Indian equity-oriented mutual funds received ₹22,907 crore in net inflows in May 2026, down about 40.4% from April’s ₹38,440 crore. The slowdown was not a net outflow: equity funds still took in more money than they paid out, and AMFI said it was the category’s 63rd consecutive month of positive flows. SIP contributions also remained above ₹30,000 crore, though SIP contributions and net equity-fund flows measure different things.
How much did equity mutual fund inflows fall?
AMFI reported ₹22,907 crore of net inflows into equity-oriented funds in May 2026, compared with ₹38,440 crore in April. That is a month-on-month decline of about 40.4%, or ₹15,533 crore. Net inflows mean purchases exceeded redemptions across the category; the May figure does not mean investors withdrew money overall.
As an Amazon Associate I earn from qualifying purchases.
The year-on-year comparison gives a different perspective. May 2026 inflows were about ₹3,894 crore, or roughly 20%, above May 2025’s ₹19,013 crore. The sharp monthly drop therefore followed a much stronger April, while May’s total remained above the same month a year earlier.
Did SIP investments also fall?
Investors contributed ₹30,954 crore through systematic investment plans (SIPs) in May, according to AMFI. That is a contribution total, not the net flow into equity-oriented funds. SIPs are a way investors make recurring contributions; the equity-fund net-flow figure instead reflects money entering and leaving the category through all routes, including redemptions and non-SIP investments. The two figures should not be subtracted from or treated as substitutes for each other.
#1 Best Overall
SIP assets rose 1.6% month on month to ₹17.12 lakh crore and represented about 21% of mutual-fund industry assets. The number of active contributing SIP accounts was 9.64 crore. These measures describe SIP participation and assets, not the net flow of the equity category.
Which mutual fund categories received the most inflows?
Within equity-oriented funds, flows varied by category. Flexi-cap funds received the largest net inflow, ₹5,176 crore, and led for a 10th consecutive month. Small-cap funds received ₹4,946 crore and mid-cap funds ₹4,385 crore.
| Equity-oriented category | May 2026 net flow |
|---|---|
| Flexi-cap | ₹5,176 crore inflow |
| Small-cap | ₹4,946 crore inflow |
| Mid-cap | ₹4,385 crore inflow |
| ELSS | ₹651 crore outflow |
| Dividend-yield | ₹97 crore outflow |
Other reported equity categories recorded positive flows. The contrast is a reminder that an aggregate positive month does not mean every type of equity fund received net money.
Why did equity mutual fund inflows fall in May?
AMFI’s May note described a volatile backdrop: the Sensex fell 2.8% and the Nifty 50 fell 1.9% during the month. Domestic institutional investors bought ₹82,165 crore of equities, while foreign institutional investors sold ₹32,963 crore. AMFI also cited global uncertainty and volatile commodity prices as pressures.
Rank #3
- Comes with secure packaging
- Easy to read text
- It can be a gift option
Those market conditions provide context, but the reported figures do not establish a single cause for the decline in mutual-fund inflows. They should not be read as proof that market performance or a particular investor group caused the month-on-month change.
Why did equity-fund AUM rise while inflows slowed?
Equity-fund assets under management (AUM) increased 1.1% month on month to ₹36.14 lakh crore even as net inflows fell. AMFI noted that mark-to-market gains contributed to the rise. AUM is the value of assets held by funds: it can change both when investors add or withdraw money and when the market value of those assets moves. AUM growth therefore is not the same as net inflows.
Rank #4
Total mutual-fund industry AUM was ₹81.58 lakh crore, down 0.42% month on month. Flows were mixed across other broad categories: debt funds had ₹96,949 crore in net outflows after large April inflows; hybrid funds received ₹10,560 crore, with arbitrage funds contributing about 54%; and gold ETFs had ₹725 crore in net outflows. Those category figures help explain why total industry AUM and equity-fund AUM need not move in the same direction.
Where to check the underlying monthly figures
AMFI’s monthly data page links reports and data. SEBI’s directory entry for AMFI monthly data describes coverage including scheme-wise inflows, outflows, net flows, AUM, average AUM and new-scheme details. These published totals describe category-wide activity; they do not by themselves indicate whether a particular fund suits an investor.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
