Franklin India Equity Savings Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Franklin India Equity Savings Fund Direct Growth Plan has a NAV of ₹18.6888 as of 15 September 2026 and a scheme AUM of ₹587 Cr. Its 1-year, 3-year and 5-year returns are 3.59%, 7.1% and 7.12%, and the fund sits in the Medium Risk bucket. Our view is that this is a measured hybrid option: the return profile has been steady rather than fast, and the portfolio mixes equities, sovereign debt, corporate debt and cash-like exposures.

That mix, along with no exit load, may suit investors who want a relatively balanced outcome and can accept that short-term moves may stay uneven. The fund’s longer-horizon returns are only modestly ahead of the benchmark, so the case here is more about consistency than standout upside.

Quick facts

Particular	Details
NAV	₹18.6888 as of 15 Sep 2026
AUM	₹587 Cr
Expense Ratio	0.33%
Launch Date	27 Aug 2018
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	No exit load
Fund Managers	Rajasa Kakulavarapu, Venkatesh Sanjeevi, Anuj Tagra, Rohan Maru

The fund is managed by Rajasa Kakulavarapu, Venkatesh Sanjeevi, Anuj Tagra and Rohan Maru.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.58%	-4.81%
3M	0.86%	-3.63%
1Y	3.59%	-8.27%
3Y	7.1%	5.59%
5Y	7.12%	5.58%

Short-term behaviour has been better than the benchmark, even though the fund’s 1-month return is still slightly negative. In our view, that matters because the benchmark was weaker over the same windows, which suggests the strategy has cushioned some of the recent pressure rather than amplifying it. The 3-month figure has also held in positive territory while the benchmark stayed negative.

The 1-year return is the clearest recent signal. At 3.59%, the fund is positive, but the benchmark remains notably below zero, so the fund has held up materially better over that stretch. That said, the last year does not look especially strong in absolute terms, which tells us the strategy has been more defensive than growth-led.

Over 3 years and 5 years, the pattern is steadier. Returns of 7.1% and 7.12% are only slightly above the benchmark’s 5.59% and 5.58%, so the edge is present but not wide. Our read is that this fund has delivered a smoother compounding path than the benchmark, but it has not separated itself dramatically on longer horizons.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Franklin India Equity Savings?

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
Franklin India Equity Savings Fund Direct Growth Plan	3.59%	7.1%	7.12%
Edelweiss Equity Savings Fund Direct Growth Plan	8.26%	11.32%	9.71%
HSBC Equity Savings Fund Direct Growth Plan	8.06%	12.74%	11.06%
WOC Equity Savings Fund Direct Growth Plan	7.32%	Data not available	Data not available
Mahindra Manulife Equity Savings Fund Direct Growth Plan	6.62%	9.21%	8.86%
Mirae Asset Equity Savings Fund Direct Growth Plan	5.43%	9.7%	9.06%

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

On 1-year numbers, this fund trails several peers that are running ahead on recent returns, while still staying positive in a year when the benchmark was negative. The longer horizon is more mixed: 3-year and 5-year returns are below the stronger peer figures shown here, but they remain stable enough to suggest a controlled compounding profile rather than a cyclical surge. The short-term and longer-term comparisons tell different stories, with recent protection looking better than return leadership.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Axis Bank Ltd $ ##	Bank	6.52%
Call, Cash & Other Assets	Cash & Cash Equivalents and Net Assets	4.67%
7.37% GOI 2028 (23-Oct-2028) $ ~~	Government Securities	4.46%
0.00% Jubilant Bevco Ltd (31-May-2028) **	Corporate Debt	4.43%
Bharti Airtel Ltd $$ ##	Telecom	4.42%
NTPC Ltd ^^ ~~	Power	4.01%
Kotak Mahindra Bank Ltd $ #	Bank	3.93%
Mahindra & Mahindra Ltd ! ^	Automobile & Ancillaries	3.85%
Hindustan Aeronautics Ltd	Capital Goods	3.8%
Titan Co Ltd	Diamond & Jewellery	3.57%

The top 10 holdings account for approximately 43.66% of the portfolio.

To see all holdings, visit the Franklin India Equity Savings Fund Direct Growth Plan page

At 6.52%, Axis Bank Ltd is the largest individual holding, and the next positions are already smaller, with weights clustering in the 4% to 3.5% range. That gap suggests no single position dominates the visible book, even though the equity side still matters meaningfully.

Weight falls fairly steadily from the first to the tenth holding, which points to a moderate spread across names rather than a sharp concentration in one or two positions. The mix also includes government securities, corporate debt and cash-like assets, so the portfolio may buffer some equity swings.

Because the top 10 account for 43.66% of the portfolio and 50 holdings are disclosed, the remaining exposure is spread across a longer tail. That structure could reduce the impact of any one holding, although the largest positions are still likely to have greater influence than the smaller ones.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who are comfortable with Medium Risk and want a hybrid allocation that can absorb some market volatility without chasing very high swings. The return pattern suggests a reasonable case for medium to longer horizons, especially if the goal is steadier participation rather than aggressive upside.

The main trade-off is straightforward: the portfolio structure and benchmark behaviour point to some downside cushioning, but the payoff has been moderate rather than exceptional. Investors who need faster growth may find the return profile too measured, while those who prefer a balanced route may appreciate the mix of equity, debt and cash-like holdings.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of Franklin India Equity Savings Fund Direct Growth Plan?
The current NAV is ₹18.6888 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 3.59% for 1 year, 7.1% for 3 years and 7.12% for 5 years.

How has it done versus the benchmark?
It has stayed ahead of the Nifty 50 benchmark over 1 year, 3 years and 5 years. The gap is especially clear over the 1-year period.

How does it compare with the peer funds shown here?
Its 1-year return is below several peers shown here, while its 3-year and 5-year returns are also behind the stronger peer figures in the table. The short-term and longer-term comparisons both point to a steadier but less competitive return profile.

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 Rajasa Kakulavarapu, Venkatesh Sanjeevi, Anuj Tagra and Rohan Maru. There is no exit load.

Bottom line

Franklin India Equity Savings Fund Direct Growth Plan has been more stable than exciting. Its recent numbers are positive but modest, while the 3-year and 5-year returns remain only slightly ahead of the benchmark, which tells us the fund has compounded in a controlled way rather than in a strong surge. The portfolio is spread across equities, debt and cash-like exposures, and the top holdings are meaningful without being overwhelming. It may suit investors looking for a balanced, medium-risk hybrid with a longer horizon and a preference for steadier participation.

Published on 16 September 2026 at 8:16 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.