Ahmedabad has retained its position as India’s sixth-largest mutual fund market, with the city’s assets under management (AUM) crossing ₹2.23 lakh crore in March 2026. The latest figures show that the city’s mutual fund investments grew by nearly 19% over the past year, highlighting continued investor confidence.
The city’s AUM increased from around ₹1.87 lakh crore in March 2025 to ₹2,23,370 crore in March 2026, reflecting steady participation from investors despite growing competition from larger financial centres. Ahmedabad Holds 2.82% Share of India’s Mutual Fund Industry
Ahmedabad accounted for 2.82% of the country’s total mutual fund AUM, almost unchanged from 2.83% a year earlier. While larger cities continued to expand, Ahmedabad managed to maintain its share, indicating stable and consistent investor participation.
The city had briefly slipped to seventh position in early 2024 but regained the sixth spot last year and has successfully retained it.
Mumbai Continues to Lead the Rankings
Mumbai remained India’s largest mutual fund market by a wide margin, with an AUM of ₹22.94 lakh crore, accounting for 28.97% of the country’s total mutual fund assets.
Delhi ranked second with ₹12.26 lakh crore and a 15.48% share. Bengaluru followed in third place with ₹4.69 lakh crore, while Pune and Kolkata occupied the fourth and fifth positions respectively.
Ahmedabad remained ahead of Chennai, which ranked seventh with an AUM of ₹2.21 lakh crore.
Mumbai Continues to Dominate, Ahmedabad Holds Sixth Spot
Mumbai continued to be India’s largest mutual fund market with assets under management (AUM) worth ₹22.94 lakh crore, accounting for 28.97% of the country’s total mutual fund assets. Delhi (NCT) remained in second place with an AUM of ₹12.26 lakh crore and a 15.48% share. Bengaluru secured the third position with ₹4.69 lakh crore, followed by Pune with ₹3.14 lakh crore and Kolkata with ₹2.65 lakh crore. Ahmedabad retained its sixth position with ₹2.23 lakh crore in assets under management, contributing 2.82% to India’s total mutual fund AUM. Chennai followed closely in seventh place with ₹2.21 lakh crore, holding a 2.80% share.
Strong and Diverse Investor Base
Financial experts say Ahmedabad’s ranking reflects the city’s broad investor base rather than a sudden jump in investments.
According to industry experts, the city’s mutual fund growth comes from a healthy mix of retail investors, corporate investments, family business offices and high-net-worth individuals (HNIs). This balanced participation has helped Ahmedabad maintain its position among the country’s leading investment centres.
Experts also noted that when evaluating a city’s contribution to India’s mutual fund industry, its overall share is often more important than just the size of its AUM. Ahmedabad has managed to keep its contribution stable despite rapid growth in larger cities.
Surat and Vadodara Also Register Growth
The report also highlighted growth in other Gujarat cities. Surat recorded a significant rise in mutual fund investments during the year. The city’s AUM increased to ₹69,704 crore from ₹51,156 crore, showing strong investor participation.
Vadodara also continued its upward trend, with assets under management rising from ₹58,464 crore to ₹70,496 crore.
Ahmedabad Adds Over ₹35,000 Crore in One Year
During the financial year, Ahmedabad added more than ₹35,000 crore in mutual fund assets, reflecting growing awareness of market-linked investments among individuals and businesses.
The steady rise in investments, supported by a diverse investor base and continued participation across different categories, has helped Ahmedabad maintain its place among India’s top mutual fund markets even as competition from other major cities continues to increase.
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