Systematix AUM reaches ₹1,151 crore after 26% quarterly rise

Systematix Group’s assets under management (AUM) rose 26% quarter on quarter to ₹1,151 crore in the second quarter of fiscal year 2027 (Q2 FY27), from ₹910 crore, driven by a ₹200 crore increase in mutual-fund assets. Assets under custody reached ₹12,200 crore, headcount reached 38, and the group reported four new offices.

How did Systematix’s managed assets change in Q2 FY27?

Systematix’s AUM rose by ₹241 crore to ₹1,151 crore in Q2 FY27 from ₹910 crore in Q1 FY27, with mutual funds accounting for ₹200 crore of that increase. Portfolio management services (PMS) added ₹35 crore and alternative investment funds (AIFs) added ₹6 crore during the same quarter-on-quarter comparison.

Mutual-fund AUM increased from ₹603 crore to ₹803 crore, a 33% rise, and supplied about 83% of the ₹241 crore total AUM increase. Its share of Systematix’s reported AUM consequently rose from about 66% in Q1 FY27 to about 70% in Q2 FY27.

PMS was the second-largest contributor to the quarterly movement, rising from ₹188 crore to ₹223 crore, while AIF assets rose from ₹119 crore to ₹125 crore. The segment split shows that the overall increase was concentrated in mutual funds rather than spread evenly across the three reported managed-asset categories.

What fund activity supports Systematix’s AIF and PMS plans?

Systematix reported activity across Category I, Category II and Category III AIFs, as well as three PMS offerings, during Q2 FY27. The disclosed milestones included the first investment exit from the India SME Growth Fund, investor interest or commitments above ₹170 crore for the India Equity Opportunities Fund, and approval for the Systematix India Select Equity Fund.

The Category I India SME Growth Fund had completed seven investments and drawn down 65% of capital as of the presentation. It also reported two portfolio companies successfully listed and three portfolio companies filing draft red herring prospectuses (DRHPs).

For the Category II India Equity Opportunities Fund, Systematix reported investor interest or commitments of more than ₹170 crore against a targeted fund raise of ₹750 crore to ₹800 crore. The disclosed interest or commitment figure was below the stated target range, so the presentation did not establish the timing or eventual size of the fund raise.

The Category III Systematix India Select Equity Fund received approval from the Securities and Exchange Board of India (SEBI). Systematix also listed the Dynamic Investment Portfolio, Systematix Emerging Leaders PMS and Million to Billion PMS, and said it had deployed the first tranche in the two newly launched Million to Billion and Emerging Leaders schemes.

How much did Systematix’s custody assets and team grow?

Systematix’s assets under custody increased by ₹1,400 crore to ₹12,200 crore in Q2 FY27 from ₹10,800 crore in Q1 FY27. The presentation reports this measure separately from the ₹1,151 crore AUM total, and does not provide a reconciliation between the two measures.

Team strength increased by 13 people, or 52%, from 25 in Q1 FY27 to 38 in Q2 FY27. Systematix also reported four total new offices across Mumbai, Indore, Kolkata and Delhi during the expansion period.

The presentation linked its private-wealth buildout to senior talent acquisition, technology enablement and regulatory infrastructure. It did not disclose the cost of the 13-person increase or the four offices, but said these upfront investments had affected short-term profitability.

What do Systematix’s financial results show about the expansion?

Systematix reported consolidated total income from operations of ₹57.81 crore in Q2 FY27, compared with ₹56.26 crore in Q1 FY27 and ₹55.72 crore in Q2 FY26. Consolidated profit after tax was ₹13.13 crore in Q2 FY27, compared with a loss of ₹4.89 crore in Q1 FY27 and profit after tax of ₹14.48 crore in Q2 FY26.

Management said its private-wealth investments affected short-term profitability and were expected to support sustainable revenue growth. The stated investment areas were senior talent, technology and regulatory infrastructure, which coincide with the quarter’s reported headcount increase from 25 to 38 and four-office expansion.

On an adjusted basis, Systematix reported revenue from operations of ₹56.04 crore in Q2 FY27, compared with ₹28.02 crore in Q1 FY27 and ₹55.72 crore in Q2 FY26. The presentation stated that revenue from share trading was adjusted and shown as net profit or loss earned for this measure.

For the first half of FY27, consolidated total income from operations rose to ₹114.07 crore from ₹89.07 crore in the first half of FY26. However, profit after tax declined to ₹8.24 crore from ₹24.94 crore, while adjusted total income from operations declined to ₹84.06 crore from ₹89.07 crore.

How does Systematix’s wealth platform compare with other client businesses?

Systematix’s Q2 FY27 AUM of ₹1,151 crore was above the ₹658 crore AUM reported for its private client group (PCG) broking desk, but below the ₹12,200 crore of assets under custody. The presentation treats these as separate measures, so they should not be combined into one asset figure.

The PCG desk increased the number of broking clients to 95 in Q2 FY27 from 73 in Q1 FY27, while its broking AUM rose by ₹138 crore to ₹658 crore from ₹520 crore. That AUM increase was smaller than the ₹241 crore increase across Systematix’s PMS, AIF and mutual-fund AUM categories.

Within institutional equities, Systematix’s stock coverage increased to 330 in Q2 FY27 from 317 in Q1 FY27. Hard coverage was unchanged at 161 stocks, while soft coverage increased by 13 stocks to 169.

Systematix also reported 129 corporate-access interactions in Q2 FY27, including roadshows, one-to-one corporate meetings, expert calls, earnings calls and plant or distribution-centre visits. The presentation separately identified a 29 September Pulse Check and a 25 August Recycled Materials and Steel Infrastructure Conference.

Conclusion

Systematix’s Q2 FY27 figures show that its wealth-platform expansion combined a ₹241 crore AUM increase with a ₹1,400 crore rise in custody assets, a 13-person increase in team strength and four new offices. Mutual funds supplied ₹200 crore of the managed-asset increase, while PMS and AIF activity added smaller contributions and expanded the product pipeline.

The next disclosed milestones are progress toward the ₹750 crore to ₹800 crore target for the India Equity Opportunities Fund, further deployment in the Million to Billion and Emerging Leaders PMS schemes, and development of the SEBI-approved Category III Systematix India Select Equity Fund. Management’s stated private-wealth investment programme also remains relevant because it said those investments affected short-term profitability.