Guidance ledger · Q4 FY26

SBI Cards and Payment Services Ltd SBICARD

5 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Receivables / IBNEA growth guidance Q1 FY26 → Q4 FY26

~~10% to 12% (Q1FY26)~~ → Not giving any guidance on asset growth

“right now, we are not giving any guidance on asset growth”

↑ raised Cost-to-income ratio (next year) Q1 FY26 → Q4 FY26

~~57%-ish (Q1FY26 implied) / 55-57% (Q3FY26)~~ → 55% to 58% for the next year as well

“we expect the cost to income to be in the range of 55% to 58% for the next year as well”

↓ lowered Gross credit cost trajectory Q1 FY26 → Q4 FY26

~~Range bound around Q4FY25 to Q1FY26 level (Q1FY26)~~ → Will moderate further in FY27, downward trend evident

“We expect the credit cost to moderate further in FY '27”

→ narrowed Net Interest Margin Q1 FY26 → Q4 FY26

~~Higher at 11.2% (Q1FY26)~~ → Stable, though at risk from cost of fund increase

“NIM to remain stable, though at risk from any significant increase in cost of fund as a result of”

→ narrowed Medium-term ROA aim Q1 FY26 → Q4 FY26

~~Not committed in Q1 (mid-20s ROE 'not this year')~~ → 4% to 4.5% medium-term

“in the prior earnings calls as well that we are aiming towards 4% to 4.5% of ROA in the medium”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.