SBI Funds Management (SBIFUNDS) Q2 26/27 earnings summary

Executive summary

• MF quarterly average AUM reached ₹13,140bn, up 10% YoY, with 15.0% market share; total QAAUM was ₹26,539bn at Sep-26.

• H1 FY27 operating revenue increased 12% and operating profit 11% YoY; growth priorities span retail access, digital delivery, performance and alternative and international businesses.

• Equity and passive flows, SIP momentum and retail participation supported performance amid market volatility and investment costs.

Financial highlights

• Q2 FY27 consolidated revenue from operations was ₹11,926.72mn and net profit ₹7,012.44mn; total income was ₹12,373.78mn.

• H1 consolidated revenue from operations was ₹23,454.01mn versus ₹20,960.33mn; net profit was ₹15,815.00mn versus ₹15,947.69mn.

• H1 operating revenue was ₹23,361mn, up 12% YoY, and operating profit was ₹17,972mn, up 11%; presentation-reported PAT was ₹15,663mn.

• Presentation-reported Q2 revenue from operations was ₹11,874mn, up 9% YoY; operating profit was ₹8,902mn, up 4%, and PAT was ₹6,935mn, down 6%.

• Gross margins remained stable across equity, debt, liquid and passive strategies; gross yields expanded YoY. Prior-period exceptional other income affected comparisons for total income and PAT.

Outlook and guidance

• Priorities include deeper B-30 penetration, first-time MF investor acquisition, distributor productivity and more products per customer.

• Plans cover passive products, HNI and institutional PMS, AIF categories, SIF schemes, institutional advisory, equity solutions and international mandates and products.

• A mutual fund-only PMS offering is planned, with an internal fund-selection team to be assembled ahead of the expected April start.

• Management expects 30%–40% of Q2 cost increases to moderate, with roughly 60% recurring; AI, cloud and business-growth investment will continue.