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

Axis Nifty India Defence Index Fund Direct Growth Plan has a NAV of ₹10.1233 as of 16 Sep 2026 and an AUM of ₹345 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme is in the High Risk category. Our view is that it suits investors who want a focused thematic equity exposure and are comfortable with sharp short-term swings rather than steady benchmark-like behaviour.

Because the fund launched only on 29 Apr 2026, the return history is still short, and the recent pattern has been weaker than the benchmark over both 1M and 3M windows. That makes the fund more suitable as a niche allocation than as a core equity holding.

Quick facts

Particular	Details
NAV	₹10.1233 as of 16 Sep 2026
AUM	₹345 Cr
Expense Ratio	0.0%
Launch Date	29 Apr 2026
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Nandik Mallik, Rohit Gautam

The fund is managed by Nandik Mallik and Rohit Gautam.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-7.25%	-4.41%
3M	-3.73%	-3.6%
1Y	0%	Data not available
3Y	0%	Data not available
5Y	0%	Data not available

The short-window pattern has been negative, with the fund falling more than the benchmark over 1M and slightly more over 3M. That tells us the early journey has not yet shown a stable cushion versus the market move, even though the gap narrowed over 3M.

Since the scheme started in late April 2026, the 1Y, 3Y and 5Y return fields do not offer a full performance track record in the usual sense. For a fresh thematic index fund, that matters because short launch history can be noisy and may not yet reflect how the portfolio behaves through a full market cycle.

Against the benchmark, the fund has lagged on both recent windows. The 3M difference is small, while the 1M drawdown is more pronounced, so the latest stretch looks weaker than the medium-short stretch. That combination suggests the fund has so far been sensitive to near-term swings rather than delivering smoother tracking.

For now, we read the pattern as a young scheme still building its performance record. Investors looking for evidence of long-run consistency will need more history, while investors focused on the defence theme may place more weight on the portfolio structure than on the still-limited return trail.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Axis 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.

Already holding Axis Nifty India Defence Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
Axis Nifty India Defence Index Fund Direct Growth Plan	0%	0%	0%
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 has a far weaker 1Y figure than the peer funds with available one-year returns, while its own longer-window fields remain unbuilt because the scheme is new. Among the peers that do have 3Y numbers, the fund also trails the two visible long-term records in this list. That creates a clear split: the short-term comparison is already soft, and the limited longer-term comparison does not yet offset it.

For investors, the main takeaway is that this defence-focused scheme has not yet established a return record comparable with the stronger multi-year histories in the table. The peer set also shows that some thematic index funds have already accumulated longer measurement periods, so the current fund’s younger age is part of the comparison itself.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Hindustan Aeronautics Limited	Capital Goods	21.48%
Bharat Electronics Limited	Capital Goods	19.58%
Bharat Forge Limited	Automobile & Ancillaries	13.91%
Solar Industries India Limited	Chemicals	12.2%
Mazagon Dock Shipbuilders Limited	Ship Building	4.69%
Mtar Technologies Limited	Capital Goods	3.76%
Astra Microwave Products Limited	Capital Goods	3.51%
Data Patterns (India) Limited	Capital Goods	3.39%
Cochin Shipyard Limited	Ship Building	3.18%
Bharat Dynamics Limited	Capital Goods	2.93%

The largest holding, Hindustan Aeronautics Limited, carries a 21.48% weight, so it is likely to have greater influence on day-to-day movement than any other single stock in the portfolio. The gap from the first holding to the tenth holding is wide, falling from 21.48% to 2.93%, which shows that the structure is heavily front-loaded rather than evenly spread.

The top 10 holdings together account for approximately 88.63% of the portfolio, and the fund discloses 19 holdings in total. That suggests a concentrated build, where the biggest positions may drive most of the experience while a smaller tail of other holdings contributes less to the overall outcome.

At the same time, concentration is not limited to one stock alone: the first four positions already make up a very large share of the displayed holdings. For investors, that means the defence theme is expressed through a compact set of names, and the fund may therefore react strongly when a few large positions move.

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

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who can handle High Risk exposure and are comfortable with a theme that may move sharply in the short run. The early return record is weak versus the benchmark on recent windows, so the more suitable horizon is one where an investor can tolerate volatility and wait for the theme to play out over time.

The trade-off is straightforward: a focused defence index can offer targeted sector exposure, but it may not behave like a broad market fund and can swing more than diversified equity options. Investors who prefer steadier relative behaviour or who need a short horizon may find that mismatch hard to accept.

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: 0.25% on or before 15D, Nil after 15D. There is no exit load after the holding period.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Axis Nifty India Defence Index Fund Direct Growth Plan?
Its current NAV is ₹10.1233 as of 16 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 0%, 0% and 0%.

How has the fund done against its benchmark recently?
It has lagged the benchmark over both the 1M and 3M periods. The gap was wider over 1M and narrower over 3M.

How does it compare with peer funds on available return data?
Its recent return numbers are weaker than the peer funds with visible one-year records, and its limited longer-window figures do not yet close that gap.

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 Nandik Mallik and Rohit Gautam. The exit load is 0.25% on or before 15D and nil after 15D, with no exit load after the holding period.

Bottom line

Axis Nifty India Defence Index Fund Direct Growth Plan is a young, High Risk thematic index fund whose recent returns have been weaker than the benchmark on short windows. Its limited return history means the longer-term picture is not yet mature, while the portfolio itself is concentrated in a small set of defence-linked names. Investors who want focused sector exposure and can tolerate volatility may find the structure relevant, but the fund is still building a performance record that can be judged over a full cycle.

Published on 17 September 2026 at 4:38 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.