Largest equity mutual funds in India by AUM, 2026

The number

India's largest actively managed equity fund is Parag Parikh Flexi Cap Fund. It averaged ₹1,40,660 crore of assets in April–June 2026, 1.69% of the entire mutual fund industry.

The figures are AMFI's scheme-wise average AUM (AAUM) for the quarter, the latest complete one. Each figure covers the whole scheme, all its plans and options together. "Equity" here means AMFI's equity scheme category: active diversified, sectoral and tax-saving funds. Index funds, ETFs and hybrid funds are left out.

The top fifteen

The links go to each fund's Direct Growth plan; the AAUM is the scheme's total.

Parag Parikh Flexi Cap is in a league of its own: 38% larger than the second fund. Only two active equity funds averaged more than ₹1 lakh crore, and they are the top two.

How concentrated the money is

The ten largest active equity funds held ₹7,70,307 crore between them, 9.26% of all the money in Indian mutual funds of every kind. The top fifteen held ₹10,01,793 crore, 12.05%.

Set that against how many equity funds exist: 612 live active equity schemes. For the 515 we could match to AMFI's quarterly figures, the median scheme averaged ₹1,579 crore. The largest is 89 times the median.

At least 71 equity schemes averaged more than ₹10,000 crore, and eleven, the first eleven in the table, more than ₹50,000 crore.

Whose funds they are

Seven fund houses share the fifteen places:

• Nippon India: four (Small Cap, Multi Cap, Large Cap, Growth Mid Cap)
• SBI: three (Large Cap, Contra, Focused)
• HDFC, ICICI Prudential and Kotak Mahindra: two each
• PPFAS and Mirae Asset: one each

By sub-category, large-cap, mid-cap and flexi-cap funds take three places each. Nippon India Small Cap is the only small-cap fund in the fifteen.

Bigger than any of them

The largest scheme of any kind is not an active fund at all. SBI Nifty 50 ETF averaged ₹2,06,968 crore in the quarter, about 1.5 times Parag Parikh Flexi Cap. SBI BSE Sensex ETF averaged ₹1,17,387 crore. Both track an index rather than pick stocks, which is why they are not in the table.

Hybrid funds are excluded above, though several would make the list: HDFC Balanced Advantage Fund (₹1,04,783 crore) would rank second.

What this does not tell you

Big is not better. A fund's size reflects years of inflows, distribution and past returns. It says nothing about future returns, and a very large fund in a small-cap or mid-cap category can find it harder to buy and sell its holdings without moving prices.

It is a quarterly average. AAUM is the average over April–June 2026, so a fund that grew or shrank sharply since then will look different today.

These are not recommendations. The table ranks size, and size alone.

Where to go from here

Every fund above links to its own page, with returns, risk and holdings. The screener can sort any category by size. For the fund houses behind these schemes, see the largest fund houses by AUM; for the other end of the scale, how many funds are under ₹100 crore. The guide to flexi cap vs multi cap funds explains the two largest categories here.

For what that money is invested in, see the stocks mutual funds own most.