ITI ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Updated: 16 Sept 2026 • 1:22 pm

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ITI ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ITI ELSS Tax Saver Fund Direct Growth Plan currently has a NAV of ₹28.1331 as of 15 Sep 2026 and an AUM of ₹462 Cr. Its 1-year, 3-year and 5-year returns are 2.39%, 15.76% and 12.57%, and the scheme is tagged as High Risk. Our view is that the fund has delivered a steadier longer-term outcome than its recent 1-year result suggests, but the equity risk remains meaningful.

The fund looks better suited to investors who can stay invested through uneven periods and want an ELSS option with a focused equity portfolio. The benchmark behaviour has been weaker than the fund across the 3-year and 5-year periods, which supports the longer-term case, while the recent phase has been choppier.

Table of Contents

Quick facts

Particular	Details
NAV	₹28.1331 as of 15 Sep 2026
AUM	₹462 Cr
Expense Ratio	0.31%
Launch Date	18 Oct 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Alok Ranjan, Dhimant Shah

The fund is managed by Alok Ranjan and Dhimant Shah.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.03%	-4.81%
3M	0.94%	-3.63%
1Y	2.39%	-8.27%
3Y	15.76%	5.59%
5Y	12.57%	5.58%

The short-term picture has been mixed. Over one month, the fund fell alongside the benchmark, but the fund held up slightly better. Over three months, the fund was positive while the benchmark stayed in the red, which suggests the portfolio recovered faster in the latest stretch.

The longer view is stronger. The 3-year return of 15.76% is well above the benchmark’s 5.59%, and the 5-year return of 12.57% also clears the benchmark’s 5.58% by a wide margin. That gap tells us the fund has been able to compound better than the index over full market cycles, even if the recent 1-year return of 2.39% is much more modest.

The pattern is important for an ELSS investor. The fund has not moved in a straight line, and the recent dips show that it can still be volatile. At the same time, the longer-term return profile suggests the manager has captured equity upside more effectively than the benchmark across the past three and five years.

In our view, the fund’s recent behaviour does not overturn the longer-term case. Instead, it points to a portfolio that may need patience, especially when near-term market conditions are uneven.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ITI ELSS Tax Saver?

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 ITI ELSS Tax Saver? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
ITI ELSS Tax Saver Fund Direct Growth Plan	2.39%	15.76%	12.57%
Quant ELSS Tax Saver Fund Direct Growth Plan	13.68%	13.97%	15.53%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	8.8%	21.01%	16.82%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	6.72%	11.46%	15.82%
Edelweiss ELSS Tax saver Fund Direct Growth Plan	6.42%	13.21%	12.17%
JM ELSS-Tax Saver Fund Direct Growth Plan	6.09%	15.31%	13.81%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the one hand, the fund’s 3-year return is ahead of most of the listed peers here, and its 5-year return is also solid. On the other hand, the 1-year return is clearly softer than the stronger recent numbers posted by several peers, including Quant and Motilal Oswal.

The comparison therefore tells two different stories. The fund has held up well over medium and longer horizons, but the latest year has been weaker than the better-performing peer options. For investors, that means the longer-term compounding case is still visible, while the short-term pace has been less competitive than some alternatives in the same ELSS space.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	3.3%
Cholamandalam Investment and Finance Company Ltd	Finance	3.09%
TVS Motor Company Limited	Automobile & Ancillaries	2.94%
Axis Bank Limited	Bank	2.74%
Bajaj Finance Limited	Finance	2.69%
State Bank of India	Bank	2.48%
Sansera Engineering Limited	Automobile & Ancillaries	2.38%
Mahindra & Mahindra Limited	Automobile & Ancillaries	2.36%
Iifl Finance Limited	Finance	2.27%
Welspun Corp Limited	Iron & Steel	2.24%

The top 10 holdings account for approximately 26.49% of the portfolio.

To see all holdings, visit the ITI ELSS Tax Saver Fund Direct Growth Plan page

At 3.3%, HDFC Bank Limited is the largest disclosed holding, so it may have the greatest single-stock influence among the visible positions. The drop from the first holding to the tenth is not extreme, because the weights stay clustered in a relatively narrow band from 3.3% down to 2.24%, which suggests the visible book is fairly even across the top positions.

That said, the combined weight of the top 10 is only 26.49%, while the scheme discloses 69 holdings in total. In our view, that points to a portfolio that is not heavily dependent on just a few names, even though banks, finance and automobile-linked companies appear repeatedly in the visible set.

The structure may therefore balance individual stock risk better than a highly concentrated fund, but it still looks like an active equity portfolio where a small number of large positions could matter in weaker markets. The spread across 69 holdings also suggests there is a longer tail beyond the visible top positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund is best viewed by investors who are comfortable with High Risk equity exposure and can stay invested for a longer horizon. The 3-year and 5-year returns are comfortably above the benchmark, but the 1-year result is much softer, so the experience may not feel smooth from year to year.

It fits better as a tax-saving equity allocation for investors who can tolerate volatility and do not need the money in the near term. The main trade-off is straightforward: stronger medium-term compounding has come with uneven short-term swings, so patience matters.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of ITI ELSS Tax Saver Fund Direct Growth Plan?

The current NAV is ₹28.1331 as of 15 Sep 2026.

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

The fund’s returns are 2.39% over 1 year, 15.76% over 3 years and 12.57% over 5 years.

How has the fund performed versus the benchmark?

It has beaten the NIFTY 50 over 3 years and 5 years, and it also held up better over 3 months and 1 year. Over 1 month, both were negative, with the fund slightly ahead.

How does it compare with the peer funds listed here?

Its 3-year and 5-year returns are competitive, but several peers have stronger 1-year numbers. That makes the latest year look weaker even though the longer-term profile remains respectable.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What is the risk level, and who manages the fund?

The fund is tagged as High Risk. It is managed by Alok Ranjan and Dhimant Shah, and the portfolio’s visible top holdings are spread across banking, finance and automobile-related names.

Bottom line

ITI ELSS Tax Saver Fund Direct Growth Plan shows a clear split between a softer recent year and a stronger medium-term track record. It has outpaced the benchmark over 3 years and 5 years, but the latest 1-year return is more modest than several peer options. The risk tag is High Risk, and the visible portfolio is spread across 69 holdings, with no single disclosed position dominating the top list. That profile suits investors who can wait through uneven periods in exchange for longer-term equity compounding.

Published on 16 September 2026 at 1:21 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.