HDFC Infrastructure Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Updated: 10 Sept 2026 • 1:31 pm

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HDFC Infrastructure Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC Infrastructure Fund Direct Growth Plan has a NAV of ₹52.264 as of 09 Sep 2026 and an AUM of ₹2,324 Cr. Its 1-year, 3-year and 5-year returns are 0.41%, 14.01% and 20.36% respectively, and it sits in the High Risk category.

Our view is that this is a sector-focused equity fund with strong longer-term compounding, but a rougher short-term pattern than its history would suggest. The portfolio is led by infrastructure and related capital-intensive businesses, so the return path can be uneven even when the medium-term trend stays constructive.

Table of Contents

Quick facts

Particular	Details
NAV	₹52.264 as of 09 Sep 2026
AUM	₹2,324 Cr
Expense Ratio	1.12%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 30D, Nil after 30D
Fund Managers	Ashish Shah

The fund is managed by Ashish Shah.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.05%	-4.69%
3M	2.61%	0.93%
1Y	0.41%	-7.16%
3Y	14.01%	6%
5Y	20.36%	5.87%

The recent pattern is mixed but still better than the benchmark on a relative basis. Over 1 month, the fund was down less than the benchmark, and over 3 months it moved ahead of the benchmark again. That tells us the latest phase has been volatile, but not directionless.

The longer view is stronger. The fund’s 3-year and 5-year returns remain well above the benchmark’s figures, which supports the view that the strategy has worked better over full market cycles than in very short windows. Even so, the 1-year return is only 0.41%, so the past year has not matched the fund’s own longer-term profile.

That contrast matters for investors. The 5-year figure suggests the fund can compound meaningfully when its theme is in favour, while the recent numbers show that a weak or choppy stretch can still flatten shorter holding periods. We would read this as a fund whose upside is visible over time, but whose interim path may be uneven.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD HDFC Infrastructure?

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.

Already holding HDFC Infrastructure? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
HDFC Infrastructure Fund Direct Growth Plan	0.41%	14.01%	20.36%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	71.49%	36.55%	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	30.08%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	28.85%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	28.6%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	27.47%	Data not available	Data not available

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

On 1-year performance, this fund trails the strongest peer figures in the table by a wide margin, even though the comparison set itself is varied and theme-driven. Its own 1-year return is modest, so the short-term picture is clearly weaker than several of the peer funds shown here.

The longer view is more balanced. The fund’s 3-year return is stronger than the one available 3-year peer figure outside the current fund, while its 5-year return remains solid in absolute terms. That means the fund’s longer compounding profile looks more durable than its latest 12-month result would suggest.

So the peer story is split: short-term momentum is far behind the best figures listed, but the multi-year track record remains respectable. For an investor, that makes the fund look more like a cyclical compounding play than a steady short-term performer.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Larsen and Toubro Ltd.	Infrastructure	7.33%
Interglobe Aviation Ltd.	Aviation	4.42%
Kalpataru Projects International Ltd	Infrastructure	4.32%
ICICI Bank Ltd.	Bank	3.91%
NTPC Limited	Power	3.31%
Adani Ports & Special Economic Zone	Logistics	2.95%
J.Kumar Infraprojects Ltd.	Infrastructure	2.95%
TD Power Systems Ltd.	Capital Goods	2.81%
Power Grid Corporation of India Ltd.	Power	2.49%
G R Infraprojects Limited	Infrastructure	2.15%

The top 10 holdings account for approximately 36.64% of the portfolio.

To see all holdings, visit the HDFC Infrastructure Fund Direct Growth Plan page

The largest holding, Larsen and Toubro Ltd., stands at 7.33%, which is meaningful but not overwhelming on its own. The gap from the first holding to the tenth is fairly measured, with weights stepping down gradually rather than collapsing sharply.

That pattern suggests a portfolio with a clear core but some spread across related infrastructure, power, logistics, aviation and banking exposures. The top 10 positions cover 36.64% of the portfolio, so the disclosed holdings do not look narrowly dependent on just a couple of names, even though the fund still has a sector-led tilt.

With 67 holdings in total, the portfolio appears to combine a concentrated visible core with a longer tail of smaller positions. That can mean the biggest names are likely to have greater influence, but the overall structure still leaves room for diversification within the strategy’s theme.

Source data date: as of 09 Sep 2026

Who should invest

This fund is better suited to investors who can tolerate sharp swings and who are comfortable with a High Risk equity allocation. The 5-year return profile is stronger than the 1-year result, so the fund looks more suitable for a patient horizon than for anyone who needs stable short-term outcomes.

Its benchmark comparison also shows that the fund has added more value over 3 years and 5 years than the Nifty 50, even though the latest 12 months have been subdued. The main trade-off is clear: investors may accept uneven interim performance in exchange for the chance of stronger multi-year compounding from an infrastructure-led portfolio.

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% on or before 30D, Nil after 30D

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of HDFC Infrastructure Fund Direct Growth Plan?

The current NAV is ₹52.264 as of 09 Sep 2026.

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

The fund’s 1-year, 3-year and 5-year returns are 0.41%, 14.01% and 20.36%.

How does the fund compare with the Nifty 50 benchmark?

It has outperformed the Nifty 50 over 3 years and 5 years, while the 1-year result is much weaker than the benchmark’s negative reading. The short-term and long-term pictures are therefore very different.

How does it compare with the listed peer funds?

Its 1-year return is far below the strongest peer figures shown, but its 3-year return is stronger than the one available 3-year peer figure in the table outside the current fund. The comparison is mixed rather than one-sided.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹100.

What are the risk level, portfolio style and exit load?

The fund is in the High Risk category. Its largest holding is Larsen and Toubro Ltd. at 7.33%, and the exit load is 1% on or before 30D, Nil after 30D.

Bottom line

HDFC Infrastructure Fund Direct Growth Plan shows a clear gap between its short-term and long-term outcomes: the latest year has been soft, but the 3-year and 5-year numbers remain constructive and ahead of the benchmark. Compared with the listed peers, the fund does not stand out on 1-year performance, yet its longer record looks more competitive. The portfolio is led by infrastructure names and has a visible core, which fits a High Risk profile and a patient investor with a multi-year horizon.

Published on 10 September 2026 at 1:29 PM IST

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.