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.