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Top five states account for over 67 % of Indian mutual-fund assets under management
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In India, five states contribute more than two-thirds of mutual-fund AUM even as the industry expands 14.
As of September 2025 the Indian mutual-fund industry’s Average Assets Under Management (AAUM) grew 14.37 % year-on-year and 1.39 % month-on-month, according to ICRA Analytics. The top five states (including Maharashtra, Delhi, Karnataka, Tamil Nadu and Gujarat) contributed a combined 67.41 % of the total AAUM. Maharashtra alone remained the largest contributor. The concentration highlights geographical skew in mutual-fund flows even as the industry scales, posing questions on regional deepening and investor outreach beyond core states.