“Bearish on SBI Cards, retaining an 'Underperform' rating and slashing its price target to ₹430 from ₹610, implying a 34% downside from current levels. The brokerage sees downside risks from a further decline in the revolvers-to-spends ratio, which will keep net interest margins and earnings growth under pressure, despite improved credit costs. Bernstein has cut EPS estimates for FY28E and FY29E by 19% and 28% below consensus, respectively.”