SBI Mutual Fund Outpaces Peers with Strong Growth

Financial Highlights

• Revenue from operations rose 66% to Rs 3,598 crore in FY25 from Rs 2,162 crore in FY23.
• Profit after tax rose 90% to Rs 2,540 crore in FY25 from Rs 1,340 crore in FY23.
• Assets under management (AUM) rose 40% to Rs 26.27 lakh crore in FY25 from Rs 18.73 lakh crore in FY23.

Industry Comparison

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• Compared to HDFC Asset Management Company, SBI Mutual Fund reported a higher revenue growth rate of 66% vs 32%.
• Compared to ICICI Prudential AMC, SBI Mutual Fund reported a higher profit after tax growth rate of 90% vs 37%.

AUM Growth and Market Share

• SBI Mutual Fund leads the industry with a 15.4% market share and a 29.6% share in passive products.
• The fund house maintains a dominant position in alternatives through its SIF platform (61% share) and in PMS (39%).

Return on Equity (ROE) and Operating Margins

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• ROE improved to 34% in FY25 from 32% in FY23.
• Operating margins remained stable at around 25%, excluding passive products.

Growth Drivers

• Expansion beyond top cities has been a key growth driver, with SBI Mutual Fund being the largest player in B30 locations.
• Distribution has remained a key enabler, with access to over 20,000 bank branches and a wide distributor network.
• Retail participation has strengthened, with SIP AUM rising 68% to Rs 3,252 crore in FY25 from Rs 1,938 crore in FY23.

Listing Details

• SBI Mutual Fund filed its draft red herring prospectus with the capital market regulator for a 10% equity offer-for-sale on Thursday, March 19.
• The fund will be the 6th Asset Management Company (AMC) to be listed after HDFC AMC, Nippon AMC, UTI AMC, Aditya Birla Sun Life AMC, and Canara Robeco AMC.