Retail Mutual Fund AUM Zooms to ₹3 Lakh Crore in H1FY27

India’s mutual fund industry saw robust growth in retail assets in the first half of FY27, as retail assets under management (AUM) grew by ₹2,93,135 crore from March to September 2026. HDFC Mutual Fund and Nippon India Mutual Fund saw the highest absolute additions, reflecting the increasing scale of retail participation in mutual funds.

Mutual Fund AUM: Retail Up 14.18% In Six Months

Data from the industry that tracks 50 fund houses shows that total retail AUM went up 14.18% to ₹23,60,798 crore in September 2026 from ₹20,67,663 crore in March 2026.

The increase is a mix of new investments, market activity and changes in the value of assets. Importantly, the increase of ₹2.93 lakh crore is an increase in AUM and not actual net inflows from retail investors.

Nippon India Lead Retail AUM Additions

HDFC Mutual Fund, managed by HDFC Asset Management Company, saw the highest absolute growth in retail assets in H1FY27. It saw a growth of 12.69% in its retail AUM, which increased by ₹31,753 crore to ₹2,82,041 crore. Nippon India Mutual Fund, managed by Nippon Life India Asset Management, followed closely with an increase of ₹31,390 crore. Retail AUM grew by 16.04% to ₹2,27,148 crore. SBI Mutual Fund also reported a huge jump of ₹26,656 crore, taking its retail assets to ₹2,51,030 crore.

Top retail AUM additions during H1FY27

The top four fund houses accounted for nearly ₹1.09 lakh crore of the growth in retail AUM of the industry.

Smaller Fund Houses Grow Faster in Percentage Terms

Absolute additions were mainly driven by established fund houses and smaller players showed higher growth in percentage terms. Abakkus Mutual Fund recorded a growth of 386.62% in retail AUM from ₹269 crore to ₹1,309 crore. Trust Mutual Fund recorded a growth of 151%.Helios Mutual Fund added 77.42%, while Old Bridge Mutual Fund and Capital Mind Mutual Fund were up by 70.31% and 68.33%, respectively. WhiteOak Capital Mutual Fund also gained 48.55% to take its retail AUM to ₹12,916 crore.

The figures show how smaller fund houses can achieve higher percentage growth from a relatively low base of assets, yet the larger fund houses still lead in absolute terms.

Cafe Mutual

Why Growth in the Mutual Fund Industry Matters

The bigger mutual fund industry saw equity investments come in even in the midst of volatile market conditions.

Equity mutual funds witnessed net inflows of ₹38,306.55 crore in September 2026, a rise of 30.61% MoM, according to data released by the Association of Mutual Funds in India (AMFI).

The Systematic Investment Plan (SIP) contributions stood at about ₹32,490 crore in September, showing consistent participation through systematic investments.

However, the industry’s total AUM fell 5.1% MoM to ₹82.64 lakh crore on account of valuation impact from market movements and large outflows from debt funds.

H1FY27 figures show retail mutual fund assets continued to grow despite intermittent market weakness. The future industry AUM and financial performance of listed asset management companies will be dependent on equity market performance, SIP contributions, and investor redemptions.