Ventura Research SBI Funds Management Ltd
SBI Funds Management Limited (SBI AMC) is one of India’s largest asset management companies and manages the SBI Mutual Fund business. The company is backed by State Bank of India and Amundi, one of the world’s leading asset managers. It offers a diversified range of products across equity, debt, ETFs, index funds, liquid funds, fund of funds, portfolio management services, alternative investment funds and Specialized Investment Funds. As of March 31, 2026, the company managed 35 equity schemes, 48 debt schemes, 37 ETF and index schemes, four fund-of-funds, two liquid and overnight schemes and one SIF strategy.
The company follows a fee-based business model, earning management fees on the assets managed across its schemes and mandates. Its distribution network is supported by SBI’s large banking franchise, independent financial advisers, digital platforms and institutional relationships. This provides access to customers across metro cities as well as smaller towns. The company also benefits from a strong SIP franchise, with 16.21 million live SIPs, monthly SIP inflows of around INR 4,060 crore and SIP assets under management of nearly INR 1.73 lakh crore as of March 31, 2026.
The partnership with Amundi strengthens SBI AMC’s investment, technology and international capabilities. Amundi provides global expertise in active funds, passive funds, ETFs, alternative assets, ESG investing and risk management. Six Amundi professionals are embedded across SBI AMC’s investment, risk and technology functions. SBI AMC also managed and advised Amundi funds and mandates worth around INR 25,749 crore as of March 31, 2026. The partnership supports product innovation, offshore distribution and access to global investment processes, while Amundi’s Alto Invest platform is expected to improve portfolio management, data handling and operational scalability.
The IPO is entirely an Offer for Sale of up to 17.10 crore equity shares by State Bank of India and Amundi India Holding. Since there is no fresh issue, the company will not receive any proceeds from the IPO. Key strengths include its leading market position, strong SBI brand, diversified product portfolio, large retail customer base, recurring fee income, wide distribution reach and access to Amundi’s global investment and technology capabilities.
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|
Net Revenue |
EBITDA |
Net Profit |
EBITDA (%) |
Net Profit (%) |
EPS (INR) |
BVPS (INR) |
ROE (%) |
RoIC (%) |
P/E (X) |
EV/EBITDA (X) |
|
FY24 |
2690.6 |
1983.3 |
2072.8 |
73.7 |
77.0 |
10.2 |
33.1 |
36.1 |
29.3 |
56.1 |
58.9 |
|
FY25 |
3597.8 |
2774.5 |
2540.2 |
77.1 |
70.6 |
12.5 |
40.7 |
33.8 |
34.5 |
45.9 |
42.0 |
|
FY26 |
4389.5 |
3471.8 |
3067.4 |
79.1 |
69.9 |
15.0 |
29.3 |
43.0 |
62.4 |
38.2 |
33.5 |
