Equity Mutual Funds in Top 20 States See Average Assets Under Management Surge to Rs 39.6 Lakh Crore Over Four Years.
India's Equity Mutual Fund Market Sees 161% Growth in Top-20 States
The equity mutual fund market in India has experienced significant growth over the past four years, with the average Assets Under Management (AUM) across the top-20 states increasing from Rs 15.2 lakh crore in FY22 to Rs 39.6 lakh crore in FY26. This represents a remarkable 161% growth, according to data from the Association of Mutual Funds in India and the National Stock Exchange of India.
The growth has been broad-based, with most states more than doubling their equity assets. Maharashtra continues to lead the pack, with its equity AUM rising from Rs 4.88 lakh crore in FY22 to Rs 12.44 lakh crore in FY26, a jump of about 155%. Despite this growth, its share of the total pool edged down from 30% to 29%, indicating relatively faster growth elsewhere.
| State | FY22 AUM (Rs crore) | FY26 AUM (Rs crore) | Growth Rate |
|---|---|---|---|
| Maharashtra | 4,880,000 | 12,440,000 | 155% |
| Gujarat | 1,360,000 | 3,510,000 | 158% |
| Karnataka | 1,310,000 | 3,490,000 | 167% |
| Delhi | 1,330,000 | 3,320,000 | 149% |
| Uttar Pradesh | 1,030,000 | 2,770,000 | 169% |
| West Bengal | 1,230,000 | 2,420,000 | 143% |
| Tamil Nadu | 1,060,000 | 2,060,000 | 159% |
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Other large states have also experienced significant growth. Uttar Pradesh maintained fifth position, with AUM rising from Rs 1.03 lakh crore to Rs 2.77 lakh crore, up roughly 169%. West Bengal remained sixth, growing about 143% to Rs 2.42 lakh crore, while Tamil Nadu stayed seventh with AUM rising around 159% to Rs 2.06 lakh crore.
Mid-size states have also seen steady growth. Haryana saw AUM jump from Rs 52,444 crore to Rs 1.55 lakh crore, an increase of nearly 196%, while Rajasthan grew from Rs 40,331 crore to Rs 1.19 lakh crore, up about 195%. Telangana and Madhya Pradesh also more than doubled their AUM to around Rs 93,958 crore and Rs 91,552 crore respectively.
Among emerging contributors, Kerala rose from Rs 27,363 crore to Rs 75,140 crore, while Bihar increased from Rs 21,984 crore to Rs 62,763 crore. Jharkhand posted similar growth, climbing to Rs 62,356 crore.
In contrast, Goa recorded the slowest growth, with AUM rising from Rs 13,092 crore to Rs 29,642 crore, up about 126%. Assam, meanwhile, grew from Rs 11,226 crore to Rs 31,103 crore, an increase of around 177%.
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The growth in the top-20 states has led to a shift in the distribution of equity AUM. As of February 2026, MF assets in the top 30 (T30) cities constituted 81.1% of the total AUM, increasing by 1.3% month on-month to Rs 66.53 lakh crore from Rs 65.70 lakh crore. On the other hand, locations beyond the top 30 (B30) accounted for 18.9% of the total AUM, rising by 1.2% to Rs 15.50 lakh crore from Rs 15.32 lakh crore.
Investor Takeaway
Investors should consider the growth potential of equity mutual funds in top-performing states.
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