State Bank of India Mutual Fund
- Steady Compounder: Revenue growing at a consistent 20.0% CAGR, mirroring the systematic inflow of SIPs in India.
- Moat Indicator: Maintains a 59.8% Net Margin. Asset Management Companies (AMCs) are incredibly scalable—costs don't rise much as Assets Under Management (AUM) grow.
- Heavy Reinvestment: CapEx is 63% of Revenue, likely invested in digital infrastructure to capture the retail investor boom.
- Zero Debt: Completely debt-free balance sheet.
Fundamentals
| SBI Mutual Fund Unlisted Shares Price | ₹ 775 Per Equity Share | Market Cap (in cr.) | ₹ 157437 |
| Lot Size | 100 Shares | P/E Ratio | 62 |
| 52 Week High | ₹ 2775 | P/B Ratio | 18.97 |
| 52 Week Low | ₹ 675 | Debt to Equit | 0 |
| Depository | NSDL & CDSL | ROE (%) | 30.61 |
| PAN Number | AAACS7339D | Book Value | 40.85 |
| ISIN Number | INE640G01020 | Face Value | 1 |
| CIN | U65990MH1992PLC065289 | Total Shares | 2031443768 |
| RTA | Computer Age Management Services (CAMS) |
Shareholding Pattern
State Bank of India Mutual Fund
Established in 1987 as a joint venture between State Bank of India and France’s Amundi, SBI Mutual Fund is one of India’s largest and most trusted asset managers. Headquartered in Mumbai and led by CEO Nand Kishore, it manages over ₹10.38 lakh crore in assets as of 2025. The firm offers a diverse portfolio of 80+ schemes, including equity, debt, and innovative ESG-based funds, serving over 26 million investor folios.
By combining SBI's massive domestic retail reach with Amundi’s global expertise, the company has secured a top-three market position. Known for disciplined risk management and ethical governance, it maintains a nationwide presence across 290+ branches.
Company Business Model
SBI Mutual Fund operates an asset management business model, managing investor money across diversified investment schemes and earning fee-based income.
Mutual Fund Scheme Management
Manages equity, debt, hybrid, liquid, and passive (ETF/index) funds for retail and institutional investors.
Asset-Based Fee Income
Earns revenue through management fees (AUM-linked) charged on funds managed.
Fund Distribution Network
Leverages SBI’s vast banking network, distributors, and digital platforms for scale and low-cost customer acquisition.
Investment & Risk Management
Uses professional fund managers and research teams to generate returns while managing market and credit risk.
Competitors
SBI Mutual Fund competes in India’s asset management industry with the following major AMCs:
HDFC Mutual Fund
One of India’s largest AMCs with strong equity, debt, and hybrid fund performance.
ICICI Prudential Mutual Fund
Diversified AMC with a strong presence in retail, institutional, and passive funds.
Axis Mutual Fund
Known for strong equity fund performance and growing SIP investor base.
Kotak Mahindra Mutual Fund
Offers a broad range of equity, debt, and passive investment solutions.
SWOT Analysis
Strengths
- Largest AMC by AUM in India : Market leader with massive AUM scale, providing strong fee stability and operating leverage.
Powerful SBI Brand & Trust : Backed by State Bank of India, offering unmatched credibility, reach, and investor confidence.
Extensive Distribution Network : Leverages SBI’s nationwide branch network, plus distributors and digital channels.
Diversified Product Portfolio : Strong presence across equity, debt, hybrid, liquid, and passive funds, reducing volatility.
Sticky Retail SIP Base : High share of long-term SIP investors ensures predictable inflows.
Weaknesses
- Lower Yield on Large AUM : Size can limit agility and alpha generation in certain equity strategies.
Expense Ratio Compression : Regulatory caps and passive fund growth pressure margins.
High Dependence on Equity Markets : Market downturns impact AUM and fee income.
Public-Sector Perception Risk : Some investors perceive slower decision-making vs private peers.
Opportunities
- Financialization of Household Savings : Shift from physical to financial assets fuels long-term AUM growth.
SIP & Retail Penetration Expansion : Untapped semi-urban and rural markets via SBI branches.
Passive & ETF Growth : Rising demand for low-cost index products boosts scalable AUM.
Institutional & Retirement Assets : Growth in pension, EPFO-linked, and long-term institutional mandates.
Threats
Intense AMC Competition : Strong peers like HDFC MF and ICICI Prudential MF compete on performance and pricing.
Market Volatility Cycles : Prolonged bear markets reduce equity AUM and inflows.
Regulatory Risk (SEBI) : Changes in TER norms or commission structures can impact profitability.
Shift to Passive Investing : Lower-margin products may dilute revenue growth.