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

Groww Multicap Fund Direct Growth Plan currently has a NAV of ₹12.2875 as of 15 September 2026 and an AUM of ₹1,476 Cr. Its 1-year, 3-year and 5-year returns are 15.51%, 0% and 0%, and it sits in the High Risk bucket. Our view is that this is a young equity scheme with a fairly broad portfolio and an active multi-cap style, so the recent return profile matters more than any long history at this stage.

The fund has a low expense ratio of 0.45% and SIPs are allowed from ₹500. Given the short launch history, the main question is not whether it has a full long-run track record, but whether the current return pattern and portfolio mix are suitable for an investor who can accept sharp movement in a high-risk equity fund.

Quick facts

Particular	Details
NAV	₹12.2875 as of 15 Sep 2026
AUM	₹1,476 Cr
Expense Ratio	0.45%
Launch Date	16 Dec 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Anupam Tiwari, Saptarshee Chatterjee, Gagan Thareja, Nikhil Satam

The fund is managed by Anupam Tiwari, Saptarshee Chatterjee, Gagan Thareja and Nikhil Satam.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.84%	-4.81%
3M	4.71%	-3.63%
1Y	15.51%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern is constructive. Over 1 month, the fund was negative, but the decline was smaller than the benchmark’s fall, which suggests relative resilience rather than outright stability. The 3-month number is stronger, and the 1-year return is clearly positive while the benchmark is negative over the same window.

That gap matters because the fund is still very new, so investors do not have a long cycle to judge. The available trail shows that the scheme has been able to recover from softer patches and finish ahead of the benchmark across the observed windows, especially over 3 months and 1 year. That is a better sign than a one-off monthly move.

At the same time, the absence of 3-year and 5-year figures keeps the long-term case open. We would read this as an early-stage equity strategy that has handled the recent period better than the benchmark, but without enough history to call it a proven long-cycle compounder. The current evidence is more about near-term execution than about mature track record.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Groww Multicap?

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 Multicap Fund Direct Growth Plan	15.51%	Data not available	Data not available
TRUSTMF Multi Cap Fund Direct Growth Plan	15.41%	Data not available	Data not available
Bank of India Multi Cap Fund Direct Growth Plan	13.11%	17.03%	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	11.6%	16.58%	15.65%
Axis Multicap Fund Direct Growth Plan	11.43%	19.42%	Data not available

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

The fund’s 1-year return is marginally ahead of TRUSTMF Multi Cap Fund Direct Growth Plan and clearly ahead of the other available peer figures in this group on the same measure. The more important takeaway is that the fund’s short-window behaviour is competitive even though it is still early in its life.

For longer periods, the picture is mixed because this scheme does not yet have 3-year or 5-year figures, while some peers do. That means the comparison tilts toward newer-period strength on one side and missing longer history on the other. In our view, the peer set suggests that the fund has kept pace in the short run, but investors cannot yet use longer-term peer records to judge it on the same footing.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS 01-Sep-2026	Cash & Cash Equivalents and Net Assets	3.9%
TD Power Systems Limited	Capital Goods	3.46%
Ather Energy Limited	Domestic Equities	2.9%
Ujjivan Small Finance Bank Limited	Bank	2.86%
Bharti Airtel Limited	Telecom	2.7%
Apar Industries Ltd	Capital Goods	2.65%
Ashok Leyland Limited	Automobile & Ancillaries	2.65%
Onemi Technology Solutions Limited	Domestic Equities	2.43%
Max Financial Services Limited	Finance	2.41%
Multi Commodity Exchange of India Ltd.	Finance	2.39%

The top 10 holdings account for approximately 28.35% of the portfolio.

To see all holdings, visit the Groww Multicap Fund Direct Growth Plan page

This portfolio does not look heavily dependent on a single stock, because the largest holding is 3.9% and the tenth holding is still close at 2.39%. The drop from the first name to the tenth is not steep, so the visible positions are fairly evenly sized rather than sharply top-heavy.

At the same time, the top 10 together account for 28.35% of the portfolio, while the scheme discloses 65 holdings in total. That points to a spread that extends well beyond the listed names, which may reduce the influence of any one position and leave room for multiple holdings to shape returns.

In our view, the mix suggests moderate position-level diversification within an equity fund framework, but the High Risk label still matters because equity exposures can move quickly. The cash holding in the top list also means the scheme is not fully deployed only into equities at every moment, which may affect short-term behaviour.

Source data date: as of 15 Sep 2026

Who should invest

This fund is best suited to investors who can tolerate High Risk exposure and are comfortable with equity volatility. The current return pattern is encouraging over 1 month, 3 months and 1 year, but it is still too early to treat it as a fully established long-horizon record.

A longer investment horizon makes more sense here because the scheme has limited history and its benchmark comparison has mostly been recent. The main trade-off is that you get a portfolio with a fairly even spread across many holdings and competitive short-term behaviour, but you must accept that the longer-term evidence is still developing.

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% if units are sold on or before 1 year; nil after 1 year.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Groww Multicap Fund Direct Growth Plan?

The current NAV is ₹12.2875 as of 15 September 2026.

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

The 1-year return is 15.51%, while the 3-year and 5-year returns are not yet available for this scheme.

How does the fund compare with its benchmark?

It has outperformed the Nifty 50 over 1 month, 3 months and 1 year. The benchmark return is negative across those same windows, while the fund is positive over 3 months and 1 year.

How does it compare with peer funds on 1-year return?

Its 1-year return of 15.51% is slightly ahead of TRUSTMF Multi Cap Fund Direct Growth Plan at 15.41% and above the other peer figures shown for the same period. The longer-period comparison is less complete because this fund does not yet have 3-year or 5-year figures.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What are the risk category, fund managers and exit load?

The fund is in the High Risk category and is managed by Anupam Tiwari, Saptarshee Chatterjee, Gagan Thareja and Nikhil Satam. The exit load is 1% if units are sold on or before 1 year, and nil after 1 year.

Bottom line

Groww Multicap Fund Direct Growth Plan has started with a stronger recent showing than the benchmark, especially over 3 months and 1 year, but it does not yet have a long record to test that behaviour across full market cycles. Against peers, its 1-year return is competitive, while longer-period comparisons remain incomplete for this scheme. The portfolio is spread across 65 holdings, with no single top position dominating the visible list. That makes it more suitable for investors who can accept High Risk equity exposure and are willing to judge it over a longer horizon.

Published on 16 September 2026 at 8:34 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.