In a significant reshuffle among India’s most valuable listed companies, State Bank of India (SBI) has overtaken Tata Consultancy Services (TCS) to become the country’s fourth-largest company by market capitalisation. The shift follows a strong rally in SBI shares after robust Q3 FY26 earnings, while TCS faced pressure amid broader weakness in IT stocks.
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.
As per market capitalisation data:
| Rank | Company | Market Cap (₹ Cr.) |
| 1 | Reliance Industries | 19,62,275.60 |
| 2 | HDFC Bank | 14,16,165.43 |
| 3 | Bharti Airtel | 11,52,965.68 |
| 4 | State Bank of India (SBI) | 10,99,181.90 |
| 5 | Tata Consultancy Services | 9,94,557.94 |
Reliance Industries continues to remain India’s most valuable company, followed by HDFC Bank and Bharti Airtel.
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.
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 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.
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.
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%.
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.
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.
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