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 ₹977.24 as of 28 August 2026 and a scheme AUM of ₹6,722 Cr. Its 1-year, 3-year and 5-year returns are 14.06%, 17.63% and 16.11%, and the scheme is in the High Risk category.

Our view is that this fund suits investors who want mid-cap exposure with a sizable small-cap tilt and can stay invested through uneven periods. The longer-term return pattern is solid, but the recent 1-year outcome trails the benchmark, so the case here is more about accepting volatility for growth potential than expecting smooth outperformance.

Quick facts

Particular	Details
NAV	₹977.24
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 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	3.43%	1.59%
3M	9.11%	5.58%
1Y	14.06%	11.03%
3Y	17.63%	15.99%
5Y	16.11%	16.99%

Recent performance has been firmer than the benchmark over 1 month, 3 months and 1 year. That tells us the fund has had a better short-term stretch than the NIFTY Mid Cap index, even though the margin is not large enough to suggest a radically different profile.

The 3-year return remains ahead of the benchmark, which supports the view that the fund has kept pace well over a full market cycle. The 5-year figure is slightly behind the index, so the longer view is more balanced than the medium-term view. In other words, the fund has shown reasonable compounding, but not an uninterrupted lead over the benchmark.

The path of returns over the last year also points to a choppy journey rather than a smooth climb. There was a pronounced dip in the middle of the period before recovery resumed, which is consistent with the High Risk label and with mid-cap style investing. The 3-year and 5-year patterns suggest the fund can recover from drawdowns, but investors should still expect swings along the way.

Overall, the return profile looks stronger in the shorter windows than in the longest window, while the benchmark comparison stays fairly close across the full range. That makes the fund more interesting for investors who can tolerate uneven performance in exchange for growth potential, rather than for those seeking steady, low-variation outcomes.

Source data date: as of 28 Aug 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	14.06%	17.63%	16.11%
HSBC Midcap Fund Direct Growth Plan	26.35%	26.32%	20.50%
WOC Mid Cap Fund Direct Growth Plan	20.02%	24.14%	Data not available
Helios Mid Cap Fund Direct Growth Plan	18.98%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	18.57%	22.80%	18.23%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	17.68%	21.00%	20.11%

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

On the available peer return data, the fund’s 1-year return is below every named peer in this set. That does not change the basic story that it has been positive over the period, but it does mean the recent pace has been more restrained than several other mid-cap options.

The 3-year and 5-year comparison is more mixed. The fund is behind the stronger multi-year figures visible among the peers that have full histories, but it remains in the same broad return zone over longer windows rather than looking detached from the group. The short-term comparison therefore looks softer than the medium-term picture, while the longer-term peer comparison suggests a fund that has participated in the category without showing the most forceful compounding.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The market-cap mix is 1.93% large-cap, 69.94% mid-cap, 23.38% small-cap and 4.75% other. That is a clearly mid-cap-led portfolio with a meaningful small-cap sleeve, so the fund is positioned for growth-oriented equity exposure rather than for defensive balance.

Sector	Weight	Key holdings
FINANCE	10.43%	MAX FINANCIAL SERVICES LIMITED (2.3%), HDFC ASSET MANAGEMENT COMPANY LIMITED (1.54%)
INFRASTRUCTURE	10.15%	IRB INFRASTRUCTURE DEVELOPERS LIMITED (4.95%), HINDUSTAN CONSTRUCTION CO. LTD. (1.6%)
BANK	9.21%	AU SMALL FINANCE BANK LIMITED (2.38%), THE FEDERAL BANK LIMITED (2.32%)
HEALTHCARE	7.84%	METROPOLIS HEALTHCARE LIMITED (2.76%), AJANTA PHARMACEUTICALS LIMITED (1.36%)
AUTOMOBILE & ANCILLARIES	7.25%	MINDA INDUSTRIES LTD (0.95%), TVS MOTOR COMPANY LIMITED (0.83%)

The sector split is fairly spread out at the top, with Finance at 10.43% and Infrastructure close behind at 10.15%. That narrow gap suggests no single sector dominates the fund by a wide margin, although Finance, Infrastructure and Bank together form a meaningful core.

Because the fund has most of its assets in mid-caps and a notable small-cap allocation, portfolio behaviour is likely to be more sensitive to market sentiment than a large-cap-heavy fund. Finance may have greater influence because it has the highest sector weight, but Infrastructure is close enough that it can also shape short-term movement. Healthcare and Automobile & Ancillaries add diversification, yet they are smaller contributors than the top three sectors.

The combination of limited large-cap exposure and a strong mid-cap base means the fund is built for participation in growth phases, while still carrying the usual swings that come with that style mix. The sector weights do not point to a single concentrated bet, but they do point to a portfolio that could respond quickly when mid-cap leadership changes.

Source data date: as of 28 Aug 2026

Who should invest

This fund is better suited to investors who can tolerate High Risk and do not need a steady ride. The 1-year result has been ahead of the benchmark, but the 5-year record is slightly behind it, so the picture is one of reasonable participation rather than consistent outperformance.

The most suitable horizon is long term, because the mid-cap and small-cap mix can move sharply over shorter periods. Investors need to accept that the fund may lag the benchmark in some phases even when the broader multi-year trend remains acceptable.

The main trade-off is between growth exposure and volatility. If an investor wants a portfolio that can benefit from mid-cap cycles and is comfortable with drawdowns, the fund fits that brief better than a conservative equity allocation.

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 28 Aug 2026

Frequently asked questions

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

The current NAV is ₹977.24 as of 28 August 2026.

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

The fund’s 1-year return is 14.06%, the 3-year return is 17.63% and the 5-year return is 16.11%.

How has the fund performed versus its benchmark?

It is ahead of the benchmark over 1 month, 3 months, 1 year and 3 years, but slightly behind over 5 years. That makes the recent picture stronger than the longest view.

How does it compare with peers on available return data?

Its 1-year return is below the named peers listed here, while the 3-year and 5-year figures are also below several peers with available long-term records. The shorter and longer comparisons both show a more moderate return profile.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What is the risk profile, and who manages the fund?

The fund is in the High Risk category and is managed by Vishal Gajwani. Its portfolio is heavily tilted to mid-caps, with a meaningful small-cap allocation as well.

Bottom line

Aditya Birla SL Midcap Fund Direct Growth Plan shows a stronger recent run than its benchmark, but its 5-year return is a little softer than the index, so the story is mixed rather than one-sided. Against the named peers, the latest returns look more restrained, while the portfolio itself stays firmly mid-cap-led with a sizable small-cap component. That combination makes it a growth-oriented equity fund for investors who can handle volatility and prefer a cycle-sensitive allocation.

Published on 31 August 2026 at 12:55 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.