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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
SBI Cards and Payment Services Ltd

SBI Cards: ICRA Reaffirms AAA Ratings for Rs. 75,050 Cr Debt

RATING ▲ Positive Development LOW RISK
📅 Filed on BSE: 23 Oct 2026, 06:36 PM IST  ·  BSE ID: f16fc01b-52a8-4878-8953-a88315f9859e
View Original BSE Filing (PDF)
💡
In Simple Terms
The company's credit rating was reaffirmed by ICRA, indicating strong financial health for its debt instruments.
🤖 AI Summary
  • ICRA reaffirms '[ICRA]AAA (Stable)' rating on Rs. 7,750 crore Non-Convertible Debentures.
  • Rs. 34,000 crore bank lines/commercial paper programme rating reaffirmed at '[ICRA]AAA (Stable)/[ICRA]A1+'.
  • Rs. 800 crore Non-Convertible Debenture rating reaffirmed and withdrawn.
  • Total rated debt instruments and bank facilities now stand at Rs. 75,050 crore.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total Rated Amount
Rs. 75,050 crore
Previous Total Rated Amount
Rs. 75,850 crore
Non-Convertible Debentures Reaffirmed
Rs. 7,750 crore
Subordinated Debt Reaffirmed
Rs. 5,300 crore
Bank Lines / CP Programme Reaffirmed
Rs. 34,000 crore
Other Bank Lines Reaffirmed
Rs. 13,000 crore
Term Loan Reaffirmed
Rs. 15,000 crore
Non-Convertible Debentures Withdrawn
Rs. 0.00 crore
Net Worth (June 30, 2026)
Rs. 16,391 crore
Gearing (June 30, 2026)
2.9 times
Net Profitability FY2026
3.2%
Gross Stage 3 (March 31, 2026)
2.4%
🏢 How This Affects the Company
💰
Financial Impact
The reaffirmation of top credit ratings indicates continued strong financial standing and access to debt markets at favourable terms.
⚠️
Risk Impact
Continued strong credit ratings suggest lower financial risk associated with the company's debt obligations.
👥 What This Means For Shareholders
✅
Action Required
No action is required from shareholders regarding this credit rating update.
👤
Who Is Affected
All shareholders benefit indirectly from the company's stable credit profile, which supports its operational and financial activities.
🔍
Management Signal
Management continues to prioritize maintaining a strong credit profile and ensuring financial stability.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
Upcoming quarterly results to monitor profitability trends.
Future credit rating reviews by ICRA or other agencies.
Changes in outstanding debt amounts and instrument types.
LOW RISK Reaffirmation of highest credit ratings ([ICRA]AAA) indicates strong financial health.
💡 Investor Takeaway
ICRA reaffirmed SBI Cards' '[ICRA]AAA (Stable)' rating on Rs. 75,050 crore of debt, citing strong SBI parentage and financial health, with a Rs. 800 crore NCD issuance withdrawn post-maturity.
⚖️ Strengths & Concerns

✅ Positives

  • Strong parentage from State Bank of India ([ICRA]AAA (Stable)/[ICRA]A1+) supports ratings.
  • Robust financial position with net worth of Rs. 16,391 crore and gearing of 2.9 times as of June 30, 2026.

⚠️ Concerns

  • Net profitability of 3.2% in FY2026 remains below FY2023 peak of 5.5%.
  • Gross Stage 3 assets at 2.4% as of March 31, 2026, indicating ongoing asset quality management.
❓ Frequently Asked Questions
What is the current credit rating for SBI Cards' Non-Convertible Debentures?
ICRA has reaffirmed the '[ICRA]AAA (Stable)' rating for SBI Cards' Non-Convertible Debentures totaling Rs. 7,750 crore.
What is the total rated amount for SBI Cards' debt instruments and bank facilities?
The total rated amount for SBI Cards' debt instruments and bank facilities is Rs. 75,050 crore.
Which debt instrument was reaffirmed and withdrawn?
An Rs. 800 crore Non-Convertible Debenture issuance was reaffirmed and withdrawn by ICRA.
What is the rating for SBI Cards' bank lines and commercial paper programme?
The rating for the Rs. 34,000 crore bank lines/commercial paper programme is '[ICRA]AAA (Stable)/[ICRA]A1+', which has been reaffirmed.
What is SBI Cards' net worth as of June 30, 2026?
As of June 30, 2026, SBI Cards reported a net worth of Rs. 16,391 crore.

Questions based on this BSE filing only. For information purposes.

⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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