Nippon India Nifty India Manufacturing Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan closed at ₹10.9132 as of 16 September 2026, with scheme AUM of ₹42 Cr. Its 1-year, 3-year and 5-year returns are 4.42%, 0% and 0%, and the risk category is High Risk. Our view is that this is a focused index strategy for investors who can tolerate sharp swings and want exposure to the manufacturing theme, but the return profile is still early and has not yet built a long multi-year record.
The fund has been launched recently, so the current track record is limited. Relative to the benchmark behaviour visible in the same periods, the fund has held up better over 1 year, but recent weakness over 1 month and 3 months shows that the path can still be uneven.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.9132 as of 16 Sep 2026 |
| AUM | ₹42 Cr |
| Expense Ratio | 0.25% |
| Launch Date | 26 Aug 2025 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Himanshu Mange |
The fund is managed by Himanshu Mange.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -5.83% | -4.41% |
| 3M | -2.06% | -3.6% |
| 1Y | 4.42% | -7.76% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
Performance has been choppy in the short run. The fund slipped over 1 month and 3 months, which tells us that the manufacturing theme can move unevenly even when the broader benchmark is weak as well. Over 3 months, the fund still held up slightly better than the benchmark, while the 1-month move was a little weaker.
Over 1 year, the picture is more constructive. The fund is positive at 4.42% while the benchmark is negative at -7.76%, so the scheme has clearly outpaced the benchmark over that span. That gap matters because it suggests the fund’s manufacturing exposure has behaved differently from the broader market backdrop.
At the same time, the fund does not yet have 3-year or 5-year return history to show whether that lead can persist through a full cycle. For now, our read is that the recent 1-year outcome is better than the benchmark, but the shorter-period drawdown shows investors should not expect a smooth path.
The time pattern also points to a fund that is still finding its rhythm. The 1-year path includes meaningful swings, which is consistent with a theme-led index fund that can move quickly when industrial and cyclical names reprice. That makes the fund more useful as a targeted allocation than as a core stability holding.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Nippon India Nifty India Manufacturing Index?
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 Nippon India Nifty India Manufacturing Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan | 4.42% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the recent 1-year figure, the fund trails the strongest peer returns in this set by a wide margin. The available 3-year numbers for two peer schemes are also materially higher than the current fund’s 1-year result, which shows that other thematic index funds have produced stronger medium-term outcomes in the same broad comparison set.
That said, the short-term comparison is not one-sided. The fund has held up better than the benchmark over 1 year, while several peers with longer records also show strong multi-year outcomes. The story here is that the fund’s own benchmark-relative behaviour is better than the benchmark, but its peer-group return profile is still less developed than the more established thematic peers.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Mahindra & Mahindra Limited | Automobile & Ancillaries | 5.12% |
| Sun Pharmaceutical Industries Limited | Healthcare | 4.86% |
| Reliance Industries Limited | Crude Oil | 4.65% |
| Maruti Suzuki India Limited | Automobile & Ancillaries | 4.08% |
| Tata Steel Limited | Iron & Steel | 3.52% |
| Bharat Electronics Limited | Capital Goods | 3.43% |
| Hindalco Industries Limited | Non – Ferrous Metals | 3.4% |
| Bajaj Auto Limited | Automobile & Ancillaries | 3.1% |
| JSW Steel Limited | Iron & Steel | 2.83% |
| Divi’S Laboratories Limited | Healthcare | 2.78% |
The top 10 holdings account for approximately 37.77% of the portfolio.
To see all holdings, visit the Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan page
The largest holding is Mahindra & Mahindra Limited at 5.12%, which is meaningful but not dominating. The gap from the first holding to the tenth is fairly measured, falling from 5.12% to 2.78%, so the visible part of the portfolio does not look excessively top-heavy.
Even so, the top 10 holdings together make up 37.77% of the portfolio, and the fund discloses 59 holdings overall. That combination suggests a noticeable core position set at the top, with a longer tail of smaller holdings beyond the visible names. In our view, that structure may spread some influence across several industrial and cyclical names rather than leaving the fund dependent on a single stock.
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk and who can stay invested long enough to ride through theme-led volatility. The 1-year return is positive, but the 1-month and 3-month moves show that the path can swing sharply, so a medium- to long-term horizon is more appropriate than a short parking slot.
The main trade-off is that you are taking a concentrated manufacturing theme in exchange for the possibility of differentiated return behaviour versus the broad market. The fund has beaten its benchmark over 1 year, but it still lacks a longer multi-year track record, so investors need to accept both theme risk and limited history.
For investors already comfortable with equity volatility and looking for targeted manufacturing exposure, the fund can serve as a satellite allocation rather than a core holding. Those who prefer steadier, benchmark-like movement may find the swings harder to hold through.
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 |
No exit load applies.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan?
The current NAV is ₹10.9132 as of 16 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 4.42%, while the 3-year and 5-year returns are Data not available.
How has the fund behaved versus its benchmark?
It has done better than the benchmark over 1 year, with 4.42% compared with -7.76%. Over 1 month and 3 months, both the fund and benchmark were weak, though the fund was slightly better over 3 months and a bit weaker over 1 month.
How does it compare with the peer funds listed here?
The fund’s 1-year return is lower than the peer returns shown for the stronger thematic schemes in this set. Two peers also have 3-year figures that are well above the fund’s 1-year outcome.
Is there a minimum SIP amount?
The minimum SIP amount is ₹100.
What should investors know about the portfolio and exit load?
The portfolio’s top 10 holdings account for 37.77%, with Mahindra & Mahindra Limited at 5.12% as the largest position. There is no exit load, and the fund managers listed are Himanshu Mange.
Bottom line
Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan has a better 1-year result than its benchmark, but the shorter 1-month and 3-month moves show that the journey remains uneven. Compared with the peer funds shown here, its recent return is much lower, while some peers also show stronger medium-term records where those figures are available. The fund sits in High Risk territory and has a portfolio led by a modestly sized top holding set, which may suit investors seeking focused manufacturing exposure and can tolerate theme-driven volatility.
Published on 17 September 2026 at 11:16 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.