Aditya Birla SL Nifty India Defence Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan has a NAV of ₹14.0235 as of 10 Sep 2026 and scheme AUM of ₹1,398 Cr. Its 1-year, 3-year and 5-year returns are 26.94%, 0% and 0%, and the fund sits in the High Risk category. In our view, the fund suits investors who can accept sharp swings in a defence-focused portfolio and who are looking at the theme with a long enough horizon for the underlying businesses to matter.
The benchmark-linked pattern is uneven: the fund has done well over 1 year, but the longer return history is still too short to show a settled multi-year track record. That makes it more of a theme-led allocation than a core portfolio holding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹14.0235 as of 10 Sep 2026 |
| AUM | ₹1,398 Cr |
| Expense Ratio | 0.31% |
| Launch Date | 30 Aug 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 0.05% on or before 30D, Nil after 30D |
| Fund Managers | Mehul Dama, Priya Sridhar |
The fund is managed by Mehul Dama and Priya Sridhar.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 2.17% | -4.06% |
| 3M | 11.38% | 1.37% |
| 1Y | 26.94% | -7.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
Recent performance has been firm. The fund gained 2.17% over 1 month and 11.38% over 3 months, which is a clearer short-term strength profile than the benchmark’s negative 1-month reading and modest 3-month move.
The 1-year return of 26.94% is far ahead of the benchmark’s -7.31% over the same period. That gap tells us the defence theme has carried the fund strongly over the latest year, even though the benchmark has been weak.
We would treat the longer-term picture cautiously because the scheme launched only in August 2024, so there is not yet a usable 3-year or 5-year track record. The available price path still shows meaningful swings, which is normal for a focused thematic index fund and is consistent with the High Risk label.
For investors, the key point is that the last year has been much stronger than the benchmark, but the fund has not yet built a long performance history that can be compared across a full market cycle.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Aditya Birla SL Nifty India Defence 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 Aditya Birla SL Nifty India Defence Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 33.08% | 30.07% | Data not available |
| Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan | 26.95% | Data not available | Data not available |
| Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan | 26.94% | Data not available | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 24.33% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 23.74% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is very close to the other defence-focused peer and trails the Nasdaq-linked peer, so the recent showing is respectable rather than standout. On longer data, there is no 3-year or 5-year history yet, which means the comparison is driven by recent numbers rather than a completed cycle. That leaves us with two different stories: a strong short-term run, but limited evidence for how the fund behaves across fuller market phases.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Hindustan Aeronautics Ltd. | Capital Goods | 21.40% |
| Bharat Electronics Ltd. | Capital Goods | 19.52% |
| Bharat Forge Ltd. | Automobile & Ancillaries | 13.92% |
| Solar Industries India Ltd. | Chemicals | 12.15% |
| Mazagon Dock Shipbuilders Ltd. | Ship Building | 4.67% |
| Mtar Technologies Ltd. | Capital Goods | 3.75% |
| Astra Microwave Products Ltd. | Capital Goods | 3.50% |
| Data Patterns (India) Ltd. | Capital Goods | 3.38% |
| Cochin Shipyard Ltd. | Ship Building | 3.17% |
| Bharat Dynamics Ltd. | Capital Goods | 2.92% |
The largest holding, Hindustan Aeronautics Ltd., has a weight of 21.40%, so it is likely to have greater influence on the fund’s day-to-day movement than any other single position. Bharat Electronics Ltd. is also large at 19.52%, which means the top two holdings alone carry a substantial share of the portfolio’s visible exposure.
The drop from the first holding to the tenth is steep: the weight moves from 21.40% to 2.92%. That tells us the portfolio is not evenly spread across the displayed positions, even though the holdings list extends beyond the top 10. The top 10 disclosed holdings together account for approximately 88.38% of the portfolio, and 19 holdings are disclosed in total.
Our reading is that this is a concentrated thematic portfolio with a narrow set of core names carrying most of the weight. That concentration can help the fund reflect the defence theme closely, but it can also mean that performance may be influenced heavily by a few large positions rather than by broad diversification.
Source data date: as of 10 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk exposure and who understand that a defence-themed index can move sharply around market and sector sentiment. The latest year has been strong, but the scheme does not yet have a long track record, so the main requirement is patience rather than a short holding period.
It is better suited to an investor with a multi-year horizon who wants a thematic satellite allocation rather than a core equity holding. The trade-off is straightforward: the fund offers focused exposure to the defence space, but that focus brings concentration risk and a performance pattern that can differ materially from the broader market.
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: 0.05% on or before 30D, Nil after 30D. No exit load after holding period.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan?
The current NAV is ₹14.0235 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 26.94%, while the 3-year and 5-year returns are Data not available because the scheme is too new for those periods.
How has the fund done versus its benchmark?
Over 1 year, the fund has returned 26.94% against the benchmark’s -7.31%. Over 1 month and 3 months, the fund has also been ahead of the benchmark.
How does it compare with nearby peer funds on 1-year return?
Its 1-year return of 26.94% is very close to Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan at 26.95%, and below ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan at 33.08%.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Mehul Dama and Priya Sridhar. The exit load is 0.05% on or before 30D and nil after 30D; no exit load applies after the holding period.
Bottom line
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan has shown a strong 1-year run, but it still lacks a longer public track record, so the recent strength should not be read as a full-cycle verdict. Compared with peers, its latest return is close to another defence index fund and below the stronger Nasdaq-linked peer in the table. The portfolio is tightly focused, with a few large holdings carrying most of the weight, which keeps the theme visible but also raises concentration risk for investors who can tolerate High Risk exposure.
Published on 11 September 2026 at 4:43 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.