India’s PMS Landscape Enters FY27 on Strong Footing as Industry AUM Crosses INR 42.2 Lakh Crore: APMI
| PMS industry AUM grew to INR 42.2 lakh crore, marking a 2.1% month-on-month increase | Net inflows rebounded to INR 25,088 crore in April from an outflow in March, supported by a 27% rise in inflows |
Mumbai, 27th May 2026: The Association of Portfolio Managers in India (APMI) has released its latest April edition of the Compendium Report on the Portfolio Management Services (PMS) industry, offering a comprehensive overview of the key data, insights, and trends shaping the evolving PMS landscape.
According to APMI Compendium April report, the PMS industry expanded to INR 42.2 lakh crore in April ’26, reflecting a 2.1% month-on month and indicating healthy investor participation entering FY27, with the discretionary segment continuing to anchor overall AUM growth. The client base stood at approximately 2.12 lakh accounts, with a 1.7% adjustment during the month. Total net flows recorded a positive shift to INR 25,088 crore net inflow in April, compared to a net outflow of INR 648 crore in March, driven by a 27% month-on-month expansion in inflows to INR 46,030 crore alongside a meaningful moderation in outflows. Equity grew 13.8%, plain debt expanded 0.8%, and mutual funds increased 5.4%, while derivatives experienced notable repositioning.
Investor participation showed a mixed movement, with domestic investors continuing to account for 91% of the client base and 95% of total AUM. Foreign AUM expanded 7.8% month-on month, while domestic AUM also recorded a healthy 1.8% expansion, reflecting steady underlying allocations at the start of the fiscal year. PF/EPFO continued to anchor domestic assets at approximately 80% of domestic AUM, while distributor additions continued into FY27, supporting broader PMS penetration.
Listed equity assets continued to witness strong momentum with 13.6% month-on-month growth, reflecting sustained investor preference towards equity-oriented opportunities. In the unlisted space, equity assets surged 38.8%, while unlisted debt grew sharply by 150.5%, indicating rising interest in private market investments. Furthermore, foreign AUM recorded an expansion of 7.8% in April, while domestic AUM remained broadly stable, with PF/EPFO continuing to anchor the domestic portfolio.
Mr. Vikas Khemani, Board Member, APMI, “This month’s data points to a deeper transition underway within India’s wealth landscape. Capital is no longer moving only towards traditional equity exposure, but increasingly towards specialised and diversified strategies across listed and unlisted markets. The PMS industry is gradually becoming a strategic portfolio allocation framework for sophisticated investors rather than a tactical investment avenue.”
The report notes that, the Indian equity markets ended the month on a positive note, with the BSE Sensex rising 6.9% and the Nifty 50 gaining 7.5% month-on-month, while the BSE Midcap and BSE Smallcap indices advanced 13.8% and 19.6%, respectively. Sectors such as Power, Realty, Capital Goods, Infrastructure, and Metals emerged as key drivers of market performance. FPIs were net sellers to the tune of INR 41,000 crore, while DII flows continued to provide steady underlying support.
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)
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