SBI Multicap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 28, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Multicap Fund Direct Growth Plan has a NAV of ₹17.5104 as of 16 September 2026 and a scheme AUM of ₹24,524 Cr. Its 1-year, 3-year and 5-year returns are -1.44%, 12.08% and Data not available, and the fund sits in the High Risk bucket.
Our view is that this is a fund for investors who can tolerate sharp swings and want multicap exposure with a meaningful allocation to select large names. The recent 1-year outcome is weaker than the benchmark, while the 3-year record is stronger, so the fund has shown a mixed pattern rather than a steady one.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹17.5104 as of 16 Sep 2026 |
| AUM | ₹24,524 Cr |
| Expense Ratio | 0.81% |
| Launch Date | 08 Mar 2022 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.25% on or before 30D, 0.10% after 30D but before 90D, Nil after 90D |
| Fund Managers | Ruchit Mehta |
The fund is managed by Ruchit Mehta.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.27% | -4.41% |
| 3M | 0.56% | -3.60% |
| 1Y | -1.44% | -7.76% |
| 3Y | 12.08% | 5.74% |
| 5Y | Data not available | Data not available |
The last month was weak, but the fund still held up better than the benchmark over the same period. The 3-month stretch looks healthier, with the fund positive while the benchmark stayed negative. That tells us the recent patch was uneven, yet the fund managed to recover faster than the index.
The 1-year figure remains negative, so the fund has not fully erased the pressure seen over the past year. Even so, it did not fall as much as the benchmark, which means it preserved relative ground in a difficult stretch. The 3-year number is the clearer strength: the fund has compounded better than the benchmark over that window.
The path between the 1-year and 3-year numbers suggests a fund that can move through phases of weakness and recovery rather than track the benchmark smoothly. For investors, that usually means accepting short-term volatility in exchange for the possibility of stronger medium-term participation when conditions turn supportive.
The 5-year figure is not available because the scheme has not been running long enough for a meaningful five-year history. That makes the 3-year record especially important when judging how the fund has behaved through a complete market cycle for its available life.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD SBI Multicap?
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 Multicap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Multicap Fund Direct Growth Plan | -1.44% | 12.08% | Data not available |
| Bank of India Flexi Cap Fund Direct Growth Plan | 10.1% | 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 | 7.9% | 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. The fund’s 1-year return is below every peer listed here, while its 3-year return sits ahead of some peers and behind others. That split matters: the short-term comparison is clearly weak, but the medium-term picture is more balanced.
Where the fund stands out is the 3-year return, which is stronger than Navi Flexi Cap Fund Direct Growth Plan and Aditya Birla SL Flexi Cap Fund Direct Growth Plan, though lower than Bank of India Flexi Cap Fund Direct Growth Plan, ITI Flexi Cap Fund Direct Growth Plan and LIC MF Multi Cap Fund Direct Growth Plan. The 5-year comparison is limited because this scheme does not have a five-year history, so the longer peer comparison is not fully comparable.
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 Ltd. | Bank | 4.15% |
| Adani Enterprises Ltd. | Trading | 3.44% |
| Adani Power Ltd. | Power | 3.39% |
| K.P.R. Mill Ltd. | Textile | 3.36% |
| Divi’S Laboratories Ltd. | Healthcare | 3.28% |
| HDFC Bank Ltd. | Bank | 2.89% |
| Kotak Mahindra Bank Ltd. | Bank | 2.57% |
| Aether Industries Ltd. | Chemicals | 2.48% |
| Jupiter Life Line Hospitals Ltd. | Healthcare | 2.41% |
| Paradeep Phosphates Ltd. | Chemicals | 2.28% |
The top 10 holdings account for approximately 30.25% of the portfolio.
To see all holdings, visit the SBI Multicap Fund Direct Growth Plan page
The largest holding, ICICI Bank Ltd., is 4.15%, which is meaningful but not dominant. The decline from the first holding to the tenth is gradual rather than steep, moving from 4.15% to 2.28%, so the visible book does not look excessively top-heavy.
At the same time, the top 10 holdings together make up 30.25% of the portfolio, leaving most of the disclosed 62 holdings outside the visible list. That points to a portfolio that may be spread across a long tail of positions, even though the larger names are likely to have more influence on returns in the near term.
The sector mix in the visible holdings spans banking, trading, power, textile, healthcare and chemicals. That breadth suggests the fund may be trying to balance different business themes rather than leaning on a single pocket of the market.
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who can handle High Risk volatility and do not need a smooth month-to-month ride. The 1-year number is negative, while the 3-year record is positive and better than the benchmark, so the fund suits people who can look through short-term weakness and focus on a longer horizon.
The trade-off is clear: you may get periods where the fund trails the market, but the longer-term record shows it can recover and participate more strongly when conditions improve. The multicap style and the spread of holdings make it more suitable for investors who want diversified equity exposure without expecting defensive behaviour.
For a shorter holding period, the uneven recent path may feel uncomfortable. For a multi-year horizon, especially where the investor accepts volatility as part of equity investing, the fund can be considered in the broader high-risk equity bucket.
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: 0.25% on or before 30 days, 0.10% after 30 days but before 90 days, nil after 90 days.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of SBI Multicap Fund Direct Growth Plan?
The current NAV is ₹17.5104 as of 16 September 2026.
How has SBI Multicap Fund Direct Growth Plan performed over 1 year, 3 years and 5 years?
Its 1-year return is -1.44%, its 3-year return is 12.08%, and its 5-year return is Data not available.
How does the fund compare with the Nifty 50 benchmark?
It has done better than the Nifty 50 over 3 months, 1 year and 3 years, and also held up better over the most recent month. The 5-year comparison is not available for this scheme.
How does SBI Multicap Fund Direct Growth Plan compare with peer funds on recent returns?
Its 1-year return is below the peer funds listed here, but its 3-year return is stronger than some peers and weaker than others. That gives it a mixed peer picture rather than a one-sided one.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What are the risk level and exit-load rules?
The fund is in the High Risk category. 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 Multicap Fund Direct Growth Plan has a mixed record: the recent 1-year return is weak, but the 3-year result is clearly better and ahead of the benchmark. The peer picture is also mixed, with a weaker short-term showing but a more competitive medium-term outcome. Its High Risk profile and concentrated top holdings in bank and select industrial names make it a fund for investors who can accept volatility and prefer a diversified equity approach with a meaningful tail beyond the top positions.
Published on 17 September 2026 at 2:21 PM 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.