Axis CRISIL IBX SDL May 2027 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis CRISIL IBX SDL May 2027 Index Fund Direct Growth Plan has a current NAV of ₹13.2619 as of 16 Sep 2026 and a scheme AUM of ₹1,704 Cr. Its 1-year, 3-year and 5-year returns are 6.19%, 7.49% and 0% respectively, and the scheme is tagged as Balanced Risk.

Our view is that this is a conservative, date-specific index fund where the portfolio structure matters as much as the recent return path. The income-oriented holding mix and modest expense ratio of 0.16% make it easier to understand, but the return profile has been steadier than strong. It can suit investors who want relatively measured credit exposure and can stay invested through a maturity-linked journey rather than expecting broad-market style upside.

Quick facts

Particular	Details
NAV	₹13.2619 as of 16 Sep 2026
AUM	₹1,704 Cr
Expense Ratio	0.16%
Launch Date	23 Feb 2022
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Hardik Shah, Aditya Pagaria

The fund is managed by Hardik Shah and Aditya Pagaria.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.37%	-4.41%
3M	1.48%	-3.6%
1Y	6.19%	-7.76%
3Y	7.49%	5.74%
5Y	Data not available	Data not available

The recent pattern is better read as stability rather than sharp upside. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which suggests the portfolio has been less sensitive to short-term swings than the benchmark series we are looking at here.

The 1-year return also stays ahead of the benchmark, but the gap narrows when we look at 3 years. That tells us the stronger short-term holding pattern has not translated into a materially stronger medium-term lead over the benchmark, even though the fund still holds its ground well.

The longer track record points to a measured compounding profile. The 3-year return is positive and the line of movement is not erratic, but the pattern is not one of strong acceleration. Our view is that this fund has behaved more like a steady income-oriented instrument than a high-momentum return generator.

Because 5-year figures are not available, the cleaner read is through the available windows: the fund has recently held up better than the benchmark, while the 3-year outcome shows moderate rather than standout compounding.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Axis CRISIL IBX SDL May 2027 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
Axis CRISIL IBX SDL May 2027 Index Fund Direct Growth Plan	6.19%	7.49%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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 far below the strongest peer figures in this comparison set, while its 3-year return is also lower than the peer with a published 3-year record here. That said, the comparison is not one-dimensional: some peer funds only provide a 1-year figure, so the shorter-term view is easier to compare than the longer-term one. The overall picture is still that this fund has been steadier than aggressive in its return profile.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.51% Maharashtra State Development Loans (24/05/2027)	Government Securities	24.61%
7.52% Gujarat State Development Loans (24/05/2027)	Government Securities	16.01%
7.52% Tamilnadu State Development Loans (24/05/2027)	Government Securities	11.45%
7.53% Haryana State Development Loans (24/05/2027)	Government Securities	8.77%
7.92% West Bangal State Development Loans (15/03/2027)	Government Securities	6.99%
6.72% Kerala State Development Loans (24/03/2027)	Government Securities	4.42%
7.52% Uttar Pradesh State Development Loans (24/05/2027)	Government Securities	3.73%
7.88% Chattisgarh State Development Loans (15/03/2027)	Government Securities	3.56%
7.51% Rajasthan State Development Loans (24/05/2027)	Government Securities	2.96%
6.58% Gujarat State Development Loans (31/03/2027)	Government Securities	2.94%

The top 10 holdings account for approximately 85.44% of the portfolio.

To see all holdings, visit the Axis CRISIL IBX SDL May 2027 Index Fund Direct Growth Plan page

This portfolio is dominated by state development loans, and the largest single holding at 24.61% is meaningfully above the next names in the list. The drop from the first holding to the tenth is steep enough to show that the portfolio is not evenly spread across the top line-up; the largest positions carry much more influence than the smaller ones in the table.

Because the top 10 holdings already represent 85.44% of the portfolio, the fund looks concentrated in a relatively short tail of positions even though there are 20 disclosed holdings in total. That does not automatically make the structure unsuitable, but it does mean a few holdings may have greater influence on outcomes than a more widely dispersed portfolio would.

For investors, that concentration can be acceptable if they are comfortable with a tighter basket of dated debt instruments and want a more defined maturity profile. It could also help explain why the fund’s behaviour looks orderly rather than highly volatile, even though the performance history is not especially strong.

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors with moderate risk tolerance who are comfortable with a balanced-risk debt-oriented allocation and can stay invested for a medium-term horizon that matches the underlying maturity profile. The return pattern is positive but not aggressive, so the main appeal is steadier behaviour rather than standout growth.

The key trade-off is that the portfolio can offer a more controlled path than broader market-oriented funds, but it may not deliver the same upside when risk assets rally. Investors comparing it with peers will also see that the available return history is more restrained than several peer schemes, so the fit is better for capital stability and predictable structure than for chasing high returns.

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

No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Axis CRISIL IBX SDL May 2027 Index Fund Direct Growth Plan?

The current NAV is ₹13.2619 as of 16 Sep 2026.

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

The 1-year return is 6.19%, the 3-year return is 7.49%, and the 5-year return is Data not available.

How does the fund compare with the benchmark?

The fund has been ahead of the benchmark in the 1-month, 3-month and 1-year periods, while the 3-year return is 7.49% against the benchmark’s 5.74%. The recent edge is clearer than the longer-term one.

How does it compare with peer funds on available return data?

Its 1-year return is lower than the peer figures shown here, while its 3-year return is also below the peer with a published 3-year record in this set. The comparison points to a steadier, more restrained return profile.

What is the minimum SIP amount?

The minimum SIP amount is ₹1,000.

What is the risk profile and who manages the fund?

The fund is tagged as Balanced Risk. It is managed by Hardik Shah and Aditya Pagaria, and its holdings are concentrated in state development loans.

Bottom line

This fund’s short-term behaviour has been better than its benchmark, but the longer view is more moderate, with 3-year returns that are positive rather than strong. Compared with the peer set shown here, its available return figures are more restrained, which fits a more measured debt-oriented approach. The portfolio is concentrated in state development loans, so the outcome may be shaped by a small group of large positions. Our view is that it suits investors who want structure and balance more than aggressive upside.

Published on 17 September 2026 at 2:13 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.