For the month of September 2025, the gross SIP flows touched a new all-time record of ₹29,361 crore. This also had the carry-forwards impact of the holidays in the last week of August, which explains the spike. What is more important is that the gross SIP flows as a ratio of the SIP AUM as of end September 2025, improved marginally to 1.89%. The table below captures the gross SIP flows for the last 13 months with the SIP Flow to AUM ratio. 

Data Source: AMFI 

Gross SIP flows into SIPs have been improving sharply each year since FY21. For FY25, the total annual SIP flows stood at ₹2,89,352 Crore, which was 45.2% higher than FY24. If you take the first 6 months of FY26 and annualize it; the figure is ₹3,33,358 Crore, which is 15.2% higher compared to FY25. However, monthly SIP flows crossed 2% of SIP AUM only twice (January and February 2025); and in both months it was due to a sharp fall in the markets, which led to MTM losses depressing the SIP AUM. But why do we look at SIPs? 

One of the big stories underlying the growth in mutual fund flows into equity markets has been the persistent increase in the average SIP flows. Of course, the AMFI reports gross SIP flows, but that still gives us an approximate idea. Unlike the AUM, which is vulnerable to the market movements, the SIP folios have two advantages. Firstly, it is not influenced by the vagaries of the stock market indices. Secondly, the trend of SIPs in volatile conditions gives a good idea of how stable the SIP flows are. Unlike PAN numbers, SIPs are not unique investors, but they are still largely retail and partially HNI appetite. That makes it unique! 

Total SIP folios grew from 959.04 Lakh folios in August 2025 to 972.74 Lakh folios in September 2025. That is MOM folio accretion of 1.43%. September 2025 saw slowing of SIP folio additions. That is because the SIP folio additions are net of SIP stoppages and that normally tends to increase in uncertain times. 

Let us also talk about how SIP AUM moved. Between August 2025 and September 2025, SIP AUM moved from ₹15,18,368 Crore to ₹15,52,303 Crore as of July. This higher AUM is more due to the stock market rally and increase in NAVs. To understand this better; let us look at the SIP Stoppage Ratio (Discontinued SIPs to New SIPs).  

Data Source: AMFI 

It may be recollected that during the COVID peaks, the SIP stoppage ratio had crossed 60%, which was unheard of back then. The norm was a SIP stoppage ratio of 40-50%. One can argue that the SIP stoppage ratio of 109.36% for FY26 were distorted due to the SIP clean-up. However, even post the clean-up of SIP folios, the average SIP stoppage ratio has averaged well above 70% on a consistent basis. That is something to be concerned about. 

Subsequent to the SIP folios clean-up, there was a visible 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%.   

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 and they  are the productive SIP folios. It improved substantially due to the folio clean up between January and April 2025. However, this productive SIP ratio had dipped in August, but that has bounced back in September. A high productive SIP ratio is a good sign that there are genuine incremental flows coming from folio growth!