India Financials – Net Flow Navigator: MF equity inflow preview – Jun-26

Research evidence excerpt

India Financials – Net Flow Navigator: MF equity inflow preview – Jun-26

India Financials – Net Flow Navigator: MF equity Global Markets Research

inflow preview – Jun-26 3 July 2026

EQUITY: FINANCIALS

MF inflows remain weak despite marginal inch-up m-m Research Analysts

India Financials

Estimate Jun-26F net equity inflow at INR303bn; ICICI/Nippon AMC Ankit Bihani - NFASL

flow share above AUM share, HDFC AMC weakness persists 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.

Estimate Jun-26F’s industry net equity inflows at INR303bn, +8% m-m but -4% y-y

• Although our estimate builds in an 8% m-m increase in equity flows in June-26F, it

lags FY26 average monthly flow of INR379bn and drags down FYTD27 average to

INR351bn (Fig.1).

• We expect the m-m improvement to have been led by mid-cap (INR54bn, 18%

share), multi-cap (INR28bn, 9% share) and large & mid-cap (INR39bn, 13%

share) schemes, while flexi-cap (INR49bn, 16% share) and small-cap (INR42bn,

14% share) schemes would have seen marginal moderation within pure equity

schemes. (Fig.2).