This article investigates whether statistically significant differences in Return on Equity (ROE) exist among ten selected Indian mutual fund companies for the period FY 2012-13 to FY 2021-22. Using a balanced panel dataset of 100 company-year observations drawn from 100 audited annual reports, the study applies One-Way Analysis of Variance (ANOVA) to test the null hypothesis that no significant ROE difference exists across the ten companies. The ANOVA results reject this null hypothesis at the 1 percent significance level (F = 18.42, df = 9, 90, p < 0.001, η² = 0.648), confirming that significant and persistent inter-company ROE differentials exist in the Indian AMC sector. Tukey's Honestly Significant Difference (HSD) post-hoc test identifies three distinct performance tiers: a High-ROE Group comprising Axis Mutual Fund (average ROE 38.8 percent) and HDFC Mutual Fund (average ROE 38.7 percent); a Mid-ROE Group of seven companies averaging 25.1 percent; and a Low-ROE Group represented by ICICI Prudential Mutual Fund (average ROE 15.9 percent) — an inter-group range of 22.9 percentage points. The article systematically documents year-wise ROE trajectories, identifies the structural determinants of ROE differentials (capital structure, expense efficiency, and AUM scale), and interprets findings through the lens of the Pecking Order Theory and competitive market structure. The findings have implications for AMC management, institutional investors, and SEBI regulatory policy.