Franklin India Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 4, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Franklin India Flexi Cap Fund Direct Growth Plan has a current NAV of ₹1784.5114 as of 08 Sep 2026 and an AUM of ₹19,509 Cr. Its 1-year, 3-year and 5-year returns are -0.65%, 11.04% and 12.43% respectively, and the scheme is tagged as High Risk. Our view is that it suits investors who can stay patient through uneven shorter-term performance while looking for a flexi-cap fund with a stronger longer-term record than its benchmark.
We also note that the portfolio is led by large bank positions, with a meaningful cash-like allocation and a broader spread across 47 disclosed holdings. That mix can help balance participation across market conditions, but it does not reduce the fact that the fund can move sharply in risk-off phases. For investors who can accept that trade-off, the fund offers a disciplined long-term equity profile rather than a steady short-term return path.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,784.5114 as of 08 Sep 2026 |
| AUM | ₹19,509 Cr |
| Expense Ratio | 0.89% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load after holding period |
| Fund Managers | R. Janakiraman, Rajasa Kakulavarapu, Sandeep Manam |
The fund is managed by R. Janakiraman, Rajasa Kakulavarapu and Sandeep Manam.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.79% | -3.86% |
| 3M | 4.02% | 1.69% |
| 1Y | -0.65% | -5.72% |
| 3Y | 11.04% | 6.3% |
| 5Y | 12.43% | 6.05% |
The short-term picture has improved relative to the benchmark, but it remains uneven. Over 1 month the fund fell less than the index, and over 3 months it also stayed ahead, which suggests it has held up better during the latest phase of weakness. That is important because the 1-year return is still slightly negative, so the recent recovery has not yet turned into a clean 12-month gain.
The longer record is more constructive. The 3-year and 5-year returns are both ahead of the benchmark by a wide margin, which shows that the fund has added more value than the index over fuller cycles. Our view is that this gap matters more than the last few months when judging a flexi-cap fund, because the strategy is meant to work across changing market leadership rather than deliver a straight-line result.
The pattern also suggests some volatility along the way. The fund did not move in a smooth line, and the 1-year stretch shows that the path can still be choppy even when the medium-term trend is healthy. For long-horizon investors, that combination is usually more relevant than a single soft year or a single strong quarter.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD Franklin India Flexi Cap?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Franklin India Flexi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Franklin India Flexi Cap Fund Direct Growth Plan | -0.65% | 11.04% | 12.43% |
| ITI Flexi Cap Fund Direct Growth Plan | 15.92% | 18.62% | Data not available |
| Bank of India Flexi Cap Fund Direct Growth Plan | 15.04% | 19.51% | 17.07% |
| Navi Flexi Cap Fund Direct Growth Plan | 12.89% | 11.42% | 11.86% |
| LIC MF Multi Cap Fund Direct Growth Plan | 12.06% | 18% | Data not available |
| TRUSTMF Flexi Cap Fund Direct Growth Plan | 11.87% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On 1-year returns, the fund trails every peer listed here that has a comparable number, and that is the clearest weakness in the current comparison set. The gap is meaningful because the peers with full 1-year data are all in positive territory while this fund is slightly negative.
The longer view is more balanced. Its 3-year return is below Bank of India Flexi Cap Fund Direct Growth Plan and LIC MF Multi Cap Fund Direct Growth Plan, but ahead of Navi Flexi Cap Fund Direct Growth Plan. On 5 years, the fund stands above the peers with available long-term data in this set, which supports a more patient assessment than the 1-year figure alone.
So the short-term and longer-term stories are different. Recent peer comparison looks soft, but the 5-year record remains competitive enough to keep the fund relevant for investors who care more about cycle coverage than near-term momentum.
Source data date: as of 08 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd $$ ~~ | Bank | 7.25% |
| ICICI Bank Ltd | Bank | 6.54% |
| Call, Cash & Other Assets | Cash & Cash Equivalents and Net Assets | 5.05% |
| Axis Bank Ltd | Bank | 5.02% |
| Larsen & Toubro Ltd | Infrastructure | 3.73% |
| State Bank of India | Bank | 3.43% |
| Bharti Airtel Ltd | Telecom | 3.42% |
| Reliance Industries Ltd # ~~ | Crude Oil | 3.01% |
| Kotak Mahindra Bank Ltd | Bank | 2.97% |
| Mahindra & Mahindra Ltd | Automobile & Ancillaries | 2.97% |
The top 10 holdings account for approximately 43.39% of the portfolio.
To see all holdings, visit the Franklin India Flexi Cap Fund Direct Growth Plan page
The largest holding, HDFC Bank Ltd $$ ~~, is 7.25% of the portfolio, so no single position dominates the disclosed core. The weight then steps down fairly quickly through ICICI Bank, cash and other assets, Axis Bank and Larsen & Toubro, which suggests the fund may rely on a small cluster of names for a meaningful share of exposure.
At the same time, the top 10 together account for 43.39% across 47 disclosed holdings, which points to a portfolio that is concentrated at the top but still spread beyond its largest positions. That balance may help the fund participate across multiple business cycles, while also keeping individual holdings important enough to influence outcomes.
Our view is that this structure is typical of a flexi-cap approach that wants room to move across sectors and market segments without becoming a narrow thematic bet. The cash-like holding also gives the portfolio a small buffer, though it does not remove equity risk.
Source data date: as of 08 Sep 2026
Who should invest
This fund is better suited to investors who are comfortable with High Risk and who can hold through periods when returns lag the benchmark for a stretch. The 1-year result is weak, but the 3-year and 5-year numbers show that the strategy has been more effective over fuller cycles.
We think the natural horizon is medium to long term, because the fund’s recent inconsistency makes it less suitable for short timelines. The main trade-off is accepting interim volatility in exchange for a portfolio that has, over time, stayed ahead of the benchmark and many peers on longer lookbacks.
The top holdings also show a meaningful bank tilt, so investors should be comfortable with that style of exposure rather than expecting a very broad, equally weighted spread.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: No exit load after holding period.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of Franklin India Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹1784.5114 as of 08 Sep 2026.
How have the 1-year, 3-year and 5-year returns looked?
The 1-year return is -0.65%, the 3-year return is 11.04% and the 5-year return is 12.43%.
How does the fund compare with its benchmark?
It has outpaced the benchmark over 3 years and 5 years, while the 1-year result is still slightly better than the benchmark but remains negative. The short-term pattern is weaker than the longer-term trend.
How does it compare with peer funds on available return data?
Its 1-year return trails the peer names listed here that have comparable data, but its 5-year return remains competitive within the set of peers with available long-term figures. The 3-year picture is mixed rather than one-sided.
Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by R. Janakiraman, Rajasa Kakulavarapu and Sandeep Manam. No exit load applies after the holding period.
Bottom line
Franklin India Flexi Cap Fund Direct Growth Plan looks stronger on medium- and long-term returns than on the latest 1-year result, so it is better judged across cycles than on recent momentum alone. It has also held up better than the benchmark over 3 and 5 years, while peer comparison is softer in the near term and steadier over the longer horizon. The High Risk profile and the bank-heavy top holdings make it a fund for investors who can tolerate equity volatility and want a flexi-cap allocation with a meaningful long-term track record.
Published on 9 September 2026 at 6:18 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.