SBI Funds ManagementIPO Review — Financials, Valuation & Peers
A data-only look at the SBI Funds Management IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2024 | 3,426.08 | 2,072.79 | 2,718.82 | 6,747.75 | 7,106.93 | — |
| FY 2025 | 4,236.15 | 2,540.15 | 3,412.94 | 8,297.53 | 8,771.86 | — |
| FY 2026 | 4,976.11 | 3,067.38 | 4,058.44 | 5,963.06 | 6,420.45 | 15.06 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 38.12x
- P/E (post-issue)
- 38.12x
- RoNW
- 43.02%
- RoE
- 43.02%
- EPS (pre-issue)
- ₹15.06
- EPS (post-issue)
- ₹15.06
- EBITDA Margin
- 92.46%
- P/BV
- 19.6x
- NAV / share
- ₹29.28
- Market Cap
- ₹1,16,913.9 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| SBI Funds Management | 15.08 | 29.28 | — | 43.02% | Consolidated |
| Aditya Birla Sun Life Asset Management Company | 33.76 | 139.94 | 34.46x | 25.53% | Consolidated |
| HDFC Asset Management Company | 66.77 | 215.42 | 41.71x | 32.9% | Consolidated |
| ICICI Prudential Asset Management Company | 66.73 | 84.39 | 49.38x | 85.8% | Consolidated |
| Nippon Life India Asset Management | 24.05 | 73.01 | 51.1x | 34.5% | Consolidated |
| UTI Asset Management Company | 31.51 | 350.5 | 31.57x | 11.22% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: State Bank of India, Amundi India Holding and Amundi Asset Management
- Holding (pre-issue)
- 96.38%
- Holding (post-issue)
- 88%
- Dilution
- 8.38%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the SBI Funds Management IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the SBI Funds Management IPO drew 129 institutional investors committing a combined ₹2,663.02 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to CAPITAL GROUP GLOBAL EQUITY FUND (CANADA) (₹180 crore), LIFE INSURANCE CORP.OF INDIA (₹180 crore) and GOVERNMENT OF SINGAPORE (₹152.38 crore). Investor categories represented include FII/FPI, Insurance, Other and Bank. The lock-in on half the anchor shares ends on 16 Aug 2026, with the remainder locked until 15 Oct 2026.
Analyst view tally
For the SBI Funds Management IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. SBI Funds Management operates at an EBITDA margin of 92.46%. Capital efficiency reads at a return on equity (RoE) of 43.02%. At the upper band, the post-issue market capitalisation works out to about ₹1,16,913.9 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2026, SBI Funds Management reported revenue of ₹4,976.11 crore and a net profit of ₹3,067.38 crore. Revenue grew from ₹3,426.08 crore in FY2024 to ₹4,976.11 crore in FY2026 (+45.0%). Net worth stood at ₹5,963.06 crore at the end of FY2026. At the upper band, that puts the issue at roughly 38.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 38.12× post-issue earnings and 19.6× book value, against a return on net worth of 43.02%. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Aditya Birla Sun Life Asset Management Company and HDFC Asset Management Company, with a median peer P/E of about 41.7×. The issue's own post-issue P/E works out to 38.12×.
Promoters
The promoters of the company are State Bank of India, Amundi India Holding and Amundi Asset Management. Promoter holding stands at 96.38% before the issue and comes down to 88% after listing.
Frequently asked questions
- What is the reservation split in the SBI Funds Management IPO?
- Of the total shares offered, retail investors get 31.66%, QIBs 18.09% (plus 27.14% anchor), non-institutional investors 13.57%.
- Who are the promoters of SBI Funds Management and what is their holding?
- The promoters are State Bank of India, Amundi India Holding and Amundi Asset Management. Promoter holding is 96.38% before the issue and 88% after listing.
- What is the P/E ratio of the SBI Funds Management IPO?
- At the upper price band, the SBI Funds Management IPO is valued at 38.12× pre-issue earnings and 38.12× post-issue earnings, based on the financials disclosed in the offer document.