Aditya Birla SL Nifty India Defence Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan has a NAV of ₹13.7759 as of 02 Sep 2026 and scheme AUM of ₹1,283 Cr. Its 1-year, 3-year and 5-year returns are 27.38%, 0% and 0%, and the fund is tagged as High Risk. Our view is that this is a focused thematic index fund with sharp sector concentration, so it suits investors who can accept high volatility in exchange for exposure to India’s defence theme.

The fund has been live since 30 August 2024, so the track record is still short, and that matters when reading the return history. The recent return profile is strong, but the longer-term figures are not yet built out, so the main question is less about mature compounding and more about whether an investor wants a concentrated theme allocation rather than a broad market core.

Quick facts

Particular	Details
NAV	₹13.7759 as of 02 Sep 2026
AUM	₹1,283 Cr
Expense Ratio	0.31%
Launch Date	30 Aug 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.05% on or before 30D, Nil after 30D
Fund Managers	Mehul Dama, Priya Sridhar

The fund is managed by Mehul Dama and Priya Sridhar.

Source data date: as of 02 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	2%	-3.47%
3M	6.71%	2.17%
1Y	27.38%	-3.84%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-run pattern is clearly firmer than the benchmark. Over 1 month, the fund stayed positive while the benchmark slipped, and over 3 months it held a stronger pace than the benchmark’s modest gain. That tells us the portfolio has had better recent momentum than the broader reference index.

The 1-year figure is the key headline: the fund’s 27.38% return stands well ahead of the benchmark’s -3.84%. That gap is large enough to show meaningful thematic strength over the past year, not just a small tracking difference. For an index fund, this kind of divergence usually reflects the underlying theme rather than manager-driven selection.

At the same time, the 3-year and 5-year fields are not yet available, so we should be careful not to read the recent strength as a full cycle result. The available time pattern still shows swings, which is consistent with a concentrated defence theme and helps explain why the fund sits in the High Risk bucket.

Source data date: as of 02 Sep 2026

Should you BUY or HOLD Aditya Birla SL Nifty India Defence 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
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.63%	29.13%	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	27.9%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	27.62%	Data not available	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	27.38%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	27.38%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is in the same band as Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan, while ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan has a higher 1-year figure. The short-term comparison therefore looks competitive, but the longer-term comparison remains limited because only the ICICI peer has a 3-year figure here, and that is not directly matched by this fund.

That mixed picture matters. In the near term, the fund has kept pace with another defence index fund and stayed close to the better capital-market themed index peers. Over a longer lens, though, the lack of 3-year and 5-year figures means the comparison is still incomplete, so the peer table is more useful for checking recent momentum than for judging full-cycle consistency.

Source data date: as of 02 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Hindustan Aeronautics Ltd.	Capital Goods	21.56%
Bharat Electronics Ltd.	Capital Goods	19.01%
Bharat Forge Ltd.	Automobile & Ancillaries	15.15%
Solar Industries India Ltd.	Chemicals	11.57%
Mazagon Dock Shipbuilders Ltd.	Ship Building	4.67%
Astra Microwave Products Ltd.	Capital Goods	4.07%
Data Patterns (India) Ltd.	Capital Goods	3.33%
Mtar Technologies Ltd.	Capital Goods	3.17%
Cochin Shipyard Ltd.	Ship Building	3.11%
Bharat Dynamics Ltd.	Capital Goods	2.98%

The largest holding, Hindustan Aeronautics Ltd., carries a weight of 21.56%, so it could have a meaningful influence on the fund’s day-to-day movement. The next few positions are also heavy, which means the portfolio is not built as a broad, evenly spread basket.

The weight drops from 21.56% at the top to 2.98% in the tenth holding, which is a steep fall. That shape suggests the portfolio may depend more on a handful of names than on a long tail of similar-sized holdings. For a thematic index fund, that is important because a few large positions can drive returns, especially when the theme is in favour.

The top 10 holdings account for approximately 88.62% of the portfolio, and there are 18 disclosed holdings in total. That tells us the portfolio is concentrated even before we look beyond the visible names, so investors need to be comfortable with the possibility that a small set of defence-linked companies may dominate outcomes.

To see all holdings, visit the Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan page

Source data date: as of 02 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk and are comfortable with a theme-led allocation rather than a broad market core. The 1-year return has been strong, but the absence of established 3-year and 5-year history means the fund is still early in its life, so it is better suited to investors with a longer horizon and a high tolerance for volatility.

The main trade-off is clear: you get concentrated exposure to India’s defence theme, but you also accept a portfolio where a few large positions can dominate performance. Investors who want steadier, market-wide diversification may find that balance too narrow, while those who specifically want thematic upside may be more comfortable with it.

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: 0.05% if units are sold on or before 30 days; nil after 30 days.

Source data date: as of 02 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan?

The current NAV is ₹13.7759 as of 02 Sep 2026.

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

The fund’s 1-year return is 27.38%, while the 3-year and 5-year returns are both Data not available.

How has the fund done against its benchmark?

It has outpaced the benchmark over 1 month, 3 months and 1 year. The 1-year gap is especially wide, with the fund at 27.38% versus the benchmark at -3.84%.

How does it compare with peer funds on recent returns?

Its 1-year return is in line with Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan and close to the capital-markets themed peers, while ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan has a higher 1-year figure.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is its risk profile?

The fund is managed by Mehul Dama and Priya Sridhar, and it is classified as High Risk. Its portfolio is concentrated, with the top 10 holdings accounting for approximately 88.62% of the portfolio.

Bottom line

The fund’s recent return profile is much stronger than the benchmark’s, but the longer history is still short, so the available evidence is mostly about recent momentum rather than full-cycle consistency. Compared with peers, the 1-year figure is competitive, though not the strongest in the set shown here. The portfolio is highly concentrated in defence-linked names, which can amplify both upside and volatility. That makes the fund more appropriate for investors who want thematic exposure and can stay comfortable with sharp swings.

Published on 3 September 2026 at 3:39 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.