PGIM India Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
PGIM India Midcap Fund Direct Growth Plan had a NAV of ₹77.41 as of 10 Sep 2026 and an AUM of ₹11,217 Cr. Its 1-year, 3-year and 5-year returns are 1.77%, 11.14% and 11.01% respectively, and the scheme is tagged High Risk. Our view is that this is a mid-cap fund that has delivered steadier medium-term numbers than its recent 1-year stretch, so it suits investors who can accept swings in exchange for equity growth potential.
The fund’s 5-year result is reasonable, but the recent year has been much softer than the 3-year and 5-year track. The portfolio is spread across 82 holdings, yet the top positions still matter, so the fund may appeal more to investors who want mid-cap exposure with active stock selection rather than a narrowly concentrated style.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹77.41 as of 10 Sep 2026 |
| AUM | ₹11,217 Cr |
| Expense Ratio | 0.46% |
| Launch Date | 02 Dec 2013 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | 0.50% on or before 90D, Nil after 90D |
| Fund Managers | Sharma Vivek, Utsav Mehta, Vinay Paharia, Puneet Pal |
The fund is managed by Sharma Vivek, Utsav Mehta, Vinay Paharia and Puneet Pal.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.28% | -2.37% |
| 3M | 7.45% | 5.39% |
| 1Y | 1.77% | 4.92% |
| 3Y | 11.14% | 15.22% |
| 5Y | 11.01% | 15.05% |
Short-term movement has been uneven, and the 1-month and 3-month patterns show that the fund can recover after weak stretches, but not always at the same pace as the benchmark. The 3-month return was better than the benchmark, which suggests a phase of recovery, yet the 1-year result remains subdued relative to the index.
Over longer periods, the picture is more stable but still trails the benchmark. The 3-year and 5-year returns are both lower than NIFTY Mid Cap, which tells us that the fund has compounded at a slower pace than the broad mid-cap index over both the medium and longer horizons.
The recent pattern does not fully reverse the longer-term story. In our view, the fund has shown the ability to participate in short rebounds, but the overall return path still reflects a softer compounding profile than the benchmark across 3 years and 5 years.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD PGIM India Midcap?
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 PGIM India Midcap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| PGIM India Midcap Fund Direct Growth Plan | 1.77% | 11.14% | 11.01% |
| HSBC Midcap Fund Direct Growth Plan | 21.55% | 24.22% | 19.4% |
| WOC Mid Cap Fund Direct Growth Plan | 14.92% | 21.73% | Data not available |
| Helios Mid Cap Fund Direct Growth Plan | 14.33% | Data not available | Data not available |
| ITI Mid Cap Fund Direct Growth Plan | 12.94% | 20.01% | 16.89% |
| Mahindra Manulife Mid Cap Fund Direct Growth Plan | 12.06% | 17.86% | 18.41% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is far below the stronger peer figures in this set, so the recent stretch looks weak versus the better mid-cap outcomes available here. The longer-term picture is also softer: the 3-year and 5-year returns trail the peers with available history, which means the fund has not kept pace on compounding even though its short-term moves can improve at times.
That split matters. The fund’s recent rebound does not fully change the broader comparison, because peers with complete histories still show stronger medium- and long-term numbers. For investors, the main takeaway is that the fund looks less compelling on return consistency than several peers, even though it remains an active mid-cap option with a sizable, diversified lineup.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| The Federal Bank Ltd. | Bank | 2.76% |
| Clearing Corporation of India Ltd. | Cash & Cash Equivalents and Net Assets | 2.47% |
| Bharti Hexacom Ltd. | Telecom | 2.35% |
| Aditya Birla Capital Ltd. | Finance | 2.34% |
| Mankind Pharma Ltd. | Healthcare | 2.24% |
| Prestige Estates Projects Ltd. | Realty | 2.15% |
| Uno Minda Ltd. | Automobile & Ancillaries | 2.13% |
| AU Small Finance Bank Ltd. | Bank | 2.12% |
| Max Financial Services Ltd. | Finance | 1.88% |
| FSN E-Commerce Ventures Ltd. | Retailing | 1.86% |
The top 10 holdings account for approximately 22.3% of the portfolio.
To see all holdings, visit the PGIM India Midcap Fund Direct Growth Plan page
The largest holding is The Federal Bank Ltd. at 2.76%, which is meaningful but not dominant on its own. The weight then declines fairly gradually through the rest of the top 10, ending at 1.86% for FSN E-Commerce Ventures Ltd., so no single position appears overwhelming inside the visible set.
With the top 10 holding about 22.3% and the full disclosed book spanning 82 holdings, the portfolio looks spread across many positions rather than concentrated in just a few names. That structure may reduce dependence on any one stock, although the actual influence of the larger names could still matter when mid-cap prices move sharply.
Because the top positions sit in banking, finance, telecom, healthcare, realty and consumer-facing businesses, the fund may deliver returns that depend on how several different mid-cap themes behave rather than a single sector call. That broader spread can help balance risk, but it also means results may be uneven across market cycles.
Source data date: as of 10 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk and are comfortable with mid-cap volatility. The return pattern suggests that short periods can be choppy, while the 3-year and 5-year numbers show the fund has been able to compound, though below the benchmark.
Our view is that it fits a medium- to long-term horizon rather than a short holding period. The main trade-off is accepting weaker recent and benchmark-relative performance in exchange for exposure to a diversified mid-cap portfolio that may still participate when the segment recovers.
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: 0.50% on or before 90D, Nil after 90D.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of PGIM India Midcap Fund Direct Growth Plan?
Its NAV is ₹77.41 as of 10 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 1.77% for 1 year, 11.14% for 3 years and 11.01% for 5 years.
How does it compare with the benchmark?
It trails NIFTY Mid Cap over 1 year, 3 years and 5 years, although it has done better over 3 months.
How does it compare with the peer funds listed here?
Its 1-year, 3-year and 5-year returns are below the better figures shown by several peers, especially HSBC Midcap Fund Direct Growth Plan and ITI Mid Cap Fund Direct Growth Plan.
Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹1,000.
What are the main risk and portfolio features?
The fund is tagged High Risk and has 82 disclosed holdings, with the top 10 accounting for approximately 22.3% of the portfolio. The exit load is 0.50% on or before 90 days and nil after 90 days.
Bottom line
PGIM India Midcap Fund Direct Growth Plan has a mixed profile: the recent 1-year return is weak, but the 3-year and 5-year numbers show steadier compounding than the latest stretch alone would suggest. Even so, it has trailed the benchmark across the longer horizons and sits behind several peer funds on the return measures shown here. The portfolio is spread across many holdings, so the fund looks more diversified than concentrated. In our view, it suits patient investors who can handle High Risk mid-cap volatility and want a diversified active approach rather than short-term consistency.
Published on 11 September 2026 at 12:51 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.