Top 10 AMCs in India by AUM
India’s mutual fund industry now manages about ₹87 lakh crore. Ten fund houses control roughly three-quarters of it.
Based on AMFI’s July–September 2026 quarterly average AUM, SBI Mutual Fund leads at about ₹13.1 lakh crore, ahead of ICICI Prudential and HDFC. This guide ranks the top 10 AMCs in India by AUM, explains what each one is known for, and shows how to use the ranking without being misled by it.
Quick answer: top 10 AMCs in India by AUM (Jul–Sep 2026)
- SBI Mutual Fund
- ICICI Prudential Mutual Fund
- HDFC Mutual Fund
- Nippon India Mutual Fund
- Kotak Mahindra Mutual Fund
- Aditya Birla Sun Life Mutual Fund
- UTI Mutual Fund
- Axis Mutual Fund
- DSP Mutual Fund
- Mirae Asset Mutual Fund
What does AUM mean, and why does it matter?
An asset management company (AMC) is the firm that runs mutual fund schemes. Assets under management (AUM) is the total market value of the money investors have placed in those schemes. A bigger AUM means more investors have trusted that fund house with their savings.
AUM also drives the AMC’s own revenue, because fund houses earn a small annual fee, called the expense ratio, as a percentage of assets. That is why listed AMCs such as HDFC AMC, Nippon India AMC and UTI AMC are closely watched by stock market investors.
Top 10 AMCs in India by AUM: the ranking at a glance
The chart below uses quarterly average AUM (QAAUM) for July–September 2026, the measure AMFI publishes for ranking fund houses. SBI Mutual Fund is the only AMC above ₹13 lakh crore.
Quarterly average AUM, ₹ lakh crore
Source: AMFI quarterly average AUM, July–September 2026, as reported by Cafemutual. The DSP figure is approximate and shown for ranking context.
| Rank | AMC | Avg AUM (Jul–Sep 2026) | Change vs Apr–Jun |
|---|---|---|---|
| 1 | SBI Mutual Fund | ₹13.10 lakh crore | +4.2% |
| 2 | ICICI Prudential Mutual Fund | ₹11.56 lakh crore | +3.7% |
| 3 | HDFC Mutual Fund | ₹9.69 lakh crore | +3.6% |
| 4 | Nippon India Mutual Fund | ₹7.87 lakh crore | +4.7% |
| 5 | Kotak Mahindra Mutual Fund | ₹6.14 lakh crore | +4.0% |
| 6 | Aditya Birla Sun Life Mutual Fund | ₹4.42 lakh crore | +3.3% |
| 7 | UTI Mutual Fund | ₹4.02 lakh crore | +2.5% |
| 8 | Axis Mutual Fund | ₹3.82 lakh crore | about +4% |
| 9 | DSP Mutual Fund | about ₹2.4 lakh crore | n/a |
| 10 | Mirae Asset Mutual Fund | ₹2.37 lakh crore | +5.5% |
One change is worth noting: Mirae Asset moved into the top 10 this quarter, replacing Tata Mutual Fund, which slipped to 11th place. The top five order did not change.
The top 10 AMCs in India, explained
SBI Mutual Fund
SBI Mutual Fund has held the top spot for several consecutive quarters and was the biggest absolute gainer this quarter, adding about ₹52,000 crore. Its reach comes from the State Bank of India branch network, which gives it access to investors in smaller cities and towns that many private AMCs find expensive to serve.
Known for: broad scheme range, large retail base, and well-followed equity schemes such as SBI Small Cap Fund and SBI Contra Fund.
ICICI Prudential Mutual Fund
A joint venture between ICICI Bank (51%) and Prudential plc (49%), ICICI Prudential is the only AMC besides SBI above ₹11 lakh crore. It reported more than 1.73 crore unique investors as of 30 June 2026.
Known for: strong hybrid and balanced advantage offerings, plus a wide equity and debt lineup.
HDFC Mutual Fund
HDFC Mutual Fund is run by HDFC AMC, which is listed on the NSE and BSE and is widely regarded as one of the most profitable listed AMCs in India. It added about ₹34,000 crore of average AUM in the quarter.
Known for: a strong equity franchise, with flagship schemes such as HDFC Flexi Cap and HDFC Mid-Cap Opportunities.
Nippon India Mutual Fund
Backed by Nippon Life of Japan, Nippon India AMC was the first mutual fund company to list on Indian exchanges. Among the top five, it posted the fastest quarterly growth at 4.7%.
Known for: a large ETF business (including gold and silver ETFs) and popular equity schemes such as Nippon India Small Cap Fund.
Kotak Mahindra Mutual Fund
Kotak Mahindra Mutual Fund is part of the Kotak Mahindra Bank group. Together with the four AMCs above it, it completes the top five that manage just over half of all industry assets.
Known for: equity research depth, with well-known schemes such as Kotak Flexi Cap Fund and Kotak Small Cap Fund.
Aditya Birla Sun Life Mutual Fund
Set up in 1994, this fund house is a joint venture between the Aditya Birla Group and Sun Life Financial of Canada. Its average AUM rose about 3.3% this quarter after a small dip in the previous one.
Known for: a wide range of debt and hybrid funds, and a strong presence in the corporate bond category.
UTI Mutual Fund
UTI is India’s oldest fund house, founded in 1963. Its sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and LIC, and UTI AMC is listed on the stock exchanges.
Known for: legacy trust, wide distribution, and a long history in index and retirement-oriented investing.
Axis Mutual Fund
Sponsored by Axis Bank, Axis Mutual Fund grew about 4% in the quarter and remains one of the larger private-sector fund houses outside the top five.
Known for: equity-focused schemes across large-, mid- and small-cap categories.
DSP Mutual Fund
DSP sits just ahead of Mirae Asset and Tata in the current ranking. It is an equity-centric house, and DSP Midcap Fund, launched in 2006, is among its best-known schemes.
Known for: a research-led equity approach and a loyal base of long-term investors.
Mirae Asset Mutual Fund
Owned by South Korea’s Mirae Asset Financial Group and operating in India since 2007, Mirae Asset grew 5.5% in the quarter, the fastest among the top 10, and edged past Tata Mutual Fund to enter the top 10.
Known for: research-driven equity investing, especially in large-cap and mid-cap categories.
How to choose a fund house beyond AUM
A high rank tells you a fund house is large and trusted. It does not tell you that its schemes will beat others in the future. Before you invest, check these five things:
- Scheme track record. Compare a scheme against its benchmark and its category peers over 5 to 10 years, not just the last year.
- Expense ratio. Lower costs leave more of the return with you, especially over long periods. Direct plans cost less than regular plans.
- Investment style fit. Match the scheme’s category, such as flexi cap, index or hybrid, to your goal and risk tolerance.
- Consistency. Look for steady process and stable fund management rather than one standout year.
- Service and transparency. Easy statements, fast redemptions and clear disclosures matter more than most investors expect.
Good to know: AMFI publishes two different AUM views. Closing AUM is the value on the last day of a period, while quarterly average AUM smooths out day-to-day swings. The ranking in this article uses quarterly average AUM, so figures on other sites may differ slightly.
Frequently asked questions
Which is the largest AMC in India by AUM?
SBI Mutual Fund is the largest, with quarterly average AUM of about ₹13.1 lakh crore in July–September 2026, ahead of ICICI Prudential at about ₹11.56 lakh crore.
How much money does the Indian mutual fund industry manage?
The industry’s average AUM reached a record ₹87.22 lakh crore in July–September 2026, up about 13% from a year earlier and 4.9% from the previous quarter.
Does a bigger AUM mean better returns?
No. AUM shows scale and investor trust, not performance. Returns depend on the individual scheme, its category, costs and the market cycle, so compare schemes rather than fund houses alone.
How often does the AMC ranking change?
AMFI publishes quarterly average AUM data every three months, so rankings can shift each quarter. The top five order has been stable recently, while spots 9 to 11 are closer and change more often.
Which AMCs are listed on the stock exchange?
HDFC AMC, Nippon India AMC and UTI AMC are among the AMCs listed on the NSE and BSE, so investors can buy their shares as well as invest in their mutual funds.
Disclaimer: Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. This article is for general information and is not investment advice. Past performance does not guarantee future returns.
Data: AMFI quarterly average AUM for July–September 2026, as compiled by Cafemutual, with additional context from AMC disclosures. The DSP Mutual Fund figure is approximate. Please verify the latest numbers on amfiindia.com before making decisions.
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