SBI Funds Management Ltd
We are the largest asset management company ("AMC") in India by quarterly average mutual fund assets under management ("QAAUM"), with QAAUM of Rs.12,509.98 billion and a mutual fund market share of 15.3% as of March 31, 2026, a position we have consistently held since March 2021. Including our Portfolio Management Services ("PMS") and other advisory mandates (collectively with PMS, "Alternates"), our total QAAUM was Rs.29,461.05 billion as at March 31, 2026. We are India's oldest AMC, acting as the investment manager to SBI Mutual Fund, which commenced operations in June 1987 as the first mutual fund entity outside the Unit Trust of India. We are also India's largest passive (exchange traded fund ("ETF") and index funds) asset manager with passive (ETF and index funds) QAAUM of Rs.4,055.26 billion representing a market share of 27.9% as at March 31, 2026, a leadership position we have held since March 2021. Our total QAAUM has grown at a compound annual growth rate ("CAGR") of 14.22% between March 31, 2024, and March 31, 2026, while our mutual fund QAAUM has grown at a CAGR of 16.97% during the same period. Our equity, equity-oriented and equity hybrids (excluding arbitrage and including overseas fund of funds) QAAUM grew at a CAGR of 21.79% during the same period.
Timeline
Subscription
Reports
Offer Details
Terms
Application Sizes
Managers & Registrar
Ownership & Proceeds
Offer for Sale
Shareholding
Objects of the Issue
- Listing the Equity Shares on the Stock Exchanges.
Anchor Book
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 1,958 | 2,303 | 2,691 | 3,598 | 4,389 |
| Operating ProfitCr | 1,425 | 1,701 | 1,983 | 2,775 | 3,472 |
| OPM% | 72.8 | 73.8 | 73.7 | 77.1 | 79.1 |
| PBTCr | 1,440 | 1,782 | 2,686 | 3,379 | 4,020 |
| PATCr | 1,082 | 1,340 | 2,073 | 2,540 | 3,067 |
| EPS | 22 | 27 | 10 | 13 | 15 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 50 | 50 | 51 | 51 | 204 |
| ReservesCr | 3,536 | 4,701 | 6,697 | 8,247 | 5,759 |
| BorrowingsCr | 0 | 0 | 0 | 0 | 0 |
| Fixed AssetsCr | - | - | - | - | 391 |
| Total AssetsCr | 3,798 | 4,984 | 7,107 | 8,772 | 6,420 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | - | 1,199 | 1,438 | 1,992 | 2,488 |
| Investing Cash FlowCr | - | -973 | -1,305 | -938 | 2,974 |
| Financing Cash FlowCr | - | -228 | -132 | -1,043 | -5,458 |
| Net Cash FlowCr | - | -2 | 2 | 12 | 4 |
Strengths & Risks
- Largest asset management company in India in terms of mutual fund assets under management, paragraph 1, page 209), benefitting from strong operating leverage driven by scale and growth.
- Market-leading SIP franchise with a 15.5% market share by live SIP count and strong investor stickiness.
- Dual Parentage - Integration of State Bank of India's domestic franchise with Amundi's global expertise.
- Process-driven investment framework with demonstrated track record of product innovation and consistent investment performance.
- Well-diversified, Pan-India multi-channel distribution infrastructure.
- Robust technology infrastructure and data-driven investor engagement.
- Deepen retail penetration in underserved markets by leveraging wide distribution network.
- Strengthen digital capabilities to enhance investor engagement and operational productivity.
- Expansion of product offerings and investment solutions.
- Capture international opportunities through structurally advantaged global positioning.
- The company's revenues and profitability is directly linked to its quarterly average assets under management ("QAAUM"), and any material decline or changes in the composition of the company's QAAUM due to market movements, redemptions, or other factors could significantly impact its financial performance.
- Adverse capital market conditions and downturns could reduce the company's AUM and management fee / TER income; its business is further exposed to liquidity risks due to such downturns which in turn could have a spiral/compounding effect on both its equity and debt/money market schemes through higher redemptions and lower SIP inflows, which can accelerate AUM declines and may have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- A portion of the company's mutual fund QAAUM and revenue from mutual fund operations is concentrated in a limited number of schemes, and any adverse developments affecting these schemes could materially affect its business.
- The company is subject to strict regulatory requirements and prudential norms; its failures to comply with such laws, regulations and norms, including the SEBI (Mutual Funds) Regulations and guidelines thereunder, may have an adverse effect on the company's reputation, registration, business, financial condition, results of operations and cash flows.
- The company is subject to extensive regulation by SEBI and other regulatory authorities. Changes in regulations, failures to comply with regulatory requirements, non-compliance with SEBI's observations made during inspections or adverse outcomes from SEBI inspections could adversely affect its business.
- 22.82%, 23.04%, and 21.64% of the company's mutual fund AUM as at March 31, 2026, March 31, 2025, and March 31, 2024, respectively were sourced from B-30 cities, which may exhibit higher redemption volatility during market downturns and could adversely affect its AUM, revenues and results of operations.