| Total Cards | 2.32 CrAs of Sept 2026 |
|---|---|
| Net Profit Growth | 74.83%YoY Q2 FY27 |
| Market Cap | ₹49,842 CrFinance Sector |
| Day RSI | 29.97Oversold Zone |
Key highlights
- New co-branded Visa credit card program developed for Air India Maharaja Club members
- Maharaja Club ecosystem includes 5 million plus new members added since its 2024 redesign
- SBI Card maintains 2.32 crore cards-in-force with gross receivables of ₹58,376 crore as of Sept 2026
- Company reported a 74.83% year-on-year surge in quarterly net profit to ₹777.6 crore
- Cardholders gain redemption benefits across 25 Star Alliance airlines and 100 plus brand partners
Strategic Expansion into Premium Travel Segments
SBI Cards and Payment Services Ltd, India's largest pure-play credit card issuer, has finalized a partnership with Air India and Visa to launch a specialized co-branded credit card. The program is designed to reward both everyday spending and the lifestyle aspirations of Maharaja Club members. This expansion comes at a time of significant growth for SBI Card, which reported a 74.8% year-on-year increase in net profit to ₹777.6 crore for the quarter ended September 30, 2026.
The company is leveraging its massive scale of 2.32 crore cards-in-force to deepen its presence in the high-yield travel segment, where customer aspirations for premium experiences are steadily evolving.
Leveraging Global Networks and Loyalty Ecosystems
- Cardholders earn Maharaja Points on flights to 104 global destinations across five continents
- Integration with 25 Star Alliance member airlines for seamless point redemption
- Access to a broader partnership network of over 100 brands in hospitality and retail
- Visa global payments network provides technology leadership and international scale
- The program aligns with Air India five-year Vihaan.AI transformation roadmap
Redefining the Customer Travel Journey
As travel aspirations evolve and customers seek experiences that offer greater value and convenience, we see a significant opportunity to redefine the role of credit cards in their travel journeys. Through this strategic partnership, we aim to create a compelling travel-focussed credit card that delivers rewarding experiences to customers.
Consistent Momentum in Co-Branded Alliances
This partnership follows several recent high-profile collaborations by SBI Card, including the October 15 launch of the Eternal SBI Card with Zomato and the July 29 partnership with Google Pay. These alliances support the company's target to add over 1 million new accounts per quarter throughout FY27. Despite a 41.86% decline in its stock price over the last year, the company maintains strong durability scores and is focusing on retail spend growth in the mid-to-high teens.
Management has also guided for gross credit costs to remain between 5.5% and 6.0% for the remainder of the fiscal year as it scales these new product offerings.
| Date | Announcement | Amount |
|---|---|---|
| 15 Oct 2026 | Partnership with Eternal Limited (formerly Zomato) to launch the co-branded Eternal SBI Card on Mastercard and RuPaySource: upstox.com | – |
| 29 Jul 2026 | Partnership with Google Pay to launch the co-branded Google Pay Flex SBI Card on RuPay and VisaSource: scanx.trade | – |
| 25 Sep 2025 | Partnership with IndiGo to launch the co-branded IndiGo SBI Card and IndiGo SBI Card ELITESource: stockgro.club | – |
| 26 Aug 2025 | Partnership with Flipkart to launch the co-branded Flipkart SBI Credit Card on Mastercard and VisaSource: youtube.com | – |
| 18 Aug 2025 | Partnership with Bank of Maharashtra to launch the co-branded Bank of Maharashtra SBI CardSource: sbicard.com | – |
What to watch next
- Monitoring of gross credit costs within the 5.5% to 6.0% guided range for FY27
- Quarterly target achievement of over 1 million new account additions
- Full commercial rollout and feature disclosure of the Air India Visa card
- Impact of the Eternal SBI Card launch announced on October 15, 2026
“We see a tremendous opportunity to create a co-brand credit card that is unmatched in its ability to reward customers for both their everyday earning and their travel & lifestyle aspirations.”
“This partnership marks another significant step towards delivering innovative payment solutions for customers and expanding customer choice.”
| Share price | ₹523.75 |
|---|---|
| Market capitalisation | ₹49,842.34 Cr |
| Revenue (annual) | ₹19,899.63 Cr |
| Net profit (annual) | ₹2,166.71 Cr |
| Revenue (latest quarter) | ₹5,140.53 Cr+1.98% vs previous quarter |
| Net profit (latest quarter) | ₹777.60 Cr+17.03% vs previous quarter |
| P/E (TTM) | 19.11×Sector 19.7× |
| Promoter holding | 68.86%0.00% QoQ |
| FII holding | 7.12%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by SBI Cards and Payment Services Ltd announcing a strategic partnership with Air India and Visa. Market figures from a third-party data provider.
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