Mutual fund assets grew 9.3% in a year, the slowest since March 2023. New money did most of it
AMFI's September report puts industry assets at ₹82.64 lakh crore, 9.29% more than a year earlier. Investors put in a net ₹5.42 lakh crore over those 12 months, about three-quarters of the rise. Markets and everything else added the rest.
Indian mutual funds managed ₹82,64,117 crore at the end of September 2026, up 9.29% from ₹75,61,309 crore a year earlier, by AMFI's monthly reports. That is the slowest yearly growth since March 2023. Net inflows over the 12 months were ₹5,42,213 crore, 77% of the ₹7,02,807 crore rise. In equity funds, net inflows of ₹3,55,766 crore account for all but ₹30,194 crore of the rise in assets.
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Indian mutual funds managed ₹82,64,117 crore at the end of September 2026, by AMFI's monthly report. A year earlier the figure was ₹75,61,309 crore. Assets grew 9.29%.
That is the slowest yearly growth in AMFI's figures since March 2023, when it was 4.93%. Two years ago, in September 2024, assets had grown 44.04% in a year.
The growth rate, each September
| September | Assets at month end (₹ crore) | Growth over the year |
|---|---|---|
| 2023 | 46,57,755 | 21.22% |
| 2024 | 67,09,259 | 44.04% |
| 2025 | 75,61,309 | 12.70% |
| 2026 | 82,64,117 | 9.29% |
Each figure compares the month-end total with the same month a year earlier.
Where the growth came from
Assets grow in two ways. Investors put in more money than they take out, and the shares and bonds the funds hold change in price.
AMFI reports the first part every month as net inflow. From October 2025 to September 2026, net inflows added up to ₹5,42,213 crore.
Total assets rose ₹7,02,807 crore over the same 12 months. New money accounts for 77% of that rise. The other ₹1,60,594 crore covers everything else: changes in the prices of what funds hold, dividends paid out and other movements.
In growth-rate terms, net inflows alone would have lifted assets by 7.17%. Prices and the rest added 2.12 points.
Equity funds
AMFI's equity schemes held ₹37,54,275 crore at the end of September, up 11.46% from ₹33,68,315 crore a year earlier.
Net inflows into those schemes came to ₹3,55,766 crore over the 12 months. That is 10.56% of what they held at the start. Everything else, including price changes, added ₹30,194 crore, under 1%.
Equity funds took in money every month of the 12. Their smallest month was May 2026, at ₹22,908 crore. Their largest was March 2026, at ₹40,450 crore.
Compound looked at who was selling over the same months in FIIs sold ₹2.6 lakh crore of Indian shares by September, and at prices in The Nifty is 14% below its January high.
A quarter-end number
September's figure is taken on the last day of a quarter. In AMFI's data, those days show large withdrawals from debt funds.
- Industry assets fell ₹4,43,771 crore between the end of August and the end of September 2026.
- Liquid, money market and overnight funds had net outflows of ₹1,53,871 crore in September.
- Debt fund assets stood at ₹17,64,044 crore, 0.89% less than a year earlier.
The industry as a whole had net outflows in each quarter-end month of the last year: December 2025, March 2026, June 2026 and September 2026.
AMFI also publishes average assets for each month, taken across the month rather than on its last day. On that measure, assets grew 11.97% over the year to September.
Investor accounts
AMFI counts folios, one for each investor account in each scheme. There were 28.62 crore at the end of September 2026, against 25.19 crore a year earlier, up 13.62%.
The count of accounts grew faster than the money held in them.
What the figures do not show
- Why investors kept putting money in. The reports count flows, not reasons.
- Your own funds. A fund's growth in assets is not its return. Reva works out your return from your statements as an XIRR.
- Changes in AMFI's tables. AMFI regrouped some categories in its 2026 reports, with index funds, ETFs and life cycle funds shown on their own. The industry totals are unaffected, but a scheme that moved between groups changes the group figures.
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Questions
- How much did mutual fund assets grow in the year to September 2026?
- 9.29%, from ₹75,61,309 crore at the end of September 2025 to ₹82,64,117 crore at the end of September 2026, by AMFI's monthly reports.
- Is this the slowest growth in mutual fund assets in years?
- It is the slowest yearly growth in AMFI's month-end figures since March 2023, when it was 4.93%. In September 2024 it was 44.04%.
- How much of the growth came from new money?
- Net inflows from October 2025 to September 2026 were ₹5,42,213 crore, 77% of the ₹7,02,807 crore rise in assets.
- How much did equity mutual funds grow?
- Equity scheme assets rose 11.46% to ₹37,54,275 crore. Net inflows of ₹3,55,766 crore account for all but ₹30,194 crore of that rise.
- How many mutual fund folios are there in India?
- 28.62 crore at the end of September 2026, up 13.62% from 25.19 crore a year earlier, by AMFI's count.
Sources
- AMFI, monthly report for September 2026
- AMFI, monthly report for August 2026
- AMFI, monthly report for September 2025
- AMFI, monthly reports October 2025 to September 2026, net inflows
- AMFI, monthly reports March 2022 to September 2024, month-end assets
Compound is analysis, not investment advice. Reva Money is not a SEBI-registered investment adviser.
