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Small-cap SIP Penetration Reaches 55% as AUM Climbs to ₹1.83 Lakh Crore by March 2026
Author
Shoonya Team
Small-cap mutual funds recorded the highest systematic investment plan participation among major equity categories, according to the AMFI-Crisil Fact Book 2025-26 launched on August 21, 2026. The report tracked how SIPs have expanded across fund categories and investor age groups through March 2026.
Key SIP Data From the AMFI-Crisil Fact Book 2025-26
- Small-cap funds saw SIP assets account for 55% of category assets as of March 2026
- Small-cap SIP AUM rose to ₹1.83 lakh crore from ₹35,489 crore in March 2021, nearly a fivefold increase
- Monthly SIP contributions reached ₹32,087 crore in March 2026, up from ₹4,335 crore in March 2017
- Total SIP AUM excluding overseas fund of funds increased to ₹14.83 lakh crore from ₹4.25 lakh crore in March 2021
- SIP AUM as a share of overall mutual fund industry AUM rose to 20.1% from 13.5% in March 2021
Why Smallcap Funds Recorded the Highest SIP Penetration in March 2026
The AMFI-Crisil report showed that more than half of smallcap category assets came through SIP-linked investments by March 2026, placing it ahead of other equity categories. ELSS, large-cap, large- and mid-cap, and mid-cap funds reported SIP penetration in the 40-50% range.
The rise in penetration came alongside a sharp expansion in assets. Small-cap net inflows also grew steadily through the period:
| Financial Year | Net Inflow Into Smallcap Funds |
|---|---|
| FY22 | ₹0.1 lakh crore |
| FY23 | ₹0.2 lakh crore |
| FY24 | ₹0.4 lakh crore |
| FY25 | ₹0.4 lakh crore |
| FY26 | ₹0.5 lakh crore |
How Multicap Funds Recorded the Sharpest Asset Jump
Among other equity categories, multicap funds recorded one of the steepest rises. Their SIP AUM increased to nearly ₹0.62 lakh crore in March 2026 from ₹0.08 lakh crore in March 2021, an almost eightfold expansion over five years.
How SIP AUM Grew Across All Categories
Equity remained the largest component of SIP assets through the period. Passive SIP AUM also expanded significantly, indicating that SIP money is spreading beyond active equity and hybrid products.
| SIP Segment | March 2021 AUM | March 2026 AUM |
|---|---|---|
| Total SIP AUM excluding overseas FoFs | ₹4.25 lakh crore | ₹14.83 lakh crore |
| Equity SIP AUM | ₹3.46 lakh crore | ₹12.85 lakh crore |
| Hybrid SIP AUM | ₹0.33 lakh crore | ₹1.11 lakh crore |
| Passive SIP AUM | ₹0.03 lakh crore | ₹0.46 lakh crore |
Monthly SIP Contributions: Two Phases of Growth
Monthly contributions climbed 7.4 times over nine years, reaching ₹32,087 crore in March 2026 from ₹4,335 crore in March 2017. The report identified two distinct growth phases:
- March 2017 to March 2021: monthly contributions grew at a CAGR of 20.6%
- April 2021 to March 2026: the pace accelerated to a CAGR of 30.7%, attributed to higher participation after the COVID-19 period
Cumulative gross SIP inflows between March 2017 and March 2026 stood at ₹14.79 lakh crore, with nearly 76% of those flows coming in the latest five-year period.
Which Age Groups Increased SIP Participation Between 2021 and 2026?
The report showed a visible shift across investor age groups. Investors above 58 years recorded one of the clearest changes, while the 18 to 34 age group maintained a stable share.
| Investor Age Group | March 2021 Share | March 2026 Share |
|---|---|---|
| Below 18 years | 37.3% | 46.0% |
| 18 to 34 years | 32.7% | 32.7% |
| 35 to 58 years | 29.8% | 40.6% |
| Above 58 years | 11.4% | 20.6% |
Final Outlook
The AMFI-Crisil data shows SIPs have moved deeper into India’s mutual fund industry, with smallcap funds leading the shift at 55% penetration in March 2026. Whether monthly contributions sustain at elevated levels and whether passive and hybrid categories continue to gain SIP share will be the trends to track in the next edition of the fact book.
Source: Economic Times
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