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Odisha emerged as the fastest-growing state in terms of Average Assets Under Management (AAUM) for the mutual fund industry in September 2025, according to data released by ICRA Analytics. The state registered an 8.53% month-on-month (MoM) rise in AAUM, outpacing all other regions. Mizoram and Meghalaya followed closely, recording MoM growth of 7.78% and 6.71%, respectively.Overall, the domestic mutual fund industry’s AAUM climbed 14.37% year-on-year (YoY) and 1.39% MoM during September 2025, reflecting steady retail and institutional participation amid resilient equity markets.Equity-oriented or growth schemes continued to dominate the asset mix, contributing 55.17% to the industry’s total AAUM. Debt-oriented and liquid schemes followed with shares of 14.46% and 12.44%, respectively. Regionally, Ladakh reported the highest concentration of equity-oriented assets at 90.61%, while Lakshadweep stood second with 83.43%, indicating strong retail equity preferences in smaller territories.Also Read: What Is The New 'Pay With Mutual Fund' UPI Feature? Here's All You Need To Know | Republic WorldAmong the major states, Maharashtra maintained its lead as the largest contributor, accounting for 40.54% of the total AAUM. It was followed by New Delhi, Gujarat, Karnataka, and West Bengal, with each contributing under 10%. Collectively, these five states represented 67.41% of the industry’s managed assets.On a yearly basis, Dadra and Nagar Haveli recorded the sharpest AAUM growth of 46.32%, followed by Mizoram at 38.46%. All states and Union Territories except Lakshadweep reported positive annual growth. Lakshadweep’s AAUM declined 39.96% YoY, while Goa registered the lowest positive expansion at 13.72%.ICRA Analytics noted that the rise in AAUM across most states underscores sustained investor confidence in mutual funds, supported by increasing SIP inflows and growing financial awareness across smaller towns and Union Territories.
