Aditya Birla SL CRISIL IBX Gilt Apr 2028 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL CRISIL IBX Gilt Apr 2028 Index Fund Direct Growth Plan is priced at ₹12.6954 as of 17 Sep 2026, with scheme AUM of ₹21 Cr. Its 1-year, 3-year and 5-year returns are 5.1%, 6.97% and 0%, and the fund sits in the Balanced Risk category.

Our view is that this is a compact gilt index option with moderate trailing gains and a portfolio built almost entirely around government securities. The return pattern has been steadier over 3 years than over the last year, while the benchmark behaviour in the same periods has been much weaker, which makes the fund look comparatively resilient on the periods disclosed.

Quick facts

Particular	Details
NAV	₹12.6954 as of 17 Sep 2026
AUM	₹21 Cr
Expense Ratio	0.49%
Launch Date	15 Mar 2023
Min SIP	₹500
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Bhupesh Bameta, Sanjay Godambe

The fund is managed by Bhupesh Bameta and Sanjay Godambe.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.12%	-3.66%
3M	0.99%	-3.71%
1Y	5.1%	-7.13%
3Y	6.97%	5.82%
5Y	Data not available	Data not available

The recent numbers show a clear contrast between the fund and its benchmark. Over 1 month and 3 months, the fund has stayed slightly positive while the benchmark has been negative, so the fund has held up better in the short run.

The 1-year figure is also stronger for the fund than for the benchmark, with 5.1% against -7.13%. That gap matters because it suggests the strategy has been more stable through the latest stretch, even if the absolute return is not high.

The longer view is more measured. At 3 years, the fund’s 6.97% is ahead of the benchmark’s 5.82%, but the margin is not large. That tells us the fund has worked better than the benchmark over the medium term, while the path has still been fairly muted rather than aggressively compounding.

The 5-year line is not available because the fund is relatively young. For a gilt index fund launched in March 2023, the main takeaway is that the shorter-term behaviour has improved relative to the benchmark, while the 3-year record remains the best guide to how it has behaved through more than one market phase.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Aditya Birla SL CRISIL IBX Gilt Apr 2028 Index?

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
Aditya Birla SL CRISIL IBX Gilt Apr 2028 Index Fund Direct Growth Plan	5.1%	6.97%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

On 1-year return, the fund trails the strongest peer figures in this set, but that comparison is mixed because the peer list spans different themes. What stands out more is that the fund’s own 3-year return is steadier than its 1-year result and remains positive, while several peers either lack longer history or show very different behaviour over the same horizons.

Against the peers with a 3-year figure, the fund’s 6.97% is below the higher-growth theme funds and below the pharma index fund, but those comparisons should be read alongside the different investment styles. For a gilt-focused strategy, the more relevant point is that the fund’s shorter and medium-term numbers are consistent, even if they do not match the sharper returns seen in equity-oriented peers.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Government of India (08/01/2028)	Government Securities	66.94%
Government of India (21/09/2027)	Government Securities	20.1%
Government of India (25/03/2028)	Government Securities	7.61%
TREPS	Cash & Cash Equivalents and Net Assets	3.66%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	1.69%

The largest holding is Government of India (08/01/2028) at 66.94%, so it is likely to have the greatest influence on the fund’s day-to-day movement. The next two government securities still carry meaningful weights, but the drop from the largest line to the third holding is steep, which points to a portfolio centred on a few dated sovereign papers rather than a broad spread of many positions.

Because the disclosed holdings list has only five lines and they add up to 100%, the structure is highly transparent and tightly focused. That does not automatically make it risky in a market sense, but it does mean returns may be driven mainly by the behaviour of those specific government securities and short-term cash balances.

The weight profile also shows that the tail is very short. TREPS and net receivables together are only 5.35%, so almost all of the portfolio sits in the three government securities. For an investor, that means the fund’s outcome may depend more on duration and sovereign bond pricing than on stock-selection style diversification.

Source data date: as of 17 Sep 2026

Who should invest

This fund may suit an investor who wants a gilt-oriented allocation and is comfortable with a Balanced Risk profile. The 1-year return is modest but positive, the 3-year return is also positive, and the benchmark has been weaker over the same periods, which suggests the fund has behaved more steadily than the benchmark in recent stretches.

The trade-off is that the portfolio is concentrated in a few government securities, so performance may depend heavily on the movement of those bonds rather than on wide diversification. An investor with a medium-term horizon and a preference for sovereign debt exposure may find that acceptable, while someone expecting equity-style upside may not.

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.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL CRISIL IBX Gilt Apr 2028 Index Fund Direct Growth Plan?

The current NAV is ₹12.6954 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is 5.1%, its 3-year return is 6.97%, and its 5-year return is Data not available.

How has the fund compared with its benchmark?

It has outperformed the benchmark in 1 month, 3 months, 1 year and 3 years. The gap is widest over 1 year, where the fund is positive and the benchmark is negative.

How does it compare with the peer funds listed here?

Its 1-year return is below the higher equity-themed peer returns shown here, while its 3-year return is positive and steadier than peers that do not have a longer track record. The comparison is mixed because the peer set includes funds with different themes.

What is the minimum SIP for this fund?

The minimum SIP is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Bhupesh Bameta and Sanjay Godambe. The exit load is no exit load.

Bottom line

This fund’s shorter-term numbers are steadier than the benchmark, and its 3-year return stays positive, but the gains are measured rather than strong. Against the peer set shown here, the return profile is clearly more conservative, which is consistent with its gilt structure and Balanced Risk label. The main portfolio feature is its heavy tilt toward a small number of government securities, so the fund may appeal most to investors who want sovereign bond exposure and can accept bond-price sensitivity over a medium-term horizon.

Published on 18 September 2026 at 12:34 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.