SBI Funds shares fall 3%, but brokerages scream 'Buy' with target price up to Rs 750

SBI Funds Management shares fell 3% post-listing despite a market capitalisation of around Rs 1.24 lakh crore, settling at a more moderate gain than the 16-18% grey market premium. Brokerages remain bullish — Emkay Global initiated coverage with a Buy rating and Rs 750 target (31% upside from the Rs 574 IPO price), while Equirus Securities assigned a Long rating with a March 2027 target of Rs 675 (about 18% upside). Analysts cite SBI's distribution strength, rising mutual fund penetration in India, and a projected 17% EBITDA CAGR between FY26 and FY29 as key growth drivers.