The industry grew 2.4 times
In July–September 2021, AMFI's average assets under management, leaving out domestic fund-of-funds, came to ₹36,19,643 crore across 42 fund houses. In July–September 2026 the figure was ₹87,21,848 crore across 55. That is 2.41 times in five years. A house that merely grew at that rate kept its share; any house that grew faster gained one.
The league table below compares the two quarters. Share is each house's slice of the industry's assets.
| House | Rank 2021 | Rank 2026 | Assets 2021 (₹ crore) | Assets 2026 (₹ crore) | Multiple |
|---|---|---|---|---|---|
| quant | 30 | 20 | 3,301 | 1,04,274 | 31.6× |
| HSBC | 24 | 17 | 10,858 | 1,56,995 | 14.5× |
| PPFAS | 21 | 14 | 15,943 | 1,69,069 | 10.6× |
| Motilal Oswal | 19 | 16 | 30,012 | 1,58,858 | 5.3× |
| Nippon India | 6 | 4 | 2,65,459 | 7,87,053 | 3.0× |
| Tata | 13 | 11 | 77,010 | 2,36,199 | 3.1× |
| Mirae Asset | 11 | 10 | 90,690 | 2,37,421 | 2.6× |
| Edelweiss | 15 | 13 | 61,282 | 1,77,099 | 2.9× |
| SBI | 1 | 1 | 5,78,166 | 13,09,607 | 2.3× |
| ICICI Prudential | 2 | 2 | 4,47,118 | 11,55,871 | 2.6× |
| HDFC | 3 | 3 | 4,38,926 | 9,69,076 | 2.2× |
| Kotak Mahindra | 5 | 5 | 2,69,234 | 6,14,116 | 2.3× |
| UTI | 8 | 7 | 2,08,971 | 4,02,337 | 1.9× |
| DSP | 10 | 9 | 1,07,180 | 2,44,022 | 2.3× |
| Axis | 7 | 8 | 2,38,177 | 3,82,966 | 1.6× |
| Aditya Birla Sun Life | 4 | 6 | 3,00,289 | 4,41,787 | 1.5× |
| Bandhan | 9 | 12 | 1,26,357 | 2,17,749 | 1.7× |
| Franklin Templeton | 14 | 18 | 63,345 | 1,32,776 | 2.1× |
| Canara Robeco | 17 | 19 | 39,344 | 1,24,404 | 3.2× |
| Sundaram | 18 | 21 | 33,377 | 82,522 | 2.5× |
| LIC | 20 | 23 | 18,040 | 50,035 | 2.8× |
The risers
quant went from the 30th-largest house to the 20th, multiplying its assets 31 times from a small base of ₹3,301 crore. Our profile of the quant funds looks at how their funds have performed. HSBC and PPFAS each rose seven places: HSBC has grown 14.5 times, and PPFAS 10.6 times to ₹1,69,069 crore, which puts it 14th, ahead of Invesco and Motilal Oswal (see PPFAS by the numbers).
Motilal Oswal gained three places and multiplied its assets 5.3 times; see our Motilal Oswal profile. Nippon India is the one mover at the top: it grew three times, against 1.5 times for Aditya Birla Sun Life, and swapped places with it to take 4th.
The top: unchanged except for one swap
SBI, ICICI Prudential and HDFC were 1st, 2nd and 3rd in 2021 and still are. Kotak is 5th in both. The only change in the top eight is the one above, as Nippon India moved up from 6th to 4th and Aditya Birla Sun Life, 4th in 2021, moved down to 6th. SBI's share of the industry slipped from 16.0% to 15.0%; ICICI Prudential's rose from 12.4% to 13.3%; HDFC's slipped from 12.1% to 11.1%.
The fallers
Aditya Birla Sun Life grew only 1.5 times, the slowest of the top 21 shown, and Axis 1.6 times. Bandhan grew 1.7 times and fell from 9th to 12th. Franklin Templeton and Sundaram each fell three or four places in spite of growth of 2.1 and 2.5 times; our profiles of Franklin Templeton and Sundaram give the detail.
What the numbers do not tell you
Assets are not returns. A house can grow because its funds did well, because investors chose it, or because its debt book swelled with corporate cash. The table cannot separate them.
Market moves count. A house with more equity than debt is more exposed to the level of share prices on the two dates being compared, in both directions.
New houses change ranks. The industry went from 42 houses to 55, so a house can slip a place without shrinking relative to anyone it used to be ahead of.
None of this is a recommendation to buy or sell any fund.
Frequently asked questions
Which fund houses climbed most since 2021?
Among houses in the top 32 in July–September 2021, quant rose from 30th to 20th, HSBC from 24th to 17th and PPFAS from 21st to 14th, on AMFI's quarterly average AUM excluding domestic fund-of-funds. Motilal Oswal rose from 19th to 16th.
Which fund houses fell furthest?
Aditya Birla Sun Life went from 4th to 6th, Bandhan from 9th to 12th, Franklin Templeton from 14th to 18th and Sundaram from 18th to 21st. Each still grew in rupees; they grew more slowly than the industry's 2.4 times.
Did the top five change?
Four of them did not move: SBI, ICICI Prudential and HDFC were 1st, 2nd and 3rd in both periods, and Kotak 5th. Nippon India rose from 6th to 4th and replaced Aditya Birla Sun Life.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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