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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →SBI Mutual Fund, ICICI Prudential Mutual Fund and HDFC Mutual Fund ranked first, second and third, respectively, by reported quarterly average assets under management (AAUM) for September 2026. Cafemutual’s analysis of AMFI quarterly data puts their AAUM at ₹13.09 lakh crore, ₹11.55 lakh crore and ₹9.69 lakh crore. Each was up roughly 4% from the previous quarter, according to Cafemutual.
September 2026 quarterly AAUM ranking
The figures below are quarterly averages, not assets recorded on a single day. Cafemutual reports these rankings and values from its analysis of AMFI quarterly data.
| Rank | Fund house | September 2026 quarterly AAUM | Previous quarter | Reported change |
|---|---|---|---|---|
| 1 | SBI Mutual Fund | ₹13.09 lakh crore | ₹12.57 lakh crore | About 4% growth quarter over quarter |
| 2 | ICICI Prudential Mutual Fund | ₹11.55 lakh crore | ₹11.14 lakh crore | About 4% growth quarter over quarter |
| 3 | HDFC Mutual Fund | ₹9.69 lakh crore | ₹9.35 lakh crore | About 4% growth quarter over quarter |
The reported amounts are rounded, so the growth rates are best read as approximate rather than recalculated as exact percentages.
Cafemutual’s report also places Nippon India Mutual Fund fourth at ₹7.87 lakh crore and Kotak Mahindra Mutual Fund fifth at ₹6.14 lakh crore. It reports Mirae Asset Mutual Fund entering the top ten, replacing Tata Mutual Fund, which moved to eleventh. These are figures from the same September 2026 quarterly ranking.
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What AAUM measures—and why the period matters
Average assets under management smooths assets across a period rather than showing a fund house’s assets at one closing date. SEBI’s industry statistics define monthly AAUM as the average of daily AUM during that month. A quarterly AAUM comparison should likewise be read as an average for the stated quarter, not as a snapshot of the last day.
The period and measure matter when comparing headlines. AMFI reported industry-wide AUM of ₹87,07,888 crore as of August 31, 2026, and monthly AAUM of ₹88,30,776 crore for August 2026. Those are whole-industry figures for a different period and are not substitutes for the September quarter’s AMC-wise averages.
How to interpret the leaderboard
It shows scale, not fund quality
A larger AAUM means a fund house managed more assets on average during the period. The ranking does not establish that its schemes performed better, are safer, or are suitable for a particular investor. It is not an investment recommendation.
Compare like with like
For a meaningful size comparison, use the same reporting period and the same AAUM definition for every fund house. To assess a particular investment, look separately at the relevant scheme’s performance, asset mix, costs and fit with your financial needs; a fund-house total cannot answer those questions.
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How the September figures are sourced
Cafemutual attributes its September 2026 quarterly ranking to analysis of AMFI data. The AMFI Quarterly page available at AMFI Quarterly listed April–June 2026 and did not expose the September AMC-wise table. The September rankings and amounts therefore remain Cafemutual-reported figures, rather than a September AMC-wise table independently confirmed on that surfaced AMFI page.
For broader industry context, AMFI reports that industry AUM rose from ₹15.63 trillion in August 2016 to ₹87.08 trillion in August 2026—about sixfold—and from ₹36.59 trillion in August 2021 to ₹87.08 trillion in August 2026—about threefold. These historical comparisons concern total industry AUM, not the quarterly ranking of individual fund houses.
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