India's Gold ETF Industry Crosses Rs 1.86 Lakh Crore in AUM

India's gold ETF industry has reached a major milestone, with total assets under management across its 26 schemes rising past Rs 1.86 lakh crore as of September 30, 2026. A report released on Thursday highlighted the growth and the continued dominance of a few leading funds.

Data from ICRA Analytics reveals that the five biggest gold ETF schemes control 80.2 percent of industry AUM. Their combined assets stand at nearly Rs 1.49 lakh crore.

Nippon India ETF Gold BeES remains the segment's largest scheme, managing Rs 56,982 crore, or 30.6 percent of total category assets.

Other major players include ICICI Prudential Gold ETF with Rs 27,615 crore, SBI Gold ETF with Rs 26,466 crore, HDFC Gold ETF with Rs 23,900 crore, and Kotak Gold ETF with Rs 14,473 crore.

Concentration remains pronounced. The top three schemes hold around 60 percent of the category's AUM, and the leading two account for about 45 percent.

Further down the list are Tata Gold Exchange Traded Fund, Axis Gold ETF, UTI Gold Exchange Traded Fund, Mirae Asset Gold ETF, and Aditya Birla Sun Life Gold ETF.

The top ten schemes together hold 92.4 percent of the category's total AUM.

Commenting on the report, Ashwini Kumar, Senior Vice President and Market Data Head at ICRA Analytics, said that although the gold ETF market in India has grown considerably, assets are still concentrated in some large schemes.

Kumar observed that newer schemes have made some progress but still hold a limited share of the market. He added that performance differences alone cannot explain the concentration, given the similarity in returns across schemes.

The report also mentioned that 13 schemes with less than three years of return history hold a total of Rs 14,575 crore, which is about 8 percent of the category's total AUM.