Groww Small Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Groww Small Cap Fund Direct Growth Plan is an equity small-cap fund with a NAV of ₹12.7214 as of 16 September 2026 and scheme AUM of ₹764 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk bucket. Our view is that this is a new small-cap strategy with limited return history, so investors need to focus more on portfolio construction, benchmark behaviour and risk tolerance than on long-run track record.
The fund is suitable only for investors who can tolerate sharp swings and who are willing to wait for a longer holding period before judging outcomes. The current portfolio is still building, with a meaningful cash-like allocation and a spread across smaller businesses in banking, healthcare, capital goods and consumer-facing names.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.7214 as of 16 Sep 2026 |
| AUM | ₹764 Cr |
| Expense Ratio | 0.0% |
| Launch Date | 29 Jan 2026 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty Small Cap |
| Fund Category | Equity |
| Exit Load | 1% on or before 1Y, Nil after 1Y |
| Fund Managers | Anupam Tiwari, Gagan Thareja, Saptarshee Chatterjee, Nikhil Satam |
The fund is managed by Anupam Tiwari, Gagan Thareja, Saptarshee Chatterjee and Nikhil Satam.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.69% | -2.45% |
| 3M | 10.17% | 2.1% |
| 1Y | 0% | Data not available |
| 3Y | 0% | Data not available |
| 5Y | 0% | Data not available |
The near-term pattern is stronger than the benchmark. Over 1 month, the fund stayed slightly positive while the benchmark was negative, and over 3 months the fund moved ahead by a wide margin. That tells us the recent run has been firmer than the index, even though the absolute move is still modest in the 1-month window.
The longer view is more limited because the scheme only launched in January 2026. The 1-year, 3-year and 5-year figures are all unavailable in practical terms for judgement, so we would avoid reading too much into long-horizon comparisons at this stage. For now, the fund’s behaviour looks more like an early-stage small-cap portfolio than a mature compounding record.
Compared with the benchmark, the fund has recently held up better in both the 1-month and 3-month windows. The benchmark’s 1-month reading is negative, while the fund is positive, and the 3-month gap is also in the fund’s favour. That said, the available history is short enough that the gap may reflect early portfolio positioning more than a stable, repeatable pattern.
Our view is that this is the kind of performance profile that can interest investors who want small-cap exposure but accept that the evidence base is still thin. The short-term trend is constructive, yet it does not yet replace the need to judge the fund on risk, portfolio shape and how it behaves through a fuller market cycle.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Groww Small 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 Groww Small Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Groww Small Cap Fund Direct Growth Plan | 0% | 0% | 0% |
| TRUSTMF Small Cap Fund Direct Growth Plan | 27.33% | Data not available | Data not available |
| Bank of India Small Cap Fund Direct Growth Plan | 24.01% | 20.78% | 19.46% |
| Motilal Oswal Small Cap Fund Direct Growth Plan | 19.7% | Data not available | Data not available |
| Union Small Cap Fund Direct Growth Plan | 18.13% | 16.46% | 16.71% |
| ITI Small Cap Fund Direct Growth Plan | 17.75% | 23.78% | 18.52% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the visible return data, the fund trails the better-established peers in the 1-year window by a wide margin, and the gap is also visible against peers with three- and five-year figures. At the same time, the current fund’s own longer-horizon cells do not yet provide a usable comparison base, so the peer table is more useful for reading the early short-term setup than for judging multi-year consistency.
That creates a mixed picture: the fund’s recent momentum is better than its benchmark, but the available peer set still shows materially stronger one-year returns in the schemes with track records. For investors, that means the comparison currently favours peer funds on demonstrated history, while the fund itself is mainly a developing small-cap position with short-term signs of improvement.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS 01-Sep-2026 | Cash & Cash Equivalents and Net Assets | 10.66% |
| TD Power Systems Limited | Capital Goods | 4.43% |
| Ather Energy Limited | Domestic Equities | 3.51% |
| Ujjivan Small Finance Bank Limited | Bank | 2.87% |
| Tenneco Clean Air India Limited | Domestic Equities | 2.72% |
| Onemi Technology Solutions Limited | Domestic Equities | 2.66% |
| Tamilnad Mercantile Bank Ltd. | Bank | 2.54% |
| Indegene Limited | Business Services | 2.48% |
| Yatharth Hospital & Trauma Care Serv Ltd | Healthcare | 2.31% |
| Blue Jet Healthcare Ltd | Healthcare | 2.29% |
The top 10 holdings account for approximately 36.47% of the portfolio.
To see all holdings, visit the Groww Small Cap Fund Direct Growth Plan page
The single largest holding is TREPS 01-Sep-2026 at 10.66%, which is a meaningful cash-like position for a small-cap fund. That can give the portfolio room to deploy gradually, but it also means the current visible exposure is not fully invested in equity names across the top list.
The gap between the largest and tenth holding is fairly wide, from 10.66% down to 2.29%. That drop suggests the visible holdings are not evenly weighted, with the first few positions likely to matter more than the tail of the top 10.
At 36.47% across the top 10 holdings and 56 total disclosed holdings, the portfolio appears spread across a fairly long tail beyond the largest positions. Even so, the concentration in the first ten names is still enough that these holdings may have greater influence on short-term moves than the broader tail.
Source data date: as of 16 Sep 2026
Who should invest
This fund is suited to investors who can handle High Risk exposure and who are comfortable with a small-cap allocation that may move sharply in different market phases. The short-term return pattern is better than the benchmark, but the lack of a longer record means the case rests more on current portfolio shape than on demonstrated compounding.
It fits best as part of a long horizon allocation where interim volatility is acceptable. Investors who want clearer three- and five-year evidence, or who need steadier return behaviour, may prefer to wait for a longer track record before attaching much weight to it. The main trade-off is that small-cap upside can come with uneven early performance and a portfolio that may take time to show its full intent.
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: 1% on or before 1Y, Nil after 1Y.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Groww Small Cap Fund Direct Growth Plan?
The current NAV is ₹12.7214 as of 16 September 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 0%, 0% and 0%.
How has the fund performed versus the benchmark recently?
It has done better than the benchmark in the recent windows shown here. The fund returned 0.69% over 1 month and 10.17% over 3 months, while the benchmark returned -2.45% and 2.1% over the same periods.
How does the fund compare with the peer small-cap funds listed here?
The fund’s recent return data is weaker than the better-established peer funds in the list, especially on the 1-year figures that are available for several peers. The comparison is limited because this scheme has a very short history.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What is the fund’s risk profile and exit load?
It is tagged High Risk. The exit load is 1% on or before 1 year and nil after 1 year.
Bottom line
Groww Small Cap Fund Direct Growth Plan shows better short-term behaviour than its benchmark, but its own long-term record is too short to judge consistency. The peer comparison also shows that more established small-cap funds currently have stronger visible return histories. With a High Risk label, a notable cash-like position among the top holdings and a still-developing portfolio, this looks most relevant to investors who can stay patient and accept uncertainty while the strategy builds a fuller track record.
Published on 17 September 2026 at 2:09 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.