India Financials - Net Flow Navigator - MF Equity inflow preview - MF inflows moderate m-m amid macro uncertainty

Research evidence excerpt

India Financials - Net Flow Navigator - MF Equity inflow preview - MF inflows moderate m-m amid macro uncertainty

India Financials - Net Flow Navigator - MF Equity Global Markets Research

inflow preview 2 June 2026

EQUITY: FINANCIALS

MF inflows moderate m-m amid macro uncertainty Research Analysts

India Financials

Expect INR313bn net equity inflow in May-26F; ICICIAMC gets the Ankit Bihani - NFASL

highest absolute flows, Nippon AMC flow share above AUM share ankit.bihani@nomura.com

+91 22 403 74135

Net Flow Navigator is our monthly estimate of net equity inflows into Indian mutual funds,

Shreyas Pimple - NFASLproviding a timely, ground-up read on domestic equity appetite. Our methodology shreyas.pimple@nomura.com

covers the top 15 equity and hybrid scheme categories, accounting for ~99% of +91 22 403 74029

total equity inflows, spanning pure equity and hybrid schemes while excluding arbitrage

Shreya Shivani - NFASLflows to reflect genuine directional equity flows. For each fund house, we reverse- shreya.shivani@nomura.com

engineer net inflows by reconciling opening and closing AUM against scheme-level NAV +91 22 403 74804

movements, isolating the true flow component from mark-to-market changes. Backtesting

suggests an accuracy of ±3%.

Expect industry net equity inflow of INR313bn in May-26F, -33% m-m but +29% y-y

• In our view, the likely m-m moderation follows an exceptionally strong Apr-26

(INR469bn) and an uncertain macro environment. However, average monthly flow

for FYTD27 remains healthy at INR391bn vs INR379bn for FY26 (Fig.1).

• Expect to see flow moderation across scheme categories: We expect almost all

the scheme categories to see moderation with pure equity schemes anchoring the

flows: Flexi Cap (INR60bn, 19% share), Small Cap (INR53bn, 17% share), Mid