Invesco India Manufacturing Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Invesco India Manufacturing Fund Direct Growth Plan has a NAV of ₹12.15 as of 10 Sep 2026 and scheme AUM of ₹757 Cr. Its 1-year, 3-year and 5-year returns are 14.41%, 0% and 0%, and the fund sits in the High Risk category. Our view is that it suits investors who can tolerate sharp swings and want a concentrated manufacturing-oriented portfolio, but the limited history and uneven medium-term trend make it more suitable for a long horizon than for short holding periods.

The fund has beaten its benchmark over the latest 1-year period, while the benchmark has been weaker over the same window. That said, the longer track record is still thin, so we would read the recent improvement as encouraging rather than decisive. The portfolio is led by automobile and ancillary names, with a meaningful slice in a few positions, so the path of returns may remain uneven.

Quick facts

Particular	Details
NAV	₹12.15 as of 10 Sep 2026
AUM	₹757 Cr
Expense Ratio	0.77%
Launch Date	14 Aug 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.50% on or before 3M, Nil after 3M
Fund Managers	Nikhil Kale

The fund is managed by Nikhil Kale.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.41%	-4.06%
3M	13.23%	1.37%
1Y	14.41%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent behaviour has been stronger than the benchmark. The fund slipped slightly over 1 month, but the benchmark fell much more over the same period, and the 3-month move was clearly ahead of the benchmark’s modest gain. That tells us the fund has been able to capture the recent manufacturing bounce better than the broader market proxy.

The 1-year return is the clearest positive signal in the table. At 14.41%, it stands well above the benchmark’s -7.31%, which means the fund has delivered meaningful relative outperformance over the latest full-year window. For a sector-led strategy, that is important because it shows the portfolio has participated in the upside rather than merely tracking the market.

We would still be careful about extending that recent strength too far into the future. The fund has only a short operating history, so the 3-year and 5-year fields do not yet tell a compounding story. For now, the evidence points to a newer manufacturing-focused equity fund whose recent pattern has been better than the broad market, but whose longer record is not yet established.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Invesco India Manufacturing?

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
Invesco India Manufacturing Fund Direct Growth Plan	14.41%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	73.94%	37.12%	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	29.94%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	29.26%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	28.30%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.13%	Data not available	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 lower than the strongest peer figures shown here, but that does not change the more important point for this strategy: the current fund has still beaten its benchmark over the latest year. Since the longer peer horizons are unavailable for most of the comparison set, the 1-year view is the most useful common ground, and on that basis the fund trails several sector-focused peers. The short-term comparison therefore looks weaker than its benchmark-relative story.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mahindra & Mahindra Limited	Automobile & Ancillaries	6.69%
TVS Motor Company Limited	Automobile & Ancillaries	3.56%
Eicher Motors Limited	Automobile & Ancillaries	3.46%
Bansal Wire Industries Limited	Iron & Steel	3.42%
Divi'S Laboratories Limited	Healthcare	3.40%
Sedemac Mechatronics Limited	Domestic Equities	3.14%
Gabriel India Limited	Automobile & Ancillaries	3.12%
Cipla Limited	Healthcare	2.84%
Tata Motors Ltd	Domestic Equities	2.81%
Amber Enterprises India Limited	Consumer Durables	2.77%

The largest holding, Mahindra & Mahindra Limited, carries a 6.69% weight, which is meaningful but not oversized on its own. The next few positions are also fairly close together, and the drop from first to tenth is gradual rather than abrupt, which suggests the fund is not depending on a single dominant position for most of its outcome.

The top 10 holdings together account for approximately 35.21% of the portfolio. With 47 holdings disclosed in total, that points to a portfolio that still spreads exposure across a fairly long tail, even though the visible core is tilted toward automobile and ancillary names. In our view, that mix may let the fund participate in manufacturing-linked cycles while keeping any one stock from carrying the full burden of performance.

To see all holdings, visit the Invesco India Manufacturing Fund Direct Growth Plan page

Source data date: as of 10 Sep 2026

Who should invest

This fund is suited to investors who can handle High Risk equity volatility and who are comfortable with a concentrated manufacturing theme. The recent 1-year outperformance versus the benchmark is encouraging, but the absence of 3-year and 5-year return history means the longer-term case is still developing.

We think the better fit is a patient investor with a long horizon who wants sector-led growth exposure rather than a stable core holding. The main trade-off is clear: the portfolio may offer stronger upside when manufacturing and autos are in favour, but that comes with a higher chance of uneven returns if those pockets cool off.

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: 0.50% if units are sold within 3 months; nil after 3 months.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Invesco India Manufacturing Fund Direct Growth Plan?
Its NAV is ₹12.15 as of 10 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?
Its 1-year return is 14.41%. The 3-year and 5-year returns are Data not available because the scheme is still too new for those trailing periods.

How does the fund compare with its benchmark?
It has done better than the Nifty 50 over the latest 1-year window. The fund returned 14.41% while the benchmark returned -7.31%.

How does it compare with peer funds on 1-year return?
Its 1-year return is below several sector-focused peers in the comparison set. The gap is widest versus ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan, which returned 73.94%.

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

What are the risk and portfolio characteristics?
The fund is tagged High Risk and its top holdings are led by automobile and ancillary names. Mahindra & Mahindra Limited is the largest holding at 6.69%, and the top 10 holdings together account for 35.21% of the portfolio.

Bottom line

This is a High Risk manufacturing-focused equity fund whose latest year has been stronger than its benchmark, but whose longer-term track record is not yet established. Relative to the peer set shown here, its 1-year return is more modest, while the benchmark comparison still looks favourable. The portfolio leans heavily toward automobile and ancillary names, and the top holdings carry enough weight to matter without dominating the whole scheme. For investors who want theme-driven exposure and can accept uneven returns, it may be worth closer study.

Published on 11 September 2026 at 3:51 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.