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

Motilal Oswal Infrastructure Fund Direct Growth Plan is at a NAV of ₹12.4218 as of 15 September 2026, with scheme AUM of ₹149 Cr. Its 1-year, 3-year and 5-year returns are 2.61%, 0% and 0%, and it sits in the High Risk category.

Our view is that the fund suits investors who can tolerate sharp swings and want exposure to a narrow theme, but the recent return pattern is still uneven. The benchmark has also been soft over shorter windows, so the fund’s early track record looks more like a high-risk thematic bet than a steady compounding option.

Quick facts

Particular	Details
NAV	₹12.4218 as of 15 Sep 2026
AUM	₹149 Cr
Expense Ratio	2.51%
Launch Date	13 May 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Ajay Khandelwal, Atul Mehra, Bhalchandra Shinde, Rakesh Shetty

The fund is managed by Ajay Khandelwal, Atul Mehra, Bhalchandra Shinde, and Rakesh Shetty.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.89%	-4.81%
3M	-3.27%	-3.63%
1Y	2.61%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent path has been choppy, with the fund slipping over the last month and three months after a better 1-year outcome. That mix tells us the strategy has not yet settled into a smooth trend, even though the 1-year figure is positive.

Against the benchmark, the fund has held up better in every available window. The gap is most visible over 1 year, where the fund is positive while the benchmark is negative, but the shorter windows still show both lines under pressure.

We would read this as a fund that has protected better than the benchmark in the periods available, but not one that has delivered a stable upward drift. The 3-month weakness matters because it shows the fund can still move sharply with theme-specific sentiment.

The time pattern also suggests that the 1-year result is better than the very recent run, so investors should not assume the latest short-term softness is unusual. For a thematic equity fund, that kind of unevenness is part of the story.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Motilal Oswal Infrastructure?

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
Motilal Oswal Infrastructure Fund Direct Growth Plan	2.61%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	23.52%	Data not available	Data not available

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

The fund’s 1-year return is far below the peer set shown here, while several peers have delivered much stronger recent gains. That does not change the fact that the fund’s own benchmark comparison is still better than the benchmark over the same horizon, but it does show that the current short-term return profile is softer than the peer group’s stronger recent names.

Because 3-year and 5-year peer figures are unavailable for most funds in this set, the clearest comparison is the 1-year window. On that measure, the fund looks materially weaker than the peers with available figures, so the short-term story is not especially supportive.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	7.82%
Bharti Airtel Limited	Telecom	6.04%
ABB India Limited	Capital Goods	6.02%
Samvardhana Motherson International Limited	Automobile & Ancillaries	5.85%
Solar Industries India Limited	Chemicals	5.37%
Apollo Hospitals Enterprise Limited	Healthcare	4.91%
Siemens Limited	Capital Goods	4.82%
Vijaya Diagnostic Centre Limited	Healthcare	4.48%
Larsen & Toubro Limited	Infrastructure	4.47%
Schneider Electric Infrastructure Limited	Capital Goods	4.22%

The top 10 holdings account for approximately 54% of the portfolio.

To see all holdings, visit the Motilal Oswal Infrastructure Fund Direct Growth Plan page

The largest disclosed position is cash and net assets at 7.82%, followed by Bharti Airtel at 6.04% and ABB India at 6.02%. That means the single largest holding is meaningful, but not so large that it dominates the whole portfolio on its own.

The weight then tapers gradually into the 4% to 6% range across the next several positions, with Larsen & Toubro at 4.47% and Schneider Electric Infrastructure at 4.22% in the tenth slot. The drop from first to tenth is modest, which suggests the portfolio is built around several comparable-sized positions rather than one very large bet.

With 54% of assets in the top 10 holdings out of 27 disclosed holdings, the fund still leaves a broad tail beyond the largest positions. In our view, that points to a mix that is moderately concentrated at the top, but still spread enough for several holdings to matter in performance.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested through uneven short-term swings. The 1-year return is positive, but the 1-month and 3-month numbers are softer, so the path has not been smooth.

It is more suitable for a longer horizon than a short holding period, especially because the benchmark has also been weak in recent windows and the fund is thematic in nature. The main trade-off is that you may get better benchmark-relative resilience than the index in some periods, but you also need to accept sharper volatility and a return pattern that has not yet built a long stable track record.

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: 1% if units are sold within 3 months; no exit load after 3 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Infrastructure Fund Direct Growth Plan?
The current NAV is ₹12.4218 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 2.61%, while the 3-year and 5-year returns are both Data not available.

How has the fund performed against its benchmark?
It has done better than Nifty 50 in every available window. The 1-year return is 2.61% versus -8.27% for the benchmark, and the shorter windows are also less weak than the benchmark.

How does it compare with the peer funds shown here?
Its 1-year return is much lower than the peer funds listed here that have available 1-year figures. The longer-term peer figures are mostly unavailable, so the clearest comparison is the recent one.

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, Atul Mehra, Bhalchandra Shinde, and Rakesh Shetty. The exit load is 1% if units are sold within 3 months, and there is no exit load after 3 months.

Bottom line

Motilal Oswal Infrastructure Fund Direct Growth Plan has a mixed early record: the 1-year return is positive, but the shorter windows have softened, so the recent pattern is uneven. It has also held up better than the benchmark in the periods available, even though it trails several peers on 1-year performance. With a High Risk profile and a top-heavy but not extreme portfolio, it looks more suited to investors who can tolerate volatility and want thematic equity exposure over a longer horizon.

Published on 16 September 2026 at 4:19 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.