Nippon India Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Nippon India Flexi Cap Fund Direct Growth Plan has a NAV of ₹17.4362 as of 16 Sep 2026 and a scheme AUM of ₹9,822 Cr. Its 1-year, 3-year and 5-year returns are -2.62%, 9.24% and 10.37%, and it carries a High Risk tag.
Our view is that this is a diversified equity fund that has delivered steadier long-term compounding than recent short-term results suggest, while still carrying full equity-style volatility. The portfolio is led by banks and a handful of large industrial and consumer names, so the fund can suit investors who can accept swings in exchange for broad-market participation over a longer horizon.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹17.4362 as of 16 Sep 2026 |
| AUM | ₹9,822 Cr |
| Expense Ratio | 0.46% |
| Launch Date | 13 Aug 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | Nil upto 10% of units and 1% for remaining investments on or before 12M, Nil after 12M |
| Fund Managers | Meenakshi Dawar, Dhrumil Shah |
The fund is managed by Meenakshi Dawar and Dhrumil Shah.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.35% | -4.41% |
| 3M | -1.03% | -3.60% |
| 1Y | -2.62% | -7.76% |
| 3Y | 9.24% | 5.74% |
| 5Y | 10.37% | 5.67% |
The recent numbers show a fund that has remained under pressure in the short term, but not to the same extent as the benchmark. The 1-month and 3-month periods were negative, which tells us the latest phase has been weak for both the fund and the market backdrop. Even so, the fund declined less than the benchmark over 1 month, 3 months and 1 year, which points to relative resilience rather than outright strength.
The longer view is more constructive. Over 3 years and 5 years, the fund has compounded at 9.24% and 10.37%, both ahead of the benchmark’s 5.74% and 5.67%. That gap matters because it shows the fund has converted its longer holding periods into better growth than the index, even though the journey has not been smooth. The pattern also suggests that this is not a low-volatility equity strategy; the return path has included clear drawdowns and recoveries.
For investors, the key read-through is that recent softness does not erase the longer-term edge over the benchmark, but it does remind us that the fund can move sharply when markets turn. The compounding record is better on 3-year and 5-year windows than on the past 12 months, so the fund looks more suitable for patience than for short-term return hunting.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Nippon India Flexi 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 Nippon India Flexi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Nippon India Flexi Cap Fund Direct Growth Plan | -2.62% | 9.24% | 10.37% |
| Bank of India Flexi Cap Fund Direct Growth Plan | 10.10% | 18.09% | 16.01% |
| ITI Flexi Cap Fund Direct Growth Plan | 9.54% | 17.61% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 7.90% | 10.18% | 10.89% |
| LIC MF Multi Cap Fund Direct Growth Plan | 7.11% | 17.04% | Data not available |
| Aditya Birla SL Flexi Cap Fund Direct Growth Plan | 5.94% | 13.33% | 10.98% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Against the peer set, the fund’s 1-year return trails all four comparators that have a usable 1-year figure, so the recent stretch looks softer than several alternatives. That weakness is more noticeable because the peer table shows other flexi-cap and multi-cap funds holding positive 1-year performance while this fund is negative.
The longer pattern is more balanced. The fund’s 3-year and 5-year returns are both positive and better than two peers on the 5-year side that have available data, but they remain below the stronger 3-year figures posted by the leading comparators in this group. Our view is that the comparison tells two different stories: the recent period has lagged, while the longer compounding record remains respectable and still supportive of a patient equity allocation.
Source data date: as of 16 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 7.29% |
| HDFC Bank Limited | Bank | 5.48% |
| Axis Bank Limited | Bank | 3.88% |
| Reliance Industries Limited | Crude Oil | 3.42% |
| Larsen & Toubro Limited | Infrastructure | 2.66% |
| Mahindra & Mahindra Limited | Automobile & Ancillaries | 2.47% |
| Samvardhana Motherson International Limited | Automobile & Ancillaries | 2.24% |
| Eternal Limited | Retailing | 2.13% |
| State Bank of India | Bank | 2.06% |
| Bajaj Finance Limited | Finance | 2.01% |
The top 10 holdings account for approximately 33.64% of the portfolio.
To see all holdings, visit the Nippon India Flexi Cap Fund Direct Growth Plan page
The largest holding, ICICI Bank Limited, stands at 7.29%, which is meaningful but not excessive for a diversified equity fund. The gap from the first holding to the tenth is not extreme, but the weights do step down steadily, from the high-7% area into the low-2% range, which suggests that the portfolio is anchored by a few larger positions without becoming narrowly dependent on one name.
We see a noticeable banking tilt in the disclosed holdings, with ICICI Bank, HDFC Bank, Axis Bank and State Bank of India all appearing in the top list. That cluster may make financials an important driver of near-term moves, while industrials, automobiles, retailing and finance provide additional spread. The top 10 holdings together account for 33.64% of the portfolio, and the full holding count is 69, so the fund appears fairly diversified beyond its largest names.
Overall, the disclosed mix suggests a portfolio that is concentrated enough for active equity exposure, but still broad enough to avoid being dominated by one or two positions. That balance may help when leadership rotates across sectors, though it also means the fund can reflect banking-led market moves quite visibly.
Source data date: as of 16 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can stay invested for at least a medium-to-long horizon. The negative 1-year return shows that shorter holding periods can be uncomfortable, while the 3-year and 5-year numbers point to better compounding when time is on the investor’s side. Its benchmark comparison also shows that the fund has outpaced the Nifty 50 over longer windows, even if the latest year has been weaker.
The main trade-off is accepting volatility in pursuit of better long-term growth. The heavy representation of banks among the top holdings may make returns more sensitive to financial-sector moves, so investors need to be comfortable with that kind of equity cycle. For long-term savers who can tolerate swings and want a flexi-cap allocation rather than a defensive equity position, the fund fits better than it does for short-term capital needs.
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
- Nil upto 10% of units and 1% for remaining investments on or before 12M, Nil after 12M
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Nippon India Flexi Cap Fund Direct Growth Plan?
The NAV is ₹17.4362 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its returns are -2.62% over 1 year, 9.24% over 3 years and 10.37% over 5 years.
How does it compare with the benchmark?
It has lagged the Nifty 50 over 1 year, but it has stayed ahead of the benchmark over 3 years and 5 years.
How does it compare with the peer funds shown here?
Its recent 1-year return is weaker than the peer funds shown with positive 1-year figures, while its 3-year and 5-year numbers remain competitive on a longer horizon.
Is there an exit load?
Yes. The exit load is nil for up to 10% of units if sold on or before 12 months, and 1% applies to the remaining investment in that window. It is nil after 12 months.
Who manages the fund?
The fund is managed by Meenakshi Dawar and Dhrumil Shah.
Bottom line
Nippon India Flexi Cap Fund Direct Growth Plan has had a weaker recent stretch, but its 3-year and 5-year returns still compare well with the benchmark and remain constructive for patient investors. The peer table also shows that the latest 1-year period has been softer than several comparable funds, while the longer record remains more balanced. With a High Risk tag and a portfolio led by banks, the fund is best viewed as an equity allocation for investors who can handle volatility and focus on long-term compounding rather than near-term consistency.
Published on 17 September 2026 at 11:16 AM IST
Explore mutual funds with Univest
Review mutual fund data, compare performance and explore fund insights on Univest.
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.