Equity Participation Deepens Across Women Investors and B30 Locations Amid Resilient Equity Mutual Fund Flows

• Share of equity funds in women-led AUM rises from 40% to 65% between March 2020 and March 2025

Mumbai, September 21, 2026: Equity mutual fund investments are broadening across investor segments and geographies, according to the latest research by ICRA Analytics. Women investors are allocating a larger share of their mutual fund assets to equity, while equity-oriented schemes account for a higher share of mutual fund AUM in B30 locations than in T30 cities.

The share of equity mutual funds in women-led AUM increased sharply from 40% in March 2020 to 65% in March 2025. In comparison, the share of equity investments in the overall mutual fund industry increased from 27% to 45% during the same period. The shift has made equity the predominant asset class in their mutual fund portfolios.

The trend is also visible across geographies. According to AMFI - Industry Trends report as of Jul-26, investors in B30 locations have a significantly higher allocation towards equity-oriented schemes compared with investors in T30 locations.

As of July 2026, equity-oriented schemes accounted for 65.9% of mutual fund AUM in B30 locations, compared with 39.8% in T30 locations. While T30 cities continue to contribute the larger share of overall mutual fund AUM, the higher equity orientation in B30 locations points to the increasing penetration of equity mutual funds across smaller cities and towns.

The increasing participation of women investors and B30 investors come at a time when equity mutual funds have continued to demonstrate resilience through changing market conditions. Equity mutual fund AUM increased from Rs. 12.3 lakh crore in August 2021 to Rs. 39.2 lakh crore in August 2026, while equity funds folios increased from 7.3 crore to 18.9 crore during the same period.

Ashwini Kumar, Senior Vice President and Head Market Data, ICRA Analytics, said: “The increasing equity orientation among women investors and participants from B30 locations points to a broadening of equity participation across both investor segments and geographies. Notably, this expansion is happening alongside continued growth in equity folios across different market cycles. The data suggests that equity mutual funds are increasingly becoming part of a wider set of investor portfolios beyond the traditional investor base and larger urban centres.”

Equity mutual funds tend to be resilient because they represent ownership in businesses, and strong businesses can adapt, innovate, and grow even when economic conditions change.

Notably, folio growth has remained steady even during market corrections. Between December 2024 and February 2025, equity AUM declined from Rs. 30.6 lakh crore to Rs. 27.4 lakh crore, while equity folios increased from 15.7 crore to 16.2 crore. Similarly, between February and March 2026, equity AUM declined from Rs. 35.4 lakh crore to Rs. 32.0 lakh crore, while folio counts continued to increase.

The broader participation in equity mutual funds is also reflected in sustained inflows. Equity mutual funds recorded net inflows of Rs. 29,329 crores, indicating continued allocation towards equity-oriented schemes despite changing market conditions.

Overall, the trends in AUM, folios and investor composition indicate that equity mutual fund participation is deepening across India. The rising share of equity in women-led portfolios and the stronger equity orientation in B30 locations, alongside continued growth in equity folios, point to an expanding investor base across segments and geographies.

Month	Equity Fund AUM (lakh crore)	Equity Fund Folio Count (crore)
Apr-25	30.58	16.50
May-25	32.05	16.61
Jun-25	33.47	16.81
Jul-25	33.28	17.13
Aug-25	33.09	17.32
Sep-25	33.68	17.46
Oct-25	35.17	17.61
Nov-25	35.66	17.76
Dec-25	35.73	17.85
Jan-26	34.87	17.95
Feb-26	35.39	18.12
Mar-26	31.98	18.27
Apr-26	35.74	18.41
May-26	36.14	18.49
Jun-26	37.34	18.59
Jul-26	38.36	18.73
Aug-26	39.21	18.92
Source: MFI 360 Explorer

For further information, please contact:

Media Contacts:
Naznin Prodhani	Subhasree Bagchi
Vice President & Group Head – Group Media & Communications	Manager - Media & Communications
ICRA Ltd	ICRA Analytics Ltd
Tel: + (91 124) 4545300, Dir – 4545860	Tel: + 9892376262
Email:  naznin.prodhani@icraindia.com	Email:  subhasree.bagchi@icraanalytics.com

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