India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

<ul>
<li>SBI Funds Management filed its DRHP with SEBI on 19 March 2026 targeting a September 2026 listing.</li>
<li>While NSE in which SBI and SBI Caps hold a combined 7.56%, is preparing to file its DRHP by Jun-26 after receiving SEBI's NOC in January.</li>
<li>With 30% discount to the NSE stake and other subsidiary valuation, still SBI has potential for 18% upside based on SoTP valuation.</li>
</ul>


SBI Funds Management filed its DRHP with SEBI on 19 March 2026 targeting a September 2026 listing.
While NSE in which SBI and SBI Caps hold a combined 7.56%, is preparing to file its DRHP by Jun-26 after receiving SEBI's NOC in January.
With 30% discount to the NSE stake and other subsidiary valuation, still SBI has potential for 18% upside based on SoTP valuation.


SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Broad-based Growth; Buoyancy to Continue: SBI reported robust credit growth of ~17% YoY in Q4, ahead of system growth.</li><li>Credit growth was broad-based, with all key segments registering double-digit growth.</li><li>The bank continues to witness strong traction in emerging sectors, including renewables, transmission, data centres, battery energy storage systems, pump-storage projects and semiconductor ecosystems. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Broad-based Growth; Buoyancy to Continue: SBI reported robust credit growth of ~17% YoY in Q4, ahead of system growth.Credit growth was broad-based, with all key segments registering double-digit growth.The bank continues to witness strong traction in emerging sectors, including renewables, transmission, data centres, battery energy storage systems, pump-storage projects and semiconductor ecosystems. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - Margins Disappoint; Optimism and Confidence Around 1% RoA Continues

<ul>
<li>SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts</li>
<li>Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.</li>
<li>If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure</li>
</ul>


SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts
Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.
If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure


SBI 2030: Growing the Balance Sheet to 25% of India's GDP

Thematic (Sector/Industry)

<ul><li>The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks having mobilised $127.2 Bn in FCNR(B) deposits.</li><li>Including $5.3 Bn through OFCBs and $3.9 Bn through ECBs, the total foreigncurrency mobilisation stood at $136.4 Bn.</li><li>The FCNR (B) quantum has more than 2x the $52.3 Bn tally as of 13th August, 2026 and far exceeds market expectations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks having mobilised $127.2 Bn in FCNR(B) deposits.Including $5.3 Bn through OFCBs and $3.9 Bn through ECBs, the total foreigncurrency mobilisation stood at $136.4 Bn.The FCNR (B) quantum has more than 2x the $52.3 Bn tally as of 13th August, 2026 and far exceeds market expectations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sector Update - FCNR (B) Deposit Mobilisation Update

<ul>
<li>SBI achieved a historic quarterly profit of INR 210.3 billion in Q3FY26, leveraging its 22% market share and INR 103 trillion business volume to lead India's economic expansion.</li>
<li>The YONO ecosystem facilitates 68% of new account openings, while market-leading subsidiaries in insurance and asset management provide significant valuation tailwinds through strong cross-selling and dividends.</li>
<li>Maintaining two-decadal low NPA ratios, the bank is capturing a reviving corporate cycle with a Rs. 7.86 lakh crore pipeline and 95% YoY gold loan growth.
</li>
</ul>


SBI achieved a historic quarterly profit of INR 210.3 billion in Q3FY26, leveraging its 22% market share and INR 103 trillion business volume to lead India's economic expansion.
The YONO ecosystem facilitates 68% of new account openings, while market-leading subsidiaries in insurance and asset management provide significant valuation tailwinds through strong cross-selling and dividends.
Maintaining two-decadal low NPA ratios, the bank is capturing a reviving corporate cycle with a Rs. 7.86 lakh crore pipeline and 95% YoY gold loan growth.



SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle

India

State Bank of India is a multinational public sector bank and financial services statutory body. It offers a comprehensive range of banking services, including retail, corporate, and investment banking, along with various financial products like loans, savings accounts, and wealth management. The bank is headquartered in Mumbai, India, and traces its origins back to the Bank of Calcutta, founded in 1806, eventually becoming State Bank of India on July 1, 1955.

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State Bank of India (SBID LI)

SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

Sudarshan Bhandari

State Bank of India - Margins Disappoint; Optimism and Confidence Around 1% RoA Continues

The bank continues to witness strong traction in emerging sectors, including renewables, transmission, data centres, battery energy storage...

Axis Direct

SBI 2030: Growing the Balance Sheet to 25% of India's GDP

SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

Sudarshan Bhandari

Sector Update - FCNR (B) Deposit Mobilisation Update

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks...

Axis Direct

SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle

SBI's record profit in Q3FY26, driven by market share and YONO ecosystem, positions it as a key player in India's economic growth with low NPA...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

​SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

Sudarshan Bhandari

State Bank of India - Margins Disappoint; Optimism and Confidence Around 1% RoA Continues

The bank continues to witness strong traction in emerging sectors, including renewables, transmission, data centres, battery energy storage...

Axis Direct

SBI 2030: Growing the Balance Sheet to 25% of India's GDP

​SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

Sudarshan Bhandari

Sector Update - FCNR (B) Deposit Mobilisation Update

The RBI's special FCNR(B) swap facility closed as scheduled on 31st August 2026, and as per the latest RBI print on 2nd Sep’26, data shows banks...

Axis Direct

SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle

​SBI's record profit in Q3FY26, driven by market share and YONO ecosystem, positions it as a key player in India's economic growth with low NPA...

Sudarshan Bhandari

SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

SBI's record profit in Q3FY26, driven by market share and YONO ecosystem, positions it as a key player in India's economic growth with low NPA...