Bandhan Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Mid Cap Fund Direct Growth Plan has a current NAV of ₹20.049 as of 16 Sep 2026, and the scheme AUM stands at ₹2,581 Cr. Its 1-year, 3-year and 5-year returns are 6.49%, 17.41% and 0%, respectively, and the fund sits in the High Risk category.

Our view is that this is a mid-cap fund for investors who can tolerate uneven outcomes and want exposure to a portfolio that has delivered a stronger 3-year pattern than its short-term showing. The mix of individual stock positions and the benchmark-relative history points to a fund that may suit a longer holding period more than a short trading horizon.

Quick facts

Particular	Details
NAV	₹20.049 as of 16 Sep 2026
AUM	₹2,581 Cr
Expense Ratio	0.61%
Launch Date	18 Aug 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Ritu Modi, Harshal Joshi

The fund is managed by Ritu Modi and Harshal Joshi.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.54%	-4.63%
3M	2.33%	-1.83%
1Y	6.49%	3.02%
3Y	17.41%	13.89%
5Y	Data not available	Data not available

The recent pattern is mixed but not weak across the full window we can observe. Over 1 month, the fund fell less than the benchmark, and over 3 months it turned positive while the benchmark remained negative, which tells us it handled the latest phase better than the index.

The 1-year return of 6.49% is ahead of the benchmark’s 3.02%, and the 3-year return of 17.41% is also ahead of the benchmark’s 13.89%. That gap suggests the fund has added value over a fuller market cycle, even though the shorter patch has not been smooth.

The return path also shows some volatility, with a dip and recovery pattern rather than a straight line. For a mid-cap strategy, that behaviour is not unusual, but it does mean investors should be comfortable with periods where the fund can lag or swing around before compounding resumes.

We would read the 3-year picture as more constructive than the latest 1-month blip. The evidence here points to a fund that has outpaced its benchmark over both 1-year and 3-year windows, while the 5-year line is not available because the scheme has a shorter history.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Bandhan Mid 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

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Fund	1Y return	3Y return	5Y return
Bandhan Mid Cap Fund Direct Growth Plan	6.49%	17.41%	Data not available
HSBC Midcap Fund Direct Growth Plan	15.97%	22.92%	18.06%
WOC Mid Cap Fund Direct Growth Plan	11.1%	21%	Data not available
Helios Mid Cap Fund Direct Growth Plan	10.06%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	8.51%	19.17%	15.91%
Baroda BNP Paribas Mid Cap Fund Direct Growth Plan	8.4%	16.15%	14.79%

On the recent one-year measure, this fund trails all four peers with available figures and sits below the strongest recent numbers in the group. That makes the latest stretch look softer than the broader peer set, even though it still stayed ahead of its benchmark over the same period.

The 3-year picture is more balanced. The fund’s 17.41% is ahead of Baroda BNP Paribas Mid Cap Fund Direct Growth Plan and behind HSBC Midcap Fund Direct Growth Plan, WOC Mid Cap Fund Direct Growth Plan and ITI Mid Cap Fund Direct Growth Plan, so the medium-term record is respectable without being the strongest among the available names.

The 5-year comparison is limited because this fund does not have a 5-year figure, while some peers do. That creates two different stories: the recent year is clearly weaker than the peer group, but the 3-year record is more competitive and closer to the middle of the available set than the short-term figure suggests.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Apar Industries Limited	Capital Goods	3.97%
The Federal Bank Limited	Bank	3.32%
Ge Vernova T&D India Limited	Capital Goods	3.28%
Ipca Laboratories Limited	Healthcare	2.66%
Fortis Healthcare Limited	Healthcare	2.44%
Triparty Repo TRP_010926	Cash & Cash Equivalents and Net Assets	2.34%
L&T Finance Limited	Finance	2.23%
Persistent Systems Limited	IT	2.21%
Vishal Mega Mart Limited	Domestic Equities	2.19%
PB Fintech Limited	IT	2.15%

The largest holding is Apar Industries Limited at 3.97%, which is a meaningful but not oversized single-stock weight for a mid-cap portfolio. The tenth holding is PB Fintech Limited at 2.15%, so the drop from the top position to the tenth is fairly moderate rather than abrupt.

The top 10 holdings together account for approximately 26.79% of the portfolio, which suggests the disclosed core is spread across a broad base rather than concentrated in just a few large positions. With 67 holdings disclosed in total, the fund appears to use a long tail of smaller positions alongside its largest bets.

That kind of structure may reduce dependence on one or two holdings, while still leaving the top names with noticeable influence on outcomes. Because the largest holdings are clustered in the 2% to 4% range, performance is likely to reflect a diversified mid-cap book rather than a highly concentrated conviction portfolio.

To see all holdings, visit the Bandhan Mid Cap Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who can accept High Risk exposure and keep money invested for a longer horizon. The 1-year return is modest, but the 3-year record is stronger and better than the benchmark, which means the fund has shown its ability to recover over time.

The main trade-off is volatility. The portfolio is built around mid-cap stocks, so it can move unevenly in the short run, but that also gives it room to participate when the segment is in favour. Investors who want steadier near-term outcomes may find that uncomfortable, while those willing to wait through shorter swings may find the pattern more acceptable.

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% if units are sold on or before 1 year; nil after 1 year.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan Mid Cap Fund Direct Growth Plan?
Its current NAV is ₹20.049 as of 16 Sep 2026.

What are the latest 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.49%, its 3-year return is 17.41%, and its 5-year return is not available because the scheme does not yet have a 5-year track record.

How has it done versus the benchmark?
It has stayed ahead of the benchmark over 1 year and 3 years. The benchmark return is 3.02% for 1 year and 13.89% for 3 years.

How does it compare with peer mid-cap funds?
Its recent 1-year return is lower than the available peer figures, while its 3-year return is competitive but not the strongest among the compared peers.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Ritu Modi and Harshal Joshi. The exit load is 1% if units are sold on or before 1 year, and nil after 1 year.

Bottom line

Bandhan Mid Cap Fund Direct Growth Plan shows a softer recent year but a stronger medium-term pattern, with 3-year performance ahead of the benchmark. Compared with peers, its latest year looks less convincing, while the 3-year record remains workable rather than dominant. The High Risk tag, mid-cap focus and relatively broad spread across 67 holdings mean this is a fund for investors who can handle uneven short-term moves and are looking for a longer compounding runway.

Published on 17 September 2026 at 3:40 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.