Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Direct Growth Plan has a NAV of ₹14.0723 as of 17 Sep 2026 and a scheme AUM of ₹294 Cr. Its 1-year, 3-year and 5-year returns are -0.27%, 0% and 0%, and the scheme is tagged High Risk.
Our view is that this fund looks suited to investors who can stay patient through uneven market phases and want ELSS tax savings with an index-based large-and-midcap approach. The portfolio is still relatively young, and its recent numbers have been weaker than the benchmark over the same horizon, so expectations need to stay measured.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹14.0723 as of 17 Sep 2026 |
| AUM | ₹294 Cr |
| Expense Ratio | 0.28% |
| Launch Date | 08 Nov 2023 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load |
| Fund Managers | Kedarnath Mirajkar |
The fund is managed by Kedarnath Mirajkar.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.53% | -3.66% |
| 3M | -1.95% | -3.71% |
| 1Y | -0.27% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The short-term pattern is mixed rather than smooth. The fund has been close to flat over 1 year, but the 3-month and 1-month figures are negative, which tells us the latest stretch has been weaker than the full-year view.
Compared with NIFTY 50, the fund has held up better in each of the reported horizons. The gap is most visible at 1 year, where the benchmark is down much more sharply, although the fund still has not produced a positive return over that period.
The longer run is harder to judge because 3-year and 5-year return figures are not available yet. That matters because the scheme launched in November 2023, so investors do not yet have a mature multi-cycle record to rely on. The daily pattern also suggests a fund that has moved through short swings rather than a steady upward path.
For an ELSS investor, that means the practical question is less about chasing a strong trailing history and more about whether the strategy fits a patient, tax-saving allocation. The low expense ratio helps, but the return profile so far does not yet show a clear cushion against short-term market weakness.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Zerodha ELSS Tax Saver Nifty LargeMidcap 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 Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Direct Growth Plan | -0.27% | Data not available | Data not available |
| Quant ELSS Tax Saver Fund Direct Growth Plan | 9.73% | 13.52% | 14.64% |
| Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan | 7.28% | 20.68% | 16.54% |
| JM ELSS-Tax Saver Fund Direct Growth Plan | 5.37% | 15.37% | 13.83% |
| Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan | 4.16% | 11.33% | 14.96% |
| Edelweiss ELSS Tax saver Fund Direct Growth Plan | 3.22% | 12.41% | 11.42% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is below every peer shown here, while the peer set includes several funds with clearly positive 1-year performance. That makes the fund’s recent stretch look softer than the group’s recent leaders.
On the 3-year and 5-year figures, the comparison also favours the peers that have those records available. Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan and Quant ELSS Tax Saver Fund Direct Growth Plan, in particular, show stronger medium-term numbers than the current fund can currently demonstrate, while the current fund does not yet have comparable longer-term figures of its own.
The short-term and longer-term views therefore point in the same direction: the fund has not yet built a return record that competes with the stronger peer histories. That does not make the strategy unsuitable, but it does mean investors are taking on a newer record with less performance evidence behind it.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Limited | Bank | 3.94% |
| ICICI Bank Limited | Bank | 3.78% |
| Reliance Industries Limited | Crude Oil | 3.13% |
| Bharti Airtel Limited | Telecom | 2% |
| Larsen & Toubro Limited | Infrastructure | 1.72% |
| BSE Ltd | Finance | 1.6% |
| State Bank of India | Bank | 1.59% |
| Infosys Limited | IT | 1.44% |
| Axis Bank Limited | Bank | 1.36% |
| Kotak Mahindra Bank Limited | Bank | 1.12% |
The top 10 holdings account for approximately 21.68% of the portfolio.
To see all holdings, visit the Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Direct Growth Plan page
The largest holding, HDFC Bank Limited, is 3.94%, which is not dominant on its own. The next few positions are close behind, so the fund does not rely on a single very large bet in the disclosed top slice.
Weight then tapers fairly steadily from the first position to the tenth, from 3.94% down to 1.12%. That pattern suggests the visible part of the portfolio is spread across several large names rather than being tightly focused in one or two holdings.
At the same time, the top 10 account for only 21.68% of the portfolio, while the fund discloses 52 holdings in total. That combination may imply a reasonably broad spread across the remaining names, though the biggest positions can still be more influential than the rest of the pack.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors with a higher risk tolerance who can stay invested through short-term swings. The High Risk tag, the weak 1-year reading, and the absence of long track records all point to a product that needs patience rather than quick outcome expectations.
It is better viewed as a long-horizon ELSS holding where tax-saving intent matters and the investor is comfortable with benchmark-style equity movement. The current portfolio has a broad set of holdings, so the trade-off is that you get diversified exposure, but the return record is still too young to prove consistency across full market cycles.
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.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Direct Growth Plan?
The current NAV is ₹14.0723 as of 17 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is -0.27%, while the 3-year and 5-year returns are both shown as 0 because the scheme does not yet have those completed trailing periods.
How has the fund performed versus NIFTY 50?
The fund has held up better than NIFTY 50 in the reported 1-month, 3-month and 1-year periods. Even so, its own 1-year return is still slightly negative.
How does it compare with peer funds on returns?
Its recent return is weaker than the peer funds listed here, and the available 3-year and 5-year peer figures are also stronger than what this fund can currently show.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What are the risk level, portfolio style and exit load?
The scheme is High Risk, and the top holdings are spread across banks, telecom, infrastructure, finance and IT rather than concentrated in one theme. Exit load is nil.
Bottom line
This fund’s latest stretch has been uneven, and its recent returns remain below the stronger peer histories available here. The benchmark comparison is more encouraging on a relative basis, but the absolute return profile is still modest and the record is young. The portfolio is spread across 52 holdings, with the top 10 forming only a modest slice, so it does not appear narrowly dependent on one position. For investors who want ELSS exposure and can accept High Risk, it is a fund that fits a patient horizon rather than a near-term performance chase.
Published on 18 September 2026 at 10:11 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.