Axis India Manufacturing Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis India Manufacturing Fund Direct Growth Plan is at ₹16.52 as of 17 Sep 2026, with scheme AUM of ₹5,795 Cr. Its 1-year, 3-year and 5-year returns are 10.95%, 0% and 0% respectively, and the fund sits in the High Risk category. Our view is that it has shown short-term resilience, but the return history is still too limited to judge it as a steady long-term compounder.

The fund’s manufacturing tilt makes it more sensitive to cyclical moves than a broad-market core fund, and that can lift swings around the benchmark. For investors, this is best viewed as a higher-variance satellite allocation rather than a substitute for a diversified equity core.

Quick facts

Particular	Details
NAV	₹16.52 as of 17 Sep 2026
AUM	₹5,795 Cr
Expense Ratio	0.52%
Launch Date	21 Dec 2023
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	NIL for 10% of investment and 1% for remaining investment on or before 90D, Nil after 90D
Fund Managers	Nitin Arora

The fund is managed by Nitin Arora.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.65%	-3.66%
3M	4.42%	-3.71%
1Y	10.95%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent behaviour is uneven, but the fund has done better than the benchmark over every available window. The one-month return is still negative, although it fell less than the benchmark. Over three months, the fund recovered to a positive 4.42% while the benchmark stayed negative, which points to a stronger rebound in the latest stretch.

The bigger picture is that the 1-year return is positive at 10.95%, even though the benchmark is down 7.13% over the same period. That gap matters because it shows the strategy has been able to navigate a weak market backdrop better than the broad index. At the same time, the fund is still very new, so we do not yet have a meaningful 3-year or 5-year record to test whether this lead can hold through a full cycle.

The daily pattern also suggests a choppy path rather than a smooth climb. There were periods of softness and recovery within the year, which is consistent with a concentrated thematic equity approach. For investors, that means the fund’s current outperformance looks real, but it still needs more time before we can treat it as a durable long-term pattern.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Axis India Manufacturing?

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 India Manufacturing Fund Direct Growth Plan	10.95%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	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 much lower than the strongest peer figures shown here, but it still stands above the market benchmark over the same period. Where the comparison becomes more limited is on 3-year and 5-year numbers, because most peer entries also do not have a long track record available, while one peer has a materially stronger 3-year figure. That mix suggests the fund’s recent showing is respectable, but the longer-horizon evidence remains thin.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mahindra & Mahindra Limited	Automobile & Ancillaries	5.13%
Sun Pharmaceutical Industries Limited	Healthcare	3.77%
Divi'S Laboratories Limited	Healthcare	3.47%
Bharat Electronics Limited	Capital Goods	3.01%
Sona BLW Precision Forgings Limited	Automobile & Ancillaries	3.01%
Reliance Industries Limited	Crude Oil	2.89%
TVS Motor Company Limited	Automobile & Ancillaries	2.84%
Bharat Heavy Electricals Limited	Capital Goods	2.53%
Cummins India Limited	Automobile & Ancillaries	2.45%
Hindalco Industries Limited	Non – Ferrous Metals	2.33%

The top 10 holdings account for approximately 31.43% of the portfolio.

To see all holdings, visit the Axis India Manufacturing Fund Direct Growth Plan page

The largest holding, Mahindra & Mahindra Limited, carries a 5.13% weight, so it can meaningfully influence returns without dominating the portfolio on its own. The tenth holding is 2.33%, which shows that the weight drops only gradually across the top positions rather than falling sharply after the first few names.

That pattern points to a spread of influence across several positions, especially across automobiles, healthcare and capital goods, instead of a very narrow one-stock structure. Still, the top 10 holdings together account for 31.43% of the portfolio, while the scheme has 61 disclosed holdings in total, so the remaining exposure is distributed across a relatively long tail. Our view is that this can help balance single-stock risk, but the fund may still behave differently from a broad benchmark because the portfolio is built around a specific manufacturing-linked theme.

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can hold for a longer horizon through cyclical stretches. The 1-year return is positive, but the 1-month result is still negative, so short-term moves can remain uneven even when the broader trend improves.

It also fits investors who want manufacturing-linked exposure rather than a plain benchmark-style core allocation. The main trade-off is that the fund has outpaced the benchmark over the available windows, but its short track record and sector tilt mean the ride may be choppier than a diversified large-cap equity fund.

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: NIL for 10% of investment and 1% for remaining investment on or before 90D, Nil after 90D.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Axis India Manufacturing Fund Direct Growth Plan?
The current NAV is ₹16.52 as of 17 Sep 2026.

How have the fund’s returns looked over 1 year, 3 years and 5 years?
The fund’s 1-year return is 10.95%, while the 3-year and 5-year returns are not available in the current record.

How does the fund compare with the benchmark?
It has outperformed the Nifty 50 over every available window. The fund is up 10.95% over 1 year, while the benchmark is down 7.13%.

How does it compare with the peer funds shown here?
Its 1-year return is below the strongest peer figures shown, but it remains ahead of the benchmark over the same period. Most peers also do not have 3-year or 5-year figures available here.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Nitin Arora. The exit load is NIL for 10% of investment and 1% for the remaining investment on or before 90D, and Nil after 90D.

Bottom line

Axis India Manufacturing Fund Direct Growth Plan has a short but positive recent track record, with its 1-year return ahead of the benchmark and its very latest month still slightly negative. That mix suggests some near-term volatility, but also enough resilience to stand apart from a weak broad-market backdrop. The portfolio is tilted toward a specific manufacturing-linked theme, and the top holdings are spread across several names rather than dominated by one position. For investors who can handle High Risk equity exposure and want thematic diversification, it may be worth watching as a satellite holding.

Published on 18 September 2026 at 10:41 AM 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.