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SBI Fund Management Unlisted Shares
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Fundamentals About SBI Fund Management
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of SBI Fund Management
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1437 | 1958 | 2303 | 3273 |
| Cost of Material Consumed | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | 100 | 100 | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 240 | 288 | 326 | 368 |
| Other Expenses | 216 | 138 | 276 | 339 |
| EBITDA | 981 | 1532 | 1701 | 2566 |
| OPM | 68.27 | 78.24 | 73.86 | 78.4 |
| Other Income | 19 | 52 | 109 | 165 |
| Finance Cost | 4 | 4.4 | 5 | 8 |
| D&A | 31 | 33 | 34 | 37 |
| EBIT | 950 | 1499 | 1667 | 2529 |
| EBIT Margins | 66.11 | 76.56 | 72.38 | 77.27 |
| PBT | 1138 | 1439 | 1782 | 2686 |
| PBT Margins | 79.19 | 73.49 | 77.38 | 82.07 |
| Tax | 276 | 357 | 442 | 613 |
| PAT | 862 | 1082 | 1340 | 2073 |
| NPM | 59.99 | 55.26 | 58.18 | 63.34 |
| EPS | 17.24 | 21.64 | 26.64 | 40.98 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 68.27 | 78.24 | 73.86 | 78.4 |
| Net Profit Margin | 59.99 | 55.26 | 58.18 | 63.34 |
| Earning Per Share (Diluted) | 17.24 | 21.64 | 26.64 | 40.98 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 159 | 220 | 227 | 257 |
| CWIP | 0 | 0 | 2 | 0 |
| Investments | 2408 | 3395 | 4609 | 6645 |
| Trade Receivables | 42 | 48 | 56 | 108 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 224 | 135 | 90 | 97 |
| Total Assets | 2833 | 3798 | 4984 | 7107 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 50 | 50 | 50.3 | 50.58 |
| FV | 1 | 1 | 1 | 1 |
| Reserves | 2528 | 3536 | 4701 | 6697 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 16 | 16 | 15 | 20 |
| Other Liabilities | 239 | 196 | 217.7 | 339.42 |
| Total Liabilities | 2833 | 3798 | 4984 | 7107 |
About Company
The following table shows a 10-point analysis of SBI Funds Management Limited (SBI Mutual Fund / SBIFML). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹4,063 cr · PAT ~₹2,540 cr · PAT Margin ~62–63% | India's largest asset management company; manages equity, debt, hybrid, ETF/index funds, PMS & alternatives; strong retail/SIP focus with institutional trust; benefits from SBI ecosystem & wide distribution; high-margin, asset-light model with recurring fee income. |
| Industry & Market Position | ~15–16% Market Share · AUM ~₹10.7–11.99 lakh cr (MF) + ~₹16 lakh cr+ incl. alternates | Clear market leader ahead of major peers; structural advantage from brand trust & distribution reach; diversified AUM base; benefits from rising SIP flows & financialization trend; exposed to competition & regulatory changes. |
| Revenue Growth Trend | FY23–FY25 CAGR ~30%+ · ~24% YoY growth in FY25 | Strong expansion driven by AUM growth, equity inflows & operating leverage; doubled AUM in ~4 years; supported by retail participation & capital market rally; long-term industry tailwinds remain strong. |
| Profitability & Margins | EBITDA Margin ~80–84% · ROE ~30–31% · PAT Margin ~62–63% | Best-in-class margins among AMCs; high operating leverage with low incremental cost; strong recurring earnings; resilient across market cycles; superior capital efficiency. |
| Cash Flow Quality | Strong OCF · Consistent Dividend Payouts | Robust cash flows from management fees; minimal working capital needs; supports dividends & reinvestment; high earnings visibility with low balance sheet risk. |
| Balance Sheet Strength | Net Worth ~₹5,000+ cr reserves · Debt Near-Nil | Highly conservative capital structure; asset-light model; strong liquidity buffers; minimal leverage risk; backing from strong institutional promoters enhances stability. |
| Valuation Comfort | Unlisted Price ₹680–810 (Feb 2026) · P/E ~60–65x · EPS ~₹12–13 | Premium valuation justified by market leadership, high ROE & growth profile; Market Cap ~₹1.3–1.6 lakh cr; strong re-rating potential upon listing; valued at leadership premium vs peers. |
| Management & Governance | Majority Institutional Ownership · SEBI-Regulated · Professional Management | Strong governance standards; transparent reporting & compliance; proven execution track record; aligned with regulatory framework & institutional oversight. |
| Growth Triggers & Catalysts | SIP Inflows · AUM Expansion · Product Innovation · IPO (Target H1 FY26) | Key upside from mutual fund industry growth & retail penetration; listing expected to unlock value & enhance liquidity; continued product expansion & equity participation support growth. |
| Liquidity & Exit Visibility | Currently OTC · IPO Expected H1 FY26 | Unlisted liquidity moderate; strong exit visibility post-IPO; regulatory progress reduces listing uncertainty; potential full liquidity after market debut. |
SBI Funds Management Ltd (SBIFML) is the Asset Management Company (AMC) of SBI Mutual Fund, responsible for managing mutual fund schemes, ETFs, AIFs, PMS, etc. The following are some of the important points about SBI Fund Management:
- It is a joint venture between State Bank of India (SBI) (which owns ~61.9%) and Amundi (a leading global asset manager) which holds ~36.36% stake.
- SBIFML was formerly known as SBI Funds Management Pvt Ltd, and has been operating for decades, building a wide range of investment products.
- Its business model covers a broad spectrum: mutual funds (equity, debt, hybrid), ETFs, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and international investor solutions.
- It also operates in the offshore/IFSC space: it has a wholly-owned subsidiary in Mauritius (SBI Funds Management (International) Pvt Ltd).
Challenges & Risks
- Competitive Pressure: As a large AMC, SBI Funds competes with many domestic and global AMCs in mutual fund, ETF, and alternative asset segments.
- Regulatory Risk: Changes in SEBI’s mutual fund regulations or tax rules could materially affect its business.
- Fund Performance Risk: Poor performance of key funds (equity/debt) could lead to outflows or reputational risk.
- Scale & Operational Risk: Managing a very large AUM (across many products) demands sophisticated systems, risk control, and investment talent.
- IPO Execution Risk: The company is planning an IPO, and any mis-pricing, weak demand, or regulatory hurdles could pose risk.
Strengths / Strategic Advantages
- Strong Parentage: Backed by SBI, one of India’s largest banks, giving it trust, distribution network, and scale.
- Global Expertise: Partnership with Amundi provides global fund-management know-how, research, and processes.
- Product Diversity: Very wide product portfolio (MF, ETF, AIF, PMS) helps it cater to different investor segments.
- Digital Capability: High use of digital channels — e.g., a large percentage of SIP transactions are done digitally.
- Market Leadership: One of the largest AMCs in India, with a solid and growing investor base.
Quick Summary
SBI Funds Management is a leading Indian AMC with strong institutional backing (SBI + Amundi), a broad and deep product offering, and a large asset base. Its upcoming IPO (planned for 2026) could unlock significant value. For investors, it represents a well-established, trusted fund house with strong growth potential — though risks include regulatory changes, IPO execution, and competitive pressure in fund management.
Click here to visit the official website of SBI Fund Management.
Shareholding Pattern of SBI Fund Management
| Name | Holding |
|---|---|
| State Bank Of India | 62.21% |
| Amundi India Holding | 36.54% |
| Other | 1.25% |
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Frequently Asked Questions
These refer to privately held equity in SBI Fund Management Pvt Ltd, the asset management arm associated with SBI. The shares are not listed on NSE or BSE and are available through private platforms like UnlistedKraft.
Yes, UnlistedKraft offers verified access to SBI Fund Management Pvt Ltd unlisted shares. Once you complete your KYC and place your order, shares are usually credited to your demat account within 24 hours.
Unlisted shares carry risks such as limited liquidity and less public disclosure. However, SBI Fund Management is backed by the State Bank of India and holds a credible market presence. Investing via UnlistedKraft ensures secure, verified, and transparent transactions.
Pricing is based on recent private transactions, investor demand, company financials, and sector outlook. UnlistedKraft updates pricing regularly to reflect accurate and fair market value.
Yes, you must have a valid demat account to receive and hold unlisted shares such as those of SBI Fund Management Pvt Ltd.
There is no mandatory lock-in period unless the company is listed publicly. Most investors hold until a liquidity event like an IPO or acquisition occurs to realise potential long-term gains.
Yes, you may resell your shares through UnlistedKraft’s resale network, depending on buyer availability and prevailing market demand.
Yes. In line with SEBI regulations, pre-IPO shareholders must observe a six-month lock-in period after the company lists on a public exchange.
If shares are held for over two years, gains qualify as long-term capital gains and are taxed at 20% with indexation. If sold sooner, the gains are treated as short-term and taxed per your income tax slab.
UnlistedKraft provides a streamlined way to invest in reputed unlisted companies like SBI Fund Management, with transparent pricing, expert support, verified sellers, and fast share delivery directly into your demat account.
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