{"id":251909,"date":"2026-09-17T11:17:22","date_gmt":"2026-09-17T05:47:22","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/"},"modified":"2026-09-17T11:17:22","modified_gmt":"2026-09-17T05:47:22","slug":"nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/","title":{"rendered":"Nippon India Nifty India Manufacturing Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio &#038; Should You Invest?"},"content":{"rendered":"<p><a href=\"https:\/\/univest.in\/mutual-funds\/nippon-india-nifty-india-manufacturing-index-fund-g-direct-plan\">Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan<\/a> closed at \u20b910.9132 as of 16 September 2026, with scheme AUM of \u20b942 Cr. Its 1-year, 3-year and 5-year returns are 4.42%, 0% and 0%, and the risk category is High Risk. Our view is that this is a focused index strategy for investors who can tolerate sharp swings and want exposure to the manufacturing theme, but the return profile is still early and has not yet built a long multi-year record.<\/p>\n<p>The fund has been launched recently, so the current track record is limited. Relative to the benchmark behaviour visible in the same periods, the fund has held up better over 1 year, but recent weakness over 1 month and 3 months shows that the path can still be uneven.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Quick_facts\" title=\"Quick facts\">Quick facts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Performance\" title=\"Performance\">Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Should_you_BUY_or_HOLD_Nippon_India_Nifty_India_Manufacturing_Index\" title=\"Should you BUY or HOLD Nippon India Nifty India Manufacturing Index?\">Should you BUY or HOLD Nippon India Nifty India Manufacturing Index?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Peer_comparison\" title=\"Peer comparison\">Peer comparison<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Portfolio_where_your_money_goes\" title=\"Portfolio: where your money goes\">Portfolio: where your money goes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Who_should_invest\" title=\"Who should invest\">Who should invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Tax_and_exit_load\" title=\"Tax and exit load\">Tax and exit load<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Frequently_asked_questions\" title=\"Frequently asked questions\">Frequently asked questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#What_is_the_current_NAV_of_Nippon_India_Nifty_India_Manufacturing_Index_Fund_Direct_Growth_Plan\" title=\"What is the current NAV of Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan?\">What is the current NAV of Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#What_are_the_funds_1-year_3-year_and_5-year_returns\" title=\"What are the fund\u2019s 1-year, 3-year and 5-year returns?\">What are the fund\u2019s 1-year, 3-year and 5-year returns?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#How_has_the_fund_behaved_versus_its_benchmark\" title=\"How has the fund behaved versus its benchmark?\">How has the fund behaved versus its benchmark?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#How_does_it_compare_with_the_peer_funds_listed_here\" title=\"How does it compare with the peer funds listed here?\">How does it compare with the peer funds listed here?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Is_there_a_minimum_SIP_amount\" title=\"Is there a minimum SIP amount?\">Is there a minimum SIP amount?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#What_should_investors_know_about_the_portfolio_and_exit_load\" title=\"What should investors know about the portfolio and exit load?\">What should investors know about the portfolio and exit load?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Bottom_line\" title=\"Bottom line\">Bottom line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#Explore_mutual_funds_with_Univest\" title=\"Explore mutual funds with Univest\">Explore mutual funds with Univest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/nippon-india-nifty-india-manufacturing-index-fund-direct-growth-review-2026\/#RIA_disclosure\" title=\"RIA disclosure\">RIA disclosure<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Quick_facts\"><\/span>Quick facts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Particular<\/th>\n<th>Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>NAV<\/td>\n<td>\u20b910.9132 as of 16 Sep 2026<\/td>\n<\/tr>\n<tr>\n<td>AUM<\/td>\n<td>\u20b942 Cr<\/td>\n<\/tr>\n<tr>\n<td>Expense Ratio<\/td>\n<td>0.25%<\/td>\n<\/tr>\n<tr>\n<td>Launch Date<\/td>\n<td>26 Aug 2025<\/td>\n<\/tr>\n<tr>\n<td>Min SIP<\/td>\n<td>\u20b9100<\/td>\n<\/tr>\n<tr>\n<td>Risk Category<\/td>\n<td>High Risk<\/td>\n<\/tr>\n<tr>\n<td>Benchmark<\/td>\n<td>Nifty 50<\/td>\n<\/tr>\n<tr>\n<td>Fund Category<\/td>\n<td>Index Funds<\/td>\n<\/tr>\n<tr>\n<td>Exit Load<\/td>\n<td>No exit load<\/td>\n<\/tr>\n<tr>\n<td>Fund Managers<\/td>\n<td>Himanshu Mange<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The fund is managed by Himanshu Mange.<\/p>\n<p class=\"mf-source-date\"><small>Source data date: as of 16 Sep 2026<\/small><\/p>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Performance\"><\/span>Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Period<\/th>\n<th>Fund return<\/th>\n<th>Benchmark return<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1M<\/td>\n<td>-5.83%<\/td>\n<td>-4.41%<\/td>\n<\/tr>\n<tr>\n<td>3M<\/td>\n<td>-2.06%<\/td>\n<td>-3.6%<\/td>\n<\/tr>\n<tr>\n<td>1Y<\/td>\n<td>4.42%<\/td>\n<td>-7.76%<\/td>\n<\/tr>\n<tr>\n<td>3Y<\/td>\n<td>Data not available<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<tr>\n<td>5Y<\/td>\n<td>Data not available<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Performance has been choppy in the short run. The fund slipped over 1 month and 3 months, which tells us that the manufacturing theme can move unevenly even when the broader benchmark is weak as well. Over 3 months, the fund still held up slightly better than the benchmark, while the 1-month move was a little weaker.<\/p>\n<p>Over 1 year, the picture is more constructive. The fund is positive at 4.42% while the benchmark is negative at -7.76%, so the scheme has clearly outpaced the benchmark over that span. That gap matters because it suggests the fund\u2019s manufacturing exposure has behaved differently from the broader market backdrop.<\/p>\n<p>At the same time, the fund does not yet have 3-year or 5-year return history to show whether that lead can persist through a full cycle. For now, our read is that the recent 1-year outcome is better than the benchmark, but the shorter-period drawdown shows investors should not expect a smooth path.<\/p>\n<p>The time pattern also points to a fund that is still finding its rhythm. The 1-year path includes meaningful swings, which is consistent with a theme-led index fund that can move quickly when industrial and cyclical names reprice. That makes the fund more useful as a targeted allocation than as a core stability holding.<\/p>\n<p class=\"mf-source-date\"><small>Source data date: as of 16 Sep 2026<\/small><\/p>\n<section class=\"univest-mf-premium-cta\" style=\"margin:28px 0;padding:24px;border-radius:10px;border:1px solid #d8e3f0;background:#f7faff\">\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Should_you_BUY_or_HOLD_Nippon_India_Nifty_India_Manufacturing_Index\"><\/span>Should you BUY or HOLD Nippon India Nifty India Manufacturing Index?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A fund&#8217;s past returns alone don&#8217;t tell you whether you should buy it today or continue holding it.<\/p>\n<p>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.<\/p>\n<p><strong>Already holding Nippon India Nifty India Manufacturing Index? Thinking of investing now?<\/strong><\/p>\n<p><a href=\"https:\/\/univest.in\/mutual-funds\" style=\"font-weight:700;text-decoration:none\">Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium<\/a><\/p>\n<\/section>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Peer_comparison\"><\/span>Peer comparison<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Fund<\/th>\n<th>1Y return<\/th>\n<th>3Y return<\/th>\n<th>5Y return<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/univest.in\/mutual-funds\/nippon-india-nifty-india-manufacturing-index-fund-g-direct-plan\">Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan<\/a><\/td>\n<td>4.42%<\/td>\n<td>Data not available<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/mutual-funds\/icici-pru-nasdaq-100-index-fund-g-direct-plan\">ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan<\/a><\/td>\n<td>29.31%<\/td>\n<td>30.01%<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/mutual-funds\/tata-nifty-capital-markets-index-fund-g-direct-plan\">Tata Nifty Capital Markets Index Fund Direct Growth Plan<\/a><\/td>\n<td>21.45%<\/td>\n<td>Data not available<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/mutual-funds\/motilal-oswal-nifty-capital-market-index-fund-g-direct-plan\">Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan<\/a><\/td>\n<td>21.13%<\/td>\n<td>Data not available<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/mutual-funds\/motilal-oswal-nifty-midsmall-financial-services-index-fund-g-direct-plan\">Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan<\/a><\/td>\n<td>20.68%<\/td>\n<td>Data not available<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/univest.in\/mutual-funds\/icici-pru-nifty-pharma-index-fund-g-direct-plan\">ICICI Pru Nifty Pharma Index Fund Direct Growth Plan<\/a><\/td>\n<td>17.57%<\/td>\n<td>18.84%<\/td>\n<td>Data not available<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.<\/p>\n<p>On the recent 1-year figure, the fund trails the strongest peer returns in this set by a wide margin. The available 3-year numbers for two peer schemes are also materially higher than the current fund\u2019s 1-year result, which shows that other thematic index funds have produced stronger medium-term outcomes in the same broad comparison set.<\/p>\n<p>That said, the short-term comparison is not one-sided. The fund has held up better than the benchmark over 1 year, while several peers with longer records also show strong multi-year outcomes. The story here is that the fund\u2019s own benchmark-relative behaviour is better than the benchmark, but its peer-group return profile is still less developed than the more established thematic peers.<\/p>\n<p class=\"mf-source-date\"><small>Source data date: as of 16 Sep 2026<\/small><\/p>\n<div class=\"univest-peer-login-cta\" style=\"margin:20px 0;padding:16px 18px;border:1px solid #d8e3f0;border-radius:8px;background:#f7faff\">\n<p style=\"margin:0\"><strong>Want to know more?<\/strong> <a href=\"https:\/\/univest.in\/user\/log-in\" style=\"font-weight:700;text-decoration:none\">Log in to Univest<\/a> for more mutual fund insights.<\/p>\n<\/div>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Portfolio_where_your_money_goes\"><\/span>Portfolio: where your money goes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Holding<\/th>\n<th>Sector<\/th>\n<th>Weight<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Mahindra &amp; Mahindra Limited<\/td>\n<td>Automobile &amp; Ancillaries<\/td>\n<td>5.12%<\/td>\n<\/tr>\n<tr>\n<td>Sun Pharmaceutical Industries Limited<\/td>\n<td>Healthcare<\/td>\n<td>4.86%<\/td>\n<\/tr>\n<tr>\n<td>Reliance Industries Limited<\/td>\n<td>Crude Oil<\/td>\n<td>4.65%<\/td>\n<\/tr>\n<tr>\n<td>Maruti Suzuki India Limited<\/td>\n<td>Automobile &amp; Ancillaries<\/td>\n<td>4.08%<\/td>\n<\/tr>\n<tr>\n<td>Tata Steel Limited<\/td>\n<td>Iron &amp; Steel<\/td>\n<td>3.52%<\/td>\n<\/tr>\n<tr>\n<td>Bharat Electronics Limited<\/td>\n<td>Capital Goods<\/td>\n<td>3.43%<\/td>\n<\/tr>\n<tr>\n<td>Hindalco Industries Limited<\/td>\n<td>Non &#8211; Ferrous Metals<\/td>\n<td>3.4%<\/td>\n<\/tr>\n<tr>\n<td>Bajaj Auto Limited<\/td>\n<td>Automobile &amp; Ancillaries<\/td>\n<td>3.1%<\/td>\n<\/tr>\n<tr>\n<td>JSW Steel Limited<\/td>\n<td>Iron &amp; Steel<\/td>\n<td>2.83%<\/td>\n<\/tr>\n<tr>\n<td>Divi&#8217;S Laboratories Limited<\/td>\n<td>Healthcare<\/td>\n<td>2.78%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The top 10 holdings account for approximately 37.77% of the portfolio.<\/p>\n<p>To see all holdings, visit the <a href=\"https:\/\/univest.in\/mutual-funds\/nippon-india-nifty-india-manufacturing-index-fund-g-direct-plan\">Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan<\/a> page<\/p>\n<p>The largest holding is Mahindra &amp; Mahindra Limited at 5.12%, which is meaningful but not dominating. The gap from the first holding to the tenth is fairly measured, falling from 5.12% to 2.78%, so the visible part of the portfolio does not look excessively top-heavy.<\/p>\n<p>Even so, the top 10 holdings together make up 37.77% of the portfolio, and the fund discloses 59 holdings overall. That combination suggests a noticeable core position set at the top, with a longer tail of smaller holdings beyond the visible names. In our view, that structure may spread some influence across several industrial and cyclical names rather than leaving the fund dependent on a single stock.<\/p>\n<p class=\"mf-source-date\"><small>Source data date: as of 16 Sep 2026<\/small><\/p>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Who_should_invest\"><\/span>Who should invest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This fund fits investors who are comfortable with High Risk and who can stay invested long enough to ride through theme-led volatility. The 1-year return is positive, but the 1-month and 3-month moves show that the path can swing sharply, so a medium- to long-term horizon is more appropriate than a short parking slot.<\/p>\n<p>The main trade-off is that you are taking a concentrated manufacturing theme in exchange for the possibility of differentiated return behaviour versus the broad market. The fund has beaten its benchmark over 1 year, but it still lacks a longer multi-year track record, so investors need to accept both theme risk and limited history.<\/p>\n<p>For investors already comfortable with equity volatility and looking for targeted manufacturing exposure, the fund can serve as a satellite allocation rather than a core holding. Those who prefer steadier, benchmark-like movement may find the swings harder to hold through.<\/p>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Tax_and_exit_load\"><\/span>Tax and exit load<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Holding period<\/th>\n<th>Tax rate<\/th>\n<th>Description<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Units held less than 1 year<\/td>\n<td>20%<\/td>\n<td>Short-term capital gains tax<\/td>\n<\/tr>\n<tr>\n<td>Units held more than 1 year<\/td>\n<td>12.5%<\/td>\n<td>Long-term capital gains tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>No exit load applies.<\/p>\n<p class=\"mf-source-date\"><small>Source data date: as of 16 Sep 2026<\/small><\/p>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Frequently_asked_questions\"><\/span>Frequently asked questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"What_is_the_current_NAV_of_Nippon_India_Nifty_India_Manufacturing_Index_Fund_Direct_Growth_Plan\"><\/span>What is the current NAV of Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The current NAV is \u20b910.9132 as of 16 September 2026.<\/p>\n<h3 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"What_are_the_funds_1-year_3-year_and_5-year_returns\"><\/span>What are the fund\u2019s 1-year, 3-year and 5-year returns?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The 1-year return is 4.42%, while the 3-year and 5-year returns are Data not available.<\/p>\n<h3 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"How_has_the_fund_behaved_versus_its_benchmark\"><\/span>How has the fund behaved versus its benchmark?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It has done better than the benchmark over 1 year, with 4.42% compared with -7.76%. Over 1 month and 3 months, both the fund and benchmark were weak, though the fund was slightly better over 3 months and a bit weaker over 1 month.<\/p>\n<h3 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"How_does_it_compare_with_the_peer_funds_listed_here\"><\/span>How does it compare with the peer funds listed here?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The fund\u2019s 1-year return is lower than the peer returns shown for the stronger thematic schemes in this set. Two peers also have 3-year figures that are well above the fund\u2019s 1-year outcome.<\/p>\n<h3 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Is_there_a_minimum_SIP_amount\"><\/span>Is there a minimum SIP amount?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The minimum SIP amount is \u20b9100.<\/p>\n<h3 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"What_should_investors_know_about_the_portfolio_and_exit_load\"><\/span>What should investors know about the portfolio and exit load?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The portfolio\u2019s top 10 holdings account for 37.77%, with Mahindra &amp; Mahindra Limited at 5.12% as the largest position. There is no exit load, and the fund managers listed are Himanshu Mange.<\/p>\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Bottom_line\"><\/span>Bottom line<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan has a better 1-year result than its benchmark, but the shorter 1-month and 3-month moves show that the journey remains uneven. Compared with the peer funds shown here, its recent return is much lower, while some peers also show stronger medium-term records where those figures are available. The fund sits in High Risk territory and has a portfolio led by a modestly sized top holding set, which may suit investors seeking focused manufacturing exposure and can tolerate theme-driven volatility.<\/p>\n<p class=\"univest-posted-at\" style=\"font-size:14px;color:#666;margin:20px 0 8px\">Published on 17 September 2026 at 11:16 AM IST<\/p>\n<section class=\"univest-login-cta\" style=\"margin:28px 0;padding:24px;border-radius:10px;background:#eef5ff;border:1px solid #cddff7;text-align:center\">\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"Explore_mutual_funds_with_Univest\"><\/span>Explore mutual funds with Univest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Review mutual fund data, compare performance and explore fund insights on Univest.<\/p>\n<p><a href=\"https:\/\/univest.in\/user\/log-in\" style=\"display:inline-block;padding:11px 20px;border-radius:6px;background:#1f4e79;color:#fff !important;text-decoration:none;font-weight:700\">Explore Univest<\/a><\/p>\n<\/section>\n<section class=\"univest-disclaimer\">\n<h2 style=\"font-weight:700\"><span class=\"ez-toc-section\" id=\"RIA_disclosure\"><\/span>RIA disclosure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<\/section>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"InvestmentFund\",\"name\":\"Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan\",\"identifier\":\"nippon-india-nifty-india-manufacturing-index-fund-g-direct-plan\",\"category\":\"Index Funds\",\"dateCreated\":\"26 Aug 2025\",\"isAccessibleForFree\":true,\"additionalProperty\":[{\"@type\":\"PropertyValue\",\"name\":\"NAV\",\"value\":10.9132,\"valueReference\":\"as of 16 Sep 2026\"},{\"@type\":\"PropertyValue\",\"name\":\"AUM\",\"value\":\"42 Cr\"},{\"@type\":\"PropertyValue\",\"name\":\"Expense Ratio\",\"value\":\"0.25\"},{\"@type\":\"PropertyValue\",\"name\":\"Benchmark\",\"value\":\"Nifty 50\"},{\"@type\":\"PropertyValue\",\"name\":\"1Y Return\",\"value\":4.42},{\"@type\":\"PropertyValue\",\"name\":\"3Y Return\",\"value\":0},{\"@type\":\"PropertyValue\",\"name\":\"5Y Return\",\"value\":0},{\"@type\":\"PropertyValue\",\"name\":\"Fund Managers\",\"value\":\"Himanshu Mange\"}]}<\/script><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the current NAV of Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The current NAV is \u20b910.9132 as of 16 September 2026.\"}},{\"@type\":\"Question\",\"name\":\"What are the fund\u2019s 1-year, 3-year and 5-year returns?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The 1-year return is 4.42%, while the 3-year and 5-year returns are Data not available.\"}},{\"@type\":\"Question\",\"name\":\"How has the fund behaved versus its benchmark?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It has done better than the benchmark over 1 year, with 4.42% compared with -7.76%. Over 1 month and 3 months, both the fund and benchmark were weak, though the fund was slightly better over 3 months and a bit weaker over 1 month.\"}},{\"@type\":\"Question\",\"name\":\"How does it compare with the peer funds listed here?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The fund\u2019s 1-year return is lower than the peer returns shown for the stronger thematic schemes in this set. Two peers also have 3-year figures that are well above the fund\u2019s 1-year outcome.\"}},{\"@type\":\"Question\",\"name\":\"Is there a minimum SIP amount?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The minimum SIP amount is \u20b9100.\"}},{\"@type\":\"Question\",\"name\":\"What should investors know about the portfolio and exit load?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The portfolio\u2019s top 10 holdings account for 37.77%, with Mahindra & Mahindra Limited at 5.12% as the largest position. There is no exit load, and the fund managers listed are Himanshu Mange.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"Organization\",\"name\":\"Uniapps Investment Adviser Pvt. Ltd.\",\"description\":\"SEBI Registered Investment Adviser INA000017639\"}<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan has a \u20b910.9132 NAV as of 16 September 2026. The fund has 4.42% 1-year return, High Risk profile, and a focused manufacturing portfolio.<\/p>\n","protected":false},"author":38,"featured_media":251907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3841],"tags":[],"class_list":["post-251909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mutual-funds"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["251907"],"rank_math_title":["Nippon India Manufacturing Fund NAV &amp; Returns Review"],"rank_math_description":["Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan NAV is \u20b910.9132 as of 16 Sep 2026; 1Y return is 4.42%."],"rank_math_focus_keyword":["Nippon India Nifty India Manufacturing Index Fund Direct Growth Plan review"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/09\/Nippon_India_Nifty_India_Manufacturing_Index_Fund_Direct_Growth_Review_2026_NAV_Returns_Portfolio_Should_You_Invest_neutral.png","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/251909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=251909"}],"version-history":[{"count":0,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/251909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/251907"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=251909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=251909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=251909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}