ITI Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ITI Mid Cap Fund Direct Growth Plan has a NAV of ₹25.2457 as of 15 September 2026 and scheme AUM of ₹1,539 Cr. Its 1-year, 3-year and 5-year returns are 9.12%, 19.14% and 15.86%, respectively, and the scheme is in the High Risk category.

Our view is that this is a mid-cap equity fund with a meaningful growth record, but one that has also shown stretches of uneven short-term behaviour. The return profile looks better over 3 years and 5 years than over 1 year, which matters for investors who can stay invested through swings rather than judging it on a single recent period.

Quick facts

Particular	Details
NAV	₹25.2457 as of 15 Sep 2026
AUM	₹1,539 Cr
Expense Ratio	0.51%
Launch Date	05 Mar 2021
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	0.50% on or before 3M, NIL after 3M
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	-4.07%	-4.67%
3M	1.67%	-1.38%
1Y	9.12%	2.67%
3Y	19.14%	13.88%
5Y	15.86%	14.5%

The fund has recovered better than its benchmark over the medium and longer periods, especially across 3 years and 5 years. That suggests the portfolio has been able to convert mid-cap market strength into returns more effectively than the index over those horizons.

The recent picture is less uniform. The 1-month return was negative, even though it held up slightly better than the benchmark, while the 3-month return turned positive and stayed ahead of the index. That pattern points to normal mid-cap volatility rather than a smooth path.

Across 1 year, the fund has also stayed well ahead of the benchmark. The key distinction is that the trailing 1-year number is more moderate than the stronger 3-year outcome, so recent gains have not matched the pace seen over the longer stretch. For investors, that means the fund has rewarded patience, but short-term swings remain a real feature.

Viewed together, the 3-year and 5-year numbers suggest a fund that has compounded reasonably well through different market phases. The benchmark comparison is useful here: the fund has not merely participated in the category movement; it has exceeded the index on every displayed period. That does not remove risk, but it does show that the recent softness has not broken the broader trend.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ITI Mid Cap?

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
HSBC Midcap Fund Direct Growth Plan	16.86%	22.92%	18.09%
WOC Mid Cap Fund Direct Growth Plan	11.85%	21.03%	Data not available
Helios Mid Cap Fund Direct Growth Plan	10.68%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	9.12%	19.14%	15.86%
Baroda BNP Paribas Mid Cap Fund Direct Growth Plan	8.87%	16.11%	14.75%

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

The fund trails the strongest peer on the 1-year figure, but it is still ahead of some peers in the table and remains comfortably above the benchmark over the same period. Over 3 years and 5 years, it sits above the peers with available figures for Baroda BNP Paribas Mid Cap Fund Direct Growth Plan, while HSBC Midcap Fund Direct Growth Plan has delivered higher returns across the displayed horizons.

The shorter-term and longer-term peer views do not tell the same story. On the recent number, the fund is not leading the peer set, yet its 3-year and 5-year figures are still solid and well above the benchmark. That makes the fund look more like a steady mid-cap compounder than a recent standout, with the gap to the strongest peer most visible in the last 12 months.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
The Federal Bank Limited	Bank	3.05%
Solar Industries India Limited	Chemicals	2.56%
One 97 Communications Limited	IT	2.33%
Fortis Healthcare Limited	Healthcare	1.98%
Ather Energy Limited	Domestic Equities	1.86%
Radico Khaitan Limited	Alcohol	1.76%
TVS Motor Company Limited	Automobile & Ancillaries	1.65%
IDFC First Bank Limited	Bank	1.61%
AU Small Finance Bank Limited	Bank	1.59%
Indusind Bank Limited	Bank	1.59%

The top 10 holdings account for approximately 19.98% of the portfolio.

To see all holdings, visit the ITI Mid Cap Fund Direct Growth Plan page

The largest position, The Federal Bank Limited, is 3.05%, so no single stock dominates the disclosed holding list. The tenth holding is 1.59%, which shows that the weights taper, but not sharply, from the top position to the edge of the visible list.

This pattern suggests a portfolio that may spread influence across a fairly long tail rather than relying on just a handful of positions. The top 10 add up to 19.98%, and the fund discloses 88 holdings in total, so the visible leaders appear important without forming a highly concentrated core.

That balance can be useful in a mid-cap fund because it may reduce dependence on one or two names, while still allowing the stronger ideas to matter. It also means investors should expect the portfolio to participate across several sectors, with banks appearing repeatedly in the disclosed holdings.

Source data date: as of 15 Sep 2026

Who should invest

This fund is suited to investors who are comfortable with High Risk equity exposure and can tolerate sharp swings in the short run. The 1-year return is positive but below the 3-year and 5-year outcomes, which tells us the fund’s performance has been better over a longer holding period than over a single year.

Our view is that the fund fits a longer investment horizon, especially for investors who want mid-cap exposure and can live with periods when returns temporarily lag the stronger multi-year trend. The main trade-off is straightforward: the portfolio has the potential to compound well over time, but the journey is likely to be uneven and benchmark-beating periods may not arrive every quarter.

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% on units sold on or before 3 months; NIL after 3 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of ITI Mid Cap Fund Direct Growth Plan?
The NAV is ₹25.2457 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 9.12%, its 3-year return is 19.14%, and its 5-year return is 15.86%.

How has the fund performed versus its benchmark?
It has stayed ahead of the Nifty Mid Cap benchmark across the displayed 1-month, 3-month, 1-year, 3-year and 5-year periods. The gap is widest over 3 years and 5 years.

How does it compare with the peer funds shown here?
Its 1-year return is below HSBC Midcap Fund Direct Growth Plan, WOC Mid Cap Fund Direct Growth Plan and Helios Mid Cap Fund Direct Growth Plan, but its 3-year and 5-year figures are still ahead of Baroda BNP Paribas Mid Cap Fund Direct Growth Plan where data is available.

What is the minimum SIP amount?
The minimum SIP is ₹500.

Who manages the fund, and what is the exit load?
The fund is managed by Alok Ranjan and Dhimant Shah. The exit load is 0.50% on units sold on or before 3 months, and nil after 3 months.

Bottom line

ITI Mid Cap Fund Direct Growth Plan has a stronger multi-year record than its recent 1-year showing, and it has also stayed ahead of the benchmark across the displayed periods. Against peers, the latest 1-year number is not the strongest, but the 3-year and 5-year figures remain respectable. The portfolio is spread across 88 holdings, with the top 10 accounting for just 19.98%, so the fund does not appear reliant on a very small set of positions. Overall, it suits investors who can handle High Risk mid-cap exposure and think in multi-year terms.

Published on 16 September 2026 at 6:26 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.