Where the money sits
India's mutual fund houses managed an average of ₹81,53,966 crore (₹81.54 lakh crore) in January–March 2026. The largest, SBI Mutual Fund, averaged ₹12,48,003 crore, or 15.31% of it.
These are AMFI's quarterly average assets under management (AAUM) for each house, excluding domestic fund-of-funds so that money held through one scheme in another is not counted twice. Fifty-one houses had a figure for the quarter; Lakshya Mutual Fund was listed without one.
The quarter itself was flat. Industry AAUM rose just 0.65% from October–December 2025's ₹81,00,941 crore. Over a full year, from January–March 2025, it rose 20.94%.
The top fifteen
| Rank | Fund house | AAUM (₹ crore) | Share | Cumulative | vs Oct–Dec |
|---|---|---|---|---|---|
| 1 | SBI | 12,48,003 | 15.31% | 15.3% | −0.1% |
| 2 | ICICI Prudential | 11,03,751 | 13.54% | 28.8% | +2.5% |
| 3 | HDFC | 9,27,451 | 11.37% | 40.2% | +0.3% |
| 4 | Nippon India | 7,24,965 | 8.89% | 49.1% | +3.4% |
| 5 | Kotak Mahindra | 5,80,950 | 7.12% | 56.2% | +1.3% |
| 6 | Aditya Birla Sun Life | 4,35,866 | 5.35% | 61.6% | −1.7% |
| 7 | UTI | 3,88,470 | 4.76% | 66.3% | −1.4% |
| 8 | Axis | 3,59,601 | 4.41% | 70.8% | −0.3% |
| 9 | Tata | 2,27,512 | 2.79% | 73.5% | +1.5% |
| 10 | DSP | 2,25,400 | 2.76% | 76.3% | +1.5% |
| 11 | Mirae Asset | 2,21,355 | 2.71% | 79.0% | −1.0% |
| 12 | Bandhan | 1,95,325 | 2.40% | 81.4% | −1.3% |
| 13 | Edelweiss | 1,65,670 | 2.03% | 83.4% | +0.9% |
| 14 | PPFAS | 1,52,328 | 1.87% | 85.3% | +4.4% |
| 15 | Invesco | 1,40,648 | 1.72% | 87.0% | +0.7% |
The order of the top nine is unchanged from October–December. The one swap is at tenth: DSP grew 1.5% while Mirae Asset shrank 1.0%, and DSP moved ahead by about ₹4,000 crore.
Of the fifteen, six had a lower average than in the previous quarter, SBI among them by a sliver. ICICI Prudential and Nippon India added the most, ₹27,371 crore and ₹24,007 crore, which narrowed the gap at the top: ICICI Prudential now trails SBI by ₹1,44,252 crore.
Why a flat quarter
An average over a quarter moves with two things: money coming in or going out, and the market value of what is already invested. These figures cannot separate the two, but the market side is visible. The Nifty 500's average close in January–March was 3.27% lower than in October–December (22,876.96 against 23,651.06). Equity holdings were worth less on an average day, and industry assets still edged up.
Five houses, more than half the money
The top five managed 56.2% of the industry's average assets, and the top ten 76.3%. Over ten years the first number has hardly moved:
| Quarter | Industry AAUM (₹ crore) | Houses | Top 5 share | Top 10 share |
|---|---|---|---|---|
| Jan–Mar 2016 | 13,53,539 | 40 | 55.7% | 79.6% |
| Jan–Mar 2021 | 32,09,523 | 42 | 57.0% | 82.8% |
| Jan–Mar 2025 | 67,42,261 | 46 | 55.9% | 76.9% |
| Jan–Mar 2026 | 81,53,966 | 51 | 56.2% | 76.3% |
The industry is six times the size it was in early 2016. The top ten's share has slipped since 2021, and houses ranked eleventh and below now hold 23.7% of the money.
The names have changed order more than identity. In January–March 2016 the top five were ICICI Prudential, HDFC, Nippon India, Aditya Birla Sun Life and SBI. Ten years on, SBI leads and Kotak Mahindra has replaced Aditya Birla Sun Life.
At the other end, 31 of the 51 houses each hold under 1% of the industry, 5.63% between them. The smallest, Choice Mutual Fund, averaged ₹69 crore.
What this does not tell you
Size is not skill. A large house is not a better manager, and none of its schemes is a better choice because of the house's size.
AAUM is an average, not a closing figure. It is the mean of the quarter's daily assets, so it differs from what a house held on 31 March.
Every kind of fund is in it. Liquid funds, ETFs and arbitrage funds count alongside equity funds. Fund-of-funds that invest in other domestic schemes are reported separately: they averaged a further ₹2,10,813 crore in the quarter, and ICICI Prudential alone ran ₹60,409 crore of them.
Where to go from here
The fund house directory lists every house and its schemes; SBI Mutual Fund's page is one example. The guide to AMCs, trustees, custodians and registrars explains what a fund house is. For the market behind the quarter, see the March 2026 market recap.
Frequently asked questions
Which mutual fund house was the largest in India in January–March 2026?
SBI Mutual Fund, with average assets under management of ₹12,48,003 crore in January–March 2026, 15.31% of the industry's ₹81,53,966 crore. ICICI Prudential was second at ₹11,03,751 crore and HDFC third at ₹9,27,451 crore.
How much did mutual fund AUM grow in January–March 2026?
Industry average AUM, excluding domestic fund-of-funds, rose 0.65% from ₹81,00,941 crore in October–December 2025 to ₹81,53,966 crore in January–March 2026. Over the year from January–March 2025 it rose 20.94%.
How concentrated is the mutual fund industry?
In January–March 2026 the five largest houses managed 56.2% of the industry's average assets and the ten largest 76.3%. Ten years earlier, in January–March 2016, the shares were 55.7% and 79.6%.
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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