India’s Mutual Fund Flows – Nov 2025: Total Mutual Fund assets cross Rs 80 lakh crores

Indian mutual fund industry ended November 2025 with assets of Rs 80.8 lakh crores compared to Rs 79.9 lakh crores in October 2025.  The AUM of the industry has grown by 18% over the last twelve months.  The Industry witnessed net inflows of Rs 0.32 (2.15) lakh crores, with debt schemes showing outflows of 25,693 crs and equity and hybrid schemes showing net positive inflows of Rs 29,911 (24,690) crs and Rs 13,299 (14,156) crs respectively.  Equity schemes saw an increase in assets to Rs 35.66 (35.2) lakh crores.  This was mainly due to the positive performance of the markets as well as net inflows.  Nifty 500 moved up by 1% (4.37) % and Nifty 50 increased by 1.92% (4.62%) with mid caps up by 1.67% but small caps were down by 3.3%.  One year returns for all indices are slightly positive except for small caps.  Three and five year numbers continue to show healthy returns.

– Net flows in equity schemes increased slightly to Rs 29,911 crs from Rs 24,690 crs last month.  Though there have been no negative inflows for almost five years.  Flows have increased due to five new NFOs collecting Rs 2,498 crs.

– Net inflows in various categories were as under and have declined compared to last month.  ELSS and Dividend Yield funds saw net outflows:

– Sectoral/Thematic Funds: ₹ 1,865 (1,336) crores

– Flexi-Cap Funds: ₹ 8,135 (8,928) crores

– Small-Cap Funds: ₹ 4,407 (3,476) crores

– Mid-Cap Funds: ₹ 4,487 (3,807) crores    

Monthly SIP inflows have grown 221% from Rs 13,306 crs in Nov 22 to Rs 29,445 crs in Nov 2025.  While 57 lakh new SIPs were registered, 43.18 were discontinued or completed their tenure.  Overall, there are more than 10 crore SIPs in operation.  

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– Total debt fund AUM was ₹ 19.35 (19.51) lakh crore, a 0.8% decrease compared to last month and up by about 3.8% compared to last year.

This category saw a net outflow of Rs 0.25 lakh crs compared to an inflow of 1.6 lakh crs last month.  Liquid and overnight funds saw outflows while money market and low duration funds saw inflows.  Debt funds have been volatile over the last few months.

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– Hybrid funds’ assets increased to Rs 10.88 (10.70) lakh crs thus staying above the ten lakhs crore mark.  Net inflows into hybrid funds stood at Rs 13,299 (14,156) crores, led by Arbitrage and Multi Asset Allocation funds, which saw inflows of  ₹ 4,192 (6,930) and Rs 5,315 (5,3540 crores in November.  Conservative hybrid funds have seen poor inflows due to low returns.

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AUM of passive funds rose 3.0% to 14.02 (13.67) lakh crores on the back of a surge in gold prices and rising inflows into these funds.

There are five SIFs in the market now with around 14,000 folios and AUM of Rs 3,000 crs.  There are two Equity SIFs and three hybrid SIFs.  More than 70% of the AUM is in the hybrid SIFs.

FoFs collected almost Rs 5,000 crs of net inflows.  The taxation of FoFs has been brought in line with their underlying schemes and hence these category of schemes should be considered by each investor.  There are domestic and international FoFs, debt, thematic as well as hybrid and multiple asset FoFs.  Those who find it challenging to choose from thousands of schemes can choose a few FoFs which will ensure that they have a good asset allocation as well as a decent diversification within each asset class.  Those looking at sectoral or thematic funds would be wise to choose from amongst these funds.

Inflows in equity funds have been steady for the last four months mainly supported by good Sip inflows.  NFOs have retreated to the background and it is the new AMCs that will be coming out with new NFOs to complete their product baskets.  Older AMCs have also launched many sectoral and thematic schemes and each new schemes is unlikely to yield a significant addition to their over all assets.  Multi Asset funds flows will start declining once equity performance improves.  The next triggers for the markets could be the trade treaties and the budget.

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