Top 10 AMCs lose ground even as the leading five stay steady, shows data

While India's mutual fund industry expands rapidly, the top 10 AMCs are losing share to new entrants, even as bank-backed giants continue to dominate the top tier

The market share of the top 10 asset management companies (AMCs) has steadily declined over the past few years, even as the top five players have largely held their ground. 

The share of the top 10 AMCs fell from nearly 83 per cent in the last quarter (Q4) of 2019-20 (FY20) to around 76 per cent in the December quarter (Q3) of FY26. In contrast, the top five have seen only a marginal dip, with their share easing from about 57 per cent in Q4FY20 to 56 per cent in Q3FY26, according to data shared by SBI Funds Management in its initial public offering (IPO) documents. 

The relatively modest decline in the top five’s share reflects the continued dominance of bank-backed players, the document noted. 

“The top three bank-led AMCs have consistently maintained their market leadership position, with a stable market share of around 40-41 per cent between FY20 and Q3FY26, demonstrating sustained structural dominance despite increasing industry competition and new entrant expansion,” the draft red herring prospectus stated. 

India’s mutual fund industry has expanded rapidly in recent years, with assets under management (AUM) rising on the back of sustained inflows and deeper retail participation. The sector’s growth potential has attracted several new entrants, taking the total number of AMCs to over 50. 

In Q3FY26, the industry managed average assets of nearly ₹81 trillion. The top 10 AMCs together account for over three-fourths of industry assets at ₹61.7 trillion, while the top five manage ₹45.2 trillion.