India Strategy : India MF Monthly Flow Tracker - Nov 2025 by JM Financial Services Ltd
In Nov’25, equity mutual funds (ex-arbitrage) saw inflows of INR 393bn (USD 4.4bn), 22% higher MoM. This follows a 22% MoM fall in inflows in Oct’25. SIP inflows in Nov’25 decreased over Oct’25 to INR 294bn (USD 3.3bn), taking total SIP AUM to INR 16.5trln (USD 183bn), 1.7% higher MoM. Outstanding SIP accounts in the country increased by 1.4mn MoM, while the number of new SIPs registered (gross) decreased by 0.3mn from 6.0mn in Oct’25 to 5.7mn in Nov’25. Further, closure of SIP accounts stood at 4.3mn, taking the ratio of discontinued SIPs as a % of new SIPs to 76%. Vis-à-vis the BSE 200, the top-5 sectors where domestic mutual funds are overweight include: (1) pharmaceuticals & healthcare, (2) e-commerce, (3) capital goods, (4) consumer durables and (5) agrochemicals & petrochemicals. Vis-à-vis the BSE 200, the top-5 sectors where domestic mutual funds are underweight include: (1) private banks, (2) oil & gas, (3) consumer, (4) IT services and (5) metals & mining.
* MF flows increase 22% MoM following a 22% fall in Oct’25: In Nov’25, equity mutual funds (ex-arbitrage) saw inflows of INR 393bn (USD 4.4bn), 22% higher MoM. This follows a 22% MoM fall in inflows in Oct’25. Arbitrage funds saw inflows of INR 42bn vs. inflows of INR 69bn in Oct’25. Core equity funds saw an inflow of INR 299bn, up 21% MoM. Thematic flows have increased MoM, and stood at INR 19bn vs. INR 14bn in Oct’25. Equity NFOs saw a fall in Nov’25 to INR 26bn vs. INR 42bn in Oct’25.
* SIP inflows fall marginally while SIP accounts see an increase: SIP inflows in Nov’25 declined over Oct’25 to INR 294bn (USD 3.3bn), taking total SIP AUM to INR 16.5trln (USD 183bn), 1.7% higher MoM (helped by 1.9% positive market movement). Outstanding SIP accounts in the country currently stand at 100.2mn, 1.4mn higher MoM. The number of new SIPs registered (gross) decreased by 0.3mn from 6.0mn in Oct’25 to 5.7mn in Nov’25. Further, closure of SIP accounts stood at 4.3mn, taking the ratio of discontinued SIPs as a % of new SIPs to 76%. Number of total contributing SIP accounts in Nov’25 decreased to 94.3mn vs. 94.5mn sequentially.
* How MF holdings stack up vs. the BSE 200: Vis-à-vis the BSE 200, the top-5 sectors wherein domestic mutual funds are overweight include: (1) pharmaceuticals & healthcare, (2) ecommerce, (3) capital goods, (4) consumer durables and (5) agrochemicals & petrochemicals. This list is unchanged vs. Oct’25. Besides this, sectors such as building materials, media, sugar and diversified have seen mutual funds taking exposure, although they do not have any weight in the BSE200. Vis-à-vis the BSE 200, the top-5 sectors wherein domestic mutual funds are underweight include: (1) private banks, (2) oil & gas, (3) consumer, (4) IT services and (5) metals & mining. This list is also unchanged vs. Oct’25.
* Indian MF cash levels: Indian MFs cash levels stood at INR 2,019bn, which is 4.5% of total equity AUM. In October, this number was higher at INR 2,031bn, constituting 4.6% of AUM.
* In Nov’25, equity mutual funds (ex-arbitrage) saw inflows of INR 393bn (USD 4.4bn), 22% higher MoM. This follows a 22% MoM fall in inflows in Oct’25. Arbitrage funds saw inflows of INR 42bn vs. inflows of INR 69bn in Oct’25.
* Core equity funds saw an inflow of INR 299bn, up 21% MoM.
* Thematic flows have increased MoM, and stood at INR 19bn vs. INR 14bn in Oct’25.
* In core equity funds, all funds except Multi Cap and Flexi Cap funds saw an increase in inflows MoM. Dividend Yield and ELSS funds saw outflows in Nov’25.
* Equity NFOs saw a fall in Nov’25 to INR 26bn vs. INR 42bn in Oct’25.
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