Nov-25 SIP flows flat; misses 30K mark for third month in a row

17 Dec 2025 , 04:13 PM

MOUNT 30K REMAINS ELUSIVE FOR SIP FLOWS 

With gross SIP flows in November 2025 at ₹29,445 Crore, it looks like the wait for 30K just got longer. For November 2025, gross SIP flows are a good 16.3% above November 2024. 

Monthly  MF Data	Gross Monthly SIP   Inflows (₹ Crore)
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
Sep-25	29,361
Oct-25	29,529
Nov-25	29,445

Data Source: AMFI 

Gross monthly SIP flows averaged ₹26,980 Crore in the previous 12-month rolling period; the best in last 8 years. November 2025 marked the fourteenth month in a row when monthly SIP flows stayed above ₹25,000 Crore. However, over the last 3 months, the ₹30,000 crore SIP flow mark has remained elusive. 

SIP STORY FLATTENS; MILESTONES GET 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	29,445	25,320	17,073	13,306	11,005	7,302	8,273	7,985	5,893
October	29,529	25,323	16,928	13,041	10,519	7,800	8,246	7,985	5,621
September	29,361	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 slowed in FY26, compared to FY25 and FY24 amid macro uncertainty. There have been just 3 milestones in first 8 months of FY26. The scenario should, hopefully, improve once the barrier of ₹30,000 crore SIP flows is broken. 

READING THROUGH THE SIP TICKET STORY 

Since FY22, SIP flows have been progressively improving each year. If FY25 was the best full fiscal year; then FY26 (extrapolated) promises to be 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 #	₹338,480 Crore	₹28,207 Crore	16.98%

Data Source: AMFI (# – 8 months data annualized) 

The FY26 gross annual SIP flows is 8 months data annualized; which is normally reflective of full-year trend. These trends have only been bettered in the past. Despite the volatility in markets, average monthly SIPs in FY26 are 16.98% higher than FY25. Interestingly, the average monthly SIP flows are up nearly 2.7X since FY22 and 7.7X since FY17. 

SIP FOLIOS FINALLY GET BACK ABOVE THE 10 CRORE MARK 

SIP folios in November 2025 bounced for the seventh month in a row and finally got back above 10 Crore folios.  It is a relief that the clean-up impact is finally neutralized. SIP folios at 1,001.84 Lakhs are inching closer to the December 2024 peak of 1,032.03 Lakhs. Gross SIP folio accretions in November 2025 were lower MOM at 57.14 Lakhs; but SIP closures were also lower at 43.18 Lakhs, resulting in SIP stoppage ratio of 75.6%. Since April 2025 (post SIP folios clean-up), the outstanding SIP folios have bounced 12.7% from a low of 889.08 Lakhs. 

What about SIP AUM? Between October 2025 and November 2025, SIP AUM grew from ₹16,25,305 Crore to ₹16,52,665 Crore; as MTM gains offset the higher SIP stoppage ratio. This month, the ratio of SIP folio accretion to total folios accretion has fallen sharply from around 60% to 53%. 

SIP STOPPAGE RATIO – HOVERING AROUND 75% LEVELS 

The gap between gross SIP folios reported by AMFI and net SIP flows is explained by SIP stoppage ratio; 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%
September 2025	76.27%
October 2025	74.85%
November 2025	75.57%
Fiscal FY26 #	100.76%

Data Source: AMFI (# 8 months data) 

After a long gap, the cumulative SIP stoppage ratio is at 100.76% and normalizing. There are still the SIP clean-up distortion and the April effect; but even otherwise, the SIP stoppage ratio has averaged around 75% in the last 4 months. The SIP folio clean-up eliminated 1.43 Crore folios; and since then, only 1.13 Crore folios have been recovered. The base is cleaner, but it will take time to recoup previous peaks. For now, SIP stoppage ratio continues to look inflated; distinctly higher than the peak of the pandemic period.