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

Aditya Birla SL Small Cap Fund Direct Growth Plan has a NAV of ₹117.5074 as of 09 Sep 2026 and a scheme AUM of ₹6,226 Cr. Its 1-year, 3-year and 5-year returns are 22.31%, 15.81% and 14.86% respectively, and it sits in the High Risk category. Our view is that this is a small-cap option for investors who can stay invested through sharp swings and are comfortable with a portfolio that can behave unevenly over shorter periods.

The fund’s longer-run record is steadier than its recent patch, and that matters in a small-cap strategy. The benchmark has been meaningfully weaker over 1 year, while the fund has kept a stronger multi-year profile. That mix suggests a fund that has still compounded reasonably well over time, but with volatility that investors need to accept.

Quick facts

Particular	Details
NAV	₹117.5074 as of 09 Sep 2026
AUM	₹6,226 Cr
Expense Ratio	0.89%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Small Cap
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Abhinav Khandelwal, Dhaval Joshi

The fund is managed by Abhinav Khandelwal and Dhaval Joshi.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	2.23%	0.47%
3M	14.04%	9.83%
1Y	22.31%	6.04%
3Y	15.81%	15.26%
5Y	14.86%	14.5%

The recent numbers are constructive. Over 1 month and 3 months, the fund has moved ahead of the benchmark, which tells us short-term sentiment has been firmer than the index’s move. The 1-year return is also much better than the benchmark’s, so the fund has delivered a stronger one-year outcome even though small-cap journeys are rarely smooth.

The longer window is more balanced. At 3 years and 5 years, the fund is only slightly ahead of the benchmark, which suggests the advantage is real but not dramatic. That matters because it shows the fund has not relied on one strong year alone to build its record.

There is also a clear difference between the path and the end result. The one-year journey includes a weaker stretch before recovery, while the 3-year and 5-year paths show a more measured climb. In our view, this profile fits a small-cap fund that can recover from softness, but not one that should be expected to move in a straight line.

Overall, the fund is ahead of the benchmark across every displayed period, but the margin is widest in the recent 1-year view. The 3-year and 5-year figures indicate a more modest lead, which is consistent with a fund that can participate in rallies without looking extreme over full cycles.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Aditya Birla SL Small Cap?

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 Small Cap Fund Direct Growth Plan	22.31%	15.81%	14.86%
TRUSTMF Small Cap Fund Direct Growth Plan	34.15%	Data not available	Data not available
Bank of India Small Cap Fund Direct Growth Plan	28.12%	21.92%	20.56%
Motilal Oswal Small Cap Fund Direct Growth Plan	25.85%	Data not available	Data not available
Union Small Cap Fund Direct Growth Plan	25.03%	17.56%	17.97%
ITI Small Cap Fund Direct Growth Plan	24.29%	25.19%	19.53%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is below several peer figures shown here, although it still sits above the benchmark and remains competitive in absolute terms. Over 3 years and 5 years, it trails some peers with available data and stays close to others, so the medium-term picture is solid but not dominant.

The short-term and longer-term stories are not identical. Recent performance has been decent, but peers such as Bank of India Small Cap Fund Direct Growth Plan and ITI Small Cap Fund Direct Growth Plan show stronger numbers in the available longer-window comparison. Even so, the fund’s own three- and five-year returns remain stable enough to support a case for investors who care more about consistency across cycles than about one hot year.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	4.89%
TD Power Systems Ltd.	Capital Goods	3.29%
Sai Life Sciences Ltd.	Domestic Equities	2.96%
Navin Fluorine International Ltd.	Chemicals	2.93%
Ujjivan Small Finance Bank Ltd.	Bank	2.43%
Shaily Engineering Plastics Ltd.	Plastic Products	2.19%
Radico Khaitan Ltd.	Alcohol	2.18%
Ather Energy Ltd.	Domestic Equities	2.15%
Craftsman Automation Ltd.	Automobile & Ancillaries	2.10%
Arvind Ltd.	Textile	2.08%

The largest disclosed holding is TREPS at 4.89%, which is not a very large single-stock weight. The tenth holding stands at 2.08%, so the drop from the top position to the bottom of this visible list is fairly measured rather than steep. That pattern may soften single-name dependence at the top end, even though small-cap funds can still move sharply when individual holdings react to market news.

The top 10 holdings account for approximately 27.2% of the portfolio, and the fund has 74 disclosed holdings in total. That combination points to a fairly broad spread beyond the visible leaders, with the rest of the portfolio likely sitting across a longer tail of positions. In our view, the structure suggests that no single holding dominates the portfolio, but the smaller positions together may still have a meaningful effect on returns.

Because the fund discloses 74 holdings and the top 10 sum to a little over a quarter of assets, the disclosed list looks more layered than concentrated. That can help reduce reliance on one or two positions, while still leaving enough room for stock-specific outcomes to matter.

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

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested for several years. The return pattern shows that it has handled the longer horizon better than the benchmark, but the small-cap category can still swing sharply in shorter stretches.

The main trade-off is between stronger growth potential and uneven interim performance. The portfolio’s small individual holdings and broad set of 74 disclosed positions may appeal to investors who want stock-specific upside without depending too heavily on one name.

For investors with a patient horizon, the fund can fit as a satellite small-cap holding rather than a core conservative allocation. Those who want smoother month-to-month outcomes may find the volatility harder to live with.

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 09 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Small Cap Fund Direct Growth Plan?
Its current NAV is ₹117.5074 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 22.31%, 15.81% and 14.86%.

How has the fund performed versus the benchmark?
It has stayed ahead of the Nifty Small Cap benchmark across the displayed 1-month, 3-month, 1-year, 3-year and 5-year periods. The margin is widest over 1 year.

How does the fund compare with peer small-cap funds?
Its 1-year return is below some peer funds shown here, while its 3-year and 5-year figures are mixed against peers with available data. The fund still remains ahead of the benchmark over every displayed period.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund, and what is the exit load?
The fund is managed by Abhinav Khandelwal and Dhaval Joshi. The exit load is 1% on or before 90D, and nil after 90D.

Bottom line

Aditya Birla SL Small Cap Fund Direct Growth Plan has a better recent run than its benchmark and a reasonable long-term record, but the stronger one-year outcome is not matched by standout three- and five-year peer comparisons. The High Risk label fits the way a small-cap fund can move through rough patches before recovering. Its top holdings are spread across a fairly broad 74-stock universe, with no very large single position at the top, which may help diversify stock-specific risk. It suits patient investors who can handle volatility in exchange for small-cap growth potential.

Published on 10 September 2026 at 2:28 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.