Antique Stock Broking starts India's SBI Funds Management with 'buy'

Sbi Funds Management

12/10/2026 05:14

** Antique Stockbroking initiates SBI Funds Management SBIA.NS with "Buy" and PT of 620 rupees
** Shares up 2% at 510.1 rupees
** Brokerage notes SBIA's distribution network gives it a large presence in India's smaller cities and towns, with room for deeper penetration
** Co's scale has helped keep costs low relative to peers, with a cost-to-income ratio of 19.5% in fiscal 2026 - brokerage
** Adds one-time pre-listing dividend payment of 35.6 billion rupees could slow other income growth vs peers in near term, though underlying operating earnings remain broadly comparable 
** Forecasts co's equity mutual fund assets under management to grow at CAGR of 16% over FY26-29E 
** Sees co's PAT growing at 13% CAGR over the same period
** Shares of co down 16.8% since its listing on July 21

 (Reporting by Mridula Kumar in Bengaluru)
 ((Mridula.Kumar@thomsonreuters.com;))