WHO WERE THE SIP CHAMPIONS IN FY26? ICICI PRU MF, HDFC MF LED FLOWS; NIPPON MF GAINED MOST SHARE

ICICI Prudential AMC and HDFC AMC led the mutual fund industry in monthly SIP flows in June, but Nippon India AMC emerged as the biggest gainer in SIP market share over the past five years, according to an Equirus Securities analysis.

ICICI Prudential AMC accounted for 15.33% of industry SIP flows in June 2026, followed by HDFC AMC at 15.13% and SBI AMC at 12.60%. Nippon India AMC ranked fourth at 11.71%. While ICICI AMC and SBI MF have lost market share in monthly SIP flows over the last 2 years, their monthly SIP flows share is still higher than their equity AUM market share, the report noted.

Nippon, however, has made the sharpest gain among the large fund houses. Its SIP market share increased from 7.2% in March 2021 to 11.71% in June 2026, a gain of about 4.5 percentage points.

The growth has not been evenly distributed across fund houses. HDFC AMC, Nippon AMC and Kotak MF have gained material share of monthly SIP flows since March 2023, while ABSL AMC, UTI AMC and Canara AMC have lost share. ICICI AMC and SBI MF have also seen their shares decline over the past two years, although their SIP-flow shares remain higher than their respective equity AUM shares. SBI's share fell from 15.1% to 12.6% over the same period, while Aditya Birla Sun Life AMC's share dropped from 8.6% to 3.41%.

Monthly SIP flows across the mutual fund industry have more than doubled since March 2023, rising from around Rs 14,300 crore to Rs 31,800 crore in June 2026, and reached about Rs 32,000 crore in July, the report said.

Nippon leads on SIP strength

Nippon also stood out when SIP AUM was measured against equity AUM. Its SIP AUM was equivalent to 50.5% of equity AUM in June, the highest among the large fund houses. Aditya Birla Sun Life AMC followed at 44.4%, HDFC AMC at 37.9% and UTI AMC at 34%.

Nippon's ratio rose from 42.4% in March 2021. UTI also saw a significant increase over the period, with its SIP AUM-to-equity AUM ratio rising from 18.6% to 34%. Annualised SIP inflows as a percentage of equity AUM also put Nippon ahead, at around 12-14%, compared with roughly 9% for HDFC AMC and ICICI Prudential AMC.

Nippon attributed its gains to a wider SIP base. “Earlier we had maybe one or two funds which was anchoring the SIP book. Now we have diversified that reasonably well and hence even though the market is volatile, we continue to increase our SIP book,” Saugata Chatterjee of Nippon India Mutual Fund said in a recent earnings call.

The fund house is also seeing SIP inflows through fintech platforms and its B30 initiatives across India, Chatterjee said.

SIP money shifts beyond large caps

The composition of SIP assets has also changed. Large-cap funds accounted for 16% of SIP AUM in March 2021, but their share fell to 10% by March 2026. Mid-cap funds had the largest share at 13%, followed by flexi-cap funds at 12.8% and small-cap funds at 12.1%.

2026-09-04T06:47:30Z