Summary:
Equity mutual fund inflows rose 5.3% to ₹1.83 lakh crore in H1FY27, while SIP account additions slowed. September equity inflows reached ₹38,307 crore, and SIP contributions totalled ₹32,490 crore, indicating continued investment activity despite market volatility during the six-month period.
How much did equity mutual funds receive in H1FY27?
Equity mutual funds attracted higher net inflows during April–September 2026 despite market volatility and a slower pace of new systematic investment plan account additions. The change points to continued contributions from existing investors.
September brought another month of positive equity flows. New fund offer collections, however, were much lower than in the comparable period a year earlier.
Inflows Grow While New Launches Slow
The half-year comparison puts net equity mutual fund inflows at ₹1,82,654 crore in H1FY27, against ₹1,73,424 crore in H1FY26. That is an increase of approximately 5.3% YoY, despite weaker equity prices during part of the period.
New fund offers collected ₹5,201 crore during H1FY27, compared with ₹15,658 crore a year earlier, a decline of about 67%. Lower collections from launches suggest that demand has been concentrated more in existing schemes than in newly introduced products.
H1FY27 Fund Flow Summary
| Measure | Reported amount |
| H1FY27 equity inflows | ₹1,82,654 crore |
| H1FY26 equity inflows | ₹1,73,424 crore |
| H1FY27 NFO inflows | ₹5,201 crore |
| September equity inflows | ₹38,307 crore |
| September SIP collections | ₹32,490 crore |
September Data Show Steady Purchases
Association of Mutual Funds in India data show net equity scheme inflows of ₹38,307 crore in September 2026. This was the category's 67th consecutive month of positive flows and roughly 31% higher than the August figure.
Small-cap schemes received ₹9,039 crore, mid-cap funds ₹7,835 crore and flexi-cap funds ₹6,702 crore in September. Together, these three categories accounted for about 62% of monthly equity inflows. Their allocations differ, so fund-category demand should not be treated as a single market view.
The mutual fund industry's total assets under management fell 5.1% month-on-month to ₹82.64 lakh crore in September. Market-price changes and debt-fund redemptions contributed to that decline, illustrating the difference between fresh subscriptions and ending asset values.
SIP Money Outpaces Account Growth
SIP contributions reached ₹32,490 crore in September, rising 0.6% from August. AMFI's monthly note put the number of active SIP accounts at 10.06 crore. Regular instalments from the existing investor base can sustain rupee collections without equally fast growth in new accounts.
The comparison of additional contributing accounts indicates a slowdown from about 11.4 mn in H1FY26 to 3.4 mn in H1FY27. This should not be confused with gross registrations, which also include accounts later discontinued or completed.
A higher average balance in contributing accounts can result from larger instalments, investment returns or both. Conversely, a fall in share prices can reduce asset values even while cash contributions increase.
What the Inflow Pattern Shows
Domestic fund flows continued while overseas investors sold Indian equities in September. Official data put foreign institutional selling at ₹35,861 crore and domestic institutional buying at ₹76,030 crore during that month. Fund flows reflect investment activity, not a guarantee of market returns. The mix of existing SIPs, new accounts, redemptions and fund categories will determine how broadly participation spreads through FY27.
Sources: AMFI September 2026 note; AMFI monthly database
Disclaimer: This article is for informational purposes only and not investment advice.
