +75% y-y
• Spend growth guidance mid-to-high teens for FY27; receivables growth expected in H2 FY27
• 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
• NIM stable at 10.8%; cost of funds up 18 bps q-o-q; focus on optimizing borrowing mix
• Strong focus on Tier 2/3 market expansion, digital capabilities, and cost discipline
• Cards in force grew 8% y-y to 23.2 million; net new accounts over 1 million in Q2

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