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After exceeding expectations in the Q2FY26, State Bank of India (SBI) crossed the $100 billion market capitalisation milestone on Thursday, November 6. The strong credit growth driven by higher retail spending in the festive period rallied India's biggest public sector lender beyond $100 billion market capitalisation mark.The achievement of SBI coincides with it crossing over the ₹100 trillion total business mark, comprising advances of ₹44.20 lakh crore and deposits of ₹55.92 lakh crore as of September 2025.In market-cap rankings, Reliance Industries Ltd. tops the charts with a $228 billion valuation, coming in second is HDFC Bank at $170 billion,Bharti Airtel, Tata Consultancy Services (TCS), and ICICI Bank are the other conglomerates valued more than $100 billion.Notably, three of the six companies in this prestigious group are banking firms, signalling the strong growth story of this sector.Meanwhile, Infosys, which had crossed the $100 billion market-cap milestone in September 2021, currently commands a valuation of around $70 billion.The decline reflects persistent weakness in IT stocks and the continued depreciation of the rupee as against the USD, both of which have affected sector valuations.SBI Chairman CS Setty has reportedly noted that the consolidation of public sector banks has clearly benefited the industry. The number of PSBs has reduced to 12 from 26. In the quarter ending September 2025, SBI reported a 3% year-on-year (YoY) increase in net interest income (NII) to ₹42,985 crore.The public sector bank’s net profit for the same period stood at ₹20,160 crore, up 10% year-on-year.The booster to SBI’s September 2025 results was further provided by ₹4,593 crore from the sale of its stake in Yes Bank during the quarter.Since the beginning of the year, SBI has surged over 20% as against Nifty50’s gain of below 9% and the Nifty Bank index’s 14% rise.According to Bloomberg data, 41 of the 50 analysts tracking the stock maintain a “Buy” rating, eight recommend “Hold,” and only one suggests “Sell.
