SBI Mutual Fund – Outruns Peers on Growth Driven by B30 Expansion & Distribution Strength

Expert Analysis:

• SBI Mutual Fund has outperformed its key listed peers over the past three years, with revenue rising 66% to ₹3,598 crore in FY25 (from ₹2,162 crore in FY23), significantly higher than peer growth rates.

• Profitability also improved sharply, with PAT increasing 90% to ₹2,540 crore, reflecting strong operating leverage compared to peers like HDFC AMC and ICICI Prudential AMC.

• Assets Under Management (AUM) grew 40% to ₹26.27 lakh crore in FY25, further rising to ₹29.04 lakh crore (9M FY26), translating into a 15.4% market share.

• Growth has been driven by expansion beyond top cities, particularly in B30 locations (beyond top 30 cities), supported by a strong distribution network spanning 20,000+ bank branches and coverage across ~98% of India’s pin codes.

• The fund house also maintains leadership in key segments, including passive funds (29.6% market share) and strong positions in alternatives and PMS offerings.