September 2025 quarter sees MF inflows of ₹1.88 Trillion

13 Oct 2025 , 01:39 PM

MUTUAL FUND FLOWS IN SEPTEMBER 2025 QUARTER – MACRO VIEW

What is the macro picture of quarterly flows for September 2025? The gross flows into open ended funds in September 2025 quarter stood at ₹39.07 Trillion while the redemptions of open-ended funds in the quarter stood at ₹37.18 Trillion; resulting in net inflows into open ended funds of ₹1.89 Trillion. Close-ended funds saw negative flows in the quarter, due to redemption pressures but were insignificant. The net inflow in Sep-25 quarter halved compared to Jun-25 quarter; due to heavy debt fund redemptions.

Macro picture of mutual fund flows in September 2025 quarter
Fund Category	Funds Mobilized	Redemptions	Net Flows	Net AUM (Sep-25)
Open Ended Funds	₹39,06,551 Crore	₹37,17,940 Crore	₹1,88,611 Crore	₹75,35,978 Crore
Close Ended Funds	₹45 Crore	₹565 Crore	₹ (520) Crore	₹25,331 Crore
Mutual Funds Overall	₹39,06,596 Crore	₹37,18,505 Crore	₹1,88,091 Crore	₹75,61,309 Crore

Data Source: AMFI

As of the close of September 2025 quarter, net AUM of Indian mutual funds stood at ₹75.61 Trillion; compared to ₹74.41 Trillion, ₹65.74 Trillion, and ₹66.93 Trillion in last 3 sequential quarters. The AUM is only marginally up compared to the end of the June quarter, as flows and MTM losses tended to outweigh each other.

DEBT FUND FLOWS IN SEPTEMBER 2025 QUARTER

Flows into Debt Funds in the Sep-25 quarter (AMFI)
Funds Mobilized	Redemptions	Net Flow	Net AUM (Sep-25)
₹34.63 Trillion	₹34.66 Trillion	₹ (0.03) Trillion	₹17.80 Trillion

Data Source: AMFI

If June 2025 quarter saw net debt fund inflows of ₹2.02 Trillion; the September quarter ended with marginal net selling. Interestingly, the negative pressure has come largely from liquid funds, while other shorter-end categories like overnight funds and money market funds saw positive flows in the quarter. Longer end funds were neutral.

What were the positive and negative drivers of flows in September 2025 quarter? Among the big inflow stories were Money Market Funds ₹28,884 Crore, Overnight Funds ₹18,095 Crore, and Low Duration Funds ₹8,990 Crore. Net outflows were most prominent in the quarter in Liquid Funds at ₹ (40,037) Crore, Ultra Short Duration Funds ₹ (10,956) Crore, and Banking & PSU Funds ₹ (3,430) Crore. Other outflows were marginal.

How does AUM of debt funds compare? Total AUM of active debt funds at the close of September 2025 stood at ₹17.80 Trillion; compared to ₹17.58 Trillion, ₹15.21 Trillion, and ₹15.67 Trillion in last 3 sequential quarters. What about share of debt fund AUM in overall AUM. As of September 2025 end, the share of debt fund AUM stood at 23.54%; compared to 23.71%, 23.13%, and 23.42% in last 3 sequential quarters.

COLOUR OF EQUITY FUND FLOWS IN SEPTEMBER 2025 QUARTER

Flows into Equity Funds in the Sep-25 quarter (AMFI)
Funds Mobilized	Redemptions	Net Flow	Net AUM (Sep-25)
₹2,02,496 Crore	₹95,942 Crore	₹1,06,554 Crore	₹33.68 Trillion

Data Source: AMFI

Net flows into equity funds in the September 2025 quarter stood at ₹1,06,554 Crore; compared to ₹66,869 Crore, ₹94,073 Crore, and ₹1,18,986 Crore in the previous 3 sequential quarters. After a slowdown in the last two quarters, the September quarter has once again seen a pick-up in the volume and quality of equity fund inflows.

The inflow story in the quarter was led by Multi-Cap / Flexi-Cap Funds at ₹33,107 Crore. This was followed by Small Cap funds at ₹15,840 Crore, Mid-Cap funds ₹15,599 Crore, and Sectoral / Thematic funds at ₹14,540 Crore. Only ELSS funds and dividend yield funds saw net outflows in September 2025 quarter.

Total AUM of equity funds as of September 2025 stood at ₹33.68 Trillion; compared to ₹33.47 Trillion, ₹29.45 Trillion, and ₹30.58 Trillion in previous 3 sequential quarters. The AUM recovery has been led by MTM gains and robust equity fund flows. For the September 2025 quarter, AUM share of equity funds stood 44.6%; compared to 45.1%, 44.8%, and 45.7% in the previous 3 sequential quarters.

HYBRID FUND FLOWS IN SEPTEMBER 2025 QUARTER

Flows into Hybrid Funds in the Sep-25 quarter (AMFI)
Funds Mobilized	Redemptions	Net Flow	Net AUM (Sep-25)
₹1,45,984 Crore	₹99,525 Crore	₹46,459 Crore	₹10.89 Trillion

Data Source: AMFI

In September 2025 quarter, hybrid fund (including solution funds) saw net inflows of ₹46,459 Crore; sharply lower than the June quarter. Multi-Asset Allocation Funds dominated the quarterly hybrid flows at ₹14,707 Crore; followed by Arbitrage Funds (MAAF) ₹12,974 Crore, Balanced Advantage Funds (BAF) ₹6,616 Crore, Balanced Hybrid Funds ₹6,248 Crore, and Equity Savings Funds ₹4,719 Crore. None of the hybrid categories saw net outflows.

Total AUM of hybrid funds (including solution funds) in September 2025 quarter stood at ₹10.89 Trillion; compared to ₹10.48 Trillion, ₹9.35 Trillion, and ₹9.29 Trillion in previous 3 sequential quarters. AUM share of hybrid funds in overall AUM in September 2025 stood at 14.40%; compared to 14.14%, 14.22%, and 13.89% in previous 3 sequential quarters.

PASSIVE FUND FLOWS IN SEPTEMBER 2025 QUARTER

Flows into Passive Funds in the Sep-25 quarter (AMFI)
Funds Mobilized	Redemptions	Net Flow	Net AUM as of Sep-25
₹95,129 Crore	₹56,377 Crore	₹38,753 Crore	₹12.99 Trillion

Data Source: AMFI

There was strong positive traction in Index ETFs at ₹19,872 Crore followed by Gold ETFs at ₹11,809 Crore and Index Funds at ₹5,419 Crore. In terms of AUM share in the September 2025 quarter, passive funds had an AUM share of 17.18%; compared to 17.02%, 17.45%, and 16.61% in last 3 sequential quarters. Share has been largely stable in last 3 quarters.