SIP Flows Feb 2026 Fall to ₹29,845 Cr; Ratios Slip
SIP inflows dip to ₹29,845 crore in Feb 2026. SIP ratios, stoppage trends, and folio productivity signal rising investor caution and market uncertainty.
MONTHLY SIP FLOW RATIO TAPERS IN FEB-26
After staying above ₹31,000 crore for two months in a row, the SIP accretion in February 2026 tapered back to ₹29,845 crore. This is often seen during times of geopolitical uncertainty and in the month of February being a shorter month. This time around, both factors were at play. As a result, even the ratio of SIP flows to SIP AUM tapered to 1.79%, the lowest level since June 2025. The table below captures the gross SIP flows for the last 13 months with the SIP Flow to AUM ratio. AMFI only reports gross SIP flows, and not net SIP flows.
| Monthly MF Data | Monthly SIP Inflows (₹ Crore) | SIP AUM (₹ Crore) | SIP Flow / SIP AUM (% Ratio) |
|---|---|---|---|
| Feb-26 | 29,845 | 16,64,085 | 1.79% |
| Jan-26 | 31,002 | 16,36,082 | 1.89% |
| Dec-25 | 31,002 | 16,63,369 | 1.86% |
| Nov-25 | 29,445 | 16,52,665 | 1.78% |
| Oct-25 | 29,529 | 16,25,305 | 1.82% |
| Sep-25 | 29,361 | 15,52,303 | 1.89% |
| Aug-25 | 28,265 | 15,18,368 | 1.86% |
| Jul-25 | 28,464 | 15,19,456 | 1.87% |
| Jun-25 | 27,269 | 15,30,574 | 1.78% |
| May-25 | 26,688 | 14,61,360 | 1.83% |
| Apr-25 | 26,632 | 13,89,655 | 1.92% |
| Mar-25 | 25,926 | 13,35,188 | 1.94% |
| Feb-25 | 25,999 | 12,37,784 | 2.10% |
Data Source: AMFI
From a longer-term perspective, the SIP Flow / SIP AUM ratio has fallen from above 2% to well below 2%, but that is more due to SIPs plateauing and the overall SIP AUM rising sharply. There has also been the short-month effect seen in February 2026, and that should rectify in March. This is the lowest SIP Flow to SIP AUM ratio in the last 9 months since June 2025.
FOLIO ACCRETION STORY OF FEBRUARY 2026
SIP data over two months can be seen either in terms of change in the SIP folios or in terms of SIP AUM. Let us look at both perspectives. Total SIP folios grew from 1,029.38 Lakh folios in January 2026 to 1,045.40 Lakh folios in February 2026. That is MOM folio accretion of 1.56%. Let us also talk about how SIP AUM moved. Between January 2026 and February 2026, SIP AUM picked up from ₹16,36,082 Crore to ₹16,64,085 Crore. The higher SIP AUM can be attributed to a spike in the equity indices in the month of February, in the aftermath of the Indo-US trade deal. However, these joys eventually proved to be short-lived.
SIP STOPPAGE RATIO – STILL HIGHER THAN LONG-TERM AVERAGES
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.
| Sep-24 | Oct-24 | Nov-24 | Dec-24 | Jan-25 | Feb-25 | Mar-25 | FY25 | Apr-25 | May-25 |
|---|---|---|---|---|---|---|---|---|---|
| 60.72% | 60.91% | 79.12% | 82.75% | 109.15% | 122.76% | 128.27% | 75.63% | 352.79% | 72.12% |
| Jun-25 | Jul-25 | Aug-25 | Sep-25 | Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | FY26 |
| 77.77% | 62.66% | 74.51% | 76.27% | 74.85% | 75.57% | 85.30% | 74.83% | 75.62% | 93.99% |
Data Source: AMFI
The averages of FY26 are still skewed on the higher side due to the SIP clean-up which eliminated most of the inactive folios. However, now that should have stabilized since it is almost a year since the process was completed. What stands out is that the average SIP stoppage ratio in the period has remained above 75%, which means nearly three-fourth of fresh SIPs created tend to get offset by closures. That is not great news. Historically, this ratio used to be in the range of 40% to 50%. In fact, the SIP stoppage ratio had spiked to above 60% only during the pandemic and stabilized after that. Now, the SIP stoppage stabilizing at above 75% indicates that there is a lot of uncertainty that investors are having to contend with at higher levels. That is triggering a bout of SIP closures.
PRODUCTIVE SIP RATIO FALLS SHARPLY IN FEBRUARY 2026
The Contributing SIP ratio is the ratio of SIP folios that contribute flows to the overall SIP folios. That ratio touched its lowest level in the last one year in the month of February 2026. That can again be attributed to the small-month effect, but we must see March data.
| Transaction Month | Outstanding SIP Folios | Contributing SIP Folios | Contributing SIP Folio Ratio |
|---|---|---|---|
| Feb-26 | 1,045.40 | 944.48 | 90.35% |
| Jan-26 | 1,029.38 | 992.19 | 96.39% |
| Dec-25 | 1,010.73 | 979.00 | 96.86% |
| Nov-25 | 1,001.84 | 942.52 | 94.08% |
| Oct-25 | 987.88 | 945.20 | 95.68% |
| Sep-25 | 972.74 | 925.21 | 95.11% |
| Aug-25 | 959.04 | 898.70 | 93.71% |
| Jul-25 | 944.97 | 911.18 | 96.42% |
| Jun-25 | 919.32 | 864.70 | 94.06% |
| May-25 | 905.57 | 856.00 | 94.53% |
| Apr-25 | 889.08 | 838.25 | 94.28% |
| Mar-25 | 1,005.39 | 811.16 | 80.68% |
| Feb-25 | 1,016.75 | 826.41 | 81.28% |
| Jan-25 | 1,026.89 | 834.97 | 81.31% |
| Dec-24 | 1,032.03 | 827.44 | 80.18% |
| Nov-24 | 1,022.67 | 797.32 | 77.96% |
| Oct-24 | 1,012.34 | 794.48 | 78.48% |
Data Source: AMFI
The Productive SIP ratio is interesting; in that 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 had stabilized above 95% after the folio clean-up. However, the month of February 2026, this ratio fell to just 90.4%.
There is one more message coming from the sharp fall in the productive SIP ratio. The gains from the inactive SIP folio elimination are done and dusted. Now the folio productivity will have to genuinely grow for the ratio to sustain above the 95% mark. That will be the real test of mutual fund folio growth in the coming months.
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