Bandhan CRISIL IBX Gilt April 2032 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan CRISIL IBX Gilt April 2032 Index Fund Direct Growth Plan has a NAV of ₹13.0655 as of 17 Sep 2026 and an AUM of ₹413 Cr. Its 1-year, 3-year and 5-year returns are 4.68%, 7.44% and 0% respectively, and the scheme is tagged as Medium Risk. In our view, this is a gilt index fund for investors who want sovereign-bond exposure with a defined maturity theme, but they should be comfortable with limited upside and periods of short-term weakness.

The return pattern suggests a steadier long-term shape than the weak benchmark path, while the portfolio is tightly anchored to Government Securities. That makes the fund more suitable for conservative investors who are looking for debt-market exposure and can stay invested long enough for the maturity profile to matter.

Quick facts

Particular	Details
NAV	₹13.0655 as of 17 Sep 2026
AUM	₹413 Cr
Expense Ratio	0.21%
Launch Date	15 Feb 2023
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Gautam Kaul, Harshal Joshi

The fund is managed by Gautam Kaul and Harshal Joshi.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.01%	-3.66%
3M	0.31%	-3.71%
1Y	4.68%	-7.13%
3Y	7.44%	5.82%
5Y	Data not available	Data not available

The short-term pattern has been uneven, but the fund has still held up better than the benchmark over 1 month, 3 months and 1 year. That tells us the underlying gilt structure has cushioned the recent drawdown relative to the broader reference index, even though the fund itself has not delivered smooth month-to-month gains.

Over 3 years, the fund’s return has improved to 7.44%, which is above the benchmark’s 5.82% over the same period. Our view is that this matters more than the short-term noise because gilt strategies tend to be judged more on the stability of their bond exposure and the longer path of yields than on a single weak month.

The benchmark has been negative over 1 month, 3 months and 1 year, so the fund’s positive 1-year return stands out. Even so, the 5-year figure is not available for either side, which limits how far we can extend the trend story. The cleaner read is that recent performance is better than the benchmark, while the 3-year record is also ahead, though not by a wide margin.

Source data date: as of 17 Sep 2026

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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
Bandhan CRISIL IBX Gilt April 2032 Index Fund Direct Growth Plan	4.68%	7.44%	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 fund’s 1-year return is well below the fastest-growing peer figures shown here, but that comparison is not a like-for-like category test because the peer set contains equity-oriented index funds with much stronger upside potential. On the 3-year measure, the fund is below the best available peer figures in this list, yet it still shows a steadier profile than the more volatile peer returns. So the shorter-term and longer-term comparisons tell different stories: the fund is not competing on raw return strength, but it has held up with a more defensive bond-market shape.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.54% GOI (MD 17/01/2032)	Government Securities	68.71%
7.02% GOI (MD 18/06/2031)	Government Securities	14.76%
6.1% GOI (MD 12/07/2031)	Government Securities	13.68%
Triparty Repo TRP_010926	Cash & Cash Equivalents and Net Assets	2.01%
Net Current Assets	Cash & Cash Equivalents and Net Assets	0.84%

The largest holding is 6.54% GOI (MD 17/01/2032) at 68.71%, so one security is likely to have the greatest influence on the fund’s behaviour. The next two government securities are much smaller at 14.76% and 13.68%, which shows a steep drop after the first line of exposure.

With only five disclosed holdings and the top holdings together accounting for 100% of the portfolio, this is a very concentrated gilt structure rather than a broadly spread mix. That concentration may make the fund more sensitive to price moves in the main sovereign bond bucket, even though the exposure is still to government securities rather than credit risk.

The tail is short: the cash and cash-equivalent lines together sum to 2.85%, leaving very little weight outside the three core gilt positions. Our view is that the disclosed portfolio is highly focused, which can help investors who want a clear maturity-linked bond profile, but it also means the fund may move mainly with a small set of instruments.

Source data date: as of 17 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with Medium Risk and who can hold through short-term fluctuations. The recent return pattern is uneven, but the 3-year record is better than the benchmark and the longer bond exposure can make the fund more relevant for a multi-year horizon rather than a quick allocation.

The main trade-off is that the portfolio is concentrated in a few government securities, so returns may not be smooth even though the credit profile stays anchored in sovereign bonds. Investors who want a defined gilt exposure and can accept moderate variation in mark-to-market performance may find the structure more useful than those seeking consistently strong near-term gains.

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: No exit load.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan CRISIL IBX Gilt April 2032 Index Fund Direct Growth Plan?

The current NAV is ₹13.0655 as of 17 Sep 2026.

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

The fund’s 1-year return is 4.68%, its 3-year return is 7.44%, and its 5-year return is not available.

How has the fund performed versus the benchmark?

It has done better than the benchmark over 1 month, 3 months and 1 year, and it is also ahead on the 3-year measure. The benchmark figures are negative at 1 month, 3 months and 1 year.

How does the fund compare with the peer funds listed here?

Its 1-year and 3-year returns are much lower than the strongest return figures in the peer list, but the comparison is not like-for-like because the peer set includes equity-oriented index funds. Within the available numbers, the fund looks steadier rather than stronger on raw return.

Is there a minimum SIP amount?

No minimum SIP amount is stated here, so we are not treating any SIP figure as confirmed.

What are the portfolio and exit-load features of the fund?

The portfolio is concentrated in three government securities, led by 6.54% GOI (MD 17/01/2032) at 68.71%. The fund has no exit load, and it is managed by Gautam Kaul and Harshal Joshi.

Bottom line

This fund’s shorter-term performance has been uneven, but the 3-year return is ahead of the benchmark and the long-dated gilt structure gives it a clearer bond-market identity than a broad debt allocation. Compared with the peer return figures shown here, it is not a high-return standout, yet that is not the right lens for a sovereign bond index fund. The key portfolio feature is concentration in a few government securities, which may keep the return path focused and sensitive to rate moves.

Published on 18 September 2026 at 11:46 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.