SBI Nifty Smallcap 250 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Nifty Smallcap 250 Index Fund Direct Growth Plan is a High Risk small-cap index fund with a NAV of ₹19.4972 as of 16 Sep 2026 and scheme AUM of ₹1,787 Cr. Its 1-year, 3-year and 5-year returns are 2.8%, 13.2% and 0%, respectively. Our view is that the fund suits investors who can tolerate sharp swings and want small-cap exposure through an index approach rather than active stock selection.
The fund’s recent return profile is better than its benchmark over the same horizons, but the shorter-term path has still been uneven. With a concentrated set of holdings and a High Risk label, it is more suitable for a long holding period than for short tactical allocation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹19.4972 as of 16 Sep 2026 |
| AUM | ₹1,787 Cr |
| Expense Ratio | 0.4% |
| Launch Date | 03 Oct 2022 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 0.25% on or before 30D, Nil after 30D |
| Fund Managers | Viral Chhadva |
The fund is managed by Viral Chhadva.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.43% | -4.41% |
| 3M | 2.29% | -3.6% |
| 1Y | 2.8% | -7.76% |
| 3Y | 13.2% | 5.74% |
| 5Y | Data not available | Data not available |
Recent numbers show a mixed but improved picture relative to the benchmark. Over 1 month, the fund still fell, but the decline was smaller than the benchmark’s fall. Over 3 months, it turned positive while the benchmark remained negative, which suggests the fund recovered faster in the latest stretch.
That short-term recovery matters, because the 1-year figure is also positive while the benchmark is still negative over the same window. The gap is not huge in absolute terms, but it does show that the fund has handled the recent period better than the index it is being compared against.
The 3-year result is stronger than the benchmark as well, which indicates that the fund has compounded better across a longer holding period. Even so, the path has not been smooth. The one-year movement shows that small-cap exposures can swing sharply, so the better longer-term outcome has come with a visibly uneven route.
We would read this as a fund that has delivered a clearer edge over the benchmark across 3 years than over the past month, and that distinction is important. The recent bounce does not remove volatility, but it does show that the fund has been able to recover after weaker stretches better than the benchmark in the latest phase.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD SBI Nifty Smallcap 250 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 SBI Nifty Smallcap 250 Index? Thinking of investing now?
Peer comparison
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Nifty Smallcap 250 Index Fund Direct Growth Plan | 2.8% | 13.2% | 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 |
The fund’s 1-year return is well below the strongest peer figures shown here, although its own short-term recovery is still positive and above the benchmark. Over 3 years, it is behind the best available peer numbers in this set, but it still compares favourably with peers that have no 3-year history available.
The shorter-term picture and the longer-term picture are not identical. In the latest period, the fund looks more subdued than several peers, yet its 3-year outcome is respectable for a small-cap index strategy. That makes the comparison more about consistency than about outright strength.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Sona BLW Precision Forgings Ltd. | Automobile & Ancillaries | 1.65% |
| Ather Energy Ltd. | Domestic Equities | 1.49% |
| Karur Vysya Bank Ltd. | Bank | 1.49% |
| Navin Fluorine International Ltd. | Chemicals | 1.45% |
| Welspun Corp Ltd. | Iron & Steel | 1.42% |
| Piramal Finance Ltd. | Finance | 1.26% |
| Delhivery Ltd. | Logistics | 1.16% |
| HFCL Ltd. | Telecom | 1.16% |
| Central Depository Services (I) Ltd. | Business Services | 1.13% |
| RBL Bank Ltd. | Bank | 1.07% |
The largest holding is Sona BLW Precision Forgings Ltd. at 1.65%, so no single position dominates the list. The decline from the first holding to the tenth is fairly shallow, with weights staying close together between 1.07% and 1.65%, which points to a broadly even spread among the biggest names.
That said, the displayed top ten still account for 13.28% of the portfolio, and the fund discloses 62 holdings in total. In our view, this suggests a wide underlying spread rather than a portfolio driven by only a few large positions.
Because the weights are clustered and the tail is long, any one holding may matter less than the overall small-cap segment exposure. Even so, the presence of 62 disclosed holdings means the fund is not a narrow bet on just a handful of names.
To see all holdings, visit the SBI Nifty Smallcap 250 Index Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund is suited to investors who are comfortable with High Risk exposure and can stay invested for a long period. The 1-year result has been positive, the 3-year result is stronger, and the benchmark comparison has generally favoured the fund, but the path has been uneven and can move sharply.
The main trade-off is that you get broad small-cap index exposure with a relatively even portfolio, but you also accept higher volatility than a large-cap style allocation. For investors who can handle that swing and do not need stable short-term outcomes, the structure may fit a longer horizon better than a shorter one.
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: 0.25% on or before 30D, Nil after 30D.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of SBI Nifty Smallcap 250 Index Fund Direct Growth Plan?
The current NAV is ₹19.4972 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 2.8% and its 3-year return is 13.2%. The 5-year return is Data not available because the fund does not yet have a usable 5-year track record.
How does the fund compare with the benchmark?
The fund has done better than the benchmark across the periods shown. It is positive over 3 months, 1 year and 3 years, while the benchmark is negative over 1 month, 3 months and 1 year and lower over 3 years.
How does it compare with the listed peer funds?
Its recent return is lower than several of the peer funds listed here, especially on the 1-year figure. On a 3-year basis, it is also below the strongest peer figures shown, though some peers do not yet have a 3-year record.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What risk level and exit load does the fund carry?
The fund is classified as High Risk. The exit load is 0.25% on or before 30 days and nil after 30 days.
The fund is managed by Viral Chhadva.
Bottom line
This is a High Risk small-cap index fund that has shown a better recent and 3-year return pattern than its benchmark, even though short-term movement has been uneven. Compared with the listed peers, its 1-year and 3-year figures are more modest, so the story is not one of standout outperformance. The portfolio is spread across 62 holdings, with the top positions fairly close in weight, which may reduce single-stock dependence but does not reduce small-cap volatility. It fits investors who want long-horizon exposure and can tolerate swings.
Published on 17 September 2026 at 5:02 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.