Data from the National Stock Exchange of India show that pension-fund category inflows into Indian equities reached approximately ₹37,409 crore in the three months ending September 2025 — the highest rolling-three-month total since 2016. Analysts argue this surge marks systemic structural demand for equities and underscores growing institutional conviction. Although these flows support broad market depth, experts caution that short-term returns will still depend on earnings growth and global liquidity conditions. Investors should monitor whether this trend expands beyond large-cap stocks into mid- and small-cap segments.