SBI overtakes TCS to become India’s fourth most valuable listed company

17 February, 2026
SBI overtakes TCS to become India’s fourth most valuable listed company

Winning Bizness Desk

Mumbai. State Bank of India has emerged as the fourth most valuable listed company in India after surpassing Tata Consultancy Services in terms of market capitalisation. The country’s largest public sector lender now commands a market cap of Rs 10.92 lakh crore, edging past TCS, which stands at Rs 10.68 lakh crore. This milestone comes shortly after SBI had overtaken private sector major ICICI Bank. At present, Reliance Industries holds the top position, followed by HDFC Bank, while Bharti Airtel ranks third in overall market value.

Sharp rally in recent sessions

SBI shares have witnessed a strong upward movement in recent trading sessions, lifting investor sentiment across the banking space. On Wednesday, during intra-day trade, the stock climbed 3 percent to touch a fresh record high of Rs 1,183. Over the last three trading days alone, the share price has surged nearly 10 percent.

  • Key stock performance highlights include:
  • Nearly 16 percent rise in the past one month
  • Sensex up only around 0.5 percent in the same period
  • TCS declining by about 9 percent
  • ICICI Bank trading with mild weakness

  • The outperformance has significantly improved SBI’s standing among blue-chip companies and strengthened its dominance within the banking sector.

    • Strong quarterly results drive momentum

    The primary trigger behind the rally has been SBI’s robust December quarter earnings. The bank reported its highest-ever quarterly profit of Rs 21,028 crore, marking a 24.5 percent increase compared to the same period last year. This strong growth underlines steady operational expansion and disciplined cost management.

    • Other important financial indicators were equally encouraging:
    • Net interest income rose 9 percent to Rs 45,190 crore
    • Net interest margin stood stable at around 2.99 percent
    • Asset quality remained resilient

    The steady margin performance and improving asset profile have boosted investor confidence, especially at a time when concerns persist over global economic conditions.

    Management outlines growth roadmap

    SBI’s management has signalled optimism about future growth prospects. According to the bank, recent regulatory changes introduced by the Reserve Bank of India are expected to create fresh opportunities in areas such as REIT financing and merger and acquisition funding. These segments are likely to support incremental credit growth over the coming quarters.

    The bank has revised its loan growth guidance upward to 13–15 percent. For FY26, it expects net interest margins to remain close to the 3 percent level. A strong corporate loan pipeline further reinforces expectations of sustained expansion in advances.

    Brokerages raise targets on optimism

    Brokerage houses have responded positively to SBI’s performance and outlook. Axis Securities stated that among large banks, SBI has delivered one of the strongest performances, supported by healthy asset quality and consistent earnings growth. The firm has assigned a Buy rating with a target price of Rs 1,280.

    JM Financial has also maintained its Buy recommendation and raised its target price to Rs 1,250. Analysts believe the bank’s improving return ratios, solid balance sheet and diversified loan book position it well for continued growth.

    As the stock continues to scale new highs, market participants will closely track credit expansion, margin stability and broader economic trends. SBI’s latest achievement not only reflects strong financial fundamentals but also signals renewed investor faith in public sector banking leadership.