SBI Share Price: Stock Jumps 3% Above ₹1,000 After Q2 Results; Check Brokerage Targets

Shares of State Bank of India (SBI), the country's largest public sector lender, crossed the ₹1,000 mark during Thursday's trading session on November 5, 2026, following the bank's Q2 FY27 financial results. The stock gained nearly 3% and was reported trading around ₹1,009 during the session, reflecting positive investor interest in the bank's quarterly performance.

However, the rally comes with a note of caution from global brokerage firm Nomura. The brokerage retained its 'Neutral' rating on SBI shares but reduced its target price from ₹1,160 to ₹1,100. Its assessment highlights concerns over higher operating expenses and losses in the bank's treasury portfolio.

This has brought SBI's earnings performance and brokerage outlook into focus as investors assess whether the stock can sustain its move above ₹1,000.

SBI Share Price Crosses ₹1,000 After Q2 FY27 Results

SBI shares witnessed buying interest on November 5, with the stock moving above the psychologically important ₹1,000 level  reported the share price at around ₹1,009, up nearly 3%, during Thursday's session.

The movement followed the bank's September-quarter earnings announcement, which showed growth in net profit and net interest income. However, the reported profit also benefited from a one-time gain related to the sale of a stake in SBI Funds Management.

The share-price figures refer to the November 5 trading session and should not be treated as the latest market quote.

SBI Net Profit Rises 14.3% to ₹23,038 Crore

For the second quarter of FY27, covering July to September 2026, SBI reported standalone net profit of ₹23,038 crore, compared with ₹20,160 crore in the corresponding quarter of the previous financial year. This represents year-on-year growth of approximately 14.3%.

The bank's net interest income (NII), which is the difference between interest earned and interest paid, increased 14.7% year-on-year to approximately ₹49,143 crore.

SBI's net interest margin (NIM) also improved. The whole-bank NIM stood at 2.94% in Q2 FY27, while the domestic NIM was 3.11%. The domestic margin improved by 11 basis points compared with the preceding quarter.

The bank's asset quality remained healthy, with its gross non-performing assets (GNPA) ratio at 1.39% and net NPA ratio at 0.36%.

Nomura Cuts SBI Target Price to ₹1,100

Despite the improvement in SBI's quarterly earnings, Nomura has maintained a cautious stance on the stock.

The brokerage retained its 'Neutral' rating but reduced its target price to ₹1,100 from ₹1,160. According to Nomura, SBI's net interest income performed better than expected, but higher operating expenses and losses in the treasury book affected the overall earnings performance.

The brokerage noted that NII exceeded its estimate by around 2%, while operating expenses were approximately 3% higher than expected. SBI also reported a treasury loss of around ₹1,280 crore.

Nomura further pointed out that the bank's profit after tax, after adjusting for the stake-sale gain, was approximately 7% below its estimate.

One-Time Gain Supports SBI's Reported Profit

An important factor behind SBI's Q2 FY27 profit growth was an exceptional gain of approximately ₹7,289 crore associated with the sale of a stake in SBI Funds Management.

This gain boosted the reported bottom line. Consequently, investors and analysts are also examining the bank's underlying earnings performance after excluding the one-time item.

The distinction is important when assessing whether the reported increase in net profit reflects recurring business growth or the contribution of exceptional income.

Is There More Upside Potential in SBI Shares?

Nomura's revised target price of ₹1,100 is one indication of its valuation assessment, rather than a guaranteed future share price. The target is also close to the approximately ₹1,009 intraday level reported on November 5.

The bank's improving net interest income, stronger domestic margins and asset quality provide important positives. On the other hand, higher operating expenses, treasury volatility and the impact of one-time gains on reported earnings remain factors investors may consider.

Other brokerages have expressed different views. Jefferies has maintained a Buy rating with a target of ₹1,320, while Citi has retained a Buy rating with a target of ₹1,300. These estimates reflect individual brokerage assumptions and should not be treated as assured returns.

For investors tracking SBI shares, the key factors to watch include sustainable NII growth, deposit costs, operating expenses, loan growth, treasury performance, and asset quality.

SBI's move above ₹1,000 has brought renewed attention to the stock, but its future performance will depend on how consistently the bank delivers growth in its core banking operations.