SBI Share Price: 21.7% CAGR in 3 Years as India's Largest Bank Stands Against ICICI Bank and Axis Bank

SBI previous close Rs 1,042. 3-year CAGR 21.7%. Up 1.8x since 9 Nov 2023. ROE 13.36%. Market cap Rs 9,61,338 crore.

The SBI share price has delivered a strong return over three years, and that makes State Bank of India the best-known name among public sector lenders. The bank is the largest in the country by assets, branches and customers.

This article compares that run with ICICI Bank and Axis Bank, two of the largest private sector lenders. We calculate the three-year CAGR for all three and set the results beside market cap, valuation and return on equity, using prices adjusted for corporate actions. Banks are best read on price to book and ROE, so those two numbers get extra attention.

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How Much Has the SBI Share Price Returned in 3 Years?

The SBI stock closed at Rs 578.35 on 9 November 2023 and at Rs 1,042.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.80 lakh, which is a CAGR of 21.7%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as SBI can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The SBI share price has also followed healthy credit growth in the economy, steady asset quality and the strong deposit base that comes with the largest branch network in the country.

SBI vs ICICI Bank and Axis Bank: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
State Bank of India	Rs 578.35	Rs 1,042.00	1.8x	21.7%
ICICI Bank	Rs 937.35	Rs 1,589.00	1.7x	19.2%
Axis Bank	Rs 1,021.90	Rs 1,310.70	1.3x	8.7%

The SBI stock leads the group at 21.7%, followed by ICICI Bank at 19.2% and Axis Bank at 8.7%. SBI leads the group, followed by ICICI Bank and then Axis Bank. ICICI Bank is the largest of the three by market cap, while SBI trades at the lowest P/E in the group.

Look at the SBI share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	P/B
ICICI Bank	Rs 11,38,218 crore	18.12	12.66	15.39%	2.97
State Bank of India	Rs 9,61,338 crore	10.22	12.66	13.36%	1.51
Axis Bank	Rs 4,08,279 crore	13.59	12.66	13.04%	1.78

By market cap, ICICI Bank is the largest of the group at Rs 11,38,218 crore, while the SBI stock stands at Rs 9,61,338 crore, about 84% of that size. On earnings, SBI shares trade at a P/E of 10.22 against an industry P/E of 12.66, a discount of about 19% to the sector, which leaves room if earnings keep growing. Peer multiples are ICICI Bank at 18.12 and Axis Bank at 13.59.

Return on equity is 13.36% for the SBI stock, which ranks second among the three, and the price to book ratio stands at 1.51. Trailing EPS is Rs 101.86. Banks are valued on price to book and return on equity rather than on debt, so these two numbers tell you how the market prices each lender relative to the profit it earns on shareholders' capital.

What Is Driving the SBI Stock?

SBI has a very large low-cost deposit base, a wide branch network and a loan book that covers home loans, corporate lending, small business credit and agriculture. This scale gives it a stable funding advantage.

The bank also owns stakes in subsidiaries across asset management, insurance and cards, which add to group earnings. Improved asset quality in recent years has reduced the provisions that earlier weighed on profit.

Followers of the SBI share price usually track loan growth, net interest margin, gross and net non-performing assets and the performance of its subsidiaries.

How the Established Players Stack Up

ICICI Bank is a Mumbai-based private sector bank with a large retail loan book and a strong digital banking presence. It compounded at 19.2% a year, on a market cap of Rs 11,38,218 crore and an ROE of 15.39%.

Axis Bank is a Mumbai-based private sector bank with strength in corporate banking, retail lending and credit cards. It compounded at 8.7% a year, on a market cap of Rs 4,08,279 crore and an ROE of 13.04%.

What Should Investors Track Next?

Three things are worth watching on the SBI share price. First, the pace of loan growth. Second, movement in net interest margin as interest rates change. Third, asset quality across retail and corporate books.

At a P/E of 10 and a price to book of 1.51, the stock trades below the industry P/E of 13. Public sector banks can be sensitive to credit cycles, so follow quarterly results closely.

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How to Compare Bank Stocks Yourself

You can repeat this exercise for any pair of stocks, including the SBI stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the SBI share price, the same four checks give a more complete picture than price alone.

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A Public Sector Lender With the Lowest P/E in the Group

The SBI share price compounded at 21.7% a year over three years, ahead of ICICI Bank at 19.2% and Axis Bank at 8.7%. Its ROE of 13.36% sits between the two private banks and its P/E of 10.22 is the lowest of the three.

ICICI Bank brings the highest ROE and the largest market cap, while Axis Bank brings a different mix of corporate and retail lending. The choice depends on which banking model you prefer.

Frequently Asked Questions

What is the SBI share price today?

Ans. State Bank of India closed at Rs 1,042 on 9 November 2026, according to NSE data. It has a market cap of Rs 9,61,338 crore and a P/E of 10.22. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the SBI stock?

Ans. State Bank of India delivered a price CAGR of 21.7% over three years, moving from Rs 578.35 on 9 November 2023 to Rs 1,042.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is SBI better than ICICI Bank?

Ans. SBI delivered a higher three-year CAGR at 21.7% than ICICI Bank at 19.2%. ICICI Bank is larger by market cap at Rs 11,38,218 crore against Rs 9,61,338 crore and has a higher ROE at 15.39% against 13.36%, while SBI trades at a lower P/E of 10.22 against 18.12. The better choice depends on your view of each bank.

What does State Bank of India do?

Ans. State Bank of India is a Mumbai-headquartered public sector bank and the largest lender in India by assets, deposits and branches.

What is the return on equity of the SBI stock?

Ans. The return on equity of the SBI stock is 13.36% and its price to book ratio is 1.51. For a lender, ROE and the price to book ratio are the two numbers that show how well the bank turns shareholder capital into profit and how much the market pays for it. Always check the latest results for current figures.

Is SBI expensive compared with the industry?

Ans. SBI trades at a P/E of 10.22 against an industry P/E of 12.66. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which bank stock gave the highest return in 3 years?

Ans. Among the companies compared here, State Bank of India delivered the highest three-year CAGR at 21.7%, followed by ICICI Bank at 19.2%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.