Amfi Data: Equity mutual funds attracted Rs 29,911.05 crore in November 2025, ending a two-month declining spree, according to data from the Association of Mutual Funds in India (AMFI). The monthly inflows are up 21.2 per cent from Rs 24,690.33 crore in October. This is also the 57th consecutive month of positive flows into equity funds. In September 2025, the inflows were Rs 30,421.69 crore.
Overall, India's mutual fund industry saw net inflows of Rs 32,755.36 crore in November. In the previous month, the industry saw an inflow of Rs 2.16 lakh crore.
The total Assets Under Management (AUM) of the mutual fund industry stood at Rs 80.80 lakh crore, as of November 30, 2025. Equity AUM increased to Rs 35.66 lakh crore, up from Rs 35.17 lakh crore in October.
"Investors have continued to show faith in equities despite the volatility in the markets," said Ovas Bakshi, head-retail sales, Kotak Mahindra AMC.
SIP Inflows Remain Largely Stable
Systematic Investment Plan (SIP) inflows remained largely stable in November, coming in at Rs 29,445 crore, slightly lower than Rs 29,529 crore in October. This reflects a 0.28 per cent month-on-month (MoM) dip.
Flexi-Cap Funds Attract Highest Inflows
Flexi-cap funds recorded the highest inflows within the equity category in November at Rs 8,135 crore, though this was 8 per cent lower than October’s Rs 8,929 crore.
"The ability of flexi-cap funds to invest across market caps and their present large cap bias attracted funds to the category," explained Bakshi.
Large-cap funds reported a sharp recovery as inflows rose 68.70 per cent MoM to Rs 1,640 crore, as against Rs 972 crore in October.
Mid-cap and small-cap funds also continued to attract strong investor interest. Mid-cap inflows rose 17.85 per cent to Rs 4,487 crore, while small-cap funds drew Rs 4,407 crore, logging a 26.78 per cent increase from the previous month.
Multi-cap funds recorded marginally lower inflows at Rs 2,463 crore, versus Rs 2,500 crore in October. Sectoral and thematic funds, however, saw strong buying, with inflows jumping 36.51 per cent to Rs 1,865 crore.
Value and contra funds were in strong demand as well as inflows in these categories surged a massive 231 per cent to Rs 1,219.44 crore from Rs 368.39 crore in October. Focused funds also saw an 117.21 per cent increase in inflows to Rs 2,039.73 crore, up from Rs 939.06 crore in October.
Meanwhile, dividend-yield funds and ELSS schemes witnessed outflows of Rs 278 crore and Rs 570 crore, respectively.
Debt Funds See Outflows
Debt funds reported net outflows of Rs 25,692.63 crore in November, a sharp reversal from the Rs 1.60 lakh crore inflows recorded in October. The decline was largely driven by heavy redemptions in overnight and liquid schemes.
Overnight funds posted the highest outflows at Rs 37,624.53 crore, compared with an inflow of Rs 24,050.57 crore in October. Liquid funds also saw outflows of Rs 14,050.72 crore, reversing sharply from the previous month’s inflows of Rs 89,375.12 crore.
Money market funds continued to remain in positive territory but saw inflows fall 38 per cent MoM. The category attracted Rs 11,104.37 crore in November, down from Rs 17,916.44 crore in October.
Several other debt categories including ultra short duration, low duration, short duration, corporate bond and floater funds also saw positive inflows.
Gold ETF Inflows Fall 52%
Inflows into gold exchange traded funds (ETFs) fell for the second straight month in November, coming in at Rs 3,741.79 crore, a 51.67 per cent decline from October’s Rs 7,734.19 crore.
The slowdown in flows comes at a time when gold prices are around their record levels, led by demand for safe-haven amid macroeconomic uncertainty.
