SIP Inflows Hit Rs 31,961 Crore In July 2026: What The Full AMFI Filing Actually Shows
Updated: Aug 20
Last Reviewed and Updated: 17 Aug 2026
SIP contributions hit Rs 31,961 crore in July 2026, up from Rs 31,781 crore in June. Year on year growth has been cut nearly in half in twelve months, 22.0% in July 2025 against July 2024, down to 12.29% in July 2026 against July 2025.
Net new SIP accounts, new registrations minus discontinuations, went negative in April, a loss of 0.58 lakh accounts, before recovering to a net gain of 11.14 lakh by July.
Large Cap Flows Just Reversed, Not Just Slowed
Large Cap funds attracted Rs 1,592.93 crore in May and Rs 2,067.48 crore in June, a 29.8% jump. July broke that pattern entirely: a net outflow of Rs 1,321.69 crore. Mid Cap moved the opposite way, rising every month, Rs 4,385.06 crore in May to Rs 6,090.17 crore in June to Rs 6,192.31 crore in July, the only category with an unbroken upward line across all three months.
Category | May 2026 | June 2026 | July 2026 |
Large Cap Fund | Rs 1,592.93 crore | Rs 2,067.48 crore | Negative Rs 1,321.69 crore |
Rs 4,385.06 crore | Rs 6,090.17 crore | Rs 6,192.31 crore | |
Small Cap Fund | Reported between roughly Rs 4,946 crore and Rs 6,264 crore, depending on source | Rs 5,601.96 crore | Rs 7,767.50 crore |
Rs 4,945.57 crore | Rs 5,231.31 crore | Rs 4,709.08 crore |
Large Cap went from the fastest growing inflow story in June to the only category losing money in July. That is not a headline anyone ran. It is sitting directly inside the same report that produced the SIP record.
Total Equity Inflows Have Been A Rollercoaster, Not A Trend
April brought Rs 38,440.20 crore. May fell 40.41% to Rs 22,907.77 crore. June recovered 26.48% to Rs 28,973.41 crore. July gave a chunk of that back, down 14.76% to Rs 24,697.39 crore. Four months, three sharp swings, in alternating directions.
The Redemption Ratio Nobody's Coverage Actually Ran
Dividing redemption by mobilisation for July gives a genuinely different read on which categories carry real momentum and which are simply staying barely positive.
Category | Redemption As % Of Fresh Mobilisation, July |
181.6%, redemptions nearly double fresh investment | |
157.5% | |
Large Cap Fund | 127.8%, more money left than came in |
Value / Contra Fund | 105.2% |
Small Cap Fund | 34.6%, the stickiest money of any equity category |
Across all equity categories combined, Rs 44,824.86 crore was redeemed against Rs 69,522.25 crore mobilised in July, meaning 64.5% of every fresh rupee that entered an equity scheme was offset by a rupee leaving one somewhere else in the same category, the same month.
The Debt Side Tells A Cleaner, More Extreme Story
Nobody's coverage of this report went into the debt categories, which is where the sharpest, most internally consistent pattern in the entire filing actually sits. Every short end category, Overnight, Liquid, Ultra Short Duration, Low Duration, Money Market, and Short Duration, posted a net inflow in July.
Combined, these six categories added Rs 1,90,525.82 crore. Every medium to long category, Medium Duration, Medium to Long Duration, Long Duration, Dynamic Bond, Corporate Bond, Banking and PSU, Gilt, Gilt with 10 year constant duration, and Floater, posted a net outflow.
Combined, these nine categories lost Rs 3,159.57 crore. The split is not partial or mixed. It is closer to a clean line drawn by duration itself.
Debt Segment | Combined Net Flow, July 2026 | Pattern |
Short end (Overnight through Short Duration) | Positive Rs 1,90,525.82 crore | Every single category positive |
Medium to long duration (9 categories) | Negative Rs 3,159.57 crore | Every single category negative |
One category stands out even within that outflow group. Long Duration Fund mobilised just Rs 31.80 crore in July against Rs 650.05 crore in redemptions, a redemption to mobilisation ratio of 2,044%, meaning more than twenty times as much money left the category as entered it in the same month.
Gilt Fund with 10 year constant duration was not far behind, redeeming 448% of what it took in. Investors are not simply favouring debt over equity or the reverse this month, they are favouring the shortest possible duration within debt specifically, a distinction the net industry debt figure, a positive Rs 1,87,511.32 crore overall, completely hides by netting the two patterns together.
Long Duration Fund redeemed twenty times what it raised in July. That single number describes investor sentiment toward interest rate risk more precisely than any headline about equity versus debt ever could.
Hybrid Funds: Arbitrage Is Winning, Balanced Advantage Is Losing
Our earlier article on Multi Cap, Multi Asset, and Balanced Advantage funds covered how differently these structures are built.
July's flows show that difference showing up in real money. Arbitrage Fund pulled in Rs 6,502.44 crore, the single largest inflow of any hybrid category, larger than Balanced/Aggressive Hybrid and Multi Asset Allocation combined.
Dynamic Asset Allocation, the category built around Balanced Advantage Funds specifically, posted a net outflow of Rs 252.23 crore, the only hybrid category besides Conservative Hybrid and Equity Savings to lose money in July.
Hybrid Category | Net Flow, July 2026 |
Arbitrage Fund | Positive Rs 6,502.44 crore |
Positive Rs 3,753.38 crore | |
Balanced / Aggressive Hybrid Fund | Positive Rs 1,986.29 crore |
Dynamic Asset Allocation / Balanced Advantage Fund | Negative Rs 252.23 crore |
Equity Savings Fund | Negative Rs 477.18 crore |
Conservative Hybrid Fund | Negative Rs 22.14 crore |
A mechanical, lower volatility strategy built around cash futures spreads is currently outdrawing the product most commonly marketed as the sophisticated, all weather hybrid choice, by a wide margin.
Not All Inflows Are The Same Size Per Investor
Dividing each category's net flow by its own folio count gives a rough sense of how much fresh money is moving per account, rather than per rupee of category size. The results separate categories that look similar on a net flow basis alone.
Category | Net Flow Per Folio, July 2026 |
Multi Cap Fund | Positive Rs 2,729 |
Small Cap Fund | Positive Rs 2,661 |
Large & Mid Cap Fund | Positive Rs 2,409 |
Mid Cap Fund | Positive Rs 2,394 |
Flexi Cap Fund | Positive Rs 1,927 |
Focused Fund | Positive Rs 1,150 |
Sectoral and Thematic Funds | Positive Rs 407 |
Large Cap Fund | Negative Rs 774 |
ELSS | Negative Rs 591 |
Sectoral and Thematic Funds carry the largest folio base of any equity category in this report, 3.26 crore accounts, yet rank last among the positive categories on a per folio basis, at just Rs 407 per account.
A category can be the single most widely held in the country and still be adding fresh money the slowest, on a per investor basis, of any category that is adding money at all.
The AUM Story: Small Cap Has Quietly Overtaken Large Cap
Small Cap funds now hold Rs 4,41,099.91 crore in assets against Large Cap funds' Rs 4,16,422.97 crore, a gap of Rs 24,676.94 crore, or roughly 5.9% more assets sitting in the higher risk category than the traditionally larger, blue chip one.
Flexi Cap is the single largest equity category by assets, holding 15.64% of all equity AUM, with Sectoral and Thematic Funds close behind at 14.65%, ahead of Mid Cap at 13.64%.
Large Cap, the category most investors would likely guess sits at the top given its role as the default, foundational choice, actually ranks fifth by size.
Category | Share Of Total Equity AUM |
Flexi Cap Fund | 15.64% |
Sectoral and Thematic Funds | 14.65% |
Mid Cap Fund | 13.64% |
Small Cap Fund | 11.50% |
Large Cap Fund | 10.86% |
Large Cap, the category most people assume anchors the market, now ranks fifth by assets among equity categories, behind Flexi Cap, Sectoral and Thematic, Mid Cap, and Small Cap. That ordering would have surprised most investors a decade ago.
Equity Now Outweighs Debt By Nearly Two To One
Total equity scheme assets, Rs 38,36,192.44 crore, now run 98.4% larger than total debt scheme assets, Rs 19,33,342.32 crore, putting equity's share of the combined total at 66.5%.
Set alongside how differently the two sides are behaving this specific month, equity churning hard at the category level while short duration debt pulls in money almost mechanically, the two halves of the industry are not just different in size, they are moving for different reasons entirely.
What Else The Numbers Show
● Index funds added net inflows equal to 0.447% of their own AUM in July, while the broader equity category overall added 0.644% of its AUM, meaning actively oriented equity categories are currently drawing proportionally more fresh money relative to their size than pure index funds, a detail that cuts against the more common passive investing growth narrative for this specific month.
● Gold ETFs added 0.899% of their own AUM in fresh net inflows in July, against 0.962% for all other ETFs combined, a narrower gap than the gold specific inflow headlines from earlier in the year might suggest.
● 25 new schemes launched in July mobilised Rs 2,022 crore combined, including two Zerodha Life Cycle Funds with 2036 and 2041 target maturities, a genuinely new structure for the Indian market.
Note:This is a full pass through AMFI's July 2026 filing, not just the equity categories most coverage stops at. Debt, hybrid, folio counts, and category level AUM shares all sit inside the same report, and several of the more striking numbers in this piece come from dividing figures AMFI publishes side by side but nobody appears to have divided against each other. Every percentage below is computed directly from the filing's own mobilisation, redemption, AUM, and folio columns.
This article is based on data published by the Association of Mutual Funds in India for April through July 2026, drawn from AMFI's own monthly filing for July and from financial news coverage of the April and May figures where the primary filing was not directly available. Figures from secondary sources are attributed and, where sources disagreed, both figures are shown rather than resolved arbitrarily. Per folio and per AUM ratios are calculated directly from AMFI's published figures and are illustrative, not projections. This is intended for informational purposes only and is not investment advice. Consult a qualified financial adviser before making any investment decision.
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