SBI Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 28, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Midcap Fund Direct Growth Plan has a NAV of ₹272.3601 as of 09 Sep 2026 and a scheme AUM of ₹24,518 Cr. Its 1-year, 3-year and 5-year returns are 6.58%, 10.56% and 13.87%, respectively, and the scheme is tagged as High Risk. Our view is that this is a large mid-cap fund with a meaningful track record, but its recent return pattern has been more uneven than its longer-term compounding, so the fit is better for investors who can stay patient through swings.
The portfolio is spread across 56 holdings, and the top names are a mix of financials, industrials, healthcare, power and consumer-linked businesses. That mix may help the fund avoid becoming dependent on a single theme, but it also means the results can move differently from the benchmark over short stretches.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹272.3601 as of 09 Sep 2026 |
| AUM | ₹24,518 Cr |
| Expense Ratio | 0.86% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | 0.25% on or before 30D, 0.10% after 30D but before 90D, Nil after 90D |
| Fund Managers | Bhavin Vithlani |
The fund is managed by Bhavin Vithlani.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.52% | -2.04% |
| 3M | 4.98% | 4.88% |
| 1Y | 6.58% | 5.51% |
| 3Y | 10.56% | 15.36% |
| 5Y | 13.87% | 15.14% |
The one-month figure suggests the fund slipped a little, but it still held up better than the benchmark in the same stretch. That is a useful sign that the recent dip was not especially severe, although it also shows the fund did not fully escape short-term pressure.
Over three months, the fund and benchmark are very close, which points to a relatively balanced recent phase rather than a strong deviation in either direction. The 1-year return is ahead of the benchmark, so the fund has recovered better over the past year than the index it is measured against.
The longer view is more mixed. The 3-year and 5-year returns trail the benchmark, which tells us the benchmark has compounded more strongly over those horizons. The time pattern also looks choppier than a smooth upward run, so our view is that the fund has shown resilience in shorter windows but has not consistently kept pace with the benchmark over the full mid-cap cycle.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD SBI Midcap?
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 Midcap? 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 Midcap Fund Direct Growth Plan | 6.58% | 10.56% | 13.87% |
| HSBC Midcap Fund Direct Growth Plan | 22.93% | 24.35% | 19.48% |
| WOC Mid Cap Fund Direct Growth Plan | 16.16% | 21.78% | Data not available |
| Helios Mid Cap Fund Direct Growth Plan | 14.68% | Data not available | Data not available |
| ITI Mid Cap Fund Direct Growth Plan | 14.35% | 20.09% | 16.94% |
| Mahindra Manulife Mid Cap Fund Direct Growth Plan | 13.23% | 17.96% | 18.47% |
On the latest 1-year period, the fund trails the stronger peer returns by a wide margin, even though it has still delivered a positive result. That gap matters because it suggests the fund has not matched the sharper recent rally seen in several peer mid-cap portfolios.
The longer-term picture is more restrained as well. Both the 3-year and 5-year returns are below the available peer figures for the comparison set, so the fund’s longer run has been softer than several peers that have disclosed those horizons. The short-term and long-term comparisons therefore tell the same broad story: the fund has participated in the category, but not with the same strength as the most energetic peers in the table.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| CRISIL Ltd. | Ratings | 3.34% |
| Multi Commodity Exchange of India Ltd. | Finance | 3.05% |
| Torrent Power Ltd. | Power | 2.97% |
| Supreme Industries Ltd. | Plastic Products | 2.9% |
| Bharat Heavy Electricals Ltd. | Capital Goods | 2.71% |
| Biocon Ltd. | Healthcare | 2.62% |
| The Federal Bank Ltd. | Bank | 2.62% |
| Sundaram Finance Ltd. | Finance | 2.58% |
| FSN E-Commerce Ventures Ltd. | Retailing | 2.57% |
| ICICI Lombard General Insurance Company Ltd. | Insurance | 2.56% |
The largest holding, CRISIL Ltd., is 3.34%, so no single position dominates the fund on its own. The fall from the first holding to the tenth is modest rather than steep, which suggests the portfolio is not built around one outsized bet.
The top 10 holdings together account for approximately 27.92% of the portfolio, and there are 56 disclosed holdings in total. That combination points to a structure where the top names matter, but a longer tail still likely contributes to returns and risk. In our view, this can soften the influence of any one stock, while still leaving the fund exposed to mid-cap price swings across a broad set of businesses.
To see all holdings, visit the SBI Midcap Fund Direct Growth Plan page
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who can accept High Risk and stay invested for a long horizon. The return pattern shows that shorter periods can be uneven, while the longer track record is steadier but still trails the benchmark over 3-year and 5-year windows. That makes the fund more appropriate for investors who are comfortable with mid-cap volatility and who value diversification across a broad holding list rather than a narrow concentrated bet.
The main trade-off is clear: you get access to a diversified mid-cap portfolio, but you must accept that returns may lag the benchmark and some peers in stronger market phases. Investors who need a smooth ride or are focused on near-term capital stability may find the swings harder to handle.
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 |
The exit load is 0.25% on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of SBI Midcap Fund Direct Growth Plan?
The current NAV is ₹272.3601 as of 09 Sep 2026.
How has the fund performed over 1 year, 3 years and 5 years?
The fund’s returns are 6.58% over 1 year, 10.56% over 3 years and 13.87% over 5 years.
How does the fund compare with its benchmark?
It has beaten the benchmark over 1 year and in the 1-month and 3-month periods, but it has trailed the benchmark over 3 years and 5 years.
Which peer funds look stronger on the disclosed return data?
HSBC Midcap Fund Direct Growth Plan, WOC Mid Cap Fund Direct Growth Plan, Helios Mid Cap Fund Direct Growth Plan, ITI Mid Cap Fund Direct Growth Plan and Mahindra Manulife Mid Cap Fund Direct Growth Plan all show stronger 1-year figures than this fund. Several of them also show stronger 3-year and 5-year figures where those returns are available.
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 Bhavin Vithlani. The exit load is 0.25% on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.
Bottom line
SBI Midcap Fund Direct Growth Plan has a mixed profile: its recent 1-year result is better than the benchmark, but its 3-year and 5-year returns are softer than the benchmark and also below several peers with available figures. The fund carries High Risk and holds a fairly spread-out mid-cap portfolio, with no single position dominating the book. That combination makes it more suitable for long-horizon investors who can tolerate uneven performance and are comfortable with a broad, mid-cap-led return pattern.
Published on 10 September 2026 at 1:23 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.