The firm’s unlisted shares have more than doubled since early February, climbing to ₹17,900 apiece as of 25 September. Analysts say the surge stems from a combination of robust earnings and a limited supply of shares.
According to its annual report, the asset manager posted a 52% increase in profit after tax to ₹246 crore in FY25. Its revenues were ₹428 crore in FY25, up 50% from the previous fiscal. Between FY24 and FY25, its assets under management grew 1.5 times to ₹1.06 trillion. The company has a market share of 1.4% in the total assets under management for the mutual fund industry.
The company has delivered strong financial growth in the last five years: revenues have compounded at about 87% annually over the past five years, while profits have grown at a 132% compound annual growth rate (CAGR), said the research team at Incred Money, a platform to buy unlisted shares.
Such blistering growth has created strong demand for the stock in the unlisted market. Only about 760,000 PPFAS shares are tradeable compared with 66 crore for its peer SBI Funds Management, according to annual reports and data from InCred Money and Unlisted Zone a platform to buy unlisted unlisted shares.
While the exact number of tradeable shares in the unlisted space cannot be determined, the calculation is generally based on non-promoter holdings, since promoters typically do not offload their shares.
Unlike listed shares, unlisted shares are not traded on stock exchanges. These transactions happen over the counter via specialized brokers, wealth managers, or online platforms.
“With limited supply of PPFAS shares and strong business fundamentals, demand has remained consistently high—driving the sharp surge in its stock price,” said Manan Doshi, co-founder of unlisted share trading platform Unlisted Arena.
This marks a shift in how asset managers are being viewed—no longer just as vehicles to generate returns on the funds they manage, but also as businesses capable of rewarding shareholders.
Brand perception is another tailwind. The PPFAS Flexicap Fund, its flagship product, has delivered consistent growth, a 19.14% CAGR over the past decade, according to Value Research. This has helped cement credibility and visibility in a crowded market.
PPFAS vs SBI Mutual Fund
Although much smaller than India’s largest asset management company, SBI Mutual Fund, a comparison is inevitable. Among asset management companies, SBI Funds Management—the company behind SBI Mutual Fund—is the only other company besides PPFAS whose shares are traded in the unlisted space.
SBI Funds Management has a market capitalisation of ₹1.4 trillion, while PPFAS has a market capitalisation of ₹13,419 crore, as per data from Incred Money. The assets under management of SBI MF is much higher at ₹10.72 trillion versus PPFAS, which had assets worth ₹1.06 trillion, as of March 2025.
SBI Mutual Fund posted a 23% increase in profit after tax to ₹2,531 crore in FY25, per its annual report. Shares of SBI Funds Management have risen 1.5% since February.
Doshi of Unlisted Arena said the runway for growth for PPFAS will be much higher than SBI Funds Management as the latter is in a “mature stage”.
One new growth lever is the retail mutual fund schemes from GIFT City, where PPFAS has secured a license but is yet to launch products.
Broader trend
The enthusiasm reflects a wider investor hunt in the unlisted space. “Over the past year, quality unlisted stocks have rallied sharply as investors have seen lower allotments at the time of IPOs due to oversubscriptions,” said Manick Wadhwa, director at SKI Capital. “They are seeing moderate but steady gains post-listing.”
Investors are chasing unlisted names that could eventually list, leading to the run in quality unlisted stocks like PPFAS.
Participation by retail investors in SME IPOs, has increased from an average of 408 in FY20 to 170,069 in FY25, said Pranav Haldea managing director of Prime Database Group.
That said, investors have also burnt their fingers trying to make hay by betting on unlisted shares of companies on the verge of going public.
Mint reported on 24 September how late entrants into NSE’s unlisted shares have been singed by a steep correction in its stock price over the past two weeks, compounding losses since July’s record highs. The fall has hurt retail shareholders the most, whose numbers quadrupled in the three months through June.
