₹10,000 monthly SIP became ₹36 lakh in 10 yrs: 9 flexi-caps that stood out

If you had invested ₹10,000 every month in a flexi-cap mutual fund for the past decade, your ₹12 lakh total investment could have grown to more than ₹25 lakh in some of the category’s best-performing funds.

An analysis by Value Research found nine flexi-cap funds that delivered more than 15% annualised SIP returns over the 10-year period. At the top was Quant Flexi Cap Fund, where a ₹10,000 monthly SIP would have grown to ₹36.5 lakh. The analysis is based on direct-plan returns as of August 6, 2026.

But the numbers also come with an important caveat: these are past returns, not a promise of what investors will earn going forward. Value Research itself notes that investors should consider their goals, risk appetite and investment horizon before choosing a fund.

What are flexi-cap funds?

Flexi-cap funds are equity mutual funds that can invest across large-cap, mid-cap and small-cap stocks without being restricted to a particular market-cap segment.

This gives the fund manager the flexibility to shift money between different parts of the market depending on where they see opportunities. Value Research describes them as funds suited to investors looking for long-term growth, but also points out that their flexibility can mean greater volatility, particularly when mid- and small-cap stocks are under pressure.

That makes flexi-cap funds different from funds that are specifically focused on large caps, mid caps or small caps.

How much could ₹10,000 a month have grown?

Value Research’s analysis shows that the category’s long-term numbers look considerably better than its recent one-year performance.

The flexi-cap category delivered around 6.4% over one year, compared with nearly 12% over five years and 12.9% over 10 years, according to Value Research. The nine funds identified in its analysis managed to exceed 15% over the 10-year period.

Here is how the nine funds compare:

The investor would have put in ₹12 lakh over 10 years through the ₹10,000 monthly SIP. The difference between the ₹12 lakh invested and the final value represents the growth generated over the period, before considering factors such as taxation and other applicable costs.

Quant Flexi Cap leads the pack

Quant Flexi Cap Fund topped Value Research’s list with a 10-year SIP return of 21.1%.

A ₹10,000 monthly SIP would have grown to ₹36.5 lakh over the 10-year period, according to the analysis. The fund had an assets under management (AUM) of ₹7,140 crore and an expense ratio of 0.58% at the time of the analysis.

Its five largest holdings listed by Value Research were Adani Power, Adani Enterprises, Samvardhana Motherson, Aurobindo Pharma and ICICI Prudential Asset Management.

HDFC and Parag Parikh cross ₹30 lakh

Two other funds also turned the hypothetical ₹10,000 monthly SIP into more than ₹30 lakh.

HDFC Flexi Cap Fund delivered a 10-year SIP return of 18%, with the SIP growing to ₹30.9 lakh. The fund’s AUM was ₹1.06 lakh crore and its expense ratio was 0.55%, according to Value Research.

Parag Parikh Flexi Cap Fund delivered 17.8%, taking the hypothetical SIP value to ₹30.5 lakh. Its AUM stood at ₹1.43 lakh crore and its expense ratio was 0.52%.

The fund’s largest holdings included HDFC Bank, Power Grid, ITC, ICICI Bank and Coal India, based on the portfolio data cited by Value Research.JM Flexicap was next, with a 17.6% 10-year SIP return and a final SIP value of ₹30.3 lakh.

What about the other funds?

Edelweiss Flexi Cap Fund delivered 16.4%, turning the hypothetical ₹10,000 monthly investment into ₹28.4 lakh.

ABSL Flexi Cap Fund delivered 15.5%, taking the SIP value to ₹27 lakh.

PGIM India Flexi Cap and HSBC Flexi Cap both delivered 15.4%, with the SIP growing to ₹26.9 lakh and ₹26.7 lakh respectively.

Franklin India Flexi Cap brought up the list with a 15.2% return and a hypothetical final value of ₹26.5 lakh.

Should you invest in these funds just because of their past returns?

A 10-year return of 21.1% may look extremely attractive, but it does not mean the same fund will deliver 21.1% over the next decade.

Value Research’s analysis itself cautions investors against using past performance as the sole basis for selecting a fund. It says investors should assess whether a fund fits their financial goals, risk tolerance and investment horizon.

This is particularly relevant for flexi-cap funds because their ability to invest across market-cap segments can produce stronger long-term growth, but also exposes investors to equity-market volatility.

Value Research recommends considering these funds primarily for long-term goals, with a horizon of at least seven to 10 years. It specifically mentions objectives such as retirement, children’s education and long-term wealth creation.

Don’t confuse SIP returns with a guaranteed 15% return

Another important point is that the figures in the Value Research analysis are 10-year SIP returns.

This is different from saying that the fund generated a fixed 15%, 18% or 21% return every year.

For example, the ₹36.5 lakh figure for Quant Flexi Cap represents what the hypothetical ₹10,000 monthly SIP accumulated to over 10 years based on its historical performance. It does not mean that ₹12 lakh invested as a lump sum at the beginning of the period would necessarily have produced exactly the same result.

Are flexi-cap funds right for you?

“Flexi-cap funds work best for investors with a long investment horizon of at least seven to 10 years or more. Because these funds can move freely between large, mid and small caps, they tend to carry a higher risk profile than pure large-cap funds, particularly during periods of market volatility when mid- and small-cap stocks can see sharp swings. This makes them well suited to long-term financial goals, such as retirement planning, a child’s education or wealth creation over a decade, rather than short-term needs,” noted the Value Research study.

Investors should also be comfortable staying invested through market cycles, since the flexibility that drives returns over time can also mean bumpier rides along the way.