Mutual Fund AUM in India: Category Wise Breakdown and Ten-Year Trend

India’s mutual fund AUM reached ₹82.64 lakh crore in September 2026, up from ₹15.80 lakh crore in September 2016. Equity is now the largest broad category, while debt’s share has reduced despite its AUM growing. The hybrid and passive funds mutual fund AUM breakdown has also changed over the decade. 

Ten years ago, India’s mutual fund industry managed ₹15.80 lakh crore. As of September 30, 2026, that number stands at ₹82.64 lakh crore - more than five times the September 2016 level (source: AMFI Monthly Note September 2026, AMFI 2016 September Report)

This is just the headline. We can also review AMFI’s data to check the mutual fund industry’s asset allocation by category and identify some trends. This article highlights the mutual fund AUM breakdown in detail to help you understand it better.

Here are some key mutual fund AUM milestones achieved in the last 10-12 years:

Apart from main mutual fund AUM milestones, the industry also hit 10 crore folios in May 2021, marking yet another significant juncture point (Source for table and data: AMFI).

Here is the latest mutual fund AUM category-wise picture as of September 30, 2026:

Source: AMFI Monthly Note: September

Here are some key category-wise mutual fund AUM trends to note:

1. Equity-Oriented Schemes

Equity is now the largest part of the industry. Equity-oriented schemes held ₹37.54 lakh crore, or about 45% of total AUM, in September 2026 (AMFI).

In September 2016, AMFI reported ₹4.17 lakh crore in equity schemes and ₹0.51 lakh crore in ELSS, taking the broad equity total to around ₹4.68 lakh crore. That was roughly 30% of industry AUM at the time. So, broad equity AUM is now around eight times its September 2016 level (AMFI).

2. Debt-Oriented Schemes

The equity vs. debt AUM tells a different story. In September 2016, income, liquid/money market, gilt and infrastructure debt funds together held about ₹10.24 lakh crore, or roughly 65% of industry AUM (AMFI).

By September 2026, debt-oriented AUM stood at ₹17.64 lakh crore, but its share had dropped to around 21%. So debt AUM itself has grown, but equity, hybrid and passive assets have grown much faster.

3. Hybrid Schemes

Hybrid fund AUM in India stood at ₹11.52 lakh crore in September 2026, accounting for nearly 14% of total industry AUM. Within this category, Dynamic Asset Allocation/Balanced Advantage Funds were the largest sub-category by AUM. 

As per AMFI, hybrid fund AUM in India also showed good promise, with assets rising 44.4% year-on-year and 382.7% over 3 years. 

4. Passive Funds & ETFs

Passive schemes have become a sizeable part of the mutual fund AUM breakdown. Index funds and ETFs together held ₹14.70 lakh crore in September 2026, nearly 18% of total AUM.

In September 2016, AMFI reported just ₹6,295 crore in gold ETFs and ₹22,740 crore in other ETFs (AMFI September 2016).

Disclaimer: Mutual fund scheme classifications have changed over the years. So, category-wise AUM figures from 2016 and 2026 may not always be directly comparable on a like-for-like basis. Historical comparisons should therefore be read as broad trends rather than exact head-to-head comparisons. 

Now that you understand mutual fund AUM by scheme category better, here’s a look at some of the key potential drivers of this 10-year growth:

1. SIPs Are Bringing in More Regular Money

SIPs have become a major source of regular mutual fund investment. Monthly SIP contributions reached a record ₹32,490 crore in September 2026 (10.7% increase from same period last year), while the number of contributing SIP accounts rose to 10.06 crore (AMFI Monthly Note). 

The industry also had 28.62 crore folios at the end of the month. Regular contributions do not explain all AUM growth, but they have helped build a steady flow of retail money into mutual funds, particularly equity-oriented schemes.

2. Mutual Funds Have Reached More Investors Outside Large Cities

Participation has also spread beyond the largest cities. The latest available data shows that 27.4% of mutual fund assets held by individual investors came from B30 locations, meaning locations beyond the top 30 (Source: Moneycontrol). 

This wider reach matters because long-term industry growth depends not only on existing investors putting in more money, but also on mutual funds reaching more households across smaller cities and towns.

3. AUM Growth Is Not Just About Fresh Inflows

AUM can rise because investors add money, but it can also rise or fall as markets move. September 2026 is a good example. Equity schemes received ₹38,307 crore of net inflows, yet equity AUM fell 4.3% during the month because of mark-to-market losses. Debt funds, meanwhile, saw ₹1.83 lakh crore of net outflows, largely from liquid and money market funds around advance-tax payment needs. So AUM changes reflect both investor flows and the value of the assets already in the funds (AMFI Monthly Note).

To sum it up, India’s mutual fund industry has grown sharply over the last decade, with total AUM rising from ₹15.80 lakh crore in September 2016 to ₹82.64 lakh crore in September 2026.

The mutual fund AUM breakdown shows equity-oriented schemes leading the way currently, while SIP contributions and folio registrations are growing steadily across categories. 

1. What is the total mutual fund AUM in India in 2026?

The latest AMFI data shows industry AUM at ₹82.64 lakh crore as of September 30, 2026 (source: AMFI).

2. Which category holds the largest share of mutual fund AUM in India?

As per AMFI’s monthly mutual fund AUM data for September 2026, equity-oriented schemes are the largest broad category, with ₹37.54 lakh crore, or roughly 45% of total AUM, as of September 2026.

3. How has equity mutual fund AUM grown over the last ten years?

Broad equity AUM was around ₹4.68 lakh crore in September 2016 and stood at ₹37.54 lakh crore in September 2026, roughly an eightfold increase. Please note that SEBI has updated the scheme classification framework, meaning this is a broad-based comparison and should be read with context and caution.

4. Where does AMFI publish category-wise AUM data?

AMFI publishes AUM by scheme category in its monthly mutual fund reports and Monthly Notes. You can find both under the ‘Resources & Information’ section of the AMFI website.

5. Is AUM growth driven more by fresh inflows or market gains?

Both matter. Fresh investments add to AUM, while market movements change the value of existing portfolios. This is why a category can receive positive inflows but still see its AUM fall during a weak market month.

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