SBI beats TCS to become India's fourth-largest firm by market cap

SBI's market capitalisation rose to ₹10.92 trillion after its shares hit a record high, overtaking TCS, whose stock has fallen sharply from its lifetime peak

State Bank of India (SBI) on Wednesday became the country’s fourth-most valued company by market capitalisation, overtaking  market leader Tata Consultancy Services (TCS). 

Reliance Industries (₹19.87 trillion), HDFC Bank (₹14.26 trillion), and Bharti Airtel (₹11.5 trillion) remain the three most-valued domestically-listed companies. 

Shares of SBI rose 3.4 per cent to settle at a fresh record high of ₹1,183, taking its market capitalisation to ₹10.92 trillion. 

The lender’s stock has gained 62 per cent over the past one year and over 43 per cent in the last six months as it has delivered strong earnings for three consecutive quarters. On Monday, SBI’s shares had surged nearly 8 per cent, pushing its market capitalisation past the ₹10-trillion mark for the first time. 

 

The rally followed the bank’s December quarter (Q3FY26) results, where it reported a 24.5 per cent year-on-year (Y-o-Y) increase in net profit to ₹21,028 crore — its highest-ever quarterly profit. 

The performance was driven by robust growth in non-interest income, healthy net interest income (NII) supported by solid credit growth, recoveries from written-off accounts, and dividend income of over ₹2,200 crore from its subsidiary, SBI Mutual Fund. 

SBI has also raised the upper end of its credit growth guidance to 13-15 per cent from 12-14 per cent earlier, while maintaining its 

exit net interest margin (NIM) guidance at around 3 per cent for FY26. 

In contrast, shares of TCS have declined 36 per cent from their lifetime high of ₹4,552 touched on August 30, 2024. The stock closed 2.5 per cent lower at ₹2,909 on Wednesday, valuing the software exporter at ₹10.5 trillion.