SBI Funds Management, India's largest asset manager by QAAUM market share at 15.1%, reports its first full quarter as a listed company with the mutual fund industry navigating TER regulation changes and flattish industry SIP flows. The print will speak to whether the +2 bps yield-mix uplift and 'net neutral or positive' TER pass-through held, and whether the Q1 gap between 15.16% revenue growth and 3.29% PAT growth narrows as training expenses flow through.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,148.68 Cr (Q1 FY27, standalone) |
| Previous quarter PAT | Rs. 872.81 Cr (Q1 FY27, standalone) |
| Market cap | Rs. 103,399.55 Cr |
| CMP | Rs. 507.65 |
The Board of Directors will meet on Friday, October 23, 2026, to approve the un-audited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 (Q2 FY27), plus other business. The trading window for designated persons has been closed from October 1, 2026 until 48 hours after the results (up to October 25, 2026).
The company will hold its Q2 FY27 earnings call on October 23, 2026 at 6:00 p.m. IST. The company stated that no unpublished price-sensitive information will be shared on the call.
This is the first results quarter since the company's July 21, 2026 listing on NSE and BSE, and the first call for a substantially rebuilt leadership team — new CFO Amol Joshi (effective October 1), Joint CEO R.S. Srinivas Jain (effective October 13), Chief Business Officer Manish Gupta Mehta (August 5) and Head of Alternates Dhruva Agarwal (October 7). The operating story to test is whether the yield-mix shift management flagged in Q1 — a +2 bps uplift as low-yielding passive assets were replaced by equity and hybrid funds, with equity funds yielding ~62 bps versus ~11 bps for liquid funds — continued through Q2. MF QAAUM stood at Rs. 12.6 trillion (+11% YoY) with SIP AUM at Rs. 2.1 trillion (+15% YoY) and monthly SIP inflows of nearly Rs. 4,000 crores, against an industry where monthly SIP inflows were over Rs. 31,000 crores but flows were 'relatively flat due to market volatility and geopolitical conditions'. Management has guided that the TER transition to the base expense ratio and removal of exit load structure was passed to distributors in a 'net neutral or positive' manner from April, with 70-80% of business on the dynamic TER model, and reiterated 'we will continue to improve our cost-to-income ratio'. A watch item on costs: Q1 employee expense fell 1% YoY on new labour codes with the MD & CEO calling Q1 'a little subdued' and guiding training expenses into the second and third quarter. The upcoming call should also confirm the launch of the second SIF strategy (Ex-Top 100 long-short), slated for 'this quarter', and deployment of the approved Rs. 25 Crores infusion into SBI Funds International (IFSC) for GIFT City objectives.
Performance vs Guidance Tracking: Status of product and margin commitments made on the August 3, 2026 Q1 call.
Other income and the PAT-revenue growth gap
SIP flows and B30 share
New leadership and alternate business plans
GIFT City and governance follow-up
Management said the TER reduction has been passed on to distributors in a calibrated manner with a 'net neutral or positive' financial impact, effective from April. It added that 70-80% of business runs on the dynamic TER model, so 'neither we have any impact today nor we are likely to have any impact even if we grow from here'.
Management attributed the improvement to asset mix — the share of low-yielding passive assets came down and was replaced by high-yielding equity and hybrid funds, lifting overall yield by two basis points. It also said gross margins across equity, debt, liquid and passive strategies remained stable despite the transition to the base expense ratio and removal of exit load structure.
The MD & CEO said the company leads with a market share of more than 25% in B30 (19% B30 MAAUM market share per prepared remarks). B30 contributes over Rs. 2,500 crores of the company's nearly Rs. 4,000 crores monthly SIP inflows, about 65% of SIP contribution.
The second SIF strategy (Ex-Top 100 long-short) was slated for launch 'this quarter' (Q2 FY27) as stated on the August 3, 2026 call, and the SBI Nifty Midcap 150 Momentum 50 ETF FOF NFO was underway at that date. The SBI Balanced Hybrid Fund was also being launched to 'complete our hybrid suite', with no period stated.
Employee benefits expense fell 1% YoY, which the MD & CEO attributed to full implementation of the new labour codes, calling the first quarter 'a little subdued'. Management said training expenses will come in the second and third quarter.