Top Equity Mutual Funds (2026)
Returns as on the latest NAV, Direct plans · AUM as on 30-09-2026
An equity fund puts at least 65% of its money in shares of listed companies (80% for large cap funds and ELSS). Its value follows the stock market, so it can grow the most over long periods and also fall the most in a bad year.
- Total AUM
- ₹32,05,424 Cr
- As on 30-09-2026
- Funds
- 337
- From 48 fund houses
- Categories
- 10
- Set by SEBI
- Average 3Y return
- 12.4%
- A year, Direct plans
Equity Fund Categories
| Large CapAt least 80% of the fund in large cap stocks: the 100 largest listed companies by market value. | 35 | 3,90,992 | −6.33% | +10.38% | +8.23% | +11.81% |
|---|---|---|---|---|---|---|
| Large & Mid CapAt least 35% in large cap stocks and at least 35% in mid cap stocks (companies ranked 101 to 250 by market value). | 36 | 3,54,568 | −3.99% | +13.28% | +11.36% | +13.62% |
| Mid CapAt least 65% of the fund in mid cap stocks: companies ranked 101 to 250 by market value. | 33 | 5,12,233 | −2.33% | +14.67% | +12.95% | +14.07% |
| Small CapAt least 65% of the fund in small cap stocks: companies ranked 251 and below by market value. | 36 | 4,59,906 | +3.00% | +14.03% | +14.51% | +16.19% |
| Multi CapAt least 75% in stocks, with at least 25% each in large cap, mid cap and small cap stocks. | 33 | 2,48,323 | −1.14% | +13.54% | +12.56% | +14.55% |
| Flexi CapAt least 65% in stocks, in any mix of large, mid and small cap companies the fund manager chooses. | 46 | 5,86,801 | −3.58% | +12.37% | +10.04% | +13.13% |
| FocusedAt most 30 stocks, with at least 65% of the fund in stocks. | 28 | 1,79,873 | −3.09% | +12.30% | +10.21% | +13.15% |
| Value and ContraAt least 65% in stocks, picked by a value strategy (shares priced below their worth) or a contrarian one (against the market's mood). | 28 | 2,07,724 | −5.72% | +11.83% | +11.08% | +12.63% |
| Dividend YieldAt least 65% in stocks, mostly of companies that pay high dividends. | 12 | 30,634 | −5.57% | +12.14% | +12.06% | +13.31% |
| ELSSAt least 80% in stocks. Each investment is locked in for 3 years, and it qualifies for the Section 80C deduction in the old tax regime. | 50 | 2,34,370 | −5.83% | +10.87% | +10.14% | +12.92% |
Each return is the simple average of the category's funds, Direct plans. 3, 5 and 10 year figures are a rate a year. Open a category to see all its funds.
Top 25 Equity Funds by 3 Year Return
| Category | |||||||
|---|---|---|---|---|---|---|---|
| ITI Small Cap Fund | Small Cap | 3,666 | +11.05% | +22.07% | +17.21% | -- | 0.84% |
| Invesco India Mid cap Fund | Mid Cap | 15,749 | −0.48% | +21.77% | +17.38% | +18.35% | 0.77% |
| Bandhan Small Cap Fund | Small Cap | 34,176 | +0.99% | +21.67% | +18.08% | -- | 0.65% |
| HSBC Midcap Fund | Mid Cap | 16,800 | +9.56% | +21.64% | -- | -- | 1.11% |
| Invesco India Focused Fund | Focused | 6,229 | +3.30% | +21.38% | +14.31% | -- | 0.70% |
| Invesco India Large & Mid Cap Fund | Large & Mid Cap | 12,178 | +1.30% | +21.30% | +15.81% | +16.78% | 0.79% |
| Motilal Oswal Large and Midcap Fund | Large & Mid Cap | 19,832 | +0.26% | +20.59% | +17.43% | -- | 0.90% |
| WhiteOak Capital Mid Cap Fund | Mid Cap | 7,540 | +3.63% | +20.42% | -- | -- | 0.93% |
| Invesco India Small cap Fund | Small Cap | 16,131 | +6.15% | +20.29% | +18.16% | -- | 0.64% |
| Motilal Oswal ELSS Tax Saver Fund | ELSS | 4,890 | +0.93% | +19.52% | +15.67% | +16.08% | 0.97% |
| ICICI Prudential Mid Cap Fund | Mid Cap | 7,961 | +0.90% | +19.38% | +14.82% | +15.56% | 1.10% |
| Quant Value Fund | Value and Contra | 1,917 | +3.16% | +19.06% | -- | -- | 0.92% |
| Edelweiss Mid Cap Fund | Mid Cap | 19,230 | −1.99% | +18.99% | +16.32% | -- | 0.68% |
| SBI Long Term Advantage Fund - Series V | ELSS | 366 | −5.06% | +18.92% | +13.21% | -- | 1.27% |
| Axis Multicap Fund | Multi Cap | 11,972 | +3.76% | +18.70% | -- | -- | 0.93% |
| Bank of India Small Cap Fund | Small Cap | 3,671 | +16.64% | +18.62% | +18.46% | -- | 0.81% |
| ITI Flexi Cap Fund | Flexi Cap | 1,588 | +6.40% | +18.32% | -- | -- | 0.88% |
| Bank of India Flexi Cap Fund | Flexi Cap | 3,098 | +1.91% | +18.16% | +15.01% | -- | 0.89% |
| Mahindra Manulife Small Cap Fund | Small Cap | 5,373 | +6.31% | +18.00% | -- | -- | 0.93% |
| Axis Value Fund | Value and Contra | 1,836 | +1.22% | +17.74% | +14.91% | -- | 0.88% |
| ITI Mid Cap Fund | Mid Cap | 1,453 | −1.25% | +17.72% | +14.03% | -- | 0.91% |
| LIC MF Dividend Yield Fund | Dividend Yield | 738 | −2.19% | +17.64% | -- | -- | 0.97% |
| WhiteOak Capital Multi Cap Fund | Multi Cap | 4,308 | −0.45% | +17.52% | -- | -- | 0.89% |
| JM Mid Cap Fund | Mid Cap | 1,303 | −0.08% | +17.31% | -- | -- | 0.96% |
| HSBC Large & Mid Cap Fund | Large & Mid Cap | 5,784 | +3.59% | +17.14% | +13.41% | -- | 1.35% |
Funds with a 3 year record, ranked by the 3 year return of their Direct plan. 3, 5 and 10 year figures are a rate a year. Expense ratio: Direct plan, from AMFI.
Which Equity Funds Are Gaining or Losing Investor Money?
Net investor money in September 2026
Highest Inflow
- HDFC Flexi Cap Fund+₹1,580 Cr
- HDFC Mid Cap Fund+₹1,257 Cr
- SBI Focused Fund+₹981 Cr
- Invesco India Small cap Fund+₹968 Cr
- ICICI Prudential Flexi Cap Fund+₹852 Cr
Highest Outflow
- Mirae Asset Large Cap Fund−₹324 Cr
- SBI Contra Fund−₹306 Cr
- Axis ELSS- Tax Saver Fund−₹263 Cr
- Axis Large Cap Fund−₹172 Cr
- Franklin India Focused Equity Fund−₹162 Cr
Our calculation from official figures. Each fund's AUM change from 31-08-2026 to 30-09-2026, less the part its NAV move explains. A dividend the fund paid out counts as money out.
How Equity Funds Are Sorted
SEBI sorts equity funds by the size of the companies they buy (large, mid, small cap, or a set mix of them), by style (value, contra, focused on at most 30 stocks, high dividend yield), or by tax benefit (ELSS).
- Large CapAt least 80% of the fund in large cap stocks: the 100 largest listed companies by market value.
- Large & Mid CapAt least 35% in large cap stocks and at least 35% in mid cap stocks (companies ranked 101 to 250 by market value).
- Mid CapAt least 65% of the fund in mid cap stocks: companies ranked 101 to 250 by market value.
- Small CapAt least 65% of the fund in small cap stocks: companies ranked 251 and below by market value.
- Multi CapAt least 75% in stocks, with at least 25% each in large cap, mid cap and small cap stocks.
- Flexi CapAt least 65% in stocks, in any mix of large, mid and small cap companies the fund manager chooses.
- FocusedAt most 30 stocks, with at least 65% of the fund in stocks.
- Value and ContraAt least 65% in stocks, picked by a value strategy (shares priced below their worth) or a contrarian one (against the market's mood).
- Dividend YieldAt least 65% in stocks, mostly of companies that pay high dividends.
- ELSSAt least 80% in stocks. Each investment is locked in for 3 years, and it qualifies for the Section 80C deduction in the old tax regime.
How Equity Funds Are Taxed
| When you sell | Tax on the gain |
|---|---|
| Within 1 year | 20% of the gain (short term) |
| After 1 year | 12.5% of gains above ₹1.25 lakh a financial year (long term) |
IDCW (dividend) payouts are added to your income and taxed at your slab rate. Rules in force from 23-07-2024 (Finance Act 2024). This is general information, not tax advice.
Equity Mutual Funds: Frequently Asked Questions
Which are the top equity mutual funds?
By 3 year return: 1. ITI Small Cap Fund (22.1% a year), 2. Invesco India Mid cap Fund (21.8% a year), 3. Bandhan Small Cap Fund (21.7% a year), 4. HSBC Midcap Fund (21.6% a year), 5. Invesco India Focused Fund (21.4% a year). Past returns do not promise future returns.
How many equity mutual funds are there?
337 equity funds are open for investment, from 48 fund houses, in 10 categories.
What is an equity fund?
An equity fund puts at least 65% of its money in shares of listed companies (80% for large cap funds and ELSS). Its value follows the stock market, so it can grow the most over long periods and also fall the most in a bad year.
Which equity fund category has the highest return?
Mid Cap: 14.7% a year on average over 3 years, across its funds' Direct plans.
Which is the largest equity fund category?
Flexi Cap, with ₹5,86,801 Cr across 46 funds on 30-09-2026.
Which equity fund has the lowest expense ratio?
Parag Parikh Large Cap Fund, at 0.32% a year (Direct plan), as reported to AMFI.
How are equity funds taxed?
Gains on units sold within 1 year are taxed at 20%. After that, gains above ₹1.25 lakh a financial year are taxed at 12.5%.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.