About PPFAS

Parag Parikh Financial Advisory Services (PPFAS) was established in 1992 by the late Parag Parikh, a pioneering stockbroker and one of India’s early advocates of behavioural finance and value investing.

PPFAS initially focused on equity broking and investment advisory services and later launched the Cognito Portfolio Management Service (PMS), built around intrinsic value and long-term wealth creation rather than chasing short-term market opportunities.

In 2013, PPFAS entered the mutual fund industry by sponsoring PPFAS Mutual Fund. Over the years, the mutual fund business has become the group’s primary growth engine, with the Parag Parikh Flexi Cap Fund emerging as its flagship scheme.

Business & AUM

The Group manages approximately ₹1,60,939 crore of assets, primarily through its mutual fund business operated by PPFAS Asset Management Pvt. Ltd.

In addition to mutual funds:

• PPFAS Wealth manages approximately ₹1,040 crore of Assets Under Advisory (AUA).
• PPFAS Alternate Asset Managers IFSC Pvt. Ltd. operates from GIFT City and manages approximately USD 14.71 million in assets.

PPFAS’s businesses span mutual funds, portfolio management, wealth management and global investment solutions, serving individuals, families and institutions.

Mutual Fund Business

PPFAS Mutual Fund currently offers multiple investment solutions across equity, debt, hybrid and arbitrage categories.

1. Parag Parikh Flexi Cap Fund
   The flagship scheme manages approximately ₹1,40,949 crore and has been managed by Rajeev Thakkar since 2013. It has delivered approximately 17.83% annualised returns over 3 years and 31.50% over 5 years. The fund follows a long-term value-oriented approach and invests across Indian and international equities.
2. Parag Parikh ELSS Tax Saver Fund
   AUM of approximately ₹5,617 crore, managed by Rajeev Thakkar. The fund has delivered approximately 12.22% over 3 years and 14.10% over 5 years.
3. Parag Parikh Large Cap Fund
   Launched in February 2026, this is one of PPFAS’s newest equity schemes. It manages approximately ₹702 crore and is managed by Rajeev Thakkar.
4. Parag Parikh Liquid Fund
   The fund manages approximately ₹5,249 crore and is managed by Mansi Kariya. It has delivered approximately 6.94% over 5 years.
5. Parag Parikh Conservative Hybrid Fund
   AUM of approximately ₹3,344 crore, managed by Rajeev Thakkar. It has delivered approximately 10.37% over 3 years and 9.48% over 5 years.
6. Parag Parikh Arbitrage Fund
   The fund manages approximately ₹2,369 crore and is managed by Rajeev Thakkar. It has delivered approximately 5.78% over 1 year.
7. Parag Parikh Dynamic Asset Allocation Fund
   The fund manages approximately ₹2,709 crore and is managed by Rajeev Thakkar. It has delivered approximately 2.48% over 1 year.

Investment Philosophy

PPFAS follows a long-term value investing philosophy, focusing on differentiated products, meaningful value creation and strong alignment with investors’ interests.

Its product-development philosophy is built around three questions:

• Does the product offer meaningful differentiation?
• Does it create meaningful value for investors?
• Is PPFAS confident enough to invest its own money in it?

The approach is designed around disciplined investing, transparency and long-term wealth creation rather than short-term market movements.

GIFT IFSC & Global Expansion

PPFAS is also expanding its presence in GIFT IFSC through PPFAS Alternate Asset Managers IFSC Pvt. Ltd. The platform currently provides global investment solutions to Indian investors through products linked to the S&P 500 and Nasdaq 100, along with a global PMS strategy.

The GIFT IFSC platform is also being developed to provide NRIs and foreign investors with a simpler route to invest in Indian markets.

Overall, PPFAS is evolving from a predominantly mutual-fund-focused business into a broader asset and wealth management platform, while maintaining its core philosophy of long-term value investing and investor alignment.

Revenue Mix – FY26 vs FY25

• Fee & Commission Income: 95% vs 88%
• Net Gain on Assets: 5% vs 12%
• Interest Income: 0% vs 0.03%
• Total Revenue: ₹601.09 Cr vs ₹428.82 Cr

Operating Metric – AUM

Total AUM: ₹1,60,939 Cr

PPFAS’s AUM grew from ₹351 Cr in FY14 to ₹1,60,939 Cr in FY26, a nearly 458x increase. AUM grew 51.6% YoY in FY26, reflecting strong scaling of its mutual fund business, led by the Parag Parikh Flexi Cap Fund.

Operating Metrics – Folios & SIPs

PPFAS has seen a sharp increase in its investor base, with folios rising from 6.56 lakh in March 2021 to 71.98 lakh in March 2026. Over the same period, SIP accounts increased from 12.8 lakh in FY22 to 37.72 lakh in FY26, indicating strong growth in retail participation and recurring investments.

PPFAS Market Share – QAAUM

• Overall Market Share: 1.92% in Jun-26 vs 1.60% in Jun-25
• Equity-Oriented QAAUM: 3.25% in Jun-26 vs 2.74% in Jun-25
• Non-Equity QAAUM: 0.36% in Jun-26 vs 0.28% in Jun-25

Portfolio Composition – Strong Equity Focus

PPFAS maintains a predominantly equity-focused portfolio, aligned with its long-term value investing approach. Equity allocation rose from 87.1% in FY21 to 93% in FY23–FY25, before moderating to 91.09% in FY26. Meanwhile, liquid assets declined from 12.9% to 5.41%, while hybrid investments stood at 3.5% in FY26.

Geographic Expansion – Growing B-30 Presence

PPFAS is gradually expanding beyond India’s top 30 cities, with the B-30 contribution to AUM increasing from 20.13% in FY22 to 24.20% in FY26. Over the same period, the T-30 share declined from 79.87% to 75.80%. In Q1 FY27, the trend continued, with B-30 AUM share reaching 24.44% by June 2026, compared with 23.60% in June 2025. Notably, PPFAS’s B-30 share is higher than the industry average of 18.50%, indicating relatively strong penetration in India’s smaller cities.

Channel Mix – FY26 vs FY25

• RIA: 39.54% vs 35.32%
• Direct Clients: 28.23% vs 30.39%
• National Distributors: 17.05% vs 15.53%
• MFD: 15.00% vs 18.00%
• Banks: 0.63% vs 1.00%

Q1FY27 RESULTS :

• Revenue: ₹194 Cr, up 32% YoY and 35% QoQ.
• Operating Profit: ₹138 Cr, up 40% YoY and 30% QoQ.
• PAT: ₹131 Cr, up 34% YoY and 123% QoQ.
• AUM: ₹1.63 lakh Cr, with MF AUM at ₹1.60 lakh Cr, up 38% YoY.
• Equity MF AUM: ₹1.46 lakh Cr, up 37% YoY.
• Market Share: MF market share increased to 1.92%, while equity MF share reached 3.25%.
• Industry Outperformance: PPFAS MF AUM grew ~38% vs. 15.4% industry growth, showing strong market-share gains.

FY26 Shareholding: PPFAS has a strong promoter-led ownership structure, with 78.82% promoter holding.

• Neli Parikh: 41.98%
• Gethaa Parikh: 18.26%
• Sahil Parikh: 14.28%
• Rajeev Thakkar (Executive Director): 6.21%
• Employee/Management: 4.22%
• Other Shareholders: 14.97%