Groww Nifty Non-Cyclical Consumer Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Groww Nifty Non-Cyclical Consumer Index Fund Direct Growth Plan has a NAV of ₹10.1167 as of 10 Sep 2026 and an AUM of ₹40 Cr. Its 1-year, 3-year and 5-year returns are -10.8%, 0% and 0%, and the fund is tagged High Risk. Our view is that it has not yet built a long, stable return record, so it suits investors who want a consumer-focused index theme and can accept uneven short-term outcomes.

Because the scheme launched on 22 May 2024, the longer-horizon figures are still very limited. The portfolio is led by large consumer names and related businesses, which can make the return path less cyclical than broader market exposure, but the recent drawdown shows that the theme can still move sharply.

Quick facts

Particular	Details
NAV	₹10.1167 as of 10 Sep 2026
AUM	₹40 Cr
Expense Ratio	0.4%
Launch Date	22 May 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	1% on or before 30D, Nil after 30D
Fund Managers	Aakash Chauhan, Nikhil Satam, Shashi Kumar

The fund is managed by Aakash Chauhan, Nikhil Satam and Shashi Kumar.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.26%	-4.06%
3M	3.68%	1.37%
1Y	-10.8%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is mixed rather than smooth. Over 3 months, the fund has recovered better than the benchmark, but the 1-month move was weaker and the 1-year result remains below the benchmark by a clear margin. That tells us the fund can participate in rebounds, yet it has not fully repaired the damage seen over the past year.

The broader picture is still too short to judge as a true long-term track record because the scheme is new. The 3-year and 5-year fields are not available in a meaningful way, so the most useful reading is that the fund has been volatile since launch and has not yet demonstrated a consistent compounding pattern.

Against the benchmark, the fund is behind on the 1-year view and ahead on the 3-month view. That split matters: the short-term bounce is encouraging, but it does not erase the weaker year-long trend. For investors, the main question is whether the consumer-focused basket can hold up better when the market becomes choppy.

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

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Groww Nifty Non-Cyclical Consumer Index?

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 Nifty Non-Cyclical Consumer Index Fund Direct Growth Plan	-10.8%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

The current fund trails the strongest peer 1-year figures by a wide distance, so the recent return profile is clearly weaker than the better-performing comparison funds. At the same time, the comparison set is diverse: several peers have delivered strong recent gains, while this fund has posted a negative 1-year return.

For longer horizons, the picture is less decisive because the current fund does not yet have a usable 3-year or 5-year record, and most peers in this list also do not show those horizons. The one available longer-horizon example, ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan, shows much stronger 3-year compounding, but that is not a like-for-like consumer theme comparison. Our reading is that the short-term gap is meaningful, while the long-term peer picture remains incomplete.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eternal Limited	Retailing	10.13%
Bharti Airtel Limited	Telecom	9.55%
Titan Company Limited	Diamond & Jewellery	9%
ITC Limited	FMCG	8.71%
Hindustan Unilever Limited	FMCG	7.46%
Asian Paints Limited	Chemicals	5.13%
Interglobe Aviation Limited	Aviation	5.06%
Nestle India Limited	FMCG	4.58%
Trent Limited	Retailing	4.09%
Tata Consumer Products Limited	Agri	2.89%

The largest holding, Eternal Limited, carries a 10.13% weight, which is sizeable for a single stock in an index-style portfolio. The next positions remain close behind, with Bharti Airtel Limited at 9.55% and Titan Company Limited at 9%, so the top end of the portfolio stays fairly tight around large, well-known consumer and consumer-adjacent names.

The decline from the first holding to the tenth is gradual rather than abrupt, from 10.13% down to 2.89%. That pattern suggests the portfolio may not depend on one or two dominant positions alone; instead, influence is spread across several large holdings that could each matter to returns in different market conditions.

Even so, the visible top 10 already account for approximately 66.6% of the portfolio, and there are 30 disclosed holdings in total. That mix points to meaningful concentration at the top, followed by a longer tail of smaller positions. The overall structure may therefore give the fund a strong tilt to a limited set of consumer names while still leaving room for diversification beyond the largest weights.

To see all holdings, visit the Groww Nifty Non-Cyclical Consumer Index Fund Direct Growth Plan page

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and can tolerate a choppy return path. The one-year loss, the short launch history and the stronger 3-month recovery together suggest that the scheme may be better suited to a longer horizon rather than a quick exit.

Compared with the benchmark, the fund has lagged over 1 year but improved more sharply over 3 months. That makes it more appropriate for investors who can accept near-term uncertainty in exchange for a consumer-themed index approach. The main trade-off is that the portfolio is built around a narrower set of consumer and related stocks, so returns may swing more than a broad market fund.

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 30 days. No exit load applies after the holding period.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Groww Nifty Non-Cyclical Consumer Index Fund Direct Growth Plan?
Its NAV is ₹10.1167 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -10.8%. The 3-year and 5-year returns are not yet meaningful for this scheme’s short history, so they are shown as Data not available in comparison.

How has it done against the benchmark?
It has lagged the benchmark over 1 year, where the benchmark return is -7.31% versus the fund’s -10.8%. Over 3 months, the fund has been ahead, with 3.68% compared with 1.37%.

How does it compare with the peer funds listed here?
Its 1-year return is weaker than the other listed peer returns, which range from 23.74% to 33.08% among the comparison funds shown. The long-horizon comparison is limited because most peers here also do not show usable 3-year or 5-year figures.

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 Aakash Chauhan, Nikhil Satam and Shashi Kumar. The exit load is 1% if units are sold on or before 30 days, and there is no exit load after that period.

Bottom line

This fund’s short-term record is weaker than its benchmark over 1 year, but the 3-month trend shows a partial recovery. Against the listed peers, the recent return profile is clearly behind the stronger recent performers, while the longer-horizon picture is still too limited to treat as a settled track record. The portfolio is concentrated in a small set of large consumer and consumer-linked names, so the scheme may appeal to investors who want that theme and can handle uneven performance.

Published on 11 September 2026 at 1:26 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.