SBI’s Rs 3.5 lakh crore secret: Why its subsidiaries could trigger the next big re-rating

For a bank that clocks over Rs 70,000 crore in annual profit, the growth story is evolving. It’s no longer just about net interest margins or slippages. It’s now about how the market values the sum of SBI’s parts, especially the unlisted ones that have matured into cash-generating businesses. If SBI moves ahead with IPOs, starting with SBI Mutual Fund, it could mark a valuation inflection point, with significant re-rating potential.