Groww ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Groww ELSS Tax Saver Fund Direct Growth Plan is at a NAV of ₹21.64 as of 11 Sep 2026 and manages ₹51 Cr of scheme assets. Its 1-year, 3-year and 5-year returns are -5.09%, 9.08% and 8.81%, and the scheme carries a High Risk profile. Our view is that this is best read as a diversified ELSS equity fund that has recovered over longer periods but has still shown a weak one-year stretch relative to its own history and to its benchmark.

The fund can suit investors who are comfortable with equity volatility, can stay invested through the 3-year ELSS lock-in, and want a portfolio that is led by large financials, telecom and other diversified businesses. The mix is not narrowly themed, but the recent return pattern shows that short-term movement can still be uneven.

Quick facts

Particular	Details
NAV	₹21.64 as of 11 Sep 2026
AUM	₹51 Cr
Expense Ratio	0.85%
Launch Date	28 Dec 2017
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Paras Matalia, Nikhil Satam

The fund is managed by Paras Matalia and Nikhil Satam.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.39%	-3.66%
3M	0.74%	-1.91%
1Y	-5.09%	-7.62%
3Y	9.08%	6.22%
5Y	8.81%	5.84%

Recent performance has been mixed but not uniformly weak. Over 1 month and 3 months, the fund stayed close to the benchmark path and did a little better than the index, which suggests the recent phase has been volatile rather than one-sided.

The 1-year figure is still negative, and that matters because it shows the fund has not fully escaped the weaker stretch seen across equity markets in the period. Even so, it held up better than the benchmark over the same horizon, which tells us the recent slide has been less severe than the index.

The longer view is more constructive. The 3-year and 5-year returns are both positive and ahead of the benchmark, so the fund has compounded better over full market cycles than in the recent 12 months. That split between short-term weakness and medium-term resilience is important for investors who judge ELSS funds by one year alone. Our view is that the fund’s pattern looks steadier over longer holding periods than the latest annual number might suggest.

At the same time, the gap between the 3-year and 1-year figures shows that the path has not been smooth. The series points to periods of recovery and setback, which is normal for equity funds but still relevant for anyone expecting a linear ELSS journey.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Groww ELSS Tax Saver?

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
Groww ELSS Tax Saver Fund Direct Growth Plan	-5.09%	9.08%	8.81%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	14%	22.26%	17.71%
Quant ELSS Tax Saver Fund Direct Growth Plan	13.68%	13.97%	15.53%
JM ELSS-Tax Saver Fund Direct Growth Plan	9.13%	15.84%	14.62%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	6.72%	11.46%	15.82%
ITI ELSS Tax Saver Fund Direct Growth Plan	6.44%	16.6%	13.28%

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

Against the peer set, the fund’s 1-year return is clearly softer. Several peers have positive double-digit one-year results, while this fund is still negative, so the recent stretch has lagged stronger short-term performers.

The longer-term picture is more balanced. At 3 years, the fund is below the strongest peer figures but ahead of some others, and at 5 years it is again in the middle of the available range rather than near the strongest longer-term outcomes. That means the fund’s recent weakness does not fully define its multi-year profile, but it also has not matched the better compounders in this group.

For readers comparing ELSS funds on consistency, the key takeaway is that this scheme’s short-term and longer-term stories are different. The recent one-year period is weak, while the 3-year and 5-year numbers still show positive compounding, so the fund looks more like a recovering equity option than a steady outlier.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	6.41%
ICICI Bank Limited	Bank	6.19%
Reliance Industries Limited	Crude Oil	4.87%
Net Receivable/Payable	Cash & Cash Equivalents and Net Assets	3.93%
Bharti Airtel Limited	Telecom	3.35%
Larsen & Toubro Limited	Infrastructure	2.87%
State Bank of India	Bank	2.57%
Infosys Limited	IT	2.33%
Kotak Mahindra Bank Limited	Bank	1.92%
Mahindra & Mahindra Limited	Automobile & Ancillaries	1.91%

The top 10 holdings account for approximately 36.35% of the portfolio.

To see all holdings, visit the Groww ELSS Tax Saver Fund Direct Growth Plan page

The largest single holding is HDFC Bank Limited at 6.41%, followed closely by ICICI Bank Limited at 6.19%. That starting point is meaningful because it shows the portfolio is anchored by large banks rather than by a single high-conviction bet.

The weight then steps down gradually rather than sharply. By the tenth holding, the exposure is 1.91%, so the gap from the top holding is noticeable but not extreme. This pattern suggests a portfolio that is tilted toward a few leading positions while still keeping a sizeable spread across the next layers.

Because the top 10 holdings make up 36.35% of the portfolio and the scheme discloses 62 holdings in total, the remaining positions likely form a long tail. That can reduce dependence on any one stock, but the top names are still likely to have greater influence on performance than the smaller positions.

Source data date: as of 11 Sep 2026

Who should invest

This fund is better suited to investors who can accept equity volatility and stay invested through the 3-year ELSS lock-in. The High Risk label is appropriate for readers who understand that a negative 1-year return can coexist with better longer-term compounding.

Its 3-year and 5-year figures are more encouraging than the 1-year number, and that makes the fund more relevant for a multi-year tax-saving allocation than for short-term use. The fact that it has outpaced the benchmark over 3 years and 5 years also supports a patient holding horizon.

The main trade-off is simple: investors may get diversified equity exposure and better long-term behaviour than the benchmark, but they must accept uneven short-term swings and periods when the fund can look weak over 12 months.

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 11 Sep 2026

Frequently asked questions

What is the current NAV of Groww ELSS Tax Saver Fund Direct Growth Plan?

The current NAV is ₹21.64 as of 11 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is -5.09%, its 3-year return is 9.08%, and its 5-year return is 8.81%.

How does the fund compare with the benchmark?

It has done better than the benchmark over 3 years and 5 years, while the 1-year figure is still negative but less weak than the benchmark’s. Over 1 month and 3 months, it also held up slightly better than the benchmark.

Who manages the fund?

The fund is managed by Paras Matalia and Nikhil Satam.

What is the tax and exit-load structure?

Units held for less than 1 year attract 20% short-term capital gains tax, while units held for more than 1 year attract 12.5% long-term capital gains tax. There is no exit load.

What does the portfolio look like at the top level?

The portfolio is led by HDFC Bank Limited, ICICI Bank Limited and Reliance Industries Limited, with the top 10 holdings accounting for approximately 36.35% of the portfolio. The scheme discloses 62 holdings in total, so the rest of the portfolio extends beyond the largest positions.

Bottom line

Groww ELSS Tax Saver Fund Direct Growth Plan has a weak 1-year showing, but its 3-year and 5-year returns tell a better story and sit ahead of the benchmark on the same horizons. Against peers, the recent one-year number is softer, while the longer-term figures remain more competitive than the latest stretch suggests. The High Risk profile and bank-heavy top holdings make it a fund for patient investors who can tolerate uneven shorter-term results.

Published on 15 September 2026 at 3:31 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.