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

Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan has a NAV of ₹67.5386 as of 10 Sep 2026 and an AUM of ₹5,134 Cr. Its 1-year, 3-year and 5-year returns are 13.44%, 22.35% and 17.6%, and the scheme is tagged as High Risk. Our view is that this is a fund for investors who can accept sharper swings in pursuit of equity-style tax-saving growth, especially if they are comfortable with a portfolio that leans toward individual stock ideas rather than broad market mimicry.

The fund has held up better than its benchmark over the medium term, and its longer-period return profile is stronger than the index figures provided here. The recent path has been less smooth than the 3-year and 5-year numbers suggest, so our reading is that it may suit investors who can stay invested through uneven stretches and are looking for an ELSS with an active, concentrated style.

Quick facts

Particular	Details
NAV	₹67.5386 as of 10 Sep 2026
AUM	₹5,134 Cr
Expense Ratio	0.62%
Launch Date	21 Jan 2015
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load after holding period
Fund Managers	Ajay Khandelwal, Ankit Agarwal, Rakesh Shetty

The fund is managed by Ajay Khandelwal, Ankit Agarwal, and Rakesh Shetty.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	2.87%	-4.06%
3M	10.85%	1.37%
1Y	13.44%	-7.31%
3Y	22.35%	6.07%
5Y	17.6%	5.91%

Recent performance has been firm, with the fund gaining in the short term while the benchmark was weak over the same spans. That matters because it shows the portfolio has not simply tracked the broader market; it has added its own return pattern even when the index has been under pressure.

The 1-year return of 13.44% is especially notable because the benchmark shows a negative figure over the same period. That tells us the fund has been able to navigate a difficult market backdrop better than the index, although the ride has still not been perfectly steady. The 3-month pattern also looks stronger than the benchmark and supports the idea that the fund has been able to recover well after softer patches.

Over longer periods, the picture is more convincing. The 3-year return of 22.35% and the 5-year return of 17.6% both stand well above the benchmark’s 6.07% and 5.91% respectively. Our reading is that the strategy has created meaningful excess return over time, but the path has included periods of weakness and recovery rather than a straight upward climb. That makes it more suitable for patient capital than for investors who want a smooth ride.

The daily pattern behind the numbers also points to some volatility. The fund has had phases of pressure, followed by recovery, which fits an active ELSS portfolio with stock-specific risk. The overall trend is constructive, but the short-term swings mean investors should judge it over full tax-saving horizons rather than only recent months.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Motilal Oswal 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Quant ELSS Tax Saver Fund Direct Growth Plan	14.4%	14.49%	15.61%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	13.44%	22.35%	17.6%
JM ELSS-Tax Saver Fund Direct Growth Plan	8.95%	16.04%	14.66%
ITI ELSS Tax Saver Fund Direct Growth Plan	7.31%	17.13%	13.4%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	7.26%	11.36%	15.84%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year measure, the fund trails Quant ELSS Tax Saver Fund Direct Growth Plan but stays ahead of the other peers listed here. Over 3 years and 5 years, it stands out with the strongest figures in this set, which tells us the fund’s longer-term compounding has been more powerful even though the recent one-year pace is not the highest. The shorter-term and longer-term comparisons are therefore telling different stories: the recent picture is solid, while the longer track record is the stronger part of the case.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Multi Commodity Exchange of India Limited	Finance	5.06%
Gujarat Fluorochemicals Limited	Chemicals	4.5%
PTC Industries Ltd	Automobile & Ancillaries	4.27%
S.J.S. Enterprises Limited	Automobile & Ancillaries	4.23%
Shaily Engineering Plastics Limited	Plastic Products	4.22%
One 97 Communications Limited	IT	4.15%
Jain Resource Recycling Limited	Non – Ferrous Metals	4.04%
Zen Technologies Limited	Capital Goods	4.04%
Ather Energy Limited	Domestic Equities	3.95%
Apar Industries Limited	Capital Goods	3.91%

The top 10 holdings account for approximately 42.37% of the portfolio.

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

The largest holding, Multi Commodity Exchange of India Limited, is 5.06% of the portfolio. That is sizable enough to matter, but not so large that one position dominates the fund on its own.

The drop from the first holding to the tenth is modest rather than abrupt: the tenth position still stands at 3.91%. That pattern suggests the visible portfolio is spread across several similarly weighted names, which may reduce reliance on a single stock while still keeping the fund meaningfully active.

Because the top 10 positions together make up 42.37% of the portfolio and the fund discloses 32 holdings in total, the portfolio appears fairly concentrated in its leading ideas but not narrowly built around just a handful of stocks. Our view is that this structure may contribute to stronger stock-selection impact, while also leaving room for broader diversification lower down the book.

Source data date: as of 10 Sep 2026

Who should invest

This fund fits investors who can handle High Risk exposure and are willing to stay invested for at least the ELSS lock-in plus a longer horizon beyond that. The 1-year return is respectable, but the 3-year and 5-year figures carry the stronger case, so the fund makes more sense for investors who care about compounding over time rather than only recent momentum.

It may suit someone using ELSS as a tax-saving equity allocation and who is comfortable with a portfolio that can move more sharply than the benchmark. The trade-off is straightforward: the fund has delivered stronger long-term numbers than the index, but that comes with stock-specific volatility and periods where the path is uneven. Investors who prefer steadier market-like movement may find the style harder to hold through.

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 after holding period.

Source data date: as of 10 Sep 2026

Frequently asked questions

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

The current NAV is ₹67.5386 as of 10 Sep 2026.

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

The fund’s 1-year, 3-year and 5-year returns are 13.44%, 22.35% and 17.6%.

How does the fund compare with Nifty 50?

It has outpaced Nifty 50 over 1 year, 3 years and 5 years. The benchmark figures are -7.31%, 6.07% and 5.91% for those same periods.

How does it compare with the peer funds listed here?

Its 1-year return is below Quant ELSS Tax Saver Fund Direct Growth Plan, but its 3-year and 5-year returns are stronger than the peer funds shown here. That makes the recent picture mixed, while the longer-term picture is comparatively stronger.

Is there a minimum SIP amount?

Yes, the minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Ajay Khandelwal, Ankit Agarwal, and Rakesh Shetty. The exit load is stated as no exit load after the holding period.

Bottom line

This ELSS has a stronger longer-term case than its short-term one, because the 3-year and 5-year returns are well ahead of the benchmark while the 1-year figure is more modest. In the peer set shown here, the recent return is not the highest, but the 3-year and 5-year numbers are the strongest among the listed funds. The portfolio looks active and moderately concentrated in its leading names, which may support stock-selection upside but also brings more movement. Overall, it looks best suited to investors who can tolerate High Risk and hold through uneven phases.

Published on 11 September 2026 at 3:50 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.