Annual Reports
State Bank of India Annual Report 2025-26: A Review
SBI's 592-page PDF is two documents in one file: a 423-page annual report that never mentions the capitals, and a 328-page Sustainability Report that carries the value creation model, the materiality matrix, the BRSR and the assurance. The numbers are strong and the ten-year table is honest, but the margin miss, the doubling of Scope 1 emissions and a board short of independent directors all sit where few readers will look.