Tulsian PMS Review: Large Cap Strategy, Returns & Team (2026)
Last updated: 13 October 2026
Quick answer: Tulsian PMS is run by Tulsian PMS Pvt Ltd, a Mumbai portfolio manager led by founder and CEO Abhinandan Tulsian and associated with market veteran SP Tulsian (SEBI registration INP000005838). As of 31 August 2026 it managed ₹426.53 crore for 390 clients through a single Large Cap strategy, launched in April 2020, which reported 19.08% annualised over three years and 23.67% over five. The minimum investment is ₹50 lakh.
Last updated: 13 October 2026 Quick answer: Tulsian PMS is run by Tulsian PMS Pvt Ltd, a Mumbai portfolio manager led by founder and CEO Abhinandan Tulsian and associated with market veteran SP Tulsian (SEBI registration INP000005838). As of 31 August 2026 it managed ₹426.53 crore for 390 clients through a single Large Cap strategy, launched in April 2020, which reported 19.08% annualised over three years and 23.67% over five. The minimum investment is ₹50 lakh. Key takeaways Size: ₹426.53 crore of PMS assets across 390 clients and one strategy as of 31 August 2026. Track record: the Large Cap strategy (since April 2020) reported 21.34% over one year, 19.08% over three years and 23.67% over five years, annualised. Benchmark context: over three and five years it was well ahead of the S&P BSE 500 TRI (12.1% and 10.9%), but its five-year window starts near the post-pandemic market low. Watch point: the two-year figure of 3.54% shows the 2024-26 correction hit the portfolio, and unusually high numbers for a large cap mandate are worth questioning on portfolio construction. Costs and tax: ₹50 lakh minimum; reported returns are TWRR, net of fees but before your own capital gains tax. Tulsian PMS is offered by Tulsian PMS Pvt Ltd, a Mumbai-based portfolio manager associated with market veteran SP Tulsian. As of 31 August 2026, it reported PMS assets under management of ₹426.53 crore across 390 clients, through 1 investment approach. Its single strategy, also called Tulsian PMS, is a Large Cap approach launched in April 2020, and it reported 23.67% annualised over five years as of 31 August 2026. Quick Facts: Tulsian PMS Portfolio Manager Tulsian PMS Pvt Ltd SEBI Registration No. INP000005838 PMS AUM ₹426.53 crore (as on 31 August 2026) Number of Clients 390 (as on 31 August 2026) Investment Approaches 1 Key People Abhinandan Tulsian (Founder & CEO) Registered Office Mumbai (Dadar West) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) Fee structure Fees, any hurdle or high-water mark, exit charges and other terms are agreement-specific. Check the current Disclosure Document and Client Agreement before investing. About Tulsian PMS Tulsian PMS frames its purpose around investors who want long-term wealth creation but lack the time, expertise or discipline to manage their own portfolios. It offers discretionary PMS and emphasises independent, personalised service, aiming to deliver long-term wealth creation without taking excessive risk. Its clients are private individuals, and the firm draws on SP Tulsian's 34 years of market experience. Founder and CEO Abhinandan Tulsian has over 7 years of capital markets experience in research, compliance and technology roles at SPT Investment Advisory Services Private Limited, and now leads the Tulsian PMS team. Earlier he was a research engineer at Microlution Inc. in Chicago, with multiple publications and a patent. He holds a bachelor's degree from VJTI, Mumbai, and a master's degree from Carnegie Mellon University, both in mechanical engineering, and is a CFA, FRM and CAIA charterholder. He has worked as a research analyst, compliance officer and chief technology officer since 2010. Tulsian PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Tulsian PMS Large Cap 21.34% 3.54% 19.08% 23.67% Apr 2020 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — Returns as of 31 August 2026, TWRR, as reported by the portfolio manager; returns over one year are annualised. Index rows are shown for reference only, as of 31 August 2026 (index figures as published in Sundaram Alternates' August 2026 PMS performance disclosure); each strategy's own SEBI category benchmark may differ, so ask the manager for its benchmark comparison. Tulsian PMS (Large Cap) The house's only listed approach was launched in April 2020 and is classified as Large Cap. As of 31 August 2026 it reported 21.34% over one year, 3.54% over two years, 19.08% over three years and 23.67% over five years, annualised beyond one year. Two points of context. First, the 5-year period starts close to the strategy's April 2020 inception, shortly after the pandemic crash, which was a favourable starting point for most equity portfolios. Second, these are high numbers for a large cap category strategy, so investors should ask how the portfolio is constructed relative to the large cap benchmark and what share, if any, sits outside large caps within the mandate limits. Table of Tulsian PMS Large Cap strategy returns as of 31 August 2026 over 1, 2, 3 and 5 years: 21.34%, 3.54%, 19.08% and 23.67%, against the S&P BSE 500 TRI Tulsian PMS Large Cap strategy returns vs the S&P BSE 500 TRI (TWRR, as of 31 August 2026) How to Read These Numbers Absolute returns are only half the picture. Under SEBI's December 2022 framework every PMS strategy is mapped to a category benchmark, and its figures mean most when compared with that benchmark and with category peers over identical periods; ask for this comparison in the monthly factsheet or Disclosure Document. For equity strategies, the 2-year column largely reflects the 2024-26 correction in Indian equities, which was sharper in mid and small caps. That is why 2-year numbers for many equity PMS strategies look muted next to their 1-year and 3-year figures; read the columns together rather than leaning on any one. TWRR strips out the effect of client inflows and outflows, so an individual investor's actual return depends on entry timing and any top-ups or withdrawals. Returns are reported net of fees and expenses as per SEBI norms, but not net of tax: gains booked on portfolio churn are taxed in each client's hands, and that drag differs from investor to investor. PMS portfolios are also typically more concentrated than diversified mutual funds, so a handful of positions can drive results in either direction. Who Tulsian PMS May Suit Investors seeking a large cap category PMS with a record dating to April 2020 Investors who value the market experience associated with SP Tulsian and a founder with CFA, FRM and CAIA credentials Individuals wanting a personalised discretionary service from a boutique Long-term investors who can tolerate the 2-year dip seen through the recent correction It may not suit investors wanting a choice of strategies, mid and small cap or debt exposure, or a record covering more than one full market cycle. Fees, Minimum Investment and Taxation The minimum investment in Tulsian PMS is ₹50 lakh, the floor mandated by SEBI for all portfolio management services. It can be funded in cash, by transferring existing listed securities, or a combination of both, subject to the portfolio manager's acceptance of the securities. PMS fee structures in India typically take one of three forms: a fixed management fee charged as a percentage of assets, a performance-linked fee charged only on gains above a hurdle rate (usually with a high-water mark), or a hybrid of a lower fixed fee plus a performance share. The exact fee schedule, including any exit load, is in the Disclosure Document, and investors should compare the all-in cost against what they would pay in a mutual fund. Securities in a PMS are held in the investor's own demat account, which gives full transparency over holdings. Because each trade happens in the investor's name, capital gains are taxed in the investor's hands transaction by transaction: short-term capital gains on listed equity are taxed at 20%, and long-term capital gains at 12.5% above the annual ₹1.25 lakh exemption. Dividends and interest are taxed at the investor's slab rate. For a fuller walk-through, see our guide on how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View Tulsian PMS stands out for strong reported numbers in a large cap mandate as of 31 August 2026: 23.67% over five years, 19.08% over three years and 21.34% over one year. What to watch: the 2-year return of 3.54% shows the recent correction did hit the portfolio; the record is just over six years and began near a market low; and the house runs a single strategy led by a small team. Investors should compare with the large cap benchmark and understand portfolio construction. For comparison with fund alternatives, see PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) , or contact our PMS distribution desk (/products/pms) . Frequently Asked Questions Is Tulsian PMS good? Tulsian PMS reported 23.67% over five years and 19.08% over three years as of 31 August 2026 in a large cap strategy, but 3.54% over two years. Its record began in April 2020, so investors should weigh the starting point and compare with the benchmark. What is the minimum investment in Tulsian PMS? The minimum is ₹50 lakh, the SEBI-mandated floor for PMS. Which is the best Tulsian PMS strategy? Tulsian PMS lists a single approach in public disclosures, a Large Cap strategy launched in April 2020. Whether it fits depends on the investor's goals and risk appetite. Who manages Tulsian PMS? Founder and CEO Abhinandan Tulsian leads the team; he is a CFA, FRM and CAIA charterholder. The firm also draws on SP Tulsian's 34 years of market experience. Is Tulsian PMS registered with SEBI? Yes. Tulsian PMS Pvt Ltd is registered with SEBI as a portfolio manager under registration number INP000005838. Has Tulsian PMS beaten its benchmark? Against the broad-market reference in this review, yes: as of 31 August 2026 it reported 19.08% over three years and 23.67% over five years, against 12.1% and 10.9% for the S&P BSE 500 TRI. Over two years it reported 3.54% against -0.1%. Ask Tulsian PMS for the comparison with its official SEBI large cap category benchmark, which may differ. How do I invest in Tulsian PMS? You complete KYC, read the Disclosure Document, sign the Client Agreement and fund the account with at least ₹50 lakh in cash or eligible securities, held in a demat account in your own name. SEBI requires portfolio managers to offer a direct option without distributor commission, so you can onboard with Tulsian PMS directly or through an APMI-registered distributor such as Money n Wealth (APRN-07444), which can help with comparisons and paperwork. Related Reading Portfolio Management Services (PMS) in India: the complete 2026 guide (/insights/pms-india) How PMS works: onboarding, funding, taxation, reporting and exit (/insights/how-pms-works-onboarding-funding-taxation-exit) PMS vs mutual funds above ₹1 crore (/insights/pms-vs-mutual-funds-1-crore-investors) PMS players in India by AUM and vintage (/insights/pms-players-in-india-aum-vintage) Aditya Birla Sun Life AMC PMS Review (/insights/aditya-birla-sun-life-amc-pms-review) Renaissance Investment Managers PMS Review (/insights/renaissance-investment-managers-pms-review) ICICI Prudential Largecap Strategy (/insights/icici-prudential-largecap-strategy-pms-review) Vallum Capital PMS Review (/insights/vallum-capital-advisor-pms-review) All PMS reviews (/insights/category/pms) Sources SEBI: registered portfolio managers (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10) Association of Portfolio Managers in India (APMI) (https://www.apmiindia.org) Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by Tulsian PMS Pvt Ltd in public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.