June 25 SIP flows at ₹28,265 Crore; SIP stoppage at 74.5%

15 Sep 2025 , 06:12 PM

MONTHLY SIP FLOWS TAPER AFTER 4 MONTHS

For the first time since May 2025, gross SIP flows in August 2025 were lower than the previous month. After touching a lifetime high of ₹28,464 Crore in July 2025, the gross SIP flows tapered to ₹28,265 Crore in August 2025. However, gross SIP flows in August 2025 are still a good 20.0% above August 2024.

Monthly MF Data	Gross Monthly SIP Inflows (₹ Crore)
Aug-24	23,547
Sep-24	24,509
Oct-24	25,323
Nov-24	25,320
Dec-24	26,459
Jan-25	26,400
Feb-25	25,999
Mar-25	25,926
Apr-25	26,632
May-25	26,688
Jun-25	27,269
Jul-25	28,464
Aug-25	28,265

Data Source: AMFI

Gross monthly SIP flows averaged ₹26,438 Crore in the rolling 12-month period to August 2025; the best in the previous 8 years. Since October 2024, monthly gross SIP flows have been above ₹25,000 Crore a month consistently. The tapering of SIP flows in August may be more due to holiday-driven postponement to next month.

SIP GROWTH STEADY, BUT MILESTONES GETTING TOUGHER

Here are monthly SIP flows since April 2017, with each ₹1,000 Crore milestone highlighted.

Month	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
March		25,926	19,271	14,276	12,328	9,182	8,641	8,055	7,119
February		25,999	19,187	13,686	11,438	7,528	8,513	8,095	6,425
January		26,400	18,838	13,856	11,517	8,023	8,532	8,064	6,644
December		26,459	17,610	13,573	11,305	8,418	8,518	8,022	6,222
November		25,320	17,073	13,306	11,005	7,302	8,273	7,985	5,893
October		25,323	16,928	13,041	10,519	7,800	8,246	7,985	5,621
September		24,509	16,042	12,976	10,351	7,788	8,263	7,727	5,516
August	28,265	23,547	15,814	12,693	9,923	7,792	8,231	7,658	5,206
July	28,464	23,332	15,245	12,140	9,609	7,831	8,324	7,554	4,947
Jun	27,269	21,262	14,734	12,276	9,156	7,917	8,122	7,554	4,744
May	26,688	20,904	14,749	12,286	8,819	8,123	8,183	7,304	4,584
April	26,632	20,371	13,728	11,863	8,596	8,376	8,238	6,690	4,269

Data Source: AMFI

The pace of milestones has slackened in FY26, compared to FY25 and FY24. This could be more due to a certain degree of saturation in SIP flows at higher levels. There have been 2 milestones in the 5 months of FY26. The optimism is still that monthly SIP flows can touch ₹30,000 Crore on a sustained basis by end of FY26.

READING THROUGH THE SIP TICKET STORY?

Since FY22, SIP flows have been progressively improving each year. FY25 was the best full year so far; and FY26 promises to be even better.

Financial Year	Gross Annual SIP flows (₹ Crore)	Average Monthly SIP Ticket (AMST)	YOY Accretion in (%)
FY16-17	₹43,921 Crore	₹3,660 Crore
FY17-18	₹67,190 Crore	₹5,600 Crore	53.01%
FY18-19	₹92,693 Crore	₹7,725 Crore	37.95%
FY19-20	₹100,084 Crore	₹8,340 Crore	7.96%
FY20-21	₹96,080 Crore	₹8,007 Crore	-3.99%
FY21-22	₹124,566 Crore	₹10,381 Crore	29.65%
FY22-23	₹155,972 Crore	₹12,998 Crore	25.21%
FY23-24	₹199,219 Crore	₹16,602 Crore	27.73%
FY24-25	₹289,352 Crore	₹24,113 Crore	45.24%
FY25-26	₹329,563 Crore	₹27,464 Crore	13.90%

Data Source: AMFI

The FY26 gross annual SIP flows is 5 months data annualized. However, these trends have held in the past, and only bettered. Despite the temporary lull in markets, average monthly SIPs are 13.9% higher over FY25.

SIP FOLIOS ACCRETION SLOWS IN AUGUST 2025

SIP folios in August 2025 bounced for the fourth month in a row; after 4 months of contraction; triggered by the clean-up of defunct SIP folios. Gross SIP folio accretions in August 2025 were sharply lower MOM at 55.23 Lakhs. This also led to a spike in the SIP stoppage ratio. The outstanding SIP folios have now bounced from 889.08 Lakhs in April 2025 to 959.04 Lakh folios in August 2025; but still short of March 2025 levels of 1,005.39 Lakh folios. The sharp folio contraction between January and April 2025 was due to clean up legacy dormant SIP folios; which is done.

What about SIP AUM yoy? Between July 2025 and August 2025, SIP AUM tapered from ₹15,19,456 Crore to ₹15,18,368 Crore; largely due to MTM losses on market correction. While AUM growth can be cyclical, it is the folio growth that needs to sustain for SIPs.

SIP STOPPAGE RATIO – MODERATES FROM APRIL HIGHS

The gap between gross SIP folios reported by AMFI, and net SIP flows is explained by SIP stoppage ratio. It is the ratio of SIP accounts discontinued to new SIP accounts opened.

Month	SIP Stoppage
January 2025	109.15%
February 2025	122.76%
March 2025	128.27%
Fiscal FY25	75.63%
April 2025	352.79%
May 2025	72.12%
June 2025	77.77%
July 2025	62.66%
August 2025	74.51%
Fiscal FY26 #	115.92%

Data Source: AMFI (# 5 months data)

Between Jan-25 and Apr-25, the spike in SIP stoppage ratio was due to the folio reconciliation and removal of defunct folios. Now, the SIP stoppage ratio is under 100%; although it is still high by the historical standards of last 5 years.

A final word. For FY26, the cumulative SIP stoppage ratio at 115.92% is gradually normalizing, but still distorted due to the April effect. The SIP folio clean-up eliminated 1.43 Crore folios. So, we are now looking at a much cleaner base data!