The number
India's mutual fund houses managed an average of ₹87,21,848 crore in July–September 2026, or ₹87.22 lakh crore. That is the quarterly average AUM that AMFI publishes, excluding domestic fund-of-funds so that money held in one scheme through another is not counted twice. Fund-of-funds added another ₹2.29 lakh crore on top of that, which this post leaves out.
The figure is 4.9% above April–June 2026 and 13.1% above July–September 2025. Fifty-five houses reported a figure, up from 51 in the previous quarter. Two more houses are listed without a figure.
The top twenty
| Rank | Fund house | AAUM (₹ crore) | Share | Change on quarter | Change on year |
|---|---|---|---|---|---|
| 1 | SBI | 13,09,607 | 15.02% | +4.2% | +9.2% |
| 2 | ICICI Prudential | 11,55,871 | 13.25% | +3.7% | +13.9% |
| 3 | HDFC | 9,69,076 | 11.11% | +3.6% | +9.9% |
| 4 | Nippon India | 7,87,053 | 9.02% | +4.7% | +19.9% |
| 5 | Kotak Mahindra | 6,14,116 | 7.04% | +4.0% | +10.5% |
| 6 | Aditya Birla Sun Life | 4,41,787 | 5.07% | +3.3% | +3.9% |
| 7 | UTI | 4,02,337 | 4.61% | +2.5% | +6.3% |
| 8 | Axis | 3,82,966 | 4.39% | +3.8% | +9.0% |
| 9 | DSP | 2,44,022 | 2.80% | +6.2% | +15.6% |
| 10 | Mirae Asset | 2,37,421 | 2.72% | +5.5% | +12.8% |
| 11 | Tata | 2,36,199 | 2.71% | +3.4% | +8.9% |
| 12 | Bandhan | 2,17,749 | 2.50% | +6.7% | +16.8% |
| 13 | Edelweiss | 1,77,099 | 2.03% | +3.6% | +13.1% |
| 14 | PPFAS | 1,69,069 | 1.94% | +5.1% | +27.9% |
| 15 | Invesco | 1,64,687 | 1.89% | +12.8% | +28.4% |
| 16 | Motilal Oswal | 1,58,858 | 1.82% | +11.5% | +30.7% |
| 17 | HSBC | 1,56,995 | 1.80% | +9.8% | +15.7% |
| 18 | Franklin Templeton | 1,32,776 | 1.52% | +5.4% | +8.6% |
| 19 | Canara Robeco | 1,24,404 | 1.43% | +4.8% | +3.9% |
| 20 | quant | 1,04,274 | 1.20% | +9.4% | +8.3% |
What moved
The first nine places are the same as in April–June. Two pairs lower down changed places. Mirae Asset passed Tata for 10th, helped by a 5.5% quarter against Tata's 3.4%; the gap between them is now ₹1,222 crore, so this one could swap back. Motilal Oswal passed HSBC for 16th after growing 11.5% in a quarter, and Invesco, at 12.8%, grew faster than any house in the top twenty.
The big four did not stand still either. SBI, ICICI Prudential, HDFC and Nippon India together added ₹1.63 lakh crore in the quarter, which is 40% of the ₹4.07 lakh crore the whole industry added. Nippon India is the one to watch: its 19.9% year-on-year growth is roughly double SBI's 9.2% and HDFC's 9.9%.
The slow end of the top twenty
Aditya Birla Sun Life (3.9% in a year) and Canara Robeco (3.9%) grew the least among the top twenty, with UTI at 6.3%. Against an industry that grew 13.1%, all three lost share. These are year-on-year averages and reflect market movements as well as inflows, so a slow figure here is not by itself a statement about net sales.
Concentration has barely moved
| Quarter | Industry AAUM (₹ crore) | Houses | Top 5 share | Top 10 share |
|---|---|---|---|---|
| Jul–Sep 2016 | 16,10,729 | 41 | 56.7% | 80.2% |
| Jul–Sep 2021 | 36,19,643 | 42 | 56.2% | 82.3% |
| Jul–Sep 2024 | 66,22,315 | 44 | 56.1% | 77.5% |
| Jul–Sep 2025 | 77,14,204 | 48 | 55.8% | 76.4% |
| Jul–Sep 2026 | 87,21,848 | 55 | 55.4% | 75.0% |
The industry is 5.4 times its size ten years ago and 2.4 times its size five years ago. The top five hold 55.4%, 1.3 points less than in 2016. The top ten have given up more, from 80.2% to 75.0%, so growth has gone to houses below tenth place rather than to challengers inside the top five.
The very young end
Four houses reported a first figure this quarter, having been listed as not applicable in April–June: ASK (₹104 crore), AlphaGrep (₹90 crore), Monarch (₹26 crore) and Lakshya (₹2 crore). Among houses with a year of history, Zerodha grew 131% to ₹16,821 crore, Groww 159% to ₹6,571 crore and Jio BlackRock 74% to ₹22,467 crore. In each case a small base does most of the work; the three together manage 0.5% of the industry.
For the fund-level view see the largest equity funds, and for what sits behind each house's total, the profiles of SBI, ICICI Prudential and HDFC. AUM is not performance; the screener ranks the funds themselves.
Frequently asked questions
How much did Indian mutual funds manage in July–September 2026?
An average of ₹87,21,848 crore (₹87.22 lakh crore) across 55 fund houses, excluding domestic fund-of-funds. That is 4.9% more than the April–June 2026 quarter (₹83,14,467 crore) and 13.1% more than July–September 2025 (₹77,14,204 crore).
Which fund house is the largest?
SBI Mutual Fund, at ₹13,09,607 crore or 15.02% of the industry. ICICI Prudential was second at ₹11,55,871 crore and HDFC third at ₹9,69,076 crore.
Did the ranking change since April–June?
Within the top twenty, two pairs swapped. Mirae Asset (₹2,37,421 crore) moved ahead of Tata (₹2,36,199 crore) into 10th place, and Motilal Oswal (₹1,58,858 crore) moved ahead of HSBC (₹1,56,995 crore) into 16th. The first nine places did not change.
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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