State Bank of India has moved ahead of Tata Consultancy Services in market capitalisation, becoming India’s fourth-largest listed company. The shift follows a strong rally in SBI shares after robust December-quarter earnings.
As of February 10, SBI’s market capitalisation stood at around ₹10.9 lakh crore, surpassing TCS, which was valued at about ₹10.53 lakh crore. The surge also placed SBI ahead of ICICI Bank, whose market value stood at ₹10.05 lakh crore.
Reliance Industries continues to lead as India’s most valuable company with a market capitalisation of nearly ₹20 lakh crore. It is followed by HDFC Bank at ₹14.3 lakh crore and Bharti Airtel at ₹12.3 lakh crore.
On February 11, SBI shares rose 3.4% to ₹1,183, while TCS declined 2.5% to ₹2,909.40. So far in 2026, SBI stock has gained 21%, whereas TCS has fallen 8%. During the same period, the benchmark Nifty50 is down about 1%.
The rally in SBI stock came after the bank announced its Q3 FY26 results on February 7. The lender reported a net profit after minority interest of ₹21,028.15 crore, marking its highest-ever quarterly profit. This represents a 24.49% year-on-year rise from ₹16,891.44 crore in Q3 FY25.
Net interest income increased 9% year-on-year to ₹45,190 crore, supported by steady loan growth. Asset quality improved sequentially, with the gross NPA ratio declining to 1.57% in Q3 FY26 from 1.73% in Q2 FY26. Net NPAs eased to 0.39% from 0.42%.
Brokerage firm Motilal Oswal said SBI delivered a strong overall performance driven by business growth, margin expansion, and improved asset quality.
“SBIN reported a strong all-round performance, led by robust business growth, margin expansion and healthy asset quality, with NIM expanding 2 bps QoQ to 2.99% and domestic NIMs at 3.12%,” the brokerage said.
It added that SBI expects net interest margins to remain above 3% in FY26 and over the long term, supported by fee income. Credit growth stood at 15.6% year-on-year, and management raised FY26 credit growth guidance to 13%–15%. The brokerage maintained a BUY rating with a revised target price of ₹1,300.
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