Visible Alpha consensus shows strong AUM and revenue growth across Indian AMCs

India's financial landscape is changing. For decades, household wealth was concentrated in physical assets such as gold, real estate and bank deposits. Today, a growing share of savings is flowing into mutual funds, wealth management products and other financial instruments.

The shift is creating a powerful long-term growth opportunity for India's listed asset and wealth management companies. The numbers reflect the trend.

According to Visible Alpha consensus, combined average assets under management (AUM) of leading listed Indian asset management companies (AMCs) including: HDFC Asset Management (NSE: HDFCAMC), Nippon Life India Asset Management (NSE: NAM-INDIA), Aditya Birla Sun Life AMC (NSE: ABSLAMC), UTI Asset Management (NSE: UTIAMC), 360 One Wam (NSE: 360ONE), Nuvama Wealth Management (NSE: NUVAMA), and Prudent Corporate Advisory Services (NSE: PRUDENT); are projected to increase from ₹14.8 trillion in FY2022 to ₹34.7 trillion in FY2027. That represents growth of more than 134% in just five years, supported by steady retail inflows, rising financial awareness and continued adoption of mutual funds and wealth management products.

Analysts expect the momentum to continue. Collectively, AUM across the group is forecast to increase to ₹49.9 trillion by FY2029.

Several structural trends are driving this expansion. One of the most important has been the increasing participation of retail investors.

Over the past decade, mutual funds have become one of the preferred vehicles for household savings, aided by the growing popularity of systematic investment plans (SIPs), wider product availability and easier access through digital investment platforms. At the same time, India's wealth management industry has benefited from the rapid expansion of the country's affluent and high-net-worth population.

Among the established fund houses, HDFC AMC is expected to remain the largest player. Analysts forecast average AUM to increase 17% year-on-year to ₹10.3 trillion in FY2027, helping drive revenue growth of 15% to ₹53 billion. Average AUM is forecasted to reach ₹15 trillion by FY2029.
Nippon Life India AMC is projected to deliver the fastest AUM growth among the large AMCs. Average AUM is expected to rise 24% to ₹7.7 trillion, supporting revenue growth of 20% to ₹35.1 billion.

As Nuvama operates a wealth management company it has an AUM smaller than those of traditional mutual fund managers, however consensus show it is also expected to deliver robust expansion, with average AUM forecast to increase 16.6% to ₹226 billion in FY2027, alongside a 17% growth in revenue.

When compared, revenue growth has broadly tracked the expansion in AUM across the companies. While growth has normalized since the sharp acceleration in FY2024 and FY2025, momentum remains robust. Average AUM across the seven companies is forecast to expand at an annual pace of roughly 19%-21% through FY2029, while average total revenue growth is expected to remain in the mid-teens, reflecting continued net inflows, favorable market conditions and sustained demand for mutual fund and wealth management products.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.