SBI Funds Management Ltd (SBIFML), jointly owned by the State Bank of India and France-based Amundi India Holding, has emerged as one of the most sought-after names in India’s unlisted share market.

In the last three years, its unlisted share price has jumped from Rs 900 in 2023 to Rs 2,651 in 2025. This near-threefold surge highlights strong investor confidence and reflects a business backed by robust fundamentals, rising profitability and exceptional capital efficiency.

Financial Growth Over the Last Three Years

SBIFML has demonstrated consistent growth across revenue and profitability.
Here is the consolidated financial performance:

Metric	FY 2023	FY 2024	FY 2025
Revenue (Rs crore)	2,412	3,426	4,236
Profit After Tax (Rs crore)	1,329	2,073	2,540

Revenue has grown at a 33% CAGR between FY23 and FY25, while profits have nearly doubled in two years. This reflects strong business scalability and disciplined cost management.

Revenue increased steadily year on year, driven by growing AUM, increased participation in equity markets and SBIFML’s dominant mutual fund presence. Profits surged by almost 90% over two years, showcasing operational leverage and efficiency.

Profitability and Efficiency Metrics

SBIFML operates one of the most efficient business models in India’s financial sector.

Metric	FY 2023	FY 2024	FY 2025
Return on Equity (ROE)	24.5%	28.7%	30.5%
Return on Total Assets (ROA)	26.3%	27.8%	28.9%
Net Profit Margin	55.1%	60.5%	59.8%
Debt-to-Equity Ratio	0.12	0.11	0.10

• The company maintains near-60% net profit margins, which is exceptionally strong for the asset management industry. 
• ROE increased to 30.5%, reflecting high earnings power and efficient capital deployment.
• Low leverage (Debt-to-Equity of 0.10) signals strong financial discipline and a resilient balance sheet.

Valuation (As per Unlisted Market)

SBIFML’s strong fundamentals have pushed its unlisted market valuation sharply higher.

Parameter	FY 2023	FY 2024	FY 2025
Unlisted Share Price (Rs)	900	1,800	2,651
Estimated Market Cap (Rs crore)	45,000	91,400	1,42,100
Price-to-Earnings (P/E)	34.0	44.1	55.9
Price-to-Book (P/B)	10.5	13.8	17.1

The steep valuation rise shows rising investor demand. However, a P/E of 55.9 times and P/B of 17.1 times reflect rich valuations, meaning investors have already priced in significant future growth and potential listing benefits.

Overall Assessment

SBIFML’s performance over the last three years paints a picture of a high-quality, fast-growing and extremely efficient asset management company.

Its strengths include:

• Strong revenue and profit growth
• Excellent return ratios
• Minimal leverage
• A scalable asset-light model
• Consistent improvement in operational efficiency

The surge in its SBI Mutual Fund unlisted share price is backed by real performance, not speculation.