SBI Market Cap Overtakes TCS, Becomes Nifty 50’s Fourth-Largest Company

At the close of trade on February 11, 2026, SBI’s market capitalisation stood at ₹10.9 lakh crore (approximately ₹10.92 lakh crore), surpassing TCS, which was valued at ₹10.53 lakh crore (around ₹10.52 lakh crore), according to NSE data.

Top 5 Most Valuable Indian Companies (February 12, 2026)

As per market capitalisation data:

Reliance Industries continues to remain India’s most valuable company, followed by HDFC Bank and Bharti Airtel.

Share Price Performance: SBI Up, TCS Down

SBI shares surged more than 0.5% on February 12, as of 02:27 pm the stock price was track g 0.72% higher at ₹1,190 apiece. During the day, the stock hit a fresh 52-week high of ₹1,203.70, NSE volume stood at 264.21 lakh shares.

The stock has rallied about 11% over the last three trading sessions and is up nearly 2.92% year-to-date.

In contrast, TCS shares declined 5.39% to close at ₹2,755.20 apiece and have fallen nearly 4% over the past five days. The stock is down nearly 14% in 2026 so far amid concerns around AI-led disruption in the global IT services sector.

Record-Breaking Q3 FY26 Results of SBI

SBI reported a standalone net profit of ₹21,028.15 crore for Q3FY26, representing a 24.49% year-on-year (YoY) growth. This marks the highest quarterly profit in the bank’s history. The strong performance was driven by steady growth in Net Interest Income (NII) and Non-Interest Income, supported by improved operating efficiency and well-contained credit costs.

The bank’s Operating Profit, measured before provisions and contingencies, rose 39.54% YoY to ₹32,862 crore, reflecting better leverage in its business model. Net Interest Income (NII) increased 9.04% YoY to ₹45,190 crore, demonstrating resilience in lending operations amid a competitive environment. For the first nine months of FY26, SBI reported a Return on Assets (ROA) of 1.16% and a Return on Equity (ROE) of 20.68%, underlining strong overall profitability.

SBI’s Margins Remain Stable Amid Growth

SBI maintained stable margins during the quarter, with the Whole Bank Net Interest Margin (NIM) at 2.99% and Domestic NIM at 3.12%. Stable margins, combined with rising loan growth, helped the bank achieve strong profitability despite market challenges.

Loan Growth Accelerates; Guidance Upgraded

The bank’s loan growth momentum was strong across segments. Whole Bank advances grew 15.14% YoY, surpassing ₹46.8 lakh crore, while domestic advances were led by the SME segment, which jumped 21.02% YoY to cross ₹6 lakh crore.

Retail Personal Advances increased 14.95% YoY to approximately ₹16.6 lakh crore, with Home Loans remaining a key driver, accounting for a 27.9% market share. 

Management also raised its domestic loan growth guidance to 13-15% from 12-14%, citing strong traction across segments.

Deposits Cross ₹57 Trillion

SBI’s total deposits grew 9.02% YoY, crossing ₹57 trillion, supported by a 10.32% YoY increase in Current Account (CA) balances. The CASA ratio remained healthy at 39.13%.

Asset Quality at Decadal Lows

The bank reported industry-leading asset quality, with Non-Performing Asset (NPA) ratios at the lowest levels in over two decades. Gross NPA (GNPA) ratio improved to 1.57%, down 50 basis points YoY, while Net NPA (NNPA) ratio stood at 0.39%, improving 14 basis points YoY.

Provision Coverage Ratio (PCR) reached 75.54%, and when including Auction Under Recovery Accounts (AUCA), it rose to 92.37%. Credit costs were contained at 0.29% for the quarter. Strong asset quality combined with healthy provisioning provides comfort to investors and regulators alike.

During the quarter, SBI achieved a significant milestone, with its total business crossing ₹103 trillion. 

IT Sector Pressure and Market Rotation

While SBI benefited from improving fundamentals and PSU bank re-rating, IT stocks have faced pressure. Concerns over artificial intelligence-led disruption, pricing pressure, and global technology spending trends have weighed on sentiment.

The divergence reflects a broader market rotation, with investors shifting from technology stocks to banking stocks, especially public sector lenders benefiting from strong credit growth and cleaner balance sheets.