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

Invesco India Midcap Fund Direct Growth Plan has a NAV of ₹243.27 as of 09 Sep 2026 and an AUM of ₹14,721 Cr. Its 1-year, 3-year and 5-year returns are 11.64%, 23.52% and 20.28%, respectively, and the scheme sits in the High Risk bucket. Our view is that this is a midcap fund for investors who can tolerate sharp swings in pursuit of stronger long-term compounding.

The fund has done better over longer stretches than over the latest year, which suggests the ride can be uneven even when the 5-year outcome is solid. The portfolio is fairly concentrated in its largest names, so individual holdings can matter more than in a broadly spread scheme.

Quick facts

Particular	Details
NAV	₹243.27 as of 09 Sep 2026
AUM	₹14,721 Cr
Expense Ratio	0.54%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y
Fund Managers	Aditya Khemani

The fund is managed by Aditya Khemani.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.38%	-2.04%
3M	10.59%	4.88%
1Y	11.64%	5.51%
3Y	23.52%	15.36%
5Y	20.28%	15.14%

Recent performance has been mixed, but not weak in absolute terms. Over 1 month the fund was marginally down, yet it still held up better than the benchmark. The 3-month period was stronger, with the fund clearly ahead of the index, which tells us the recent stretch has favoured the portfolio more than the benchmark.

The longer view is more important here. The 1-year, 3-year and 5-year figures all sit above the benchmark, and the 3-year return is especially strong. That pattern supports the idea that the fund has been able to compound better than the midcap index across full market cycles, even though the path is likely to be uneven.

The short-term series also points to volatility rather than smooth linear gains. There are phases of softness followed by recovery, which fits a midcap strategy that can move around meaningfully in the near term. For investors, the key question is not whether the fund can be choppy; it is whether that choppiness is acceptable in exchange for stronger multi-year outcomes.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Invesco India Midcap?

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 Midcap Fund Direct Growth Plan	11.64%	23.52%	20.28%
HSBC Midcap Fund Direct Growth Plan	22.93%	24.35%	19.48%
WOC Mid Cap Fund Direct Growth Plan	16.16%	21.78%	Data not available
Helios Mid Cap Fund Direct Growth Plan	14.68%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	14.35%	20.09%	16.94%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	13.23%	17.96%	18.47%

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

On 1-year returns, the fund trails HSBC Midcap Fund Direct Growth Plan and also sits below WOC Mid Cap Fund Direct Growth Plan, Helios Mid Cap Fund Direct Growth Plan, ITI Mid Cap Fund Direct Growth Plan and Mahindra Manulife Mid Cap Fund Direct Growth Plan. That means the latest year has been respectable, but not the strongest among the comparison set.

The picture improves over longer periods. The fund’s 3-year return is ahead of the available peer figures shown here, and its 5-year return is also ahead of the peers with 5-year data. In our view, that makes the fund look more convincing as a long-horizon midcap option than as a short-term momentum play.

The comparison therefore tells two different stories: the latest year has lagged the most aggressive recent peer outcomes, while the multi-year record remains competitive. For an investor, that means the fund’s appeal rests more on sustained compounding than on near-term consistency.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Prestige Estates Projects Limited	Realty	7.16%
The Federal Bank Limited	Bank	6.42%
Max Healthcare Institute Limited	Healthcare	6.21%
Meesho Ltd	Retailing	4.64%
Global Health Limited	Healthcare	4.37%
AU Small Finance Bank Limited	Bank	4.22%
Eternal Limited	Retailing	4.18%
Indusind Bank Limited ^^^	Bank	4.06%
BSE Limited	Finance	3.86%
L&T Finance Limited	Finance	3.81%

The top 10 holdings account for approximately 48.93% of the portfolio.

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

The largest holding, Prestige Estates Projects Limited, stands at 7.16%, which is sizeable for a single midcap position. The weight then steps down through banks, healthcare, retailing and finance names, so the fund does not rely on one lone holding to carry the portfolio.

That said, the top 10 together make up nearly half the portfolio, so the fund may still be meaningfully influenced by a relatively small set of companies. With 37 disclosed holdings, there is a longer tail beneath the largest names, but the visible structure still points to a portfolio where the biggest positions could have greater impact on near-term returns.

For investors, this mix suggests a balance between diversification and conviction. The spread across sectors may help, but the concentration at the top means stock selection is likely to matter more than in a very broad, index-like portfolio.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and can stay invested through volatility. The 1-year return is moderate, but the 3-year and 5-year figures show that the strategy has been able to compound better over longer periods than the benchmark.

The main trade-off is between stronger long-term upside potential and short-term fluctuations. Because the portfolio is midcap-focused and the top holdings carry meaningful weights, the fund may move around more than a diversified large-cap allocation. Investors with a multi-year horizon and tolerance for uneven performance are the better fit.

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 applies as nil up to 10% of units and 1% for above the limits on or before 1 year, and there is nil exit load after 1 year.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of Invesco India Midcap Fund Direct Growth Plan?

The current NAV is ₹243.27 as of 09 Sep 2026.

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

The fund’s 1-year return is 11.64%, its 3-year return is 23.52% and its 5-year return is 20.28%.

How does the fund compare with its benchmark?

It has outpaced the benchmark across 1-year, 3-year and 5-year periods. The latest 1-month return is also better than the benchmark.

How does it compare with the peer funds shown here?

The fund trails some peers on 1-year performance, but its 3-year and 5-year returns are ahead of the available peer figures shown here.

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 Aditya Khemani. Exit load is nil up to 10% of units and 1% for above the limits on or before 1 year, and nil after 1 year.

Bottom line

Invesco India Midcap Fund Direct Growth Plan looks more convincing on a multi-year basis than on a one-year basis. Its recent performance is mixed, but the 3-year and 5-year records remain stronger than the benchmark and compare well with the peer set shown here. The portfolio is concentrated enough for stock selection to matter, yet still spread across 37 holdings and several sectors. That combination suits investors who want midcap growth exposure and can accept volatility in exchange for longer-term compounding potential.

Published on 10 September 2026 at 11:30 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.