AMFI September 2026 data: Equity inflows jump 31%; small, mid-caps lead, gold & silver ETFs gain

Equity mutual fund schemes attracted net inflows of ₹38,306.55 crore in September 2026, rising nearly 31% from ₹29,328.62 crore in August, according to the September data provided by the Association of Mutual Funds in India (AMFI). Small and mid-cap funds continued to attract strong investor interest, while flexi-cap funds also recorded substantial inflows.

Small and mid-cap funds remain investor favourites

Small-cap funds attracted the highest net inflows among equity fund categories at ₹9,038.57 crore in September, compared with ₹7,973 crore in August. Mid-cap funds followed with inflows of ₹7,834.84 crore, up from ₹6,989 crore in the previous month.

Large-cap funds also returned to positive territory, recording net inflows of ₹859.47 crore after outflows of ₹1,147 crore in August. Sectoral funds and thematic funds attracted ₹1,840.02 crore and ₹1,800.07 crore, respectively.

However, ELSS tax-saving funds recorded net outflows of ₹662.14 crore, while contra funds saw outflows of ₹97.88 crore.

Debt schemes weigh on overall mutual fund flows

Liquid funds accounted for the largest outflow among debt categories, at ₹95,743.20 crore, followed by money market funds at ₹50,846.21 crore and ultra-short-term funds at ₹11,728.87 crore.

Hybrid schemes also recorded a marginal net outflow of ₹456.68 crore. However, flows varied across categories, with multi-asset allocation funds attracting ₹3,666.98 crore and aggressive hybrid funds receiving ₹1,863.54 crore.

Gold and silver ETFs attract inflows

Equity ETFs recorded net inflows of ₹9,959.96 crore in September, according to AMFI data.

The increase in gold ETF inflows compared with August highlights stronger investor allocations to gold ETFs during the month. Silver ETFs also recorded positive net inflows.

August vs September 2026: Mutual Fund inflows

Suranjana Borthakur, Head of Distribution & Strategic Alliances, Mirae Asset Mutual Fund, said the latest figures indicated that investor interest extended across market-cap categories.

"Equity inflows this September were encouraging not just in size, but in breadth. Small cap inflows hit a record high, mid caps reached a multi-month high, and flexi cap funds drew nearly ₹7,000 crore, which tells us investor conviction is spread across the market-cap spectrum rather than concentrated in one pocket. Crossing the ₹30,000 crore mark for only the second time this financial year reinforces that momentum.

"We also see investors reallocating with intent. Hybrid funds saw outflows as money moved towards pure equity, and Specialised Investment Funds continued to gain traction with inflows of around ₹7,000 crore. In the ETF space, gold inflows rose to about ₹4,500 crore, among the highest in recent times, which reflects a steady, allocation-led approach to commodities amid global uncertainty. Overall, investors continue to back India's long-term growth story with discipline and confidence."