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

Invesco India Multicap Fund Direct Growth Plan currently has a NAV of ₹160.26 as of 09 Sep 2026 and scheme AUM of ₹4,397 Cr. Its 1-year, 3-year and 5-year returns are 3.88%, 13.70% and 12.44%, and the fund sits in the High Risk category.

Our view is that this is a diversified equity fund that has held up better over medium and longer horizons than in the latest year. The portfolio is spread across 62 holdings, with the top positions led by retailing, banks and aviation, so investors need to be comfortable with equity volatility while looking for a multicap allocation rather than a narrow style bet.

Quick facts

Particular	Details
NAV	₹160.26 as of 09 Sep 2026
AUM	₹4,397 Cr
Expense Ratio	0.69%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
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	Taher Badshah, Manish Poddar

The fund is managed by Taher Badshah and Manish Poddar.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.42%	-4.69%
3M	10.71%	0.93%
1Y	3.88%	-7.16%
3Y	13.70%	6.00%
5Y	12.44%	5.87%

The recent picture is uneven but not weak. Over one month, the fund was slightly negative, yet it still did better than the benchmark, which fell more sharply. The three-month stretch was stronger, and that suggests the fund has been able to recover from short-term swings.

The longer view is more constructive. Both the 3-year and 5-year returns are clearly ahead of the benchmark, which tells us that the fund has compounded better than Nifty 50 across fuller market cycles. That matters more than a single month of softness, especially in a High Risk equity fund where short-term drawdowns are part of the path.

What stands out is the contrast between the last year and the multi-year record. The 1-year return is modest at 3.88%, but the benchmark was negative over the same horizon, so the fund still preserved relative ground. Our read is that this fund has not been a smooth one-year story, but the 3-year and 5-year numbers point to a more stable long-run edge.

For investors, the practical takeaway is that recent behaviour has been choppy, while the medium-term compounding pattern remains stronger than the benchmark. That combination usually suits people who can stay invested through uneven phases rather than those who need a steady, low-volatility line of returns.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Invesco India Multicap?

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 Multicap Fund Direct Growth Plan	3.88%	13.70%	12.44%
TRUSTMF Multi Cap Fund Direct Growth Plan	20.08%	Data not available	Data not available
Groww Multicap Fund Direct Growth Plan	19.52%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	16.01%	17.38%	16.79%
ITI Multi Cap Fund Direct Growth Plan	14.26%	17.17%	14.52%
Bank of India Multi Cap Fund Direct Growth Plan	14.17%	17.58%	Data not available

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

On the one-year numbers, the fund trails several peers by a wide margin. That short-term gap is obvious in the table, but it does not tell the full story on its own because the benchmark was negative over the same period. The more useful comparison is that the fund has been steadier over longer horizons than the weaker one-year figure suggests.

Against peers with longer records, the fund’s 3-year and 5-year returns are not the strongest in this group, but they are still comfortably positive and compare well with the benchmark. The contrast between the sharp one-year peer leaders and the more balanced multi-year records suggests different return patterns rather than a single clear theme across the category.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eternal Limited	Retailing	4.00%
ICICI Bank Limited	Bank	3.79%
Interglobe Aviation Limited	Aviation	3.16%
Sai Life Sciences Limited	Domestic Equities	2.57%
Axis Bank Limited	Bank	2.55%
TVS Motor Company Limited	Automobile & Ancillaries	2.55%
Krishna Institute of Medical Sciences Limited	Healthcare	2.51%
Nippon Life India Asset Management Limited	Finance	2.41%
Cholamandalam Investment and Finance Company Limited	Finance	2.38%
AU Small Finance Bank Limited	Bank	2.30%

The top 10 holdings account for approximately 28.22% of the portfolio.

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

The largest holding is Eternal Limited at 4.00%, so no single position dominates the disclosed list. The next few holdings stay in a fairly tight band, with ICICI Bank Limited at 3.79% and Interglobe Aviation Limited at 3.16%, before the weights ease down into the mid-2% range. That shape suggests the portfolio may not depend on one or two oversized bets.

The drop from the largest holding to the tenth is modest rather than steep, which points to a measured build-up across several names. With 28.22% of the portfolio in the top 10 and 62 holdings in total, the disclosed book appears reasonably spread out. The longer tail could still matter, but the visible holdings do not look heavily concentrated at the top.

That balance may help diversify stock-specific risk, although it also means the portfolio’s return profile is likely to come from several positions working together rather than from one standout winner. In our view, this is consistent with a multicap approach that spreads exposure across different businesses and sectors rather than leaning too hard on a single theme.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk equity volatility and stay invested for at least a medium-to-long horizon. The 3-year and 5-year returns are much stronger than the latest year, so the fund looks better for investors who can accept uneven short-term performance in exchange for a stronger multi-year compounding pattern.

The main trade-off is that you are taking on a choppier path than the benchmark in the short run, but the longer-term record has been more supportive. The portfolio is diversified across 62 holdings, which may help spread stock-specific risk, yet the fund still needs a strong risk appetite because equity market swings remain part of the experience.

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	12.50%	Long-term capital gains tax

Exit load: Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y.

Source data date: as of 09 Sep 2026

Frequently asked questions

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

The current NAV is ₹160.26 as of 09 Sep 2026.

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

The 1-year return is 3.88%, the 3-year return is 13.70%, and the 5-year return is 12.44%.

How has this fund performed versus the benchmark?

It has beaten the benchmark over 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially clear over the 3-year and 5-year periods.

How does the fund compare with peer multicap funds on returns?

Its 1-year return is lower than the strongest peer figures shown, but its 3-year and 5-year returns are still solid where peer data is available. The comparison suggests a steadier longer-term profile than the latest-year numbers alone imply.

What is the fund’s minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Taher Badshah and Manish Poddar. The exit load is nil upto 10% of units and 1% for above the limits on or before 1Y, with nil exit load after 1Y.

Bottom line

Invesco India Multicap Fund Direct Growth Plan has a softer latest-year showing, but its 3-year and 5-year results are much healthier and remain ahead of the benchmark. The peer set shows stronger one-year numbers elsewhere, yet the fund’s longer-term pattern is still credible. With a High Risk profile, 62 holdings and a top-heavy list that is not overly concentrated, it looks better suited to investors who can tolerate swings and focus on multi-year compounding rather than recent momentum.

Published on 10 September 2026 at 11:33 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.