This study conducts a regression analysis between the efficiency scores and the explanatory variables. Data was collected for explanatory variables like age of the mutual fund, size of fund family, number of funds in funds family, and volatility (beta). As this study used input oriented model, mutual funds were categorized and relatively evaluated on the basis of similar outcomes and inputs charged. Out of 44 mutual funds understudy, only 7 of the mutual funds were cost efficient. This indicates that nearly 37 of the mutual funds under study have more costs associated to them as compared to the return they are offering to the investors. It has been safely assumed that all the mutual funds, which are below the efficiency frontier, should compare themselves with the industry benchmark efficient mutual funds. In order to make these inefficient mutual funds reach the optimum and higher efficiency score, the fund managers should check every input and determine the slack they can afford to reduce the input without reducing the output generating from it.