Contents
- How we ranked the top performing mutual funds in India
- Why 3-year CAGR (and not 1-year)
- Top 5 Large Cap Mutual Funds in India (by 3-yr CAGR)
- Top 5 Mid Cap Mutual Funds in India
- Top 5 Small Cap Mutual Funds in India
- Top 5 Multi Cap Mutual Funds in India
- Top 5 Flexi Cap Mutual Funds in India
- Top 5 ELSS (Tax-saver) Mutual Funds in India
- Top 5 Liquid Mutual Funds in India
- Tax rules summary (Budget 2024 — current rates)
- How to use this list responsibly
- Frequently asked questions
- Which is the top performing mutual fund in India in 2026?
- Are top performing mutual funds always the best ones to invest in?
- What is the difference between Direct and Regular plans?
- Are top performing mutual funds in India safe?
- How often should I review the top performing mutual funds list?
Published by MintByte Research · Last updated 30 May 2026
Finding the top performing mutual funds in India is one of the most common questions for both first-time and experienced investors. This guide compiles the leaders across seven major equity and debt categories, ranked by trailing 3-year compounded returns (CAGR) computed directly from AMFI-published Net Asset Values as of 29 May 2026. All figures are for Direct Plans (Growth option) because that is the share class most retail investors can buy through online platforms.
SEBI-required disclosure: Past performance is not indicative of future returns. Mutual funds carry market risk; please read the scheme information document carefully before investing. The lists below are not investment recommendations.
How we ranked the top performing mutual funds in India
Our ranking methodology is intentionally simple and reproducible:
- We pulled every active scheme from the AMFI master.
- We restricted to Direct Plan, Growth option so the comparison is apples-to-apples and free of distributor commissions.
- We computed trailing 3-year CAGR from each scheme's daily NAV history (AMFI), using the most recent month-end NAV available.
- We filtered to schemes with a continuous 3-year NAV record (no missing months).
- We sorted each SEBI scheme sub-category in descending order of 3-year CAGR and surfaced the top 5.
Full methodology is documented in our Research Methodology page. The data refreshes nightly from AMFI; the as-of date is shown beside each list.
Why 3-year CAGR (and not 1-year)
A 12-month window can be flattered by a single rally or pulled down by a single drawdown. A 3-year window captures at least one full rate-cycle and gives more confidence that the manager's process — not luck — produced the outcome. We also show 1-year and 5-year returns alongside so you can spot inconsistency.
Top 5 Large Cap Mutual Funds in India (by 3-yr CAGR)
Large-cap funds invest at least 80% of their corpus in the top-100 Indian companies by market capitalisation. Risk is lower than mid- or small-cap, and expected returns are more moderate.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | Invesco India Largecap Fund | Invesco MF | 2.20 | 16.10 | 14.21 |
| 2 | Bank of India Large Cap Fund | Bank of India MF | 6.13 | 16.09 | n/a |
| 3 | WhiteOak Capital Large Cap Fund | WhiteOak MF | 1.11 | 15.49 | n/a |
| 4 | DSP Large Cap Fund | DSP MF | -3.22 | 14.61 | 12.18 |
| 5 | Groww Largecap Fund | Groww MF | 1.85 | 12.96 | 11.88 |
Top 5 Mid Cap Mutual Funds in India
Mid-cap funds invest at least 65% of their corpus in companies ranked 101-250 by market cap. They tend to be more volatile but historically generate higher returns over long horizons.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | WhiteOak Capital Mid Cap Fund | WhiteOak MF | 14.99 | 26.81 | n/a |
| 2 | Invesco India Midcap Fund | Invesco MF | 11.50 | 26.60 | 21.95 |
| 3 | Edelweiss Mid Cap Fund | Edelweiss MF | 10.30 | 26.03 | 22.05 |
| 4 | ITI Mid Cap Fund | ITI MF | 9.93 | 25.69 | 18.71 |
| 5 | Mahindra Manulife Mid Cap Fund | Mahindra Manulife MF | 12.17 | 25.67 | 21.23 |
Top 5 Small Cap Mutual Funds in India
Small-cap funds focus on companies ranked 251+ by market cap. Highest risk and highest historical reward; can experience deep drawdowns and long recovery periods.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | Bandhan Small Cap Fund | Bandhan MF | 7.79 | 30.82 | 23.33 |
| 2 | ITI Small Cap Fund | ITI MF | 10.07 | 26.84 | 18.08 |
| 3 | Mahindra Manulife Small Cap Fund | Mahindra Manulife MF | 10.35 | 24.75 | n/a |
| 4 | Invesco India Smallcap Fund | Invesco MF | 8.79 | 24.51 | 21.78 |
| 5 | Bank of India Small Cap Fund | Bank of India MF | 12.82 | 23.52 | 21.14 |
Top 5 Multi Cap Mutual Funds in India
Multi-cap funds are required by SEBI to hold a minimum 25% each in large, mid and small caps. Built-in diversification across the market-cap spectrum.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | Bank of India Multi Cap Fund | Bank of India MF | 10.47 | 21.91 | n/a |
| 2 | Mahindra Manulife Multi Cap Fund | Mahindra Manulife MF | 9.48 | 21.42 | 18.55 |
| 3 | ITI Multi Cap Fund | ITI MF | 9.24 | 21.10 | 14.22 |
| 4 | Union Multicap Fund | Union MF | 8.78 | 18.37 | n/a |
| 5 | Baroda BNP Paribas Multi Cap Fund | Baroda BNP Paribas MF | 5.27 | 18.23 | 17.01 |
Top 5 Flexi Cap Mutual Funds in India
Flexi-cap funds have no fixed allocation rules across market caps — the manager moves capital based on their view. Most popular SEBI equity category by AUM.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | Bank of India Flexi Cap Fund | Bank of India MF | 8.63 | 23.10 | 18.93 |
| 2 | ITI Flexi Cap Fund | ITI MF | 6.82 | 20.70 | n/a |
| 3 | Invesco India Flexi Cap Fund | Invesco MF | 1.09 | 19.71 | n/a |
| 4 | Motilal Oswal Flexi Cap Fund | Motilal Oswal MF | -4.02 | 19.63 | 13.06 |
| 5 | WhiteOak Capital Flexi Cap Fund | WhiteOak MF | 2.47 | 17.79 | n/a |
Top 5 ELSS (Tax-saver) Mutual Funds in India
ELSS funds qualify for Section 80C deduction up to Rs 1.5 lakh per year (old tax regime only) and have a 3-year statutory lock-in — the shortest among 80C instruments.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | Motilal Oswal ELSS Tax Saver Fund | Motilal Oswal MF | 5.90 | 24.19 | 19.91 |
| 2 | SBI ELSS Tax Saver Fund | SBI MF | -0.23 | 19.96 | 17.94 |
| 3 | ITI ELSS Tax Saver Fund | ITI MF | 0.93 | 19.29 | 13.51 |
| 4 | WhiteOak Capital ELSS Tax Saver Fund | WhiteOak MF | 1.17 | 18.98 | n/a |
| 5 | DSP ELSS Tax Saver Fund | DSP MF | -1.04 | 17.52 | 15.01 |
Top 5 Liquid Mutual Funds in India
Liquid funds invest in money-market and very short-duration debt instruments. They are the standard "parking" vehicle for short-term cash with returns typically 50-150 bps above a savings account.
| Rank | Scheme | AMC | 1-Yr % | 3-Yr CAGR % | 5-Yr CAGR % |
|---|---|---|---|---|---|
| 1 | Edelweiss Liquid Fund | Edelweiss MF | 6.25 | 7.01 | 6.18 |
| 2 | Axis Liquid Fund | Axis MF | 6.26 | 7.00 | 6.18 |
| 3 | Mahindra Manulife Liquid Fund | Mahindra Manulife MF | 6.22 | 6.98 | 6.18 |
| 4 | DSP Liquidity Fund | DSP MF | 6.23 | 6.97 | 6.14 |
| 5 | Canara Robeco Liquid Fund | Canara Robeco MF | 6.24 | 6.97 | 6.14 |
Tax rules summary (Budget 2024 — current rates)
| Holding | Equity-oriented MF | Debt MF (post 1-Apr-2023) |
|---|---|---|
| Short-term cap gain | < 12 months: 20% flat | Always slab rate |
| Long-term cap gain | > 12 months: 12.5% above Rs 1.25 lakh/yr | Always slab rate |
| Dividend | Slab rate + TDS @ 10% if > Rs 5,000/yr | Slab rate + TDS @ 10% if > Rs 5,000/yr |
| STT | 0.001% on equity-MF redemption | None |
Liquid and most other debt funds purchased on or after 1 April 2023 are taxed at the investor's slab rate regardless of holding period (Budget 2023 amendment, unchanged in Budget 2024).
How to use this list responsibly
The top performing mutual funds in India shift every quarter. Use rank tables as a starting universe, not a final shortlist. Before you invest, also check:
- Consistency — does the scheme stay in the top quartile across rolling 3-year windows? Our 5-star rated funds list applies a consistency filter.
- Risk-adjusted return — Sharpe and Sortino ratios on each scheme page tell you whether returns came from skill or from running extra risk.
- Expense ratio (TER) — high TER quietly erodes long-term CAGR. Direct plans are always cheaper than regular.
- Manager tenure — a five-year track record under one manager is more meaningful than a five-year scheme history with three handovers.
- Tax + lock-in fit — ELSS suits 80C investors; liquid funds suit emergency-fund parking; small caps suit 7-10 year horizons.
Use the MintByte mutual fund screener to apply these filters yourself, or try the SIP Calculator and Lumpsum Calculator to project outcomes under different return assumptions.
Frequently asked questions
Which is the top performing mutual fund in India in 2026?
By trailing 3-year CAGR across Direct Plan Growth options, Bandhan Small Cap Fund (30.82%) is the highest among the seven major categories we tracked as of 29 May 2026. However, "best" depends on your goal, horizon and risk tolerance — small-cap funds can also lose 30-40% in a single year. Past performance is not indicative of future returns.
Are top performing mutual funds always the best ones to invest in?
No. A fund that tops the 1-year chart often lags the 3-year chart because rankings reflect recent style or sector rotations. Look for funds that stay in the top quartile across rolling 3-year windows and have a stable manager.
What is the difference between Direct and Regular plans?
Direct plans have no distributor commission embedded in the expense ratio, so they typically cost 0.50%-1.00% less per year than the Regular plan of the same scheme. Over 20 years that compounds into a meaningful difference. The portfolio, manager and risk are identical.
Are top performing mutual funds in India safe?
All mutual funds carry market risk. Liquid funds carry the lowest equity-style risk but still have credit and interest-rate risk. Equity funds (large/mid/small/multi/flexi/ELSS) carry full market risk and can fall 30-50% in severe drawdowns. No mutual fund is "guaranteed".
How often should I review the top performing mutual funds list?
Once or twice a year is enough. Switching too often triggers tax events (12.5% LTCG above Rs 1.25 lakh on equity, or slab on debt post Apr-2023) and exit loads, which silently erode returns. A long-term plan beats chasing the latest leaderboard.