SBI adds nearly 9,000 employees in FY26; workforce hits five-year high

The total headcount at State Bank of India (SBI) climbed to a five-year high of 2,45,131 in FY26 after the country’s largest lender added nearly 9,000 employees during the year ended March 2026. The workforce level is the highest since FY21, when SBI had 2,45,652 employees.

Women account for 28.5% of SBI’s total workforce. The bank’s staff expenses rose 2.1% year-on-year to ₹65,724 crore in FY26, with employee costs contributing 53.2% of total operating expenses during the year.

“We are empowering our people with continuous training and an inclusive culture to build a motivated, future-ready workforce in this dynamic environment,” SBI Chairman C S Setty said during the bank’s Q4 FY26 earnings call.

Only a handful of Indian companies employ more than two lakh people. Tata Consultancy Services (TCS) leads the list with 5.85 lakh employees, followed by Reliance Industries with over four lakh employees. Infosys has a workforce of 3.3 lakh, while Wipro employs around 2.4 lakh people. Other firms with employee strength above two lakh include HCL Technologies, Bajaj Finserv and HDFC Bank, according to Bloomberg data.

SBI reported a record annual net profit of ₹80,032 crore in FY26, up 13% year-on-year, driven by growth in both net interest income and non-interest income. Net interest income rose 4.1% to ₹1.73 lakh crore during the year, while total business crossed ₹109 lakh crore.

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Despite a 21 basis point decline in net interest margin to 2.93% in the March quarter due to lower loan yields, brokerages largely retained a bullish stance on the stock following SBI’s stronger-than-expected Q4FY26 earnings. Analysts indicated that margins may be nearing a bottom, with profitability expected to improve over the coming quarters.

Of the 49 analysts tracking SBI on Bloomberg, 42 have a “Buy” rating on the stock, while the remaining seven recommend “Hold”. No analyst currently has a “Sell” rating on the lender.