Equity Mutual Fund Inflows Rise 31% to ₹38,307 Crore in September 2026

Key Takeaways

• Equity-oriented mutual funds received net inflows of ₹38,306.55 crore in September 2026, an increase of 30.61% from August. 
• Small-cap and mid-cap schemes attracted some of the largest inflows, receiving ₹9,038.57 crore and ₹7,834.84 crore, respectively. 
• Overall mutual fund industry assets declined to ₹82.64 lakh crore, as debt fund withdrawals outweighed positive equity flows. 

Equity Mutual Fund Inflows Increase in September 

Net inflows into equity-oriented mutual funds increased to ₹38,306.55 crore in September 2026, compared with ₹29,328.62 crore in August, according to data released by the Association of Mutual Funds in India (AMFI) on October 12. 

The increase of ₹8,977.93 crore represented month-on-month growth of 30.61%, with several equity fund categories reporting higher collections. 

The improvement in equity inflows contrasted with the broader mutual fund industry's monthly figures, which showed net withdrawals following substantial redemptions from debt-oriented schemes. 

Industry-wide net outflows stood at ₹1,33,375.57 crore in September, compared with net inflows of ₹41,353.60 crore in August. 

Small-Cap and Mid-Cap Funds Attract Higher Investments 

Small-cap funds recorded net inflows of ₹9,038.57 crore, against ₹7,973.33 crore in August. This represented an increase of approximately 13.4%. 

Mid-cap fund collections rose to ₹7,834.84 crore from ₹6,989.40 crore, an increase of approximately 12.1%. 

Large-cap schemes also returned to positive territory, recording net inflows of ₹859.47 crore after experiencing withdrawals of ₹1,147.36 crore in the previous month. 

Sectoral funds received ₹1,840.02 crore, reversing the ₹53.19 crore outflow reported in August. 

These figures indicate that the improvement in equity flows extended across several categories, although the scale of collections differed considerably. 

Industry Assets Decline Despite Higher Equity Flows 

Total mutual fund assets under management declined to ₹82.64 lakh crore in September from ₹87.08 lakh crore in August, a reduction of approximately 5.1%. 

Equity-oriented scheme assets also decreased, falling from ₹39.21 lakh crore to ₹37.54 lakh crore. 

The divergence between positive equity inflows and declining assets reflects the difference between net investor transactions and changes in portfolio valuations. 

An increase in subscriptions does not necessarily translate into higher assets under management when market movements and withdrawals across other categories affect the overall asset base. 

The September AMFI figures therefore show continued net investment into equity mutual funds alongside a contraction in the industry's total assets. 

Verification: September AMFI figures reported by Moneycontrol, The Economic Times and ET Now on 12 October 2026.