HDFC Nifty India Consumption Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC Nifty India Consumption Index Fund Direct Growth Plan is a new consumption-themed index fund with a NAV of ₹9.5642 as of 16 Sep 2026 and scheme AUM of ₹114 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk category. In our view, it suits investors who want a focused consumption exposure and are comfortable with a newer scheme that has not yet built a return history.

It is priced at a zero expense ratio and tracks a consumer-led theme through a concentrated list of large holdings. That combination can appeal to investors who want straightforward index-style exposure, but the short track record means the case rests more on portfolio structure and market participation than on past compounding.

Quick facts

Particular	Details
NAV	₹9.5642 as of 16 Sep 2026
AUM	₹114 Cr
Expense Ratio	0.0%
Launch Date	18 Feb 2026
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Nandita Menezes, Arun Agarwal

The fund is managed by Nandita Menezes and Arun Agarwal.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.86%	-4.41%
3M	-1.28%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern has been uneven. Over one month, the fund declined more than the benchmark, which suggests the portfolio was softer than the broader market in that stretch. Over three months, it held up better than the benchmark, which points to some recovery after a weaker patch. That kind of swing is common in a narrow theme, where a few stocks can move the overall result quickly.

The fund does not yet have a long performance record, so there is no mature 1-year, 3-year or 5-year compounding pattern to rely on. For now, the cleaner read is that its recent behaviour has been mixed rather than consistently strong or weak. The benchmark comparison also tells us the fund is not moving in lockstep with the broad market, which is useful to know if an investor wants differentiated exposure.

Because the scheme launched only in February 2026, we would treat the existing track record as a beginning rather than a proven cycle. The recent rebound in the three-month window is encouraging, but it is too early to read that as a durable trend. In our view, the main takeaway is that this fund can move differently from the benchmark, and that difference may be meaningful in either direction.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD HDFC Nifty India Consumption 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
HDFC Nifty India Consumption Index Fund Direct Growth Plan	Data not available	Data not available	Data not available
LIC MF Consumption Fund Direct Growth Plan	Data not available	Data not available	Data not available
Union Consumption Fund Direct Growth Plan	Data not available	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The peer set does not yet offer usable longer-horizon return history, so the comparison is mainly about how each scheme is positioned rather than who has compounded better over time. On the short-term measures available elsewhere in the article, the current fund has been somewhat softer than the benchmark over one month but better over three months, which leaves it looking mixed rather than clearly dominant or weak.

With no usable 1-year, 3-year or 5-year peer return history to separate the schemes, the current fund’s main distinction is its index structure and consumption focus rather than any visible performance edge. That means the decision here is more about whether an investor wants this specific theme than about comparing a long return record.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Bharti Airtel Ltd.	Telecom	9.38%
Mahindra & Mahindra Ltd.	Automobile & Ancillaries	8.57%
ITC Limited	FMCG	7.21%
Eternal Limited	Retailing	6.94%
Titan Company Ltd.	Diamond & Jewellery	6.16%
Maruti Suzuki India Limited	Automobile & Ancillaries	5.16%
Hindustan Unilever Ltd.	FMCG	5.11%
Bajaj Auto Limited	Automobile & Ancillaries	3.92%
Asian Paints Limited	Chemicals	3.51%
Interglobe Aviation Ltd.	Aviation	3.46%

The largest holding, Bharti Airtel Ltd., stands at 9.38%, which is large enough to matter but not so dominant that it defines the fund alone. The tenth holding is 3.46%, so the weight drop from the top position to the end of the visible list is meaningful, but not extreme. That shape suggests the portfolio may still be influenced by a handful of sizeable names while avoiding one-stock dependence.

The top 10 holdings account for approximately 59.42% of the portfolio, and the full disclosed holding count is 30. That tells us the scheme has a visible core at the top, yet it also leaves room for a longer tail beyond the first ten names. In our view, the structure looks moderately concentrated rather than fully spread out, so movements in the biggest consumer-linked names could have a greater influence on near-term results.

Because the holdings span telecom, automobiles, FMCG, retailing, jewellery, chemicals and aviation, the portfolio is not tied to one narrow business line. Even so, the top names are large enough that the portfolio’s direction may still be shaped most by the biggest positions rather than by the smaller remainder.

To see all holdings, visit the HDFC Nifty India Consumption Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund is best suited to investors who are comfortable with High Risk exposure and who want a consumption-oriented equity allocation with a long enough horizon to absorb theme-led swings. The current track record is too short to build confidence from multi-year returns, so patience matters more here than near-term performance chasing.

Our view is that this scheme fits investors who can accept uneven performance relative to a broad benchmark, especially in the early phase of the fund’s life. The trade-off is straightforward: you get focused exposure to consumer-led businesses and a zero expense ratio, but you also accept a newer record and the possibility of sharper movement than a plain diversified equity 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: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of HDFC Nifty India Consumption Index Fund Direct Growth Plan?
Its NAV is ₹9.5642 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available. The scheme launched in February 2026, so there is no mature long-horizon return history yet.

How has it done against the benchmark recently?
Over 1 month, the fund returned -5.86% versus the benchmark’s -4.41%. Over 3 months, it returned -1.28% versus -3.6% for the benchmark.

How does it compare with the listed peer funds on available return data?
The current fund and the listed peers do not have usable 1-year, 3-year or 5-year return figures yet. That makes the comparison more about theme exposure and structure than about a settled performance edge.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Nandita Menezes and Arun Agarwal. There is no exit load.

Bottom line

HDFC Nifty India Consumption Index Fund Direct Growth Plan has a very short record, so its current appeal rests more on structure than on long-term performance. Recent behaviour has been mixed versus the benchmark, while the listed peers also lack usable longer-horizon return history. The portfolio is led by a few meaningful positions, but it still spreads across multiple consumer-linked businesses. In our view, it is a fit for investors who can handle High Risk exposure and want thematic consumption exposure with a long patience horizon.

Published on 17 September 2026 at 3:00 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.