Equity Mutual Fund Flows September 2026: Category Data and Rankings

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Equity mutual funds received ₹38,306.55 crore in net inflows in September 2026, up 30.61% from ₹29,328.62 crore in August. Small-cap funds attracted the largest amount, followed by mid-cap and flexi-cap funds.

The increase came mainly from lower withdrawals. Gross inflows rose 1.65%, while redemptions fell 17.52%. More money entered equity schemes, and considerably less money left them.

To understand the category trends, it helps to examine both the amount received and its size relative to the category’s assets. A large category can attract substantial inflows while recording a modest flow-to-AUM ratio. A smaller category can rank higher on that ratio with a lower rupee inflow.

The analysis below covers the 13 categories within AMFI’s open-ended equity schemes. Equity index funds and equity ETFs are reported separately.

How to read the combined score

To compare monthly flows across categories, let’s use two ratios:

• Net inflows ÷ gross inflows: shows the share remaining after the month’s redemptions.
• Net inflows ÷ month-end AUM: shows the size of the monthly addition relative to category assets.
• Rank each category on both ratios: the highest ratio receives rank 1.
• Average the two ranks: this gives the combined score. Lower scores indicate stronger flows on these measures, and equal scores remain tied.
• Read the score as a monthly flow comparison: investment returns, risk and suitability require separate assessment.

September 2026 equity fund flows: The complete table

Small-cap funds led September’s net inflows at ₹9,038.57 crore. They also ranked first on both measures used here: net inflows relative to gross inflows, and net inflows relative to month-end assets.

The table is arranged by the combined score explained below. All monetary figures are in ₹ crore.

Source: AMFI September 2026 monthly report. AUM is as of September 30, 2026. Ratios and combined scores are calculated for this analysis. Negative figures indicate net outflows. AMFI’s published totals are retained; rounded category figures may differ slightly when added.

What drove the 30.61% increase in net inflows?

Net inflows are calculated by subtracting redemptions from gross inflows.

In September, gross inflows reached ₹74,831.96 crore, compared with ₹73,614.07 crore in August. Redemptions fell to ₹36,525.41 crore from ₹44,285.45 crore.

The ₹8,977.93 crore improvement in net inflows therefore had two parts:

• ₹1,217.89 crore from higher gross inflows.
• ₹7,760.04 crore from lower redemptions.

Lower redemptions accounted for approximately 86.4% of the increase. This gives the headline growth figure useful context: the larger monthly surplus was driven primarily by a reduction in money leaving equity schemes.

How we compare flows across categories

Let’s use two ratios to compare categories of different sizes, then bring their rankings together into one score.

1. Net inflows as a share of gross inflows

Net-to-gross flow ratio = Net inflows ÷ Gross inflows × 100

For every ₹100 received during the month, this ratio shows the net addition after accounting for that month’s redemptions.

For small-cap funds, the ratio was 69.39%. Across equity schemes, it was 51.19%.

This is sometimes described as a flow-retention ratio. It measures the monthly balance between inflows and withdrawals. Investor holding periods require separate data, since redemptions can include investments made in earlier months.

2. Net inflows relative to category assets

Flow-to-AUM ratio = Net inflows ÷ Month-end AUM × 100

This puts the monthly flow in the context of the category’s size. Small-cap funds’ net inflows equalled 1.96% of their September-end assets.

The denominator matters too. Falling asset values can lift the ratio, while a larger asset base can reduce it.

3. Combining the two rankings

Each category is ranked from highest to lowest on both ratios. The arithmetic average of those two ranks becomes its combined score.

For example:

• Small-cap funds ranked first on both measures, giving a score of 1.00.
• Multi-cap funds ranked third on net-to-gross flows and second on flow-to-AUM, giving 2.50.
• Mid-cap funds ranked second and third respectively, also giving 2.50.

Ranks use unrounded ratios, and tied combined scores remain tied. The method gives both measures equal weight and compares monthly flows at the category level. Fund returns, risk and portfolio suitability need separate assessment.

Which categories stood out?

Small-cap and mid-cap funds attracted the largest net inflows

Together, these categories received ₹16,873.41 crore, accounting for approximately 44.05% of total net equity inflows.

Small-cap funds led on both flow ratios. Mid-cap funds recorded the second-highest net-to-gross ratio, while multi-cap funds had the second-highest flow-to-AUM ratio.

That explains the tie between mid-cap and multi-cap funds despite their different rupee inflows.

Flexi-cap funds ranked third by amount received

Flexi-cap funds attracted ₹6,701.80 crore, placing them behind small-cap and mid-cap funds by net inflows.

Their combined score was 6.00. Their larger AUM base and the proportion of gross inflows offset by redemptions explain why they ranked differently under this method.

Large-cap, sectoral and dividend-yield funds returned to net inflows

Large-cap funds moved from ₹1,147.36 crore of net outflows in August to ₹859.47 crore of net inflows in September.

Sectoral funds moved from ₹53.19 crore of net outflows to ₹1,840.02 crore of net inflows. Dividend-yield funds also turned positive.

These changes show why a category’s monthly improvement and its position in the ranking should be read together. Large-cap funds improved over August while remaining near the bottom on the two September ratios.

Contra and ELSS recorded net outflows

Contra funds recorded net outflows of ₹97.88 crore, while ELSS tax-saver funds recorded ₹662.14 crore.

Their negative ratios show that withdrawals exceeded gross inflows during September. The ratios describe the transactions recorded during the month; identifying the reasons behind those withdrawals requires further evidence.

Why did equity AUM fall despite positive inflows?

Equity schemes’ month-end AUM fell from ₹39.21 lakh crore in August to ₹37.54 lakh crore in September, a decline of approximately 4.26%, even as they received positive net inflows.

AUM reflects both investor transactions and changes in the value of investments already held. Net inflows add money to a category, while declining portfolio values can reduce its total assets.

For example, consider a hypothetical category with ₹100 in assets. If it receives ₹2 in net inflows but its investments lose ₹6 in value, it finishes with ₹96, ignoring other adjustments.

This also affects the flow-to-AUM ratio. September’s higher ratio reflects the combination of stronger net inflows and a smaller month-end asset base.

For investors, the useful comparison is between the flows, the size of the category and changes over time. A single month provides a snapshot of transactions. A fund selection decision also needs its investment approach, costs, risks and role in the portfolio.

FAQs

1. How much did equity mutual funds receive in September 2026?

AMFI’s open-ended equity schemes received ₹38,306.55 crore in net inflows, up 30.61% from August. This total covers the 13 equity categories in the table. Equity index funds and equity ETFs are reported separately.

2. Which equity fund category attracted the highest inflows?

Small-cap funds received the highest net inflows at ₹9,038.57 crore. Mid-cap funds followed with ₹7,834.84 crore, and flexi-cap funds received ₹6,701.80 crore.

3. What does the combined flow score measure?

It averages a category’s rank on two ratios: net inflows divided by gross inflows, and net inflows divided by month-end AUM. A lower score indicates a stronger position on these measures. It is an analytical calculation for this article, rather than an AMFI fund rating.

4. How can AUM fall when a category receives net inflows?

AUM includes the market value of investments already held. If the fall in that value exceeds the money added through net inflows, total AUM can decline. Flows measure investor transactions, while AUM also reflects portfolio valuation changes.

Disclaimer: This article is for information and education only and does not constitute investment advice or a recommendation to invest in any fund or category. Flow rankings do not predict future returns. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully and consult a SEBI-registered investment adviser for advice suited to your circumstances.