Mutual Fund Industry AAUM Surges to a Record ₹81.54 Lakh Crore Despite Q1 CY26 Equity Market Turbulence
Fresh Peak for Average AUM on Strong Inflows & SIP Momentum: Despite the sharp selloff in equity markets and persistent global uncertainties, the mutual fund industry’s Average AUM rose to a record ₹81.54 lakh crore in the January–March 2026 quarter, reflecting a strong 20.36% YoY growth and a 0.65% QoQ increase. During the quarter, mutual funds invested around ₹1.5 lakh crore, underscoring continued confidence in the market despite near-term volatility. The robust growth in AAUM highlights the industry’s resilience, supported by strong inflows, rising retail participation, and steady SIP momentum, which continues to strengthen long-term investing behaviour. The sequential rise in AAUM also reflects the mutual fund industry’s expanding footprint and growing relevance in India’s evolving investment landscape.
SBI MF Retains Top Spot: SBI Mutual Fund continued to hold its leadership position with an AAUM of ₹12.48 lakh crore in the January–March 2026 quarter, remaining largely stable after touching a record ₹12.49 lakh crore in the previous quarter. This also marks the 25th consecutive quarter of SBI MF retaining its position as India’s largest fund house, highlighting strong and sustained investor confidence in the franchise. Notably, SBI Mutual Fund and ICICI Prudential Mutual Fund remain the only two AMCs in India with an Average AUM exceeding ₹11 lakh crore.
AAUM Growth Leaders Shine in Q1CY26: The mutual fund industry’s leading players delivered a healthy performance in the January–March 2026 quarter, with ICICI Prudential Mutual Fund posting the highest absolute increase in Average AUM at ₹27,371 crore. The quarter also saw strong traction across other prominent fund houses, as Nippon India, Kotak Mahindra, PPFAS and Zerodha Mutual Fund emerged as notable contributors to the industry’s overall AAUM expansion. Their performance highlights the continued strength of select franchises in attracting investor flows despite a volatile market backdrop.
Rankings Hold Firm, Top 10 Sees a Shift: The mutual fund industry continued to exhibit strong structural stability in the January–March 2026 quarter, with the top 3 as well as the top 8 fund houses retaining their positions for the 19th consecutive quarter. However, the top 10 rankings witnessed a notable change, as DSP Mutual Fund re-entered the list by overtaking Mirae Mutual Fund, which moved out of the top 10 by Average AUM.
Rising AMCs Gain Ground: Several fund houses improved their standings in the January–March 2026 quarter, with Abakkus, Jio BlackRock, Zerodha, WhiteOak and Helios Mutual Fund moving up the rankings, indicating steady progress over previous quarters. The standout development was Abakkus Mutual Fund, which made its debut through NFO launches during previous quarter, built an AAUM of ₹3,129 crore, and closed the period at 41st position among 51 AMCs.
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