Measurements of the changes in phase path of F-region reflections at normal incidence at Kodaikanal (77° 28'E, 10° 14'N, dip 3°N) from February 1991 to February 1993 are used to determine the variation of the equatorial evening F-region vertical drifts (V _z) with season, solar and magnetic activity. It is found that on average, at Kodaikanal, the post-sunset peak in V_z(V_zp) is higher in equinox and local winter months than in local summer. The day-to-day variability in V _zp is highest in summer and lowest in winter. This seasonal trend persists even on magnetically quiet days (A_p \leq14). V_zp is found to increase with 10.7 cm solar flux in all three seasons but tends to saturate for large flux values (>230 units) during local summer and winter months. Magnetic activity [represented by A_p as well as the time-weighted accumulations of a _p and a_p (τ)] does not seem to have any statistically significant effect on V_zp , except during equinoctial months of moderate solar activity, when V_zp decreases as magnetic activity increases.