Monthly Analysis
Why is total net flow +₹3,22,403 Cr? April is the first month of FY27. Institutions redeployed surplus cash from March year-end into liquid and money market funds. The signal that matters structurally is equity net inflow of +₹57,248 Cr and arbitrage reversal to +₹12,378 Cr.
- Equity57.0%
- ETFs14.5%
- Liquid9.0%
- Liquid+8.0%
- Short Dur5.6%
- Arbitrage3.3%
- Debt Other1.3%
- FOF0.6%
The +11.1% MOM rebound from ₹73.73L Cr to ₹81.92L Cr combines two drivers: FY-start liquid re-inflows and equity MTM recovery. It is a mix of structural participation and expected seasonal treasury movement.
| Category / Sub-Category | AUM Mar ’26 |
AUM Apr ’26 |
1M Chg% |
Net Flow Mar ’26 |
Net Flow Apr ’26 |
|||
|---|---|---|---|---|---|---|---|---|
| ▐ EQUITY (Open + Hybrid + Solution + Index + ELSS CE) | ||||||||
| Flexi Cap Fund | 5,05,265 | 5,59,366 | +10.7% | +10,054 | +10,148 | |||
| Sectoral/Thematic | 4,77,309 | 5,30,230 | +11.1% | +2,699 | +1,949 | |||
| Mid Cap Fund | 4,18,329 | 4,75,012 | +13.6% | +6,064 | +6,551 | |||
| Large Cap Fund | 3,66,045 | 3,98,835 | +9.0% | +2,998 | +2,525 | |||
| Index Funds | 3,07,315 | 2,30,711 | +7.7% | +6,379 | +10,222 | |||
| Large & Mid Cap Fund | 2,99,468 | 3,35,218 | +11.9% | +5,307 | +4,490 | |||
| Small Cap Fund | 3,34,662 | 3,92,772 | +17.4% | +6,264 | +6,886 | |||
| Multi Asset Allocation | 1,73,764 | 1,87,071 | +7.7% | +5,213 | +5,113 | |||
| Balanced Adv / DAA | 2,99,019 | 3,18,622 | +6.6% | -283 | +1,773 | |||
| Aggressive Hybrid Fund | 2,32,006 | 2,51,394 | +8.4% | +995 | +1,489 | |||
| Value / Contra Fund | 1,93,986 | 2,11,480 | +9.0% | +2,156 | +1,478 | |||
| Multi Cap Fund | 2,00,439 | 2,28,691 | +14.1% | +2,982 | +3,806 | |||
| Focused Fund | 1,55,861 | 1,73,513 | +11.3% | +2,425 | +1,195 | |||
| ELSS (Open-Ended) | 2,17,310 | 2,37,715 | +9.4% | -437 | -582 | |||
| Equity Savings Fund | 47,701 | 49,114 | +3.0% | -1,131 | -82 | |||
| Dividend Yield Fund | 29,023 | 31,519 | +8.6% | -59 | -21 | |||
| Retirement Fund | 29,275 | 31,775 | +8.5% | +29 | +82 | |||
| Children’s Fund | 23,650 | 25,841 | +9.3% | +228 | +225 | |||
| ELSS (Close-Ended) | 3,558 | 3,918 | +10.1% | -84 | -14 | |||
| ▶ Total Equity | 42,06,112 | 46,72,797 | +10.7% | +51,794 | +57,248 | |||
| ▐ ARBITRAGE | ||||||||
| ▶ Arbitrage Fund | 2,53,637 | 2,70,562 | +6.7% | -21,114 | +12,378 | |||
| ▐ LIQUID | ||||||||
| Overnight Fund | 73,021 | 1,04,920 | +43.7% | -40,228 | +31,420 | |||
| Liquid Fund | 4,66,498 | 6,35,971 | +36.3% | -1,34,988 | +1,65,105 | |||
| ▶ Total Liquid | 5,39,519 | 7,40,891 | +37.3% | -1,75,216 | +1,96,525 | |||
| ▐ LIQUID+ (Maturity <1 Year) | ||||||||
| Money Market Fund | 3,12,294 | 3,34,924 | +7.2% | -29,207 | +20,643 | |||
| Low Duration Fund | 1,30,570 | 1,38,398 | +6.0% | -25,227 | +7,093 | |||
| Ultra Short Duration | 1,13,340 | 1,29,712 | +14.4% | -16,087 | +15,652 | |||
| Floater Fund | 51,283 | 51,680 | +0.8% | -1,790 | +19 | |||
| ▶ Total Liquid+ | 6,07,487 | 6,54,714 | +7.8% | -72,311 | +43,407 | |||
| ▐ SHORT DURATION (Maturity 1 to 3 Years) | ||||||||
| Corporate Bond Fund | 1,78,431 | 1,85,779 | +4.1% | -15,293 | +6,197 | |||
| Short Duration Fund | 1,10,851 | 1,15,456 | +4.2% | -22,194 | +3,917 | |||
| Banking & PSU Fund | 74,620 | 77,015 | +3.2% | -2,274 | -694 | |||
| Dynamic Bond Fund | 32,386 | 31,962 | -1.3% | -1,741 | -705 | |||
| Medium Duration Fund | 25,529 | 25,319 | -0.8% | -714 | -392 | |||
| Credit Risk Fund | 19,611 | 21,095 | +7.6% | -330 | +1,318 | |||
| ▶ Total Short Duration | 4,41,427 | 4,56,626 | +3.4% | -42,545 | +9,641 | |||
| ▐ DEBT OTHER | ||||||||
| Conservative Hybrid Fund | 28,649 | 29,224 | +2.0% | -218 | -106 | |||
| Gilt Fund | 33,621 | 33,001 | -1.8% | -3,078 | -1,048 | |||
| Long Duration Fund | 14,159 | 13,669 | -3.5% | -1,047 | -727 | |||
| Fixed Term Plan (CE) | 15,506 | 11,100 | -28.4% | +242 | -4,441 | |||
| Gilt Fund (10yr constant) | 4,521 | 4,404 | -2.6% | -382 | -149 | |||
| Med to Long Duration | 10,769 | 10,709 | -0.6% | -408 | -158 | |||
| Infrastructure Debt (CE) | 920 | 925 | +0.5% | NA | NA | NA | ||
| Other Debt / Interval | 4,778 | 4,935 | +3.3% | -16 | -26 | Stable | ||
| ▶ Total Debt Other | 2,20,796 | 2,08,313 | -4.4% | -3,117 | -12,252 | |||
| ▐ ETFs / PASSIVE | ||||||||
| Other ETFs | 8,94,644 | 9,64,929 | +7.9% | +19,802 | +10,755 | |||
| Gold ETF | 1,71,468 | 1,78,110 | +3.9% | +2,266 | +3,040 | |||
| ▶ Total ETFs | 10,66,113 | 11,43,039 | +7.2% | +22,068 | +13,795 | |||
| ▐ FUND OF FUNDS OVERSEAS | ||||||||
| ▶ FOF Overseas | 38,287 | 45,445 | +18.7% | +531 | +1,661 | |||
| GRAND TOTAL | 73,73,377 | 81,92,387 | +11.1% | -2,39,910 | +3,22,403 | |||
1. Liquid surge (+₹1,96,525 Cr): A predictable FY-start treasury redeployment after March year-end cash concentration.
2. Arbitrage reversal (+₹12,378 Cr): Fresh FY-start positioning as institutions re-initiate cash-futures spread trades.
3. Equity oriented +₹57,248 Cr: The 62nd positive month, with Flexi Cap still leading and Mid/Small Cap inflows accelerating.
April 2026 SIP at ₹31,115 Cr is a modest -3.0% MOM dip from March’s all-time high, largely explained by the 30-day month and post-peak normalization. The structural SIP trajectory remains intact.
Continuation with compositional shift is the April theme. Total equity inflows remained robust, but leadership rotated toward active alpha-seeking categories such as Mid Cap and Small Cap.
Flexi Cap Fund continues to be the default category for investors seeking market-cap flexibility in volatile conditions.
Liquid reversal almost perfectly mirrors the March drain, validating the FY-end / FY-start treasury cycle.
Corporate Bond and Credit Risk both improved, while long-duration and FTP-heavy buckets remained under structural pressure.
ETF interpretation: March’s sharp ETF buying moderated in April, but passive participation stayed healthy. Gold ETFs remained a clear hedge narrative within the passive space.
| Fund Name | Mobilised (₹ Cr) |
|---|---|
| JioBlackRock Large Cap Fund | 30 |
| Groww Arbitrage Fund | 41 |
| SBI CRISIL-IBX FS 3-6M Debt Index Fund | 237 |
| Axis Nifty India Defence Index Fund | 223 |
| SBI CRISIL-IBX FS 9-12M Debt Index Fund | 206 |
| Edelweiss Nifty LargeMidcap250+G-Sec Index | 35 |
| Choice Nifty Next 50 Index Fund | 11 |
| Choice Nifty 50 Index Fund | 19 |
| Zerodha Nifty MidSmallcap400 50:50 Index | 6 |
| Zerodha Nifty LargeMidcap250+G-Sec 70:30 | 15 |
| Motilal Oswal BSE Top 10 Banks ETF | 5 |
| Grand Total (11 Open-Ended) | 828 |
NFO read: April’s 11 NFOs raising ₹828 Cr was subdued versus the FY26 monthly average, with most launches concentrated in passive and index strategies.
AUM crossed ₹81.92L Cr. April delivered a clean FY-start rebound after March’s treasury-driven compression.
62 straight positive equity months. Retail participation remained firm through multiple market regimes.
Liquid flows normalized. The +₹1.97L Cr move is seasonal mechanics more than fresh risk appetite.
Corporate Bond improved. Short-duration debt remains the brighter part of fixed income positioning.
Index fund demand moderated. March’s dip-buying spike cooled, but passive flows still remained constructive.
Debt Other stayed under pressure. FTP maturities and long-duration sensitivity continued to weigh on that bucket.
