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SBI Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

  • September 10, 2026
  • Posted by: Chaitanya Auti
  • Category: Mutual Funds
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SBI Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Gilt Fund Direct Growth Plan has a NAV of ₹72.7175 as of 09 Sep 2026 and manages ₹8,215 Cr. Its 1-year, 3-year and 5-year returns are 4.15%, 6.63% and 6.25%, and the scheme is tagged as Medium Risk.

Our view is that this is best read as a conservative debt option rather than a return-chasing one. The portfolio is dominated by government securities and treasury bills, so the fund’s profile is shaped more by interest-rate movements and short-term cash-like positions than by credit risk.

Table of Contents

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  • Quick facts
  • Performance
  • Should you BUY or HOLD SBI Gilt?
  • Peer comparison
  • Portfolio: where your money goes
  • Who should invest
  • Tax and exit load
  • Frequently asked questions
  • Bottom line
  • Explore mutual funds with Univest
  • RIA disclosure

Quick facts

Particular Details
NAV ₹72.7175 as of 09 Sep 2026
AUM ₹8,215 Cr
Expense Ratio 0.46%
Launch Date 02 Jan 2013
Min SIP ₹500
Risk Category Medium Risk
Benchmark Nifty 50
Fund Category Debt
Exit Load No exit load after holding period
Fund Managers Sudhir Agarwal

The fund is managed by Sudhir Agarwal.

Source data date: as of 09 Sep 2026

Performance

Period Fund return Benchmark return
1M -0.37% -4.69%
3M 1.24% 0.93%
1Y 4.15% -7.16%
3Y 6.63% 6%
5Y 6.25% 5.87%

The latest month was weak in absolute terms, but the fund still held up better than the benchmark. That tells us the portfolio has remained relatively resilient even when debt-market conditions were uneven.

Over the 3-month window, the fund improved while the benchmark also recovered, and the fund stayed slightly ahead. The 1-year picture is more important: the fund posted a positive return while the benchmark was negative, which suggests better stability through a difficult phase for the reference index.

Looking at the longer horizon, the 3-year and 5-year returns are close to the benchmark, with a small edge at 5 years and a slightly stronger 3-year result. That pattern fits a gilt strategy that can protect capital through cycles but may not always produce a large gap over time. The recent softness does not break the longer-term pattern, but it does show that short periods can still be choppy.

The time pattern in the fund’s own movement also points to a gradual, uneven compounding path rather than a smooth climb. For investors, that usually means the fund may suit those who are comfortable with modest return variation in exchange for sovereign-backed bond exposure.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD SBI Gilt?

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.

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Peer comparison

Fund 1Y return 3Y return 5Y return
SBI Gilt Fund Direct Growth Plan 4.15% 6.63% 6.25%
Bandhan Gilt Fund Direct Growth Plan 7.94% 8% 6.38%
Franklin India Gilt Fund Direct Growth Plan 6.38% 6.62% 5.47%
Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan 5.44% 7.85% 5.92%
ICICI Pru Gilt Fund Direct Growth Plan 5.23% 7.3% 6.65%
UTI Gilt Fund Direct Growth Plan 5.17% 6.73% 5.77%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On 1-year returns, the fund trails the stronger peer names in this set, especially Bandhan Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan. The longer-term picture is more balanced: its 3-year and 5-year returns are close to several peers, and the 5-year figure is better than Franklin India Gilt Fund Direct Growth Plan and UTI Gilt Fund Direct Growth Plan. So the short-term comparison is less flattering than the longer-term one.

Source data date: as of 09 Sep 2026

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Portfolio: where your money goes

Holding Sector Weight
7.71% CGL 2066 Government Securities 23.16%
TREPS Cash & Cash Equivalents and Net Assets 13.28%
91 Day T-Bill 05.11.26 Treasury Bills 12.06%
91 Day T-Bill 12.11.26 Treasury Bills 11.81%
7.55% State Government of Maharashtra 2034 Government Securities 8.62%
7.28% State Government of Andhra Pradesh 2032 Government Securities 6.56%
91 Day T-Bill 19.11.26 Treasury Bills 6.02%
Net Receivable / Payable Cash & Cash Equivalents and Net Assets 4.46%
7.79% State Government of West Bengal 2045 Government Securities 4.16%
7.43% CGL 2076 Government Securities 3.79%

The top 10 holdings account for approximately 93.92% of the portfolio.

To see all holdings, visit the SBI Gilt Fund Direct Growth Plan page

The largest holding, 7.71% CGL 2066, carries a 23.16% weight, so it is likely to have a meaningful influence on the fund’s movement. After that, the weights step down fairly quickly into the low teens and then single digits, which means the portfolio is not dependent on just one position.

Even so, the top 10 holdings together make up 93.92% of the portfolio across 13 disclosed holdings. That is a clear sign of concentration in a relatively small set of sovereign and near-cash instruments, although the spread across government securities, treasury bills and cash-like lines may help reduce issuer-specific credit risk. In our view, the mix leaves the fund more exposed to rate shifts than to corporate credit events.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can accept medium-risk debt exposure and want a sovereign-heavy allocation rather than an equity-style growth story. The 1-year return has been softer than some peer funds, but the 3-year and 5-year numbers show steadier longer-term compounding, and the benchmark comparison is constructive over the full period. The trade-off is that returns may stay moderate while short-term moves can still be uneven.

In our view, the fund fits a longer horizon and a conservative core allocation better than a short-term return target. Investors who want lower credit risk and can live with interest-rate sensitivity may find the portfolio structure more relevant than chasing the highest near-term return.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of SBI Gilt Fund Direct Growth Plan?
The current NAV is ₹72.7175 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 4.15% over 1 year, 6.63% over 3 years and 6.25% over 5 years.

How does SBI Gilt Fund Direct Growth Plan compare with its benchmark?
It has outpaced the benchmark over 1 year, 3 years and 5 years. The 1-year gap is the most noticeable because the benchmark was negative while the fund stayed positive.

How does the fund compare with other gilt funds on available return data?
Its 1-year return is below some peers, while the 3-year and 5-year numbers are closer to the peer set. The longer-term comparison is more balanced than the short-term one.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is its exit load?
Sudhir Agarwal manages the fund, and the exit load is nil after the holding period.

Bottom line

SBI Gilt Fund Direct Growth Plan has a mixed but defensible profile: the 1-year return is weaker than some peer funds, yet the 3-year and 5-year numbers remain broadly in line with the group and ahead of the benchmark over the full window. The risk label is medium, but the portfolio still looks conservative because it leans heavily on government securities, treasury bills and cash-like exposures. That makes it more suitable for investors who value stability and sovereign-backed exposure over sharp near-term gains.

Published on 10 September 2026 at 1:04 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.



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