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

Franklin India Multi Cap Fund Direct Growth Plan has a NAV of ₹11.4203 as of 10 Sep 2026 and an AUM of ₹5,262 Cr. Its 1-year, 3-year and 5-year returns are 8.05%, Data not available and Data not available, and the scheme sits in the High Risk category.

Our view is that the fund has shown a steadier short-term picture than its benchmark, but the longer history is too limited to treat the recent gain as proof of a mature cycle. The portfolio is spread across 50 holdings, with meaningful exposure to capital goods, electricals and industrial names, so the return pattern needs to be read alongside that equity mix and the High Risk label.

Quick facts

Particular	Details
NAV	₹11.4203 as of 10 Sep 2026
AUM	₹5,262 Cr
Expense Ratio	0.45%
Launch Date	29 Jul 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% before 1Y
Fund Managers	R. Janakiraman, Kiran Sebastian, Akhil Kalluri, Sandeep Manam

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

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.02%	-4.06%
3M	10.53%	1.37%
1Y	8.05%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund’s recent run has been stronger than the benchmark over the 3-month and 1-year windows, and that is an encouraging sign after a choppy stretch. The 1-month figure is only slightly below flat, while the benchmark stayed weaker over the same period, so the fund has held up better in the latest phase.

The longer pattern is less settled because the scheme launched in July 2024, which means 3-year and 5-year return history is not available yet. That matters when judging a multi-cap strategy, because investors usually want to see how the portfolio behaves through a full market cycle. For now, we can say the fund has delivered a positive short-term compounding path, but not enough history to test whether that path is durable.

Against the Nifty 50, the fund is ahead on the available 1-month, 3-month and 1-year readings. The gap is especially visible over 1 year, where the fund is positive while the benchmark is negative. That does not guarantee the next phase will look the same, but it does show that the fund has recently behaved differently from the benchmark.

The time pattern in the daily series also points to a fund that has absorbed periods of weakness and then rebuilt steadily rather than moving in a straight line. Our read is that this suits investors who can tolerate interim swings and are willing to hold through uneven phases rather than expect a smooth monthly progression.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Franklin India Multi 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 Multi Cap Fund Direct Growth Plan	8.05%	Data not available	Data not available
TRUSTMF Multi Cap Fund Direct Growth Plan	19.94%	Data not available	Data not available
Groww Multicap Fund Direct Growth Plan	19.23%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	14.95%	17.31%	16.76%
Bank of India Multi Cap Fund Direct Growth Plan	13.34%	17.45%	Data not available
ITI Multi Cap Fund Direct Growth Plan	13.18%	17.1%	14.48%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year figures, this fund trails the strongest peer readings and also sits below the other peer schemes listed here. That said, the recent 1-month and 3-month behaviour is still better than the benchmark, which means the short-term picture is not as weak as the peer comparison at 1 year might suggest.

Where peers have 3-year and 5-year numbers, the contrast is mixed: Mahindra Manulife, Bank of India and ITI all show much longer return histories, while this fund does not yet have those periods available. So the peer table tells two different stories at once: some peers have deeper track records, but the current fund has recently been better aligned to short-term recovery than to long-horizon comparison.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Hindustan Aeronautics Ltd	Capital Goods	5.36%
Call, Cash & Other Assets	Cash & Cash Equivalents and Net Assets	4.32%
Syrma SGS Technology Ltd	Electricals	3.76%
Cyient DLM Ltd	Electricals	3.63%
Dixon Technologies (India) Ltd	Consumer Durables	3.35%
Axis Bank Ltd	Bank	3.27%
Bosch Ltd	Automobile & Ancillaries	3.23%
Aia Engineering Ltd	Automobile & Ancillaries	2.95%
Timken India Ltd	Automobile & Ancillaries	2.84%
Data Patterns India Ltd	Capital Goods	2.81%

The largest holding, Hindustan Aeronautics Ltd, stands at 5.36%, which is sizeable but not dominant on its own. The next few positions stay relatively close together, and the tenth holding is still at 2.81%, so the drop from the first to the tenth is gradual rather than abrupt.

The top 10 holdings account for approximately 35.52% of the portfolio, which suggests that a meaningful share is still spread across the remaining holdings. With 50 disclosed holdings in total and 10 already visible here, the fund may have enough breadth to avoid relying on just one or two names, while still leaving individual positions with enough weight to matter.

That mix is visible in the sector spread too. Capital goods, electricals, consumer durables, banking and automobile-linked businesses all appear within the largest holdings, so performance may be influenced by different parts of the equity market rather than a single narrow theme.

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

Source data date: as of 10 Sep 2026

Who should invest

This fund may suit investors who are comfortable with High Risk equity exposure and can stay invested through uneven periods. The recent return pattern is stronger than the benchmark, but the scheme still lacks a long 3-year or 5-year track record, so it is better viewed as a fund for investors who value early momentum but can accept that the evidence base is still developing.

It may appeal more to a medium-to-long horizon investor than to someone looking for stable month-to-month outcomes. The trade-off is clear: recent resilience versus the benchmark comes with equity volatility and a portfolio that can move across sectors and individual names. The fund’s multi-cap style may add breadth, but it does not remove the ups and downs that come with a High Risk mandate.

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 applies at 1% if units are sold on or before 1 year. There is no exit load after the holding period.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Franklin India Multi Cap Fund Direct Growth Plan?
Its NAV is ₹11.4203 as of 10 Sep 2026.

What are the recent returns of this fund?
The fund’s 1-month, 3-month and 1-year returns are -0.02%, 10.53% and 8.05%, respectively. The 3-year and 5-year return figures are not available.

How has the fund done against Nifty 50?
It has outpaced Nifty 50 over the available 1-month, 3-month and 1-year periods. The benchmark figures for those periods are -4.06%, 1.37% and -7.31%.

How does it compare with the listed peer funds?
On the available 1-year figures, it trails the strongest peer readings in the group, while several peers also show longer 3-year and 5-year records that this fund does not yet have. That makes the comparison more favourable on short-term resilience than on track-record depth.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What is the risk level, and who manages the fund?
It is tagged as High Risk. The fund is managed by R. Janakiraman, Kiran Sebastian, Akhil Kalluri and Sandeep Manam, and the visible holdings include Hindustan Aeronautics Ltd, Syrma SGS Technology Ltd and Dixon Technologies (India) Ltd among the larger positions.

Bottom line

Franklin India Multi Cap Fund Direct Growth Plan has recently held up better than its benchmark, but it does not yet have a long 3-year or 5-year record to confirm whether that edge can persist. The portfolio is spread across 50 holdings, with a meaningful tilt toward capital goods, electricals and other industrial-linked names, so it is not a narrow single-theme fund. For investors who can accept High Risk equity volatility and want a fund with early short-term momentum, it offers an interesting but still developing case.

Published on 11 September 2026 at 3:33 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.