India’s portfolio management services (PMS) industry reached Rs 42.2 lakh crore in April 2026, marking a 2.1% increase from the previous month. The Association of Portfolio Managers in India (APMI) reported that the client base totaled around 2.12 lakh accounts, with a 1.7% adjustment in April.
A net inflow of Rs 25,088 crore was observed in April, a significant rise from the net outflow of Rs 648 crore in March. The increase was primarily driven by a 27% month-on-month growth in inflows.
The portfolio saw growth across various sectors, with equity expanding by 13.8%, plain debt by 0.8%, and mutual funds by 5.4%. Notably, derivatives underwent significant repositioning during this period, as highlighted in the report.
Domestic investors constituted a majority share in the client base at 91% and in total assets under management (AUM) at 95%. Foreign AUM saw a 7.8% increase month-on-month, while domestic AUM also grew by 1.8%, indicating stable allocations at the beginning of the fiscal year.
Provident funds continued to dominate domestic assets, accounting for approximately 80% of domestic AUM. The report also noted an increase in distributor additions, supporting wider penetration of PMS in the market.
Listed equity assets surged by 13.6% month-on-month, reflecting a sustained interest in equity-oriented opportunities among investors. In contrast, unlisted equity assets saw a substantial 38.8% growth, while unlisted debt spiked by 150.5%, signaling a growing attraction towards private market investments.
Foreign AUM rose by 7.8% in April, while domestic AUM remained relatively stable. According to Vikas Khemani, a Board Member of APMI, there is a shift towards specialized and diversified strategies in both listed and unlisted markets, indicating a strategic shift in portfolio allocation for sophisticated investors.
In the market, the BSE Sensex and Nifty 50 indices rose by 6.9% and 7.5% month-on-month in April, respectively. Additionally, the BSE Midcap and BSE Smallcap indices recorded significant gains of 13.8% and 19.6%, respectively.
