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

Aditya Birla SL Midcap Fund Direct Growth Plan is a mid-cap equity fund with a NAV of ₹960.35 as of 08 Sep 2026 and an AUM of ₹6,966 Cr. Its 1-year, 3-year and 5-year returns are 10.44%, 15.2% and 14.68%, and it sits in the High Risk category.

Our view is that this is a fund for investors who can stay with a higher-volatility equity allocation through market swings. The longer-term return profile is steady rather than standout, and the portfolio’s mix of bank, finance, industrial and healthcare names suggests a diversified mid-cap approach rather than a narrow thematic bet.

Quick facts

Particular	Details
NAV	₹960.35 as of 08 Sep 2026
AUM	₹6,966 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 08 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.62%	-1.62%
3M	6.9%	3.93%
1Y	10.44%	6.61%
3Y	15.2%	15.53%
5Y	14.68%	15.24%

The fund has been firmer over shorter stretches than its benchmark, with both the 1-month and 3-month numbers holding up better than the index. That tells us the recent path has been uneven but not weak, and the fund recovered through the 3-month window after a softer patch in the one-month reading.

The 1-year return is comfortably ahead of the benchmark, which suggests the fund has recently captured more of the mid-cap upside than the index itself. At the same time, the 3-year and 5-year returns are slightly below the benchmark, so the longer view is more measured than the recent one. That mix usually points to a fund that can participate well in favourable periods but does not consistently dominate through the full cycle.

Looking at the shape of the return pattern, the fund has moved through meaningful swings over the last few years rather than following a smooth upward line. The longer-term compounding is still positive and respectable, but the path has included clear drawdowns and recoveries. For investors, that matters as much as the headline return because mid-cap funds can test patience even when the end result remains acceptable.

On balance, our view is that the fund’s current behaviour is better than its 3-year and 5-year comparison with the benchmark, but the margin is not large enough to call it a clear long-term outlier. It looks more like a solid, cyclical mid-cap option whose near-term momentum has improved relative to its longer history.

Source data date: as of 08 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	10.44%	15.2%	14.68%
HSBC Midcap Fund Direct Growth Plan	23.85%	24.59%	19.76%
WOC Mid Cap Fund Direct Growth Plan	17.45%	22.06%	Data not available
Helios Mid Cap Fund Direct Growth Plan	15.34%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	15.09%	20.25%	17.01%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	14.25%	18.19%	18.68%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is well below the strongest peer readings in the table, while its 3-year and 5-year numbers also sit behind the better-performing peers with available data. That makes the recent gap visible without changing the broader picture: the fund has still delivered positive compounding, but peers have done more in both the shorter and medium horizons.

The short-term comparison and the longer-term comparison tell a consistent story rather than two different ones. There is some recent improvement in how the fund has behaved versus the benchmark, but peer returns suggest that other mid-cap funds have translated that environment into much stronger numbers. Investors looking at this category for growth will likely notice that this fund is steadier than spectacular over the measured periods.

Source data date: as of 08 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
The Federal Bank Ltd.	Bank	3.41%
AU Small Finance Bank Ltd.	Bank	3.03%
Apl Apollo Tubes Ltd.	Iron & Steel	2.88%
Billionbrains Garage Ventures Ltd.	Domestic Equities	2.82%
Max Financial Services Ltd.	Finance	2.6%
Navin Fluorine International Ltd.	Chemicals	2.55%
JK Cement Ltd.	Construction Materials	2.53%
Ajanta Pharma Ltd.	Healthcare	2.45%
Thermax Ltd.	Capital Goods	2.43%
PB Fintech Ltd.	IT	2.38%

The largest holding, The Federal Bank Ltd., carries a 3.41% weight, so no single position dominates the portfolio on its own. The fall from the first holding to the tenth is not steep in absolute terms, moving from 3.41% to 2.38%, which suggests the fund is spreading active bets across several names rather than leaning heavily on one or two positions.

The top 10 holdings together account for 27.08% of the portfolio, and the full disclosed holding set contains 68 positions. That combination points to a portfolio that is diversified at the individual-stock level, even though the biggest names may still influence short-term returns. The mix of banks, finance, industrials, chemicals and healthcare also suggests exposure to multiple parts of the mid-cap market rather than a narrow pocket of the universe.

For investors, that shape may be reassuring if they want mid-cap upside without an overly concentrated stock book. At the same time, the fund is still an equity product in a high-risk segment, so diversification inside the portfolio does not remove market volatility; it mainly helps avoid excessive dependence on any one holding.

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

Source data date: as of 08 Sep 2026

Who should invest

This fund is better suited to investors who can tolerate high volatility and stay invested for several years. The 1-year return is stronger than the benchmark, but the 3-year and 5-year figures are slightly behind it, so the main appeal is not consistent outperformance in every market phase.

The risk profile fits someone who wants mid-cap exposure and can accept uneven interim movements in exchange for long-term growth potential. The trade-off is clear: you get a diversified, actively managed mid-cap portfolio, but you must be comfortable with performance that can lag the benchmark over longer windows even after better recent spells.

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 08 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Midcap Fund Direct Growth Plan?

The current NAV is ₹960.35 as of 08 Sep 2026.

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

The fund’s 1-year return is 10.44%, the 3-year return is 15.2% and the 5-year return is 14.68%.

How does the fund compare with its benchmark?

It is ahead of the benchmark over 1 year, but slightly behind over 3 years and 5 years. That makes the recent picture better than the longer one.

How does it compare with the peer funds listed here?

The fund’s 1-year, 3-year and 5-year returns are below the stronger peer readings shown here. The gap is visible across both recent and longer periods.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹100.

What are the fund’s risk profile, holdings mix and exit load?

The fund is in the High Risk category. Its top holdings are spread across banks, finance, industrials, chemicals, healthcare and IT, and the exit load is 1% on or before 90D, with nil exit load after 90D.

Bottom line

Aditya Birla SL Midcap Fund Direct Growth Plan shows a better recent run than its longer-history comparison, but its 3-year and 5-year returns are only modestly behind the benchmark rather than clearly ahead. Peer return data points to stronger alternatives over the same horizons, so this fund reads more as a stable mid-cap option than a category leader. Its High Risk profile and diversified stock list make it suitable for investors who can handle volatility and want mid-cap exposure without a heavily concentrated portfolio.

Published on 9 September 2026 at 4:16 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.