APRIL 2026 MF FLOWS – MACRO PICTURE
APRIL 2026 MF FLOWS – MACRO PICTURE In April 2026, mutual funds saw record net inflows of ₹3,22,403 crore, led by resurgence of debt fund flows. While active debt funds saw inflows of ₹2,47,490 crore, active equity funds saw net inflows…
APRIL 2026 MF FLOWS – MACRO PICTURE
In April 2026, mutual funds saw record net inflows of ₹3,22,403 crore, led by resurgence of debt fund flows. While active debt funds saw inflows of ₹2,47,490 crore, active equity funds saw net inflows of ₹38,440 crore. Hybrid funds also turned around to net inflows of ₹20,872 crore, led by Arbitrage fund inflows. Passive funds saw net inflows of ₹20,082 crore, even as gold ETF inflows remained subdued for the third month in a row.
As of end April 2026, total AUM of mutual funds bounced back sharply to ₹81.92 crore from ₹73.73 trillion in March; a bounce of 11.1%; almost getting back to February-end levels. The market rebound and the positive flows helped. NFO flows in April were tepid at ₹828 Crore. Gross SIP flows in April 2026 was robust at ₹31,115 crore; although the SIP stoppage ratio stayed above 100% for the second month in a row.
AFTER YEAR-END REDEMPTIONS, SHORT TERM MONEY CAME BACK
Here is a look at monthly flows across fund categories in last 13 months.
| Month | Debt Fund Flows (₹ Crore) | Equity Fund Flows (₹ Crore) | Hybrid Fund Flows (₹ Crore) | Passive Fund Flows (₹ Crore) | Total MF Flows(₹ Crore) |
|---|---|---|---|---|---|
| Apr-25 | 2,19,136 | 24,269 | 14,248 | 20,229 | 2,76,827 |
| May-25 | (15,909) | 19,013 | 20,942 | 5,526 | 29,108 |
| Jun-25 | (1,711) | 23,587 | 23,429 | 3,997 | 49,095 |
| Jul-25 | 1,06,801 | 42,702 | 21,162 | 8,259 | 1,78,794 |
| Aug-25 | (7,980) | 33,430 | 15,614 | 11,437 | 52,443 |
| Sep-25 | (1,01,977) | 30,422 | 9,683 | 19,057 | (43,146) |
| Oct-25 | 1,59,958 | 24,690 | 14,417 | 16,668 | 2,15,657 |
| Nov-25 | (25,693) | 29,911 | 13,619 | 15,385 | 32,755 |
| Dec-25 | (1,32,410) | 28,054 | 11,101 | 26,723 | (66,591) |
| Jan-26 | 74,827 | 24,029 | 17,698 | 39,955 | 1,56,459 |
| Feb-26 | 42,106 | 25,978 | 12,230 | 13,879 | 94,530 |
| Mar-26 | (2,94,987) | 40,450 | (16,282) | 30,768 | (2,39,910) |
| Apr-26 | 2,47,490 | 38,440 | 20,872 | 20,082 | 3,22,403 |
Data Source: AMFI (negative figures in brackets)
April 2026 saw positive net inflows across debt funds, equity funds, hybrid funds and passive funds. There was some caution in equity flows due to the geopolitical uncertainty and the elevated levels of the market. Within equity funds; flexi cap funds, mid-cap funds and small cap funds led the flows, an indication of risk-on investing. In the passive segment, flows were led by index ETFs and index funds, as flows into gold ETFs remained sober.
On the debt fund flows, the buying was pronounced in funds at the short end of the curve; including liquid funds, overnight funds, and money market funds. Most of this was the liquidity that had gone out in the previous month for advance taxes. The hybrid funds segment saw a revival in flows into arbitrage funds, while structurally, allocation flows into multi-asset allocation funds and BAFs remained robust.
ACTIVE DEBT FUNDS: ROBUST BUYING AT THE SHORT END
The month of April 2026 saw net active debt fund inflows of ₹2,47,490 Crore, as the advance tax withdrawals came back. Liquid funds dominated debt fund inflows at ₹1,65,105 crore; followed by Overnight Funds ₹31,420 crore, Money Market Funds at ₹20,643 crore, Ultra-Short Duration Funds ₹15,652 crore, Low Duration Funds ₹7,093 crore, and Corporate Bond Funds at ₹6,197 crore. Selling was seen in Gilt Funds, albeit marginal.
ACTIVE EQUITY FUNDS: ALLOCATION PLUS ALPHA
The month of April 2026 saw steady inflows into equity funds. The inflows were led by Flexi-Cap Funds ₹10,148 Crore, Small Cap Funds ₹6,886 Crore, Mid-Cap Funds ₹6,551 Crore, and Large & Mid Cap Funds ₹4,491 Crore. Only dividend yield funds and ELSS funds saw marginal outflows. Total equity fund flows at ₹38,440 crore was about 5% lower than March. The preference appears to be towards allocation as indicated by flexi-cap funds, large & mid-cap funds, and multi-caps; and alpha hunting indicated by mid-cap funds and small cap funds.
HYBRID FLOWS RECOVER; PASSIVE FLOWS STEADY
Hybrid fund net inflows stood at ₹20,872 Crore in April 2026 (including solution funds). Net inflows were dominated by Arbitrage Funds at ₹12,378 crore and Multi Asset Allocation Funds (MAAF) at ₹5,113 Crore. Aggressive Hybrid Funds and BAFs also saw meaningful inflows. Outflows from hybrid funds were marginal in April.
In the passive category; inflows were dominated by Index ETFs at ₹10,755 Crore and Index Funds at ₹4,626 crore. Inflows into Gold Funds were relatively subdued at ₹3,040 crore, while silver ETFs continued to see outflows. The appetite for precious metals has come down drastically with the fall in prices of gold and silver from the peaks of January 2026.
April 2026, in a sense, was a reverse of March on debt funds and almost similar in other cases. Debt fund inflows were still concentrated at the short end of the yield curve. In equity funds, the focus was on alpha hunting and allocation, while it was just good old allocation in hybrid funds; if you leave out the arbitrage story. In Passive Funds, the action is reverting back to traditional equity index ETFs and index funds; but passive folios fell sharply in April.
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