Gross SIP Flows in September scale a new high of ₹32,490 Crore
Gross SIP Flows in September scale a new high of ₹32,490 Crore MONTHLY SIP FLOWS AGAIN AT ALL-TIME HIGHS September 2026 marks the seventh consecutive month in which the gross SIP flows into mutual funds have been above ₹30,000 crore.…
Gross SIP Flows in September scale a new high of ₹32,490 Crore
MONTHLY SIP FLOWS AGAIN AT ALL-TIME HIGHS
September 2026 marks the seventh consecutive month in which the gross SIP flows into mutual funds have been above ₹30,000 crore. SIP flows scaled a new high of ₹32,490 crore in September 2026. It remains to be seen if this momentum can be sustained, but there has been a lot of SIP flows gravitating towards alpha picks like small and mid-cap funds; as well as allocation picks like multi-cap funds and flexi-cap funds. There are 3 points to note here.
Firstly, rising uncertainty in direct equities and the restrictions on F&O have pushed small and retail investors towards mutual fund SIPs. Secondly, the markets have corrected, but the undertone remains quite optimistic. That is bring back investors despite FPI selling. Thirdly, after staying flat for nearly 2 years, the markets are logically expected to bounce back as part of the mean reversion process. It may predicate on the Middle East. Here is a 13-month view.
| MonthlyMF Data | Monthly SIP Inflows(₹ Crore) | SIP AUM(₹ Crore) | SIP Flow / SIP AUM(% Ratio) |
|---|---|---|---|
| Sep-26 | 32,490 | 17,86,095 | 1.82% |
| Aug-26 | 32,297 | 18,61,652 | 1.73% |
| Jul-26 | 31,961 | 18,19,542 | 1.76% |
| Jun-26 | 31,781 | 17,70,482 | 1.80% |
| May-26 | 30,954 | 17,12,126 | 1.81% |
| Apr-26 | 31,115 | 16,85,126 | 1.85% |
| Mar-26 | 32,087 | 15,10,943 | 2.12% |
| 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% |
Data Source: AMFI
The SIP AUM at ₹17.86 Trillion as of September-end saw a fall of -4.05% over August; but an overall gain of 18.21% from the AUM lows of March 2026. A similar trend was also visible in the overall AUM of Indian mutual funds; down MOM, but higher compared to March 2026.
FOLIO ACCRETION POINTERS IN SEPTEMBER 2026
SIP data over two months can be seen either in terms of change in the SIP folios or in terms of SIP AUM. Here is a look at both perspectives. While SIP folios are a better indicator of retail spread, the SIP AUM is a better indicator of value heft. With the SIP Stoppage Ratio falling to 78.5% in September, the total SIP folios expanded from 1,075.32 Lakh folios in August 2026 to 1,088.90 Lakh folios in September 2026. That is MOM folio expansion of +1.26%.
Let us also talk about how SIP AUM moved. Between August 2026 and September 2026, SIP AUM tapered from ₹18,61,652 Crore to ₹17,86,095 Crore. The lower SIP AUM can be attributed to the market correction in September as well as higher redemptions. However, the growth in folios even in a touch month is a positive signal overall.
SIP STOPPAGE – SEPTEMBER FALLS BELOW 79%; FY27 NOW BELOW 88%
One of the key ratios in understanding stickiness of SIP clients is the SIP Stoppage Ratio (Ratio of Discontinued SIPs to New SIPs). Here is a quick month-wise and year-wise snapshot.
| Apr-25 | May-25 | Jun-25 | Jul-25 | Aug-25 | Sep-25 | Oct-25 | Nov-25 | Dec-25 | Jan-26 |
|---|---|---|---|---|---|---|---|---|---|
| 352.79% | 72.12% | 77.77% | 62.66% | 74.51% | 76.27% | 74.85% | 75.57% | 85.30% | 74.83% |
| Feb-26 | Mar-26 | FY26 | Apr-26 | May-26 | Jun-26 | Jul-26 | Aug-26 | Sep-26 | FY27 # |
| 75.62% | 101.06% | 94.51% | 101.06% | 95.46% | 91.23% | 81.87% | 81.05% | 78.53% | 87.47% |
Data Source: AMFI (for 6 months Apr-Sep)
Between FY25 and FY26, the SIP stoppage ratio had gone up sharply from 75.63% to 94.51%. This picture is slightly misleading, since the surge in SIP stoppage ratio in calendar 2025 was due to the SIP clean-up taken up by SEBI. In the 6 months of FY27, the SIP stoppage ratio has averaged 87.47%, with FY27 showing a gradually tapering trend for SIP stoppage.
However, the SIP stoppage ratio still remains substantially higher than the median levels of 45% to 50% seen prior to 2024. Even at the peak of the COVID pandemic, the SIP Stoppage did not cross 65%. Today, the impact of macro uncertainty is a lot more pronounced on SIP Stoppage ratio. One view is that the stress on household balance sheets is tighter.
PRODUCTIVE SIP RATIO ROBUST IN SEPTEMBER 2026
The Contributing SIP ratio is the ratio of SIP folios that contribute flows to the overall SIP AUM. That ratio touched its lowest level in the last one year in the month of February 2026. However, the Contributing SIP Folio Ratio has been steady in the last 6 months above 92%.
| TransactionMonth | OutstandingSIP Folios | ContributingSIP Folios | Contributing SIPFolio Ratio |
|---|---|---|---|
| Sep-26 | 1,088.90 | 1,006.47 | 92.43% |
| Aug-26 | 1,075.32 | 1,001.79 | 93.16% |
| Jul-26 | 1,062.74 | 990.21 | 93.18% |
| Jun-26 | 1,051.59 | 978.30 | 93.03% |
| May-26 | 1,046.72 | 964.06 | 92.10% |
| Apr-26 | 1,044.26 | 964.91 | 92.40% |
| Mar-26 | 1,044.84 | 971.86 | 93.02% |
| 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% |
Data Source: AMFI
The Productive SIP ratio depicts the ratio of SIP folios actually giving business on a consistent basis out of the total outstanding SIP folios. These are the SIP folios that actually matter and have benefited from the SIP folio cleanup taken up in early 2025. This Productive SIP ratio used to average around 70-75% prior to the folio clean-up; but has improved to above 90% consistently in last 1 year. In fact, the 1-year SIP productivity average has been 93.6%.
It must be remembered that, today, mutual fund SIPs not only compete against lumpsum investments. They also compete with direct equities, F&O, hybrid mutual funds, and passive funds. SIPs are predominantly retail equity products and is a meant for the long-haul. That is always easy to grasp, but tough to implement as an investor!
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