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

Franklin India Mid Cap Fund Direct Growth Plan is at a NAV of ₹3223.1715 as of 03 Sep 2026, with scheme AUM of ₹12,870 Cr. Its 1-year, 3-year and 5-year returns are 4.7%, 16.55% and 14.44% respectively, and the fund sits in the High Risk category.

Our view is that this is a mid-cap option for investors who can tolerate uneven short-term moves in return for stronger long-term compounding potential. The fund’s longer track record is steadier than its recent 1-year outcome, and its portfolio is spread across 73 holdings with a meaningful tilt toward select positions.

Quick facts

Particular	Details
NAV	₹3,223.1715 as of 03 Sep 2026
AUM	₹12,870 Cr
Expense Ratio	0.94%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	No exit load after holding period
Fund Managers	R. Janakiraman, Akhil Kalluri, Sandeep Manam

The fund is managed by R. Janakiraman, Akhil Kalluri and Sandeep Manam.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.29%	-0.55%
3M	7.01%	4.05%
1Y	4.7%	8.01%
3Y	16.55%	15.11%
5Y	14.44%	15.37%

The recent picture is mixed. Over 1 month, the fund fell less than the benchmark, and over 3 months it moved ahead of the benchmark, which tells us the shorter-run trend has improved after a choppy patch.

The 1-year figure is still softer than the benchmark, so the fund has not fully matched the index through the latest one-year cycle. That gap matters because it shows recent delivery has been weaker than the wider mid-cap market even though the very short run has been better.

The longer view is more balanced. Over 3 years, the fund has edged ahead of the benchmark, while over 5 years it has trailed slightly. That pattern suggests the strategy has participated in the mid-cap cycle, but not always at the same pace as the index across every full market phase.

The price path also points to meaningful swings rather than a straight climb. There were periods of softness followed by recovery, which is consistent with a fund that can move around more sharply before compounding again. For investors, that means the journey may be uneven even when the medium-term outcome is respectable.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD Franklin India 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
Franklin India Mid Cap Fund Direct Growth Plan	4.7%	16.55%	14.44%
HSBC Midcap Fund Direct Growth Plan	23.68%	25.65%	19.66%
WOC Mid Cap Fund Direct Growth Plan	16.89%	23.18%	Data not available
ITI Mid Cap Fund Direct Growth Plan	15.64%	21.51%	17.17%
Helios Mid Cap Fund Direct Growth Plan	14.8%	Data not available	Data not available
Mahindra Manulife Mid Cap Fund Direct Growth Plan	14.68%	19.61%	19.1%

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

On 1-year numbers, this fund trails all four peers with available figures in the table, so the recent return profile is clearly softer than the stronger mid-cap alternatives shown here. The gap is large enough to matter when comparing short-term momentum.

Over 3 years, the fund is above Mahindra Manulife 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. Over 5 years, it is ahead of no peer with available data in this set, but the spread is still not extreme versus the better long-term peer outcomes.

That creates two different stories: the short-term comparison looks weak, while the longer-term comparison is more middle-of-the-pack. For investors, the point is not that the fund is consistently ahead or behind, but that its recent stretch has been much softer than the peer group’s stronger one-year figures.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Kalyan Jewellers India Ltd	Diamond & Jewellery	3.19%
Federal Bank Ltd	Bank	2.69%
Biocon Ltd	Healthcare	2.68%
IDFC First Bank Ltd	Bank	2.43%
Balkrishna Industries Ltd	Automobile & Ancillaries	2.26%
Coforge Ltd	IT	2.17%
Call, Cash & Other Assets	Cash & Cash Equivalents and Net Assets	2.13%
Prestige Estates Projects Ltd	Realty	2.05%
Hindustan Aeronautics Ltd	Capital Goods	2.02%
Mahindra & Mahindra Financial Services Ltd	Finance	1.99%

The top 10 holdings account for approximately 23.61% of the portfolio.

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

The largest holding, Kalyan Jewellers India Ltd, is at 3.19%, so no single position dominates the portfolio. The gap from the largest holding to the tenth holding is only 1.2 percentage points, which shows that the leading names are fairly tightly bunched.

At the same time, the top 10 holdings together make up 23.61% of the portfolio, leaving most of the fund across a longer tail of 73 disclosed holdings. That structure suggests the portfolio may be able to spread stock-specific risk, while still allowing individual mid-cap positions to influence returns.

For investors, this is a useful balance to note: the fund is not heavily concentrated in just a few names, but the leading holdings are large enough to matter. In a mid-cap strategy, that mix can make performance more responsive to stock selection without becoming overly dependent on one position.

Source data date: as of 03 Sep 2026

Who should invest

This fund fits investors with a high risk tolerance who can stay invested through uneven phases. The 1-year return is softer than the benchmark and several peers, but the 3-year and 5-year numbers show the fund can still build long-term value across a full cycle.

It is better suited to a longer horizon rather than a short holding period, because the mid-cap segment can move around sharply before returns settle. The main trade-off is accepting that short-term underperformance may appear even when the longer-term outcome is reasonable.

On balance, the fund may appeal to investors who want mid-cap exposure with a diversified, stock-picking style portfolio and who are comfortable with the risk that comes with that approach.

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 after holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Franklin India Mid Cap Fund Direct Growth Plan?
The current NAV is ₹3223.1715 as of 03 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 4.7% for 1 year, 16.55% for 3 years and 14.44% for 5 years.

How does the fund compare with its benchmark?
It has lagged the benchmark over 1 year and 5 years, but it has edged ahead over 3 years. The short-term picture is weaker than the medium-term one.

How does it compare with the peer funds shown here?
Its 1-year return is below the peer returns shown in the table, while the 3-year and 5-year comparisons are more mixed. The recent stretch is clearly softer than the stronger peer results.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by R. Janakiraman, Akhil Kalluri and Sandeep Manam. There is no exit load after the holding period.

Bottom line

Franklin India Mid Cap Fund Direct Growth Plan has a weaker recent one-year outcome than its benchmark and the peer set shown here, but its 3-year record is still constructive and its 5-year return remains broadly usable for a mid-cap strategy. The risk profile is High Risk, and the portfolio is spread across 73 holdings rather than being driven by one or two large positions. That combination may suit patient investors who can accept volatility in exchange for longer-term mid-cap exposure.

Published on 4 September 2026 at 11:58 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.