Sep-25 SIP flows at record ₹29,361 Crore; SIP stoppage 76.3%

13 Oct 2025 , 03:45 PM

NEW RECORD FOR MONTHLY SIP FLOWS

If August SIP flows were hit by a long month-end; it was made up in September as gross SIP flows touched a record high of ₹29,361 Crore. The SIP stoppage ratio remains quite high, but that could be due to the overall market uncertainty. For September 2025, gross SIP flows are still a good 19.8% above September 2024.

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

Data Source: AMFI

Gross monthly SIP flows averaged ₹26,579 Crore in the rolling 12-month period to August 2025; the best in last 8 years. September 2025 marked the twelfth month in succession when the monthly SIP flows stayed above ₹25,000 Crore. While the gross SIP flows have grown consistently, the net SIP flows have been more volatile due to SIP closures.

SIP GROWTH STEADY; 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		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	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. This could be due to saturation in SIP flows at higher levels amid macro uncertainty. There have been 3 milestones in first 6 months of FY26. The expectation is that gross monthly SIP flows should average above ₹30,000 Crore in the second half of FY26.

WHAT DOES THE SIP TICKET STORY TELL US?

Since FY22, SIP flows have been progressively improving each year. If FY25 was the best,; 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	₹333,358 Crore	₹27,780 Crore	15.21%

Data Source: AMFI

The FY26 gross annual SIP flows is 6 months data annualized; which is fairly reflective. These trends have only been bettered in the past. Despite the temporary lull in markets, average monthly SIPs are 15.2% higher over FY25, which in itself was a record year for SIP flows.

SIP FOLIO ACCRETION SLOWS IN SEPTEMBER 2025

SIP folios in September 2025 bounced for the fifth month in a row; after 4 months of contraction; triggered by the clean-up of defunct SIP folios. However, the SIP folios at 972.76 Lakhs are still below the December 2024 peak of 1,032.03 Lakhs. Gross SIP folio accretions in September 2025 were marginally higher MOM at 57.73 Lakhs; but SIP closures spiked to 44.03 Lakhs, resulting in SIP stoppage ratio of 76.27%. Between April 2025 (post SIP folios clean-up), the outstanding SIP folios have now bounced from 889.08 Lakhs to 972.74 Lakh folios in September 2025.

What about SIP AUM yoy? Between August 2025 and September 2025, SIP AUM grew from ₹15,18,368 Crore to ₹15,52,303 Crore; as MTM gains offset the higher SIP stoppage ratio. While AUM growth can be cyclical, it is the folio growth that needs to sustain for SIPs; which is why the SIP growth and the SIP stoppage ratio assume a lot more importance.

SIP STOPPAGE RATIO – MODERATING; BUT STILL HIGH

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%
Fiscal FY26 #	109.36%

Data Source: AMFI (# 6 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. In fact, the current SIP stoppage ratio (led by market volatility) is higher than the COVID levels.

For FY26, the cumulative SIP stoppage ratio at 109.36% is normalizing, but still distorted due to the April effect. Hence, the data must be taken with a pinch of salt. The SIP folio clean-up eliminated 1.43 Crore folios; and since then, only 0.84 Crore folios have been recovered. The base is cleaner, but it will take time to recoup previous peaks!