21 hrs ago
Top Three AMCs Capture 53% of Mutual Fund Earnings
A report studied how much money different mutual fund companies earned in FY26.
The three biggest earners were SBI AMC, ICICI Prudential AMC and HDFC AMC.
Together, they made about 53% of the industry’s total profit.
Overall industry profit increased by almost 14% to Rs 17,285 crore.
Mutual fund companies also collected more management fees than the year before.
Some companies kept more of their fees, while others paid a larger share to distributors.
The report said regular investments called SIPs may help the industry grow.
It recommended SBI AMC, ICICI Prudential AMC and Prudent Corporate Advisory for specific business strengths.
SBI AMC, ICICI Prudential AMC and HDFC AMC generated about 53% of mutual fund industry net profit in FY26.
Industry net profit rose nearly 14% to Rs 17,285 crore, while management fees increased 19% to Rs 28,500 crore.
Distributor commissions rose 13% to Rs 29,600 crore, and registrar fees increased 5.5% to Rs 2,200 crore.
ICICI Prudential AMC, SBI AMC, Nippon India AMC and HDFC AMC retained about 50% of their equity fees, while several others paid more than 65% to distributors.
Equirus Securities expects SIP flows to support future growth and recommended SBI AMC, ICICI Prudential AMC and Prudent Corporate Advisory.
- Who
- Equirus Securities analyzed more than 20 fund houses, including SBI AMC, ICICI Prudential AMC and HDFC AMC.
- What
- The report found that the top three AMCs accounted for about 53% of mutual fund industry net profit in FY26.
- Where
- The mutual fund industry covered by the Equirus Securities report.
- When
- FY26; year-on-year comparisons in the report refer to FY26.
- Why
- Higher management fees and expected SIP flows were identified as important growth drivers.
Key facts
- Industry net profit
- Rs 17,285 crore in FY26, up nearly 14%.
- Top-three profit share
- SBI AMC, ICICI Prudential AMC and HDFC AMC accounted for about 53%.
- Management fees
- Rs 28,500 crore, up 19% year on year.
- Distributor commissions
- Rs 29,600 crore, up 13% year on year.
- Registrar fees
- Rs 2,200 crore, up 5.5% year on year.
- Highest equity yield
- UTI AMC recorded about 71 basis points, followed by ICICI Prudential AMC at about 63–64 basis points.
- Operational efficiency
- ICICI Prudential AMC, SBI AMC and HDFC AMC each spent less than 20% of revenue on operational expenses.
Sources
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