The headline
AMFI publishes each fund house's average assets under management (AUM) every quarter. Adding up the 57 houses that reported for July to September 2026 gives ₹87.2 lakh crore, excluding fund-of-funds. A year earlier, for July to September 2025, the total was ₹77.1 lakh crore. That is an increase of 13.1%.
These are quarterly average figures, so they smooth out the market's daily moves. They are also assets, not flows: a rise can come from new money or from prices going up.
The twelve largest, a year apart
Amounts are in lakh crore rupees.
| Fund house | Jul–Sep 2026 | Jul–Sep 2025 | Change |
|---|---|---|---|
| SBI | 13.10 | 12.00 | +9.2% |
| ICICI Prudential | 11.56 | 10.15 | +13.9% |
| HDFC | 9.69 | 8.81 | +9.9% |
| Nippon India | 7.87 | 6.57 | +19.9% |
| Kotak Mahindra | 6.14 | 5.56 | +10.5% |
| Aditya Birla Sun Life | 4.42 | 4.25 | +3.9% |
| UTI | 4.02 | 3.78 | +6.3% |
| Axis | 3.83 | 3.51 | +9.0% |
| DSP | 2.44 | 2.11 | +15.6% |
| Mirae Asset | 2.37 | 2.10 | +12.8% |
| Tata | 2.36 | 2.17 | +8.9% |
| Bandhan | 2.18 | 1.86 | +16.8% |
Against an industry rise of 13.1%, four of the twelve grew faster: Nippon India (19.9%), Bandhan (16.8%), DSP (15.6%) and ICICI Prudential (13.9%). Aditya Birla Sun Life, at 3.9%, grew the slowest of the twelve.
Concentration
The three largest, SBI, ICICI Prudential and HDFC, together hold about ₹34.35 lakh crore, or 39.4% of the total. Add Nippon India and Kotak Mahindra and the top five hold ₹48.36 lakh crore, 55.4%. The other 52 houses share the remaining 44.6%.
Small bases, big percentages
Among houses that already had at least ₹0.1 lakh crore (₹10,000 crore) a year ago, the fastest growth came from newer or smaller names:
| Fund house | Jul–Sep 2026 | Jul–Sep 2025 | Change |
|---|---|---|---|
| WhiteOak Capital | 0.45 | 0.25 | +79.8% |
| Jio BlackRock | 0.22 | 0.13 | +74.3% |
| Bank of India | 0.18 | 0.13 | +33.9% |
| Motilal Oswal | 1.59 | 1.22 | +30.7% |
| Bajaj Finserv | 0.38 | 0.29 | +29.5% |
| Invesco | 1.65 | 1.28 | +28.4% |
Read the rupee amounts next to the percentages. WhiteOak added roughly ₹0.2 lakh crore, about a fifth of what SBI added (about ₹1.1 lakh crore), even though its growth rate was nearly nine times higher. Motilal Oswal and Invesco are the more substantial movers in this group, each adding around ₹0.4 lakh crore.
How to read this sort of table
- Rank by AUM and by growth separately. The first tells you who is big; the second tells you who is gaining, and the two lists barely overlap.
- Remember what is inside AUM. Equity-heavy houses rise and fall with markets, while debt- and liquid-heavy houses move with institutional cash. The Nifty 50 was 11% below its January close at the start of this month, as we found in our look at the index versus its January high, yet industry AUM still grew over the year.
- AUM is not performance. For the returns of the funds a house runs, use /screener or the fund-house pages.
For a ranking by fund-level results rather than size, see fund houses by share of 4 and 5-star equity funds. Figures are AMFI's quarterly averages as held in our database, rounded to two decimals.
Frequently asked questions
What does the ₹87.2 lakh crore figure include?
It is the sum of each fund house's quarterly average AUM excluding fund-of-funds, as AMFI publishes it for July to September 2026. Fund-of-funds are left out to avoid counting the same money twice.
Why did some fund houses grow more than 70% while SBI grew 9%?
Percentage growth is much easier from a small base. WhiteOak's AUM rose by about ₹0.2 lakh crore; SBI's rose by about ₹1.1 lakh crore.
Is a bigger fund house a better one?
Size says nothing about the quality of any individual fund. It is a measure of assets gathered, which is what this post reports.
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.
Keep reading
How many mutual funds are under ₹100 crore? (2026)
508 of 1,852 schemes averaged under ₹100 crore in April–June 2026, holding 0.27% of the money. Most are index funds, ETFs and debt funds, and most are young.
Bandhan vs DSP vs Franklin Templeton: 19 categories
Bandhan led in 10 of 19 categories over three years, DSP in 5 and Franklin Templeton in 4. One Direct Growth fund per category, NAVs to 3 November 2026.
11 new fund offers in two weeks: what launched since 19 Oct
Eleven NFOs launched between 19 October and 2 November 2026: three fund-of-funds, two ETFs, two index funds, two debt schemes, one equity and one hybrid fund.