India’s portfolio management services (PMS) sector saw a notable resurgence in investor inflows in April, rebounding from the market volatility experienced in March. The sector reported net inflows of ₹25,088 crore, a significant turnaround from the net outflow of ₹648 crore recorded the previous month.
According to the latest monthly report from the Association of Portfolio Managers in India (APMI), total inflows into PMS strategies increased by 27 percent month-on-month, reaching ₹46,030 crore in April. In contrast, outflows dropped by 43 percent, amounting to ₹20,942 crore.
The assets under management (AUM) in the PMS industry rose by 2.1 percent month-on-month to ₹42.29 lakh crore in April, even as the total client base saw a decrease of 1.7 percent, totaling approximately 2.12 lakh accounts.
Equity Market Rally Boosts PMS Assets
The resurgence in PMS inflows aligns with a general recovery in Indian equity markets during April. The benchmark Sensex experienced a rise of 6.9 percent, while the Nifty 50 surged by 7.5 percent. The recovery was particularly pronounced among smaller stocks, with the BSE Midcap and Smallcap indices increasing by 13.8 percent and 19.6 percent, respectively.
Overall equity AUM expanded by 13.8 percent month-on-month in April. Listed equity assets grew by 13.6 percent, and unlisted equity assets skyrocketed by 38.8 percent, reflecting increased investor interest in private-market opportunities.
Unlisted plain debt assets also soared by 150.5 percent compared to March levels, marking a shift in allocations toward specialized and diversified strategies beyond traditional listed equity investments.
Investor Appetite Shifts Toward Diversified Strategies
“This month’s data indicates a deeper transition within India’s wealth landscape,” stated Vikas Khemani, Board Member at APMI. “Capital is increasingly flowing not only into traditional equity but also toward specialized and diversified strategies across both listed and unlisted markets,” he added.
Discretionary PMS remained dominant in the sector, accounting for 84.9 percent of total AUM and over 95 percent of the client base. Notably, discretionary inflows reached ₹33,540 crore in April, reflecting a month-on-month increase of 52 percent.
Domestic Investors Continue to Dominate PMS Assets
Participation from foreign investors in PMS portfolios rose amidst public market volatility. Foreign AUM grew by 7.8 percent month-on-month in April, bolstered by a 12 percent increase in non-resident assets and a 7.4 percent rise in Foreign Portfolio Investor (FPI) assets.
However, domestic investors continued to dominate the PMS landscape, holding 95 percent of total assets. Public and Employees’ Provident Fund (PF/EPFO) assets alone accounted for nearly ₹31.8 lakh crore, equivalent to about 80 percent of domestic AUM.
Published on May 28, 2026
