Aditya Birla SL Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Midcap Fund Direct Growth Plan has a NAV of ₹967.7 as of 03 Sep 2026 and a scheme AUM of ₹6,722 Cr. Its 1-year, 3-year and 5-year returns are 11.09%, 16.36% and 14.95% respectively. The fund sits in the High Risk bucket, so our view is that it fits investors who can tolerate sharp swings and want mid-cap exposure with a long runway.

It has outpaced its benchmark over 1 year and 3 years, while the 5-year return is slightly below the benchmark. That mix points to a fund that has recovered well in the medium term, but still carries the volatility that comes with a mid-cap portfolio.

Quick facts

Particular	Details
NAV	₹967.7 as of 03 Sep 2026
AUM	₹6,722 Cr
Expense Ratio	1.02%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Vishal Gajwani

The fund is managed by Vishal Gajwani.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	1.42%	-0.55%
3M	7.46%	4.05%
1Y	11.09%	8.01%
3Y	16.36%	15.11%
5Y	14.95%	15.37%

The recent picture is constructive. Over 1 month and 3 months, the fund has stayed positive and has moved ahead of the benchmark, which tells us the short-term phase has been better than the index. That is useful, but it does not remove the fact that the journey has not been smooth.

The 1-year return is also ahead of the benchmark, and the 3-year result keeps that advantage intact. Our view is that this shows the fund has been able to convert a choppier path into respectable medium-term compounding. The 3-year return is stronger than the 1-year figure, which suggests the recovery phase has been healthier than the most recent 12 months alone.

The 5-year result is slightly below the benchmark, so the longer lens is more mixed. The pattern tells us the fund has not consistently beaten the mid-cap index across every horizon, even though it has done better over shorter and medium horizons. For investors, that means the fund can participate well when the market environment is supportive, but it still carries enough volatility that long stretches may not always line up neatly with benchmark leadership.

Looking at the return path, the fund has had clear ups and downs rather than a straight upward climb. That kind of profile is consistent with mid-cap investing: the upside can be strong, but drawdowns and uneven phases are part of the experience. The main takeaway is that the fund’s recent momentum is better than its long-run 5-year relative result.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD Aditya Birla SL 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Midcap Fund Direct Growth Plan	11.09%	16.36%	14.95%
HSBC Midcap Fund Direct Growth Plan	23.68%	25.65%	19.66%
WOC Mid Cap Fund Direct Growth Plan	16.89%	23.18%	Data not available
ITI Mid Cap Fund Direct Growth Plan	15.64%	21.51%	17.17%
Helios Mid Cap Fund Direct Growth Plan	14.8%	Data not available	Data not available
Mahindra Manulife Mid Cap Fund Direct Growth Plan	14.68%	19.61%	19.1%

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 stronger peer figures available in this set, with HSBC Midcap Fund Direct Growth Plan and WOC Mid Cap Fund Direct Growth Plan both showing higher recent numbers. ITI Mid Cap Fund Direct Growth Plan and Helios Mid Cap Fund Direct Growth Plan also sit above it on the latest one-year view, while Mahindra Manulife Mid Cap Fund Direct Growth Plan is close but still ahead.

The longer picture is more balanced but still softer than several peers with available data. The fund’s 3-year return is below HSBC, WOC, ITI and Mahindra Manulife, though it remains a positive mid-teens outcome. On 5 years, it is below HSBC, ITI and Mahindra Manulife, while WOC and Helios do not provide a usable 5-year figure here. The short-term and longer-term peer comparisons therefore tell a similar story: the fund has improved, but several peers have compounded faster across the periods that can be compared.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
The Federal Bank Ltd.	Bank	3.76%
AU Small Finance Bank Ltd.	Bank	3.02%
Billionbrains Garage Ventures Ltd.	Domestic Equities	2.96%
JK Cement Ltd.	Construction Materials	2.78%
Thermax Ltd.	Capital Goods	2.78%
Max Financial Services Ltd.	Finance	2.57%
Ajanta Pharma Ltd.	Healthcare	2.44%
Apl Apollo Tubes Ltd.	Iron & Steel	2.44%
Torrent Power Ltd.	Power	2.31%
Navin Fluorine International Ltd.	Chemicals	2.3%

The top 10 holdings account for approximately 27.36% of the portfolio.

To see all holdings, visit the Aditya Birla SL Midcap Fund Direct Growth Plan page

The largest holding, The Federal Bank Ltd., is 3.76%, so no single position dominates the fund by itself. The gap from the first holding to the tenth is modest rather than dramatic, which suggests the visible part of the portfolio is spread across a range of mid-sized positions instead of being built around one or two outsized bets.

At the same time, the top 10 positions together account for 27.36% of the portfolio, while the full disclosed list contains 69 holdings. That combination suggests a fairly extended tail beyond the largest names. Our view is that the fund may therefore have influence from several holdings rather than depending heavily on one dominant stock, even though the top banks and industrial names still matter to the overall profile.

Source data date: as of 03 Sep 2026

Who should invest

This fund is suited to investors who are comfortable with High Risk and can stay invested through uneven mid-cap market cycles. The return pattern shows reasonable short- and medium-term strength, but the 5-year result versus the benchmark is more muted, so patience matters.

It may suit a multi-year horizon rather than a short holding period, because mid-cap portfolios can move sharply before the longer compounding pattern becomes visible. The main trade-off is that you get exposure to a portfolio that has shown recovery and recent momentum, but you must accept the possibility of sharper swings and periods when it does not lead the benchmark.

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: 1% on or before 90D, Nil after 90D.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Midcap Fund Direct Growth Plan?
The current NAV is ₹967.7 as of 03 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The 1-year return is 11.09%, the 3-year return is 16.36% and the 5-year return is 14.95%.

How does the fund compare with its benchmark?
It is ahead of the benchmark over 1 year and 3 years, but slightly behind over 5 years. That makes the recent picture stronger than the long-run relative picture.

How does it compare with the peer funds listed here?
Its 1-year and 3-year returns are below several of the peer funds listed here, while the 5-year return is also lower than the peers with available 5-year figures. The comparison is still useful because it shows where the fund has recovered and where others have compounded faster.

Is there a minimum SIP amount?
No minimum SIP amount is stated for this fund in the available facts.

Who manages the fund and what is the exit load?
The fund is managed by Vishal Gajwani. The exit load is 1% on or before 90 days and nil after 90 days.

Bottom line

Aditya Birla SL Midcap Fund Direct Growth Plan has a mixed but improving record. Recent returns are stronger than the benchmark over 1 year and 3 years, while the 5-year comparison is slightly weaker, so the fund’s shorter-horizon recovery is better than its longer-horizon relative standing. The portfolio is spread across many holdings, with the top 10 accounting for 27.36% of assets and the full disclosed list covering 69 holdings. That makes it a High Risk mid-cap option for investors who want diversification within a growth-oriented segment and can tolerate uneven performance.

Published on 4 September 2026 at 1:09 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.