Nearly a third of the top 10 fund houses outpaced the industry’s growth in FY26. Nippon India Mutual Fund (MF) topped the chart with a 30.1 per cent year-on-year (Y-o-Y) rise in average AUM in the fourth quarter. ICICI Prudential MF followed with a 25.5 per cent Y-o-Y growth as it continued to narrow the gap with industry leader SBI MF.
In absolute terms, ICICI Prudential MF and SBI MF contributed the most to the industry’s growth in FY 2026, adding ₹2.2 trillion and ₹1.8 trillion, respectively, to their quarterly average AUM.
Among the top 10 fund houses, Tata MF was the third and the only other fund house in the top 10 to grow faster than the industry average, registering a 21.2 per cent increase — marginally above the industry growth of 20.9 per cent.
The MF industry logged over 20 per cent growth in assets under management (AUM) for the third consecutive year in FY 2026, even as equity market volatility moderated the pace of expansion. Average AUM stood at ₹81.5 trillion in the March quarter, up 20.9 per cent from ₹67.4 trillion a year ago, supported by steady inflows.
Among mid-sized fund houses, Parag Parikh Financial Advisory Services (PPFAS) and Motilal Oswal Asset Management led the growth charts, with both posting over 40 per cent expansion in FY 2026. Invesco was the only other AMC among the top 20 to grow faster than the industry average.
