Solid Q1 execution, SIP resilience masks Q2 headwinds

Delivered ₹1,152.7 Cr—aligned within 0.3%

Delivered ₹880.3 Cr—0.8% higher, QoQ figure not verified

1,152.7 implied comparable ≈ 1,000 Cr, consistent with claim

Actual NM 76.3% (880.3/1152.7), driven by equity/hybrid asset mix shift, not cost cuts

March-June flows described as 'slightly flattish' but ₹4,000 Cr maintained

Passive QAAUM stayed ₹4T but as % of total fell; equity/hybrid now outperform. Yield +2bps. Structural shift towards higher-margin products; trend to continue.

Q1 SIP AUM +15% YoY, flows +14% to ₹4,000 Cr/month. But March-June described as 'flattish' due to market volatility and geopolitical headwinds. Prior quarter had stronger momentum.

AIF AUM jumped 29% YoY to ₹6,800 Cr. PMS, advisory, offshore combined ₹16.5 Tr. New hiring underway; Q2 product launches planned. Strategic focus area post-IPO.

Base expense ratio transition and exit load removal could have cut margins. Instead, mgmt passed cuts to distributors calibrated (70-80% business tied to %TER, automatic flow-through). Result: net neutral to slightly positive.

12 crore YONO customers in reach; 15,700 NISM-certified bank staff; 98.2% pin code coverage via SBI. YONO 2.0 launched Dec-Jan 2026; 2.5L IPO users sourced directly. Two-way compatibility enabled (SIP creation direct from YONO app). KYC 2.0 coming; will expand further.

Early-stage; AIF AUM ₹5.3 Cr to ₹6.8 Cr in one year (+29% YoY). Small vs overall but 'huge ambition.' Resources hired; Q2 new product launch. Focus area for investment and updates ahead.

Cost discipline via digitization (94% digital transactions). Strong YoY and QoQ management. Opex will focus on tech and talent quality; no specific guidance given (silent period). Distribution and process optimization key drivers.

Successfully navigated; 70-80% of business linked to % TER so flows automatically adjust. Operating profit still grew 17% YoY. Result net neutral or slightly positive; no negative impact from April onwards. Confident continuity.

Lead with 25% B30 market share; 65% of ₹4,000 Cr SIP flow (₹2,500 Cr) from B30. SBI distribution network strength there; enlarged IFA network in B30. Long-term investor awareness campaigns; 1.7M new SIP additions Q1 mostly from B30.

Margin expansion NOT from TER cuts (net neutral). Driven by asset mix: concentration on passive (low-yield ~2bps) down; equity/hybrid (higher yield) up. Yield +2bps overall. Sustained trend as mix continues to shift. Efficiencies also contributed.

Equity ~62bps; Arbitrage ~30bps (vs liquid ~11bps); Gold/Silver ETF ~44-45bps. Shift from liquid to arbitrage significant. High-margin gold ETF growth also contributed. Overall mix positive for yields.

~90-92% from mutual fund; 8% from PMS/advisory/international. Both sides being grown but alternate currently low-remunerative. Focus on high-margin AIF and PMS products forward.

1.7M fresh SIPs added Q1 (very strong). Live SIPs 16M. Monthly ₹4,000 Cr flows maintained despite flattish trend March-June due to volatility/geopolitical conditions. SIP story resilient long-term despite near-term chop.

Clarification: SBI contributes 20% of overall AUM via distribution; 35% of active equity AUM (passive/institutional excluded). 58% is direct channel, not SBI. Color issue in slide interpretation.

Out of ₹4,000 Cr monthly SIPs: ~₹1,300 Cr from SBI (33%), ₹2,700 Cr from direct/other (67%). Target: keep at 35/65 using digital tools. Same ratio as equity AUM mix.

Positive: SIP/AUM growth (15% AUM YoY, 14% flows, 1.6M new SIPs). Built strong franchise showing resilience in volatility. Negative: Silent period prevents detail but implied Q2 caution from June softness.

Silent period post-IPO result; no guidance given. Historical 17% YoY operating profit growth noted as reference. Cannot provide forward QAAUM guide now.

New labour code implementation adjustments in Q1. Training expenses in Q2/Q3. No change to employee benefits. Cost management continues; improvement in cost-to-income ratio ongoing.

Board-approved policy, internal implementation. Details not provided in forum; available one-to-one post-call per disclosure timelines. Flagged as in-line with industry/SEBI guidelines.

Flow share continues in double digits despite volatility. Positioned as 'house of hybrids' so hybrid funds get higher share in volatile times. Overall flow and AUM share aligned at ~11-12% for equity/hybrid. Mark-to-market also improved.

Not published; internal data. May be disclosed publicly in future once available for all.

Yes, more selective with higher margins than equity. Partnerships structured collaboratively. Regulations also more favorable. Overall more attractive than equity business.

Very bullish. Right step that increases player count. Will be leader in category. Want to scale big. Double benefit: launch PMS products with MF embedded; expect MF in PMS portfolios.

Consistent track record (special dividend paid prior year). Dividend policy now uploaded publicly. Will pay per policy pending board/AGM approvals. Clear guidance once available.

Mark-to-market impact on internal portfolio. Large asset mgr has portfolio holdings; MTM impact muted Q1 other income. Accounting, not operational issue.

Post-IPO quiet period prevents guidance. Can only reference 15% Q1 growth and prior 21% 3-year CAGR in active AUM growth.

TER cuts and exit load removal navigated; asset mix (equity/hybrid up) supports margin resilience. Stated intent: 'continue to manage regulatory changes prudently to preserve long-term margin resilience.'

SIP flows went flattish March-June amid market volatility. Industry SIP flows also flat per analyst comments. Near-term caution warranted; SIP resilience story depends on sustained equity rally.

SBI contributes 20% of overall AUM and 33% of SIP flows. If SBI prioritizes own mutual fund business or shifts strategy, significant revenue risk. YONO integration recent (Dec-Jan 2026) so scaling still early.

Base expense ratio transition and exit load removal already implemented April 2026. While navigated this quarter (70-80% business on % TER), further regulatory cuts possible. Asset mix shift to high-yield equity not guaranteed forever.

Mgmt cited 'tight short-term liquidity' as reason for debt asset moderation. Institutional redemptions in debt cited. If liquidity crisis deepens, could trigger broader fund outflows.

AIF AUM ₹6.8 Cr (+29% YoY) still tiny vs ₹12.6 Tr MF base. Ambitions high ('huge ambitions,' Q2 launch) but track record just started (₹5.3 to ₹6.8 Cr in one year). Hiring underway but execution risk.