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

Bandhan Mid Cap Fund Direct Growth Plan had a NAV of ₹20.798 as of 28 August 2026 and managed assets of ₹2,391 Cr. Its 1-year, 3-year and 5-year returns are 15.3266%, 19.8009% and Data not available, and the scheme sits in the High Risk category. Our view is that the fund has produced a steady long-term mid-cap outcome so far, but the recent path has been uneven enough that investors need to be comfortable with volatility.

The fund is not a low-variation option, yet its mid-cap core and selective sector mix give it a clear growth orientation. The benchmark comparison shows it has stayed ahead of NIFTY Mid Cap over the available periods, which supports a constructive read on the strategy even though the shorter runs still reflect normal mid-cap swings.

Quick facts

Particulars	Details
NAV	₹20.798
AUM	₹2,391 Cr
Expense Ratio	0.61%
Launch Date	18 August 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 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	4.55%	1.59%
3M	9.41%	5.58%
1Y	15.3266%	11.03%
3Y	19.8%	15.99%
5Y	Data not available	Data not available

The short-term pattern has been constructive. Over 1 month and 3 months, the fund stayed ahead of the benchmark, which suggests that the recent stretch has been better than the index even though the path was not smooth throughout the year.

At the 1-year and 3-year horizons, the same pattern continues. The fund’s 15.3266% 1-year return is ahead of the benchmark’s 11.03%, and the 3-year return of 19.8% is above the benchmark’s 15.99%, so the strategy has held a meaningful edge over the reference index across both recent and medium-term periods.

The time pattern also points to normal mid-cap volatility rather than a straight-line climb. The 1-year and 3-year paths show periods of pullback and recovery, but the broader direction has remained positive. That matters because a mid-cap fund can still deliver good compounding while moving through uneven phases, and this fund’s behaviour fits that pattern.

We would read the available record as stronger on relative performance than on stability. The fund has outpaced the benchmark in every period shown except that no 5-year figure is available because the scheme is relatively young. For an investor, that means the core question is not whether the fund can move with conviction, but whether the higher variability of mid-caps is acceptable in exchange for that return profile.

Source data date: as of 28 Aug 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

Fund	1Y return	3Y return	5Y return
Bandhan Mid Cap Fund Direct Growth Plan	15.3266%	19.8%	Data not available
HSBC Midcap Fund Direct Growth Plan	26.3456%	26.317%	20.5021%
WOC Mid Cap Fund Direct Growth Plan	20.0231%	24.1432%	Data not available
Helios Mid Cap Fund Direct Growth Plan	18.9769%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	18.5746%	22.7978%	18.2323%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	17.6779%	20.9949%	20.1053%

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

The current fund’s 1-year return trails the strongest peer figures in the set, but it is still positive and comfortably above the benchmark. Over 3 years, it is closer to the middle of the peer group than the top end, which tells us the recent edge has not translated into a clear lead over the better-performing alternatives.

The longer view is more mixed because the fund does not yet have a 5-year record, while several peers do. Among those peers, the available 5-year figures are higher than the current fund’s missing record can show, so the comparison leans in favour of peers with longer histories. Even so, the 3-year figure remains solid and better than the benchmark, so the fund’s story is still one of respectable medium-term execution rather than weakness.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The portfolio is 17% large cap, 64.92% mid cap, 14.17% small cap and 3.91% other exposures. That mix keeps the fund firmly aligned with the mid-cap segment while still leaving some room for large-cap stability and smaller-company upside.

Sector	Weight	Key holdings
RETAILING	16.43%	TRENT LIMITED (12.23%), ETERNAL LIMITED (1.51%)
HEALTHCARE	11.09%	FORTIS HEALTHCARE LIMITED (2.57%), IPCA LABORATORIES LIMITED (1.46%)
CAPITAL GOODS	8.06%	GE VERNOVA T&D INDIA LIMITED (3.13%), APAR INDUSTRIES LIMITED (2.32%)
AUTOMOBILE & ANCILLARIES	7.91%	CUMMINS INDIA LIMITED (2.11%), UNO MINDA LIMITED (1.7%)
FINANCE	7.49%	L&T FINANCE LIMITED (1.96%), BSE LIMITED (1.68%)

Retailing is the largest sector at 16.43%, and it is clearly above the next sector, healthcare at 11.09%. That gap means retailing may have a more noticeable influence on near-term returns than any other single sector.

The rest of the portfolio is spread across healthcare, capital goods, automobiles and finance, which reduces reliance on one theme alone. Within those sectors, TRENT LIMITED stands out at 12.23%, so the stock-level concentration in retailing is more visible than in the other sectors shown.

Overall, the fund appears mid-cap heavy but not narrowly single-sector. The 64.92% mid-cap allocation suggests the scheme will likely behave like a genuine mid-cap strategy, while the mix of large-cap and small-cap exposures may soften or amplify moves depending on how those pockets perform.

Source data date: as of 28 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk and can stay invested through uneven phases. The return history suggests decent medium-term potential, but the path has been volatile enough that a short holding period may not give the strategy enough time to work.

The benchmark comparison is helpful because the fund has stayed ahead of NIFTY Mid Cap over the 1-year and 3-year horizons shown, yet the peer comparison also shows that stronger returns exist among other mid-cap options. So the trade-off is clear: you are accepting mid-cap volatility and a concentrated style bias in exchange for the chance of solid compounding.

A longer horizon is more appropriate than a tactical allocation. Investors who want a core mid-cap exposure and can tolerate swings in line with the market-cap mix may find the profile relevant, while those seeking steadier month-to-month outcomes may prefer something less volatile.

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% on or before 1Y, Nil after 1Y.

Source data date: as of 28 Aug 2026

Frequently asked questions

What is the current NAV of Bandhan Mid Cap Fund Direct Growth Plan?

The current NAV is ₹20.798 as of 28 August 2026.

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

The 1-year return is 15.3266% and the 3-year return is 19.8%. The 5-year return is not available because the scheme has not completed that long a track record.

How has the fund performed versus its benchmark?

It has stayed ahead of NIFTY Mid Cap across the 1-month, 3-month, 1-year and 3-year periods shown. That points to a better recent and medium-term outcome than the benchmark.

How does it compare with peer mid-cap funds?

Its 1-year return is lower than several peers in the set, while the 3-year return is still respectable but not as strong as the better peer figures. The longer-track peers also show available 5-year records that the fund does not yet have.

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 Ritu Modi and Harshal Joshi. The exit load is 1% on or before 1 year and nil after 1 year.

Bottom line

Bandhan Mid Cap Fund Direct Growth Plan has shown better recent and medium-term returns than NIFTY Mid Cap, but the path has still been uneven in line with a High Risk mid-cap strategy. In peer comparisons, the return profile is solid without being the strongest across the set, and the absence of a 5-year record limits the longer view. The portfolio is dominated by mid-cap exposure, with retailing the largest sector, so the fund may suit investors who want a growth-oriented allocation and can accept volatility in exchange for that exposure.

Published on 31 August 2026 at 1:53 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.