The number
The mutual fund industry's average assets under management rose 15.26% in a year: from ₹72,13,747 crore in April–June 2025 to ₹83,14,467 crore in April–June 2026. Over the last quarter alone, from January–March 2026, the rise was 1.97%.
These are AMFI's quarterly average AUM (AAUM) figures for each house, excluding domestic fund-of-funds. April–June 2026 is the latest complete quarter: on 1 October only one house had a July–September figure on file.
A 15% industry means a house has to grow faster than 15% just to hold its share.
Fastest growth in percentage terms
Small houses can double from a small base, so this table covers houses that managed at least ₹10,000 crore in April–June 2026 and had a figure a year earlier.
| Fund house | Apr–Jun 2025 (₹ crore) | Apr–Jun 2026 (₹ crore) | Growth |
|---|---|---|---|
| Helios | 4,131 | 11,103 | 168.8% |
| Zerodha | 6,292 | 15,373 | 144.3% |
| WhiteOak Capital | 20,286 | 37,392 | 84.3% |
| PPFAS | 1,16,146 | 1,60,807 | 38.5% |
| Bajaj Finserv | 24,110 | 33,027 | 37.0% |
| Motilal Oswal | 1,04,258 | 1,42,530 | 36.7% |
| Union | 21,101 | 28,098 | 33.2% |
| LIC | 38,713 | 49,535 | 28.0% |
| Invesco | 1,16,460 | 1,46,009 | 25.4% |
| Bank of India | 12,458 | 15,446 | 24.0% |
PPFAS and Motilal Oswal stand out because they did it at scale: both were already above ₹1 lakh crore a year ago and still grew by more than a third.
Below ₹10,000 crore the percentages get larger still. Angel One grew from ₹197 crore to ₹565 crore (186.8%), Groww from ₹1,936 crore to ₹5,106 crore (163.7%), and Old Bridge and Unifi more than doubled.
Two newer houses have no year-ago figure. Jio BlackRock's first quarter on record, July–September 2025, averaged ₹12,890 crore; by April–June 2026 it was ₹17,979 crore. Abakkus went from ₹91 crore in October–December 2025 to ₹5,580 crore.
Most rupees added
Percentages flatter the small. In rupees, the biggest houses added the most:
| Fund house | Added in a year (₹ crore) | Growth | Share change |
|---|---|---|---|
| ICICI Prudential | 1,70,297 | 18.0% | +0.32 pts |
| Nippon India | 1,38,795 | 22.7% | +0.54 pts |
| SBI | 1,17,258 | 10.3% | −0.68 pts |
| HDFC | 1,06,500 | 12.9% | −0.24 pts |
| Kotak Mahindra | 71,114 | 13.7% | −0.10 pts |
Nippon India gained more market share than any other house, 0.54 percentage points. SBI added more than ₹1 lakh crore and still lost the most share, because 10.3% growth trails a 15.3% industry.
Who lost share
Every one of these houses grew. They lost share by growing more slowly than the industry:
- SBI: −0.68 points, growth 10.3%
- Aditya Birla Sun Life: −0.45 points, growth 6.0%
- UTI: −0.28 points, growth 8.8%
- HDFC: −0.24 points, growth 12.9%
- Axis: −0.21 points, growth 10.0%
- quant: −0.15 points, growth 1.8%
quant's year is a quarter-by-quarter story. Its AAUM went from ₹96,110 crore in October–December 2025 down to ₹88,363 crore in January–March 2026, then back up to ₹95,314 crore, a 7.9% rise in the latest quarter.
The latest quarter also had shrinkers. Aditya Birla Sun Life's AAUM fell 1.9% from January–March, and Baroda BNP Paribas's fell 2.7%.
What this does not tell you
Growth mixes two things. AAUM rises when investors put money in and when the market lifts what is already invested. These figures cannot separate the two, so a house heavy in equity funds grows faster in a rising market without winning a single new investor.
It is an average over a quarter. A house that launched a large new fund late in the quarter shows only part of it.
Growth is not a recommendation. A fast-growing house is not a better one, and money flowing in says nothing about the returns that follow it.
Where to go from here
The fund house directory shows every house's latest figures. For the full league table and how concentrated the industry is, read the largest fund houses by AUM. PPFAS Mutual Fund's page shows a house that grew at scale with just eight live schemes, and this month's new fund offers show where the houses are launching next.
Frequently asked questions
How fast did the Indian mutual fund industry grow in the last year?
Average assets under management rose from ₹72,13,747 crore in April–June 2025 to ₹83,14,467 crore in April–June 2026, a rise of 15.26%. Quarter on quarter, from January–March 2026, the rise was 1.97%.
Which fund house grew fastest?
Among houses managing at least ₹10,000 crore, Helios Mutual Fund grew fastest, by 168.8% to ₹11,103 crore, followed by Zerodha (144.3%, to ₹15,373 crore) and WhiteOak Capital (84.3%, to ₹37,392 crore). In rupees, ICICI Prudential added the most: ₹1,70,297 crore.
Which fund houses lost market share?
SBI's share of industry AAUM fell 0.68 percentage points over the year, Aditya Birla Sun Life's 0.45 and UTI's 0.28. All three still grew; they grew more slowly than the industry's 15.26%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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