Anand Rathi Recommends 'BUY' on SBI Cards, Sets Target Price at Rs 992

• Anand Rathi has issued a research report recommending a 'BUY' rating for SBI Cards and Payment Services.
• SBI Cards' spending for Q3FY26 showed strong growth of 33% year-on-year and 7% quarter-on-quarter.
• Profit After Tax (PAT) grew by 45% year-on-year, driven by significant improvement in credit cost.
• The company is seen at an inflection point, with controlled credit costs and improving card spending.
• Anand Rathi projects a 28% PAT CAGR for SBI Cards over FY25-28e, with a target price of Rs 992.

Why It Matters: Anand Rathi recommends buying SBI Cards with a target of Rs 992, citing strong spending growth and improved PAT.