Kotak ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Kotak ELSS Tax Saver Fund Direct Growth Plan has a NAV of ₹138.098 as of 09 Sep 2026 and an AUM of ₹6,341 Cr. Its 1-year, 3-year and 5-year returns are 3.60%, 11.38% and 12.15%, respectively, and the scheme carries a High Risk profile.
Our view is that this is an ELSS fund for investors who can stay through equity swings and accept a 3-year lock-in. The long-term record is steadier than the latest 1-year reading, but the fund has still lagged the benchmark on the most recent stretch, so it fits better as a tax-saving equity allocation than as a short-term performance play.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹138.098 as of 09 Sep 2026 |
| AUM | ₹6,341 Cr |
| Expense Ratio | 0.62% |
| 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 | Harsha Upadhyaya |
The fund is managed by Harsha Upadhyaya.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.93% | -4.69% |
| 3M | 6.28% | 0.93% |
| 1Y | 3.60% | -7.16% |
| 3Y | 11.38% | 6.00% |
| 5Y | 12.15% | 5.87% |
The recent picture is mixed, but it is not weak across every window. Over 1 month, the fund declined less than the benchmark, which suggests some relative resilience during a soft patch. Over 3 months, it recovered more cleanly than the benchmark and moved ahead on the same period, so the shorter window looks better than the most recent month alone.
The longer view is more important for an ELSS fund, and here the picture is constructive. The 3-year and 5-year returns both remain above the benchmark, which tells us the fund has compounded better over full market cycles than the index it is measured against. That said, the 1-year return is modest at 3.60%, so the fund has not been consistently strong in every recent period.
From the pattern of the return path, we see periods of fluctuation followed by recovery rather than a straight upward line. That matters because ELSS investors need to be comfortable with equity volatility during the lock-in period. Our view is that the fund has shown enough long-term strength to remain relevant, but the latest 12-month stretch is a reminder that short-term momentum can still lag the broader market.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD Kotak ELSS Tax Saver?
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 Kotak ELSS Tax Saver? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Kotak ELSS Tax Saver Fund Direct Growth Plan | 3.60% | 11.38% | 12.15% |
| Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan | 15.62% | 22.46% | 17.66% |
| Quant ELSS Tax Saver Fund Direct Growth Plan | 15.48% | 14.66% | 15.71% |
| JM ELSS-Tax Saver Fund Direct Growth Plan | 9.59% | 16.11% | 14.70% |
| Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan | 8.53% | 11.50% | 15.93% |
| ITI ELSS Tax Saver Fund Direct Growth Plan | 7.64% | 17.03% | 13.34% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is well below the stronger peer figures available here, while its 3-year and 5-year numbers are also lighter than the strongest names in the group. Even so, the longer-horizon comparison is not one-sided: the fund’s 5-year return is above some peers with available data, which means the longer-term story is mixed rather than uniformly weak. The short-term comparison and the multi-year comparison therefore point in different directions.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 7.08% |
| ICICI Bank Ltd. | Bank | 5.21% |
| State Bank of India. | Bank | 5.10% |
| Bharti Airtel Ltd. | Telecom | 3.78% |
| Tech Mahindra Ltd. | IT | 3.12% |
| Eternal Limited | Retailing | 2.86% |
| NTPC Ltd | Power | 2.85% |
| Bajaj Finance Ltd. | Finance | 2.83% |
| Hero Motocorp Ltd. | Automobile & Ancillaries | 2.55% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 2.51% |
The largest holding, HDFC Bank Ltd., carries a 7.08% weight, which is meaningful but not excessive for a diversified equity portfolio. The drop from the largest position to the tenth position, Sun Pharmaceutical Industries Ltd. at 2.51%, is fairly gradual rather than abrupt, so the fund does not appear to rely on a single oversized bet.
The top 10 holdings together account for 37.89% of the portfolio, and the fund has 51 disclosed holdings, so the visible core is important but not overwhelming. That mix suggests the portfolio may spread influence across a wider set of positions beyond the largest names, even though banks still occupy several of the top slots. To see all holdings, visit the Kotak ELSS Tax Saver Fund Direct Growth Plan page
Given this structure, the fund is likely to have greater influence from its larger banking and financial positions, but it still leaves room for other sectors such as telecom, IT, power, healthcare and consumer-linked businesses. For investors, that means the portfolio looks moderately concentrated at the top yet broad enough across 51 disclosed holdings to avoid being driven by only one or two stocks.
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can hold for at least the full ELSS lock-in period, with a longer horizon still better. The 3-year and 5-year return profile is clearly more useful than the latest 1-year reading, which means patience matters here.
It can appeal to investors who want tax-saving exposure without leaving equity territory, but who are also willing to accept periods when the fund trails the benchmark. The main trade-off is between longer-term compounding potential and short-term inconsistency, so it is better viewed as a disciplined equity allocation than a stability-first choice.
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 09 Sep 2026
Frequently asked questions
What is the current NAV of Kotak ELSS Tax Saver Fund Direct Growth Plan?
The current NAV is ₹138.098 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 3.60%, 11.38% and 12.15%, respectively.
How does this fund compare with the benchmark?
It has outpaced the benchmark over 3 years and 5 years, but the latest 1-year return is positive while the benchmark’s 1-year return is negative. In the shorter 1-month window, the fund also held up better than the benchmark.
How does it compare with the peer funds listed here?
The fund’s 1-year return is lower than the peer figures shown here, while its 3-year and 5-year numbers are also below the strongest peer returns available in this set. Its longer-term reading is still better than some peers, so the picture is mixed.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is its exit load?
The fund is managed by Harsha Upadhyaya. It has no exit load after the holding period.
Bottom line
Kotak ELSS Tax Saver Fund Direct Growth Plan shows a more modest recent stretch than its longer-term record, but its 3-year and 5-year returns still sit above the benchmark. Relative to the peer funds listed here, the latest performance is lighter, while the multi-year picture is mixed rather than one-sided. The High Risk profile and the 3-year lock-in mean it suits investors who can tolerate equity volatility. Its top holdings are led by banks, and the rest of the portfolio is spread across several sectors rather than being dominated by one stock.
Published on 10 September 2026 at 11:46 AM 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.