SBI Investment Thesis: Growth and Valuation Insights

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The SBI Investment View highlights a target price of ₹1,197, indicating a 14.8% upside, with stable book value growth. Operating performance shows a moderation in advances growth from 10% to 8%, while deposits support a credit/deposit ratio of 80.3% and a net interest margin of 3.1%. The valuation approach employs a 1.8x FY28E P/B, with a projected book value per share of ₹665, reinforcing the target price. Investment risks are primarily linked to fluctuations in the P/B multiple.