State Bank of India has informed shareholders that the 71st Annual General Meeting (AGM) is scheduled to be held on Thursday, 18 June 2026, at 03:00 PM IST through Video Conferencing (VC) / Other Audio Visual Means (OAVM). The meeting will be conducted at the State Bank Auditorium, State Bank Bhavan, Madame Cama Road, Mumbai. The Notice of the 71st AGM was published in the Gazette of India on 13 May 2026 and in newspapers on 15 May 2026.

The Annual Report for FY 2025-26 and the Notice of the 71st AGM have been uploaded to the Bank's website. In accordance with relaxations provided by SEBI, the notice was sent via email on 26 May 2026 to shareholders whose email IDs are registered with the Depository Participant or Registrar and Share Transfer Agent. The documents are also available on the websites of BSE Limited, National Stock Exchange of India Limited, and National Securities Depository Limited.

The business to be transacted at the AGM includes the discussion and adoption of the Balance Sheet and Profit and Loss Account for the period ended 31 March 2026, the report of the Central Board on the Bank's working, and the Auditor's Report. Shareholders can vote on the resolution through remote e-voting, which commences at 10:00 AM IST on 14 June 2026 and ends at 05:00 PM IST on 17 June 2026. Shareholders holding shares in physical or dematerialized form as of the cut-off date, 13 March 2026, are eligible to vote.

Shareholders who have cast their vote via remote e-voting may attend the AGM but are not eligible to vote again during the meeting. Those attending via VC/OAVM who have not voted remotely are eligible to vote through the e-voting system during the AGM. For queries, shareholders may refer to the FAQs and e-voting user manual available on the NSDL website or contact the provided helpline.

CLSA has maintained its Outperform rating on State Bank of India with a target price of ₹1275, framing the stock's recent decline as a potential entry point for investors. The brokerage's continued conviction comes despite the bank reporting another net interest margin (NIM) miss, which contributed to a 10–12% correction in the stock price.

Correction Viewed as Buying Opportunity

CLSA characterised the recent 10–12% pullback in State Bank of India's stock as a buying opportunity rather than a structural concern. The correction was triggered by another NIM miss, which the brokerage appears to view as a temporary setback rather than a lasting headwind for the bank's financial performance.

NIM Improvement Expected from Deposit Repricing

A key element of CLSA's thesis is the anticipated improvement in net interest margins driven by deposit repricing. The brokerage expects this repricing dynamic to improve NIMs by 8 bps, which could serve as a meaningful near-term positive for the bank's profitability metrics.

Historical Resilience Cited

Beyond the near-term NIM outlook, CLSA also pointed to State Bank of India's history of rebounding after temporary setbacks as a supporting factor for its positive rating. This historical resilience forms part of the broader rationale for maintaining the Outperform stance even amid short-term earnings pressure.

Overall, CLSA's maintained Outperform rating with a ₹1275 target price reflects confidence in State Bank of India's ability to recover from the current NIM-related weakness, underpinned by expected deposit repricing benefits and the bank's demonstrated capacity to navigate periodic earnings challenges.