The number
India's mutual fund houses managed an average of ₹83,14,467 crore (₹83.14 lakh crore) in the April–June 2026 quarter. The largest of them, SBI Mutual Fund, managed ₹12,57,352 crore, or 15.12% of the total.
These are AMFI's quarterly average AUM (AAUM) figures, excluding domestic fund-of-funds so that money invested in one scheme through another is not counted twice. AMFI listed 55 houses for the quarter; 51 had a figure, and four new ones (Monarch, ASK, AlphaGrep and Lakshya) were reported as not applicable.
April–June is the latest complete quarter. On 1 October 2026 only one house had a July–September figure on file.
The top fifteen
| Rank | Fund house | AAUM (₹ crore) | Share | Cumulative |
|---|---|---|---|---|
| 1 | SBI | 12,57,352 | 15.12% | 15.1% |
| 2 | ICICI Prudential | 11,14,544 | 13.40% | 28.5% |
| 3 | HDFC | 9,35,100 | 11.25% | 39.8% |
| 4 | Nippon India | 7,51,519 | 9.04% | 48.8% |
| 5 | Kotak Mahindra | 5,90,460 | 7.10% | 55.9% |
| 6 | Aditya Birla Sun Life | 4,27,675 | 5.14% | 61.1% |
| 7 | UTI | 3,92,691 | 4.72% | 65.8% |
| 8 | Axis | 3,69,030 | 4.44% | 70.2% |
| 9 | DSP | 2,29,802 | 2.76% | 73.0% |
| 10 | Tata | 2,28,538 | 2.75% | 75.7% |
| 11 | Mirae Asset | 2,24,952 | 2.71% | 78.4% |
| 12 | Bandhan | 2,04,046 | 2.45% | 80.9% |
| 13 | Edelweiss | 1,70,951 | 2.06% | 82.9% |
| 14 | PPFAS | 1,60,807 | 1.93% | 84.9% |
| 15 | Invesco | 1,46,009 | 1.76% | 86.6% |
The first four houses hold almost half the industry's money between them. Places nine to eleven are close: DSP, Tata and Mirae Asset are separated by under ₹5,000 crore.
Five houses, more than half the money
The top five managed 55.9% of the industry's average assets, and the top ten 75.7%. Against the industry's own history, the striking thing is how little that has changed:
| Quarter | Industry AAUM (₹ crore) | Houses | Top 5 share | Top 10 share |
|---|---|---|---|---|
| Apr–Jun 2016 | 14,41,026 | 40 | 57.0% | 80.6% |
| Apr–Jun 2021 | 33,16,788 | 42 | 56.6% | 82.7% |
| Apr–Jun 2025 | 72,13,747 | 46 | 56.1% | 76.8% |
| Apr–Jun 2026 | 83,14,467 | 51 | 55.9% | 75.7% |
The industry is 5.77 times the size it was ten years ago, and the top five's share is about one percentage point lower. The top ten have given up more ground, seven points since 2021. Almost all of that came from places six to ten, which means houses ranked eleventh and below have been growing faster than the bottom half of the top ten.
The names at the top have changed order rather than identity. In April–June 2016 the five largest were ICICI Prudential, HDFC, Nippon India, Aditya Birla Sun Life and SBI. Today SBI leads, and Kotak Mahindra has replaced Aditya Birla Sun Life.
The long tail
Thirty-one of the 51 houses with a figure each hold under 1% of the industry. Together they manage 5.8% of it.
At the bottom, the gap between the largest and the smallest is enormous. Choice Mutual Fund, the smallest house with a figure, averaged ₹83 crore over the quarter. SBI's average was about 15,000 times that.
What this does not tell you
Size is not quality. A large house is not a better manager of your money, and it does not make any one of its schemes a better choice. Size reflects distribution reach, history and brand as much as performance.
AAUM is an average. It is the average of the quarter's daily assets, not the figure on 30 June. A house whose assets rose through the quarter shows a lower AAUM than its quarter-end AUM.
It counts every kind of fund. Liquid funds, ETFs and arbitrage funds sit in these totals alongside equity funds. SBI's total includes its Nifty 50 ETF, which on its own averaged ₹2,06,968 crore in the quarter. A house strong in money-market funds can look much larger than its equity business.
Where to go from here
The fund house directory has every house's current table and its schemes; SBI Mutual Fund's page is one example. For which houses grew fastest over the year, see the fastest-growing fund houses in 2026, and for the schemes that hold the most equity money, the largest equity funds by AUM. The guide to AMCs, trustees, custodians and registrars explains what a fund house actually is.
For how many schemes those houses run between them, see how many mutual fund schemes there are.
Frequently asked questions
Which is the largest mutual fund house in India?
SBI Mutual Fund. Its average assets under management for April–June 2026 were ₹12,57,352 crore, 15.12% of the industry's ₹83,14,467 crore. ICICI Prudential was second at ₹11,14,544 crore and HDFC third at ₹9,35,100 crore.
How concentrated is the Indian mutual fund industry?
The five largest houses managed 55.9% of the industry's average assets in April–June 2026 and the ten largest 75.7%. That top-five share has barely moved in ten years: it was 57.0% in April–June 2016.
Why is this April–June and not July–September 2026?
AMFI publishes each quarter's figures some days after the quarter ends. On 1 October 2026 only one fund house had a July–September figure on file, so April–June 2026 is the latest complete quarter.
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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