A flat quarter, uneven underneath
The mutual fund industry's average assets rose only 0.65% from October–December 2025 to January–March 2026, from ₹81,00,941 crore to ₹81,53,966 crore. Inside that near-standstill, the houses went in very different directions: 22 of the 51 had a lower average than the quarter before, and a handful grew by double digits.
These are AMFI's quarterly average AUM (AAUM) figures for each house, excluding domestic fund-of-funds. With the industry almost flat, a house's growth is close to its gain in market share.
Fastest growth this quarter
Small houses can double from a small base, so the table covers houses that averaged at least ₹10,000 crore in January–March 2026.
| Fund house | Oct–Dec 2025 (₹ crore) | Jan–Mar 2026 (₹ crore) | Growth |
|---|---|---|---|
| Zerodha | 9,606 | 13,793 | 43.6% |
| Jio BlackRock | 13,757 | 16,712 | 21.5% |
| WhiteOak Capital | 29,798 | 33,024 | 10.8% |
| LIC | 44,383 | 46,461 | 4.7% |
| PPFAS | 1,45,939 | 1,52,328 | 4.4% |
| Nippon India | 7,00,958 | 7,24,965 | 3.4% |
| Baroda BNP Paribas | 53,144 | 54,608 | 2.8% |
| ICICI Prudential | 10,76,380 | 11,03,751 | 2.5% |
Zerodha crossed ₹10,000 crore in the quarter. Among the very large, Nippon India and ICICI Prudential stand out: they added ₹24,007 crore and ₹27,371 crore, more than any other house, and together gained about half a percentage point of market share.
Below ₹10,000 crore the percentages are larger. Abakkus went from ₹91 crore to ₹3,129 crore in its second quarter with a figure, Capitalmind roughly doubled to ₹472 crore, and Helios and Groww grew 26.9% and 24.9%, to ₹9,401 crore and ₹4,181 crore.
Who shrank
Among houses above ₹10,000 crore, the largest falls in rupees were:
- quant: down ₹7,748 crore (8.1%), from ₹96,110 crore to ₹88,363 crore
- Aditya Birla Sun Life: down ₹7,367 crore (1.7%)
- UTI: down ₹5,339 crore (1.4%)
- Canara Robeco: down ₹4,771 crore (3.9%)
- Franklin Templeton: down ₹3,141 crore (2.5%)
SBI, the largest house, slipped ₹785 crore, a 0.1% fall.
These are averages, and the market fell under them. The Nifty 500's average close in January–March was 3.27% below its October–December average, so a house whose money is mostly in equity funds could shrink without a single redemption.
Over the full year
The year from January–March 2025 tells a different story: the industry grew 20.94%, from ₹67,42,261 crore. Only four of the 46 houses with a figure in both quarters shrank.
| Fund house | Jan–Mar 2025 (₹ crore) | Jan–Mar 2026 (₹ crore) | Growth |
|---|---|---|---|
| Zerodha | 4,855 | 13,793 | 184.1% |
| WhiteOak Capital | 16,607 | 33,024 | 98.9% |
| Bajaj Finserv | 20,133 | 30,627 | 52.1% |
| PPFAS | 1,01,700 | 1,52,328 | 49.8% |
| Motilal Oswal | 92,988 | 1,31,742 | 41.7% |
| Invesco | 1,06,581 | 1,40,648 | 32.0% |
| Union | 19,953 | 26,194 | 31.3% |
| Nippon India | 5,57,199 | 7,24,965 | 30.1% |
PPFAS and Motilal Oswal grew by 40–50% from bases near ₹1 lakh crore. Motilal Oswal's last quarter went the other way, though: down 1.7%.
In rupees, the big three led. ICICI Prudential added ₹2,24,339 crore, SBI ₹1,75,054 crore and Nippon India ₹1,67,766 crore. SBI still lost the most market share, 0.61 percentage points, because its 16.3% growth trailed the industry's 20.9%. Nippon India gained the most, 0.63 points.
Five houses that now report a figure had none a year earlier: Jio BlackRock (₹16,712 crore this quarter), Abakkus, The Wealth Company, Capitalmind and Choice.
What this does not tell you
Growth mixes inflows with market moves. AAUM rises when investors add money and when markets lift what is already invested, and these figures cannot tell the two apart.
Quarter averages lag. A house that launched a large fund late in March shows only a few days of it.
Growth is not a recommendation. Money flowing into a house says nothing about the returns that follow.
Where to go from here
For the full league table and how concentrated the industry is, read the largest fund houses in January–March 2026. The pages for Zerodha Mutual Fund and PPFAS Mutual Fund show two houses that grew fast from very different sizes, and the new funds of March 2026 show where houses were launching.
Frequently asked questions
Which mutual fund house grew fastest in January–March 2026?
Among houses managing at least ₹10,000 crore, Zerodha Mutual Fund grew fastest: its average AUM rose 43.6%, from ₹9,606 crore in October–December 2025 to ₹13,793 crore in January–March 2026. Jio BlackRock (21.5%) and WhiteOak Capital (10.8%) followed.
Which fund houses grew most over the year to March 2026?
In rupees, ICICI Prudential added ₹2,24,339 crore of average AUM between January–March 2025 and January–March 2026, followed by SBI (₹1,75,054 crore) and Nippon India (₹1,67,766 crore). Nippon India gained the most market share, 0.63 percentage points.
Did any fund houses shrink in January–March 2026?
Yes, 22 of the 51 houses with a figure had a lower average AUM than in October–December 2025. The largest fall in rupees was quant Mutual Fund's, ₹7,748 crore or 8.1%, followed by Aditya Birla Sun Life (₹7,367 crore, 1.7%).
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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