Fundalysisby DARKHORSESTOCKS

AMFI · Sept 2026

Industry

Every mutual fund house in India together managed ₹19,84,883 Cr on average in Sept 2026, 74.5% less than a year before. Over time, by fund house, by asset class and by state.

AUM(Mar 2014 – Sept 2026)

Average AUM each month, and its change on the month before
12 months₹ CrChange
Sept 202619,84,883−77.5%
Aug 202688,30,776+2.3%
Jul 202686,33,798+2.6%
Jun 202684,18,486+0.9%
May 202683,46,579+1.9%
Apr 202681,94,396+3.1%
Mar 202679,46,028−4.8%
Feb 202683,42,616+1.7%
Jan 202682,01,1750.0%
Dec 202581,99,191+0.8%
Nov 202581,31,764+1.9%
Oct 202579,79,397+2.6%
Average AUM, Sept 2026
₹19,84,883 Cr
−75.1% since Oct 2025
Fig. 1.The industry's average AUM each month since Mar 2014, ₹ crore. Source: AMFI.

Allocation(Sept 2026)

Fund houses

Average AUM by fund house in Sept 2026, ₹ crore, and each one's share of the total
11 houses₹ CrShare
Kotak6,13,64530.9%
Axis3,85,91919.4%
Tata2,36,86311.9%
Motilal Oswal1,62,4528.2%
HSBC1,61,8698.2%
Franklin Templeton1,31,1836.6%
Canara Robeco1,22,6986.2%
Sundaram81,3354.1%
BNP55,1932.8%
Helios15,4380.8%
Others18,2880.9%

Asset classes

Average AUM by asset class in Sept 2026, ₹ crore, and each one's share of the total
10 classes₹ CrShare
Equity10,23,11351.5%
Liquid3,47,82517.5%
Hybrid2,65,94113.4%
Debt1,65,1928.3%
Index funds68,6313.5%
ETFs40,2452.0%
Gold ETFs30,8921.6%
Overseas FoFs22,5401.1%
Silver ETFs12,7200.6%
Solution-oriented7,7840.4%
Domestic FoFs48,488
Fig. 2.Average AUM by fund house, the ten largest and the rest, and by asset class (SEBI's Aug 2026 categories). Source: AMFI.

Market share(Mar 2014 – Sept 2026)

Each fund house's share of the industry's AUM in Sept 2026, and its change since Oct 2025, in points; tick a house to plot it
16 housesShareChange
Kotak
30.92%+23.81
Axis
19.44%+14.98
Tata
11.93%+9.17
Motilal Oswal
8.18%+6.54
HSBC
8.15%+6.41
Franklin Templeton
6.61%+5.03
Canara Robeco
6.18%+4.64
Sundaram
4.10%+3.15
BNP
2.78%+2.14
Helios
0.78%+0.70
GROWW
0.36%+0.32
Quantum
0.17%+0.13
Wealth Company
0.11%+0.09
UNIFI
0.09%+0.07
Shriram
0.07%+0.05
Capitalmind
0.03%+0.03
  • Kotak
  • Axis
  • Tata
  • Motilal Oswal
  • HSBC
Share of the industry's AUM each month, in percent
MonthKotakAxisTataMotilal OswalHSBC
Oct 20257.11%4.46%2.76%1.65%1.75%
Nov 20257.07%4.46%2.76%1.67%1.71%
Dec 20257.05%4.42%2.77%1.65%1.68%
Jan 20267.05%4.41%2.76%1.64%1.66%
Feb 20267.11%4.44%2.79%1.61%1.67%
Mar 20267.21%4.38%2.81%1.60%1.67%
Apr 20267.16%4.38%2.78%1.66%1.71%
May 20267.09%4.50%2.74%1.73%1.70%
Jun 20267.03%4.42%2.72%1.75%1.75%
Jul 20267.06%4.34%2.71%1.77%1.77%
Aug 20267.01%4.40%2.69%1.82%1.77%
Sept 202630.92%19.44%11.93%8.18%8.15%
Fig. 3.Each fund house's average AUM as a share of the industry's, every month; changes in points. Source: AMFI.

States(Sept 2026)

Average AUM by state in Sept 2026, ₹ crore, its share of the total and its change over the year
36 states₹ CrShare
Maharashtra7.68L38.7%
Delhi2.04L10.3%
Karnataka1.52L7.6%
Gujarat1.48L7.4%
Tamil Nadu96.5K4.9%
West Bengal88.5K4.5%
Uttar Pradesh81.3K4.1%
Haryana57K2.9%
Rajasthan38.5K1.9%
Telangana33.7K1.7%
Madhya Pradesh30.6K1.5%
Kerala26.1K1.3%
Punjab24.9K1.3%
Andhra Pradesh24.8K1.2%
Jharkhand17.9K0.9%
Bihar16.1K0.8%
Odisha15K0.8%
Chhattisgarh11.9K0.6%
Goa10.1K0.5%
Uttarakhand8.75K0.4%
Assam7.12K0.4%
Chandigarh7.02K0.4%
Himachal Pradesh3.68K0.2%
Jammu & Kashmir1.99K0.1%
Puducherry1.18K<0.1%
Nagaland885<0.1%
Dadra & Nagar Haveli and Daman & Diu879<0.1%
Meghalaya626<0.1%
Sikkim509<0.1%
Tripura409<0.1%
Arunachal Pradesh374<0.1%
Manipur280<0.1%
Mizoram126<0.1%
Andaman & Nicobar106<0.1%
Ladakh26<0.1%
Lakshadweep7.79<0.1%
Others1.07L5.4%
All states and union territories, Sept 2026
₹18,78,269 Cr
36 states and union territories
7682.43K7.68K24.3K76.8K2.43L

Average AUM, ₹ crore

Fig. 4.Average AUM by the state its investors live in, and its change over the year. Source: AMFI.