Sequential SIP Growth Slows Amid Strong Yearly Advances
SIP Inflows Slow Down Sequentially in Q4FY26 Despite Strong Year-on-Year Growth
Systematic investment plan (SIP) inflows showed a moderation in sequential terms in the March 2026 quarter, even as year-on-year growth remained strong across listed asset management companies (AMCs), according to a report by Equirus.
According to industry data, SIP flows have remained resilient despite market volatility. The Association of Mutual Funds in India reported that monthly SIP contributions stood at Rs 32,087 crore in March 2026, with the total number of SIP accounts crossing 8 crore.
Sequential Momentum Eases Despite Strong YoY Growth
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The moderation was visible across large fund houses. HDFC Asset Management Company reported monthly SIP inflows of Rs 4,880 crore in Q4FY26, up 33.7 percent year-on-year but only 3.2 percent higher quarter-on-quarter. ICICI Prudential Asset Management Company saw inflows of Rs 5,100 crore, rising 30.5 percent annually and 1.3 percent sequentially.
| Fund House | Q4FY26 SIP Inflows (Rs crore) | YoY Growth (%) | QoQ Growth (%) |
|---|---|---|---|
| HDFC Asset Management | 4,880 | 33.7 | 3.2 |
| ICICI Prudential Asset Management | 5,100 | 30.5 | 1.3 |
| Nippon Life India Asset Management | 3,720 | 17 | -1.1 |
| Aditya Birla Sun Life AMC | 1,200 | 3 | 11.5 |
Nippon Life India Asset Management reported Rs 3,720 crore in SIP inflows, up 17 percent year-on-year, but down 1.1 percent compared with the previous quarter, indicating some cooling after strong growth in earlier periods. Aditya Birla Sun Life AMC reported SIP inflows of Rs 1,200 crore, up 3 percent year-on-year and 11.5 percent higher quarter-on-quarter, indicating some recovery after earlier declines.
Market Share Stable; Concentration Persists
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Market share movement, on the other hand, remained limited. HDFC Asset Management Company held its SIP flow share at 15.2 percent, broadly unchanged sequentially. ICICI Prudential Asset Management Company stood at 15.9 percent, slightly lower on a quarter-on-quarter basis but higher year-on-year.
| Fund House | Q4FY26 SIP Market Share (%) | QoQ Change (%) | YoY Change (%) |
|---|---|---|---|
| HDFC Asset Management | 15.2 | 0 | 0 |
| ICICI Prudential Asset Management | 15.9 | -0.5 | 0.9 |
| Nippon Life India Asset Management | 11.6 | -0.5 | -0.5 |
| Aditya Birla Sun Life AMC | 3.8 | 0.3 | -0.3 |
| UTI Asset Management Company | 2.7 | 0 | 0 |
| Canara Robeco Asset Management Company | 2.3 | -0.1 | -0.1 |
Nippon Life India Asset Management continues to attract higher SIP inflows relative to its equity assets than peers, with annual SIP flows at 14.6 percent of equity AUM, compared with around 10-11 percent for larger players such as HDFC Asset Management Company and ICICI Prudential Asset Management Company. Other players, such as UTI Asset Management Company, have seen a gradual improvement to 8.5 percent.
Long-term Trends Indicate Gradual Concentration
Over a longer period, SIP AUM market share trends indicate gradual concentration. HDFC Asset Management Company has maintained its share at about 13.3 percent, while Nippon Life India Asset Management stood at 10.1 percent. In contrast, mid-sized players such as UTI Asset Management Company and Canara Robeco Asset Management Company have seen a gradual decline over the past few years.
Investor Takeaway
SIP inflows slowed sequentially but remained strong year-on-year.
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