SBI Funds Management Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript SBI Funds Management Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SBI Funds Management reported Q1 FY27 operating revenue of ₹1,149 crores, up 15% year-on-year, with operating profit of ₹907 crores and profit after tax of ₹873 crores. Mutual fund QAAUM stood at ₹12.6 trillion with a 15.1% market share, while SIP AUM grew 15% year-on-year and unique investor count rose 12% to 1.82 crores. Management discussed the impact of TER regulatory changes, asset mix shifts toward higher-yielding products, and growth in the alternates and passive businesses.
Numbers mentioned
Operating revenue: ₹1,149 crores (Q1 FY27)
p. 4
“our operating revenue for the quarter stood at ₹1,149 crores compared to ₹997 crores a year, 15% Y-o-Y growth”
Debasish Mishra, page 4 of the filed PDF · View the filing
Operating profit: ₹907 crores (Q1 FY27)
p. 4
“Operating profit stood at ₹907 crores, registering a healthy growth of 17% profit after tax”
Debasish Mishra, page 4 of the filed PDF · View the filing
Profit after tax: ₹873 crores (Q1 FY27)
p. 4
“which stood at ₹873 crores, registering 37% growth quarter-on-quarter basis”
Debasish Mishra, page 4 of the filed PDF · View the filing
Mutual fund QAAUM: ₹12.6 trillion (Q1 FY27)
p. 3
“Mutual fund QAAUM for the quarter stood at ₹12.6 trillion, registering Y-o-Y growth of 11%, compared to 11.4 trillion in the same quarter last year”
Debasish Mishra, page 3 of the filed PDF · View the filing
Overall market share (QAAUM): 15.1% (Q1 FY27)
p. 3
“Our market share based on the overall QAAUM stood at 15.1%”
Debasish Mishra, page 3 of the filed PDF · View the filing
Active QAAUM: ₹8.6 trillion (Q1 FY27)
p. 3
“Active QAAUM increased by ₹8.6 trillion, up 10% year-on-year and a robust three year CAGR of 21%”
Debasish Mishra, page 3 of the filed PDF · View the filing
Passive QAAUM: ₹4 trillion (Q1 FY27)
p. 3
“Passive QAAUM rose to ₹4 trillion, up to 12% year-on-year, reinforcing our leadership in the segment”
Debasish Mishra, page 3 of the filed PDF · View the filing
AIF assets: ₹6,800 crores (Q1 FY27)
p. 3
“Our AIF assets stood at ₹6,800 crores, making 29% year-on-year increase”
Debasish Mishra, page 3 of the filed PDF · View the filing
Offshore funds AUM: approximately ₹45,000 crores (Q1 FY27)
p. 3
“Offshore funds contributed approximately ₹45,000 crores in the overall AUM”
Debasish Mishra, page 3 of the filed PDF · View the filing
Unique investor count: 1.82 crores (as on 30th June '26)
p. 4
“Our unique investor count expanded by 12% to 1.82 crores as on 30th June '26, compared to 1.63 crores as on 30th June '25”
Debasish Mishra, page 4 of the filed PDF · View the filing
SIP AUM: ₹2.1 trillion (Q1 FY27)
p. 4
“SIP AUM increased by ₹2.1 trillion, reflecting 15% year-on-year growth and monthly SIPs grew by 14% to nearly ₹4,000 crores”
Debasish Mishra, page 4 of the filed PDF · View the filing
B30 MAAUM market share: 19% (Q1 FY27)
p. 4
“We continue to remain market leader in B30 locations with an MAAUM market share of 19%”
Debasish Mishra, page 4 of the filed PDF · View the filing
Digital transaction share: 94% (Q1 FY27)
p. 4
“Around 94% of the investor transactions are processed digitally through our secure hybrid cloud infrastructure”
Debasish Mishra, page 4 of the filed PDF · View the filing
Fresh SIPs added: 1.7 million (Q1 FY27)
p. 8
“Fresh SIPs added in the last quarter is 1.7 million”
Debasish Mishra, page 8 of the filed PDF · View the filing
Live SIPs: 16 million (as on Q1 FY27)
p. 8
“Live SIPs have gone up to 16 million”
Debasish Mishra, page 8 of the filed PDF · View the filing
Equity fund yield: 62 basis points (Q1 FY27)
p. 8
“Also, the equity continues to be strong at 62 basis points”
Srinivas Jain, page 8 of the filed PDF · View the filing
Gold and silver ETF spread: 44-45 basis points (Q1 FY27)
p. 8
“There we make about 44-45 basis points spread”
Srinivas Jain, page 8 of the filed PDF · View the filing
Arbitrage fund yield: around 30 basis points (Q1 FY27)
p. 8
“in the arbitrage fund, our yield is around 30 basis points, whereas in the liquid it's around 11 basis points”
D.P. Singh, page 8 of the filed PDF · View the filing
Mutual fund share of operating revenue: 90-92% (Q1 FY27)
p. 9
“almost 90-92% of the operating revenue is coming from the mutual fund business only”
D.P. Singh, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
SIP channel mix (SBI vs other channels) — 35% from SBI channel and 65% from direct and other channels
stated as an aspiration by D.P. Singh
p. 9
“our endeavour is to have the equivalent number, means 35% from SBI channel and remaining 65% from direct and other channel by using our digital tools, digital delivery which is one of the main areas of our consideration to grow forward”
D.P. Singh, page 9 of the filed PDF · View the filing
Cost-to-income ratio
stated as an aspiration by Debasish Mishra
p. 10
“We will continue to improve our cost-to-income ratio”
Debasish Mishra, page 10 of the filed PDF · View the filing
SIF strategy launch — second strategy in Ex-Top 100 long-short category · this quarter
stated firmly by Debasish Mishra
p. 4
“We are further strengthening our SIF offering and will launch our second strategy this quarter, positioned in the Ex-Top 100 long-short category”
Debasish Mishra, page 4 of the filed PDF · View the filing
Alternates business scale-up
stated as an aspiration by Srinivas Jain
p. 5
“we have huge ambition plans to grow this particular business”
Srinivas Jain, page 5 of the filed PDF · View the filing
PMS on mutual fund scheme (regulatory opportunity)
stated as an aspiration by D.P. Singh
p. 11
“We are very bullish about that. And we want to scale it up in a big way”
D.P. Singh, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said SBI gives access to around 12 crore YONO customers and 98.2% pin code coverage.
Answered by Debasish Mishra
Asked by Prayesh Jain: What is SBI's penetration and room for growth in distribution?
p. 5
“we have now with YONO, around 12 crores customers in our reach and who have been regularly engaging with us”
Debasish Mishra, page 5 of the filed PDF · View the filing
Management said AIF AUM grew from Rs 5,300 crore to Rs 6,800 crore over the last year and they plan to keep investing.
Answered by Srinivas Jain
Asked by Prayesh Jain: How is the alternates business developing?
p. 5
“we have grown from 5,300 crores to 6,800 crores in the last one year and this is of course very small compared to our operation, but we have huge ambition plans to grow this particular business”
Srinivas Jain, page 5 of the filed PDF · View the filing
Management said the reduction was largely passed to distributors in a calibrated manner with a net neutral to slightly positive impact on the company.
Answered by D.P. Singh
Asked by Mahek: How has the TER regulatory change been passed on to distributors?
p. 6
“the result of the whole navigation is that we are net neutral or positive and, in the passing, we didn't have any negative impact”
D.P. Singh, page 6 of the filed PDF · View the filing
Management attributed the margin improvement to a shift in asset mix from low-yielding passive assets to higher-yielding equity and hybrid assets.
Answered by D.P. Singh
Asked by Swarnabh Mukherjee: What is driving the improvement in operating margin?
p. 7
“Why has margins increased? It has increased because of the asset mix”
D.P. Singh, page 7 of the filed PDF · View the filing
Management said mutual funds contribute 90-92% of operating revenue with PMS, advisory and international making up the remainder.
Answered by D.P. Singh
Asked by Lalit Mohan Deo: What is the revenue split between mutual fund and alternates?
p. 9
“almost 90-92% of the operating revenue is coming from the mutual fund business only. The PMS, advisory and international is remaining 8%”
D.P. Singh, page 9 of the filed PDF · View the filing
Management attributed the change to new labour code implementation adjustments rather than a change in employee benefits.
Answered by Srinivas Jain
Asked by Shreyas Pimple: Why did employee expense drop year-on-year in Q1?
p. 10
“this is largely to do with new labour code implementation adjustments. But on employee benefits, there are absolutely no changes”
Srinivas Jain, page 10 of the filed PDF · View the filing
Management said mark-to-market impact on the company's investment portfolio muted other income in the quarter.
Answered by Srinivas Jain
Asked by Ibrahim Babu: Why did other income decline compared to last year?
p. 12
“there is some mark-to-market impact on the portfolio that we have and that mark-to-market impact on the portfolio has little bit impacted in our last quarter book and that's why the other income is a little muted”
Srinivas Jain, page 12 of the filed PDF · View the filing
Risks flagged
SIP flows were slightly flattish due to market volatility and geopolitical conditions
p. 8
“Slightly flattish because of the market volatility and geopolitical conditions, but we are maintaining that flow”
Debasish Mishra, page 8 of the filed PDF · View the filing
Debt assets moderated due to institutional redemptions and tight short-term liquidity
p. 3
“Debt assets moderated due to institutional redemption patterns and tight short-term liquidity”
Debasish Mishra, page 3 of the filed PDF · View the filing
Global markets saw intermittent volatility in interest rates, liquidity and commodities
p. 3
“global markets witnessed intermittent volatility in interest rates, liquidity, and commodities”
Debasish Mishra, page 3 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.