“Initiated coverage on SBI Funds Management with a Buy rating and a price target of ₹710, implying a 26% upside from the previous closing price of ₹563.50. The target is based on 40 times estimated OPAT for September 2028, aligning with HDFC AMC's multiple due to similar earnings growth profiles. Expects operating profit to grow at a 15% CAGR through FY29, supported by an 18% CAGR in mutual fund assets and operating leverage, driven by SBI's distribution network and B30 market presence. Key risks include changes in expense-ratio regulations and a sustained decline in equity-flow market share.”

Jefferies Analysis’s track record: 3 graded calls · 95% CI 44–100%