For the month of October 2025, the gross SIP flows touched a new all-time record of ₹29,529 crore, but again fell short of the 30K level. There appears to be a certain resistance to expand SIP allocations at higher levels, although SIP folios additions are still aggressive at 15.15 lakhs. In October 2025, the AUM surged sharply, which led to the SIP Flow / SIP AUM ratio tapering from 1.89% to 1.82%. The table below captures the gross SIP flows for the last 13 months with the SIP Flow to AUM ratio. Remember, these are gross SIP flows; not net SIP flows. 

Data Source: AMFI 

Gross SIP flows into SIPs have improved sharply each year since FY21. In FY25, the total annual SIP flows stood at ₹2,89,352 Crore; 45.2% higher than FY24. If you take the first 7 months of FY26 and annualize it; the gross SIP is projected at ₹3,36,357 Crore, which is 16.2% higher compared to FY25. An ideal situation is when the gross SIP flows are above 2% of the SIP AUM, and that was only visible in 2 months in the last 1 year. 

The SIP flows reported by AMFI are the gross SIP flows. When you adjust that for the SIP stoppages, you get the figure of net SIP flows. That is the more relevant figure, but as of now, AMFI does not report net SIP flows. The factor that connects the gross SIP flows with the net SIP flows is the SIP stoppage ratio. But first, let us look at the folio accretion story. 

Total SIP folios grew from 972.74 Lakh folios in September 2025 to 987.88 Lakh folios in October 2025. That is MOM folio accretion of 1.56%. Let us also talk about how SIP AUM moved. Between September 2025 and October 2025, SIP AUM increased from ₹15,52,303 Crore to ₹16,25,305 Crore. This higher AUM is more due to the stock market rally and increase in NAVs.  

One of the critical ratios in understanding stickiness of SIP clients is the SIP Stoppage Ratio (Ratio of Discontinued SIPs to New SIPs). Here is a quick snapshot. 

Data Source: AMFI 

The averages of FY26 are still skewed on the higher side due to the SIP clean-up which substantially eliminated inactive folios. The spike in the SIP stoppage ratio to 352.79% in April is still showing its impact in FY26 SIP stoppage ratio. However, even if you exclude the exceptional SIP clean-up effect, the SIP stoppage ratio continues to be well above the COVID peaks of 60% to 65%, which is a cause for worry. SIP stoppage ration had come down to a more sustainable 40% level in FY22, but in the last 2 years it has spiked again. 

One of the positive ramifications of the SIP folios clean-up, was the perceptible boost to the Contributing SIP folio ratio. The Contributing SIP ratio was in the range of 77-80% till November 2024 and was above 80% till March 2025. However, post clean-up, Contributing SIP Folio ratio has held above 90%; averaging above 94.8% in last 7 months.   

Data Source: AMFI 

What does the Productive SIP ratio actually mean. It shows the ratio of SIP folios that are actually giving business on a consistent basis out of the total outstanding SIP folios. This ratio has improved substantially in the last few months; principally due to the folio clean up between January and April 2025. In fact, if you just consider the last 7 months data post the clean-up exercise, the Productive SIP ratio has averaged above 94.8%. A high productive SIP ratio is a good sign that there are genuine incremental flows coming from folio growth. It is a signal that the SIP folios are actually delivering the business to the mutual funds.