India AMCs - Apr-26 monthly update

Research evidence excerpt

India AMCs - Apr-26 monthly update

Global Markets Research

13 May 2026India AMCs

EQUITY: FINANCIALS

Apr-26 monthly update Research Analysts

India Financials

Strong flow momentum continues in Apr-26; SIPs inflow stagnates but Ankit Bihani - NFASL

strong; NAM gains 11bp Equity AUM market share ankit.bihani@nomura.com

+91 22 403 74135

Equity MF net inflow (ex-arb) jumped to INR469bn in Apr-26 following INR452bn in Mar-26

Shreyas Pimple - NFASL

• Monthly net equity mutual fund (MF) inflows (ex-arb) came in at INR469bn (+4% m-m) in Apr- shreyas.pimple@nomura.com

+91 22 403 74029 26, above the FY26 average of INR379bn (Fig.3) despite lower equity NFOs (INR0.3bn vs

INR20bn in Mar-26) in Apr-26. Flows were led by pure equity schemes – Flexi, Small and Shreya Shivani - NFASL

Midcap schemes together contributed ~50% of total equity inflows. shreya.shivani@nomura.com

+91 22 403 74804

• Net equity inflows (including-arbitrage) jumped up to INR593bn (+146% m-m) as redemptions

declined to INR618bn (-37% m-m), and while gross inflows remained largely stable at INR1.2tn

(-1% m-m) (Fig.6).

• Within hybrids, declining trend in multiasset allocation category stabilized in Apr-26, while

Aggressive Hybrid and Balanced Advantage categories saw sequential increases in inflow. The

Arbitrage category saw inflows of INR124bn (vs outflows of INR211bn in Mar-26) (Fig.4).

• SIP inflow was slightly lower m-m but still strong at INR311bn (+17% y-y, -3.0% m-m) Fig.19

Passive flows moderate to INR201bn m-m; Debt/Liquid schemes saw inflows

• Passive scheme inflows normalized to INR201bn (vs INR308bn in Mar-26), of which equity

passive inflows (Index+ETFs) stood at INR199bn (vs INR301bn in Mar-26). Gold ETF inflows

increased by 34% m-m to INR30bn (vs INR23bn in Mar-26) while silver ETF outflow