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

Motilal Oswal Midcap Fund Direct Growth Plan has a NAV of ₹120.6854 as of 10 Sep 2026 and an AUM of ₹42,851 Cr. Its 1-year, 3-year and 5-year returns are 0.28%, 18.27% and 21.93%, respectively, and the scheme is tagged High Risk.

Our view is that this is a mid-cap equity fund for investors who can accept sharp swings in the short term in return for a stronger longer-term growth profile. The benchmark comparison and the portfolio mix both suggest a fund that can be cyclical, but its 5-year record remains materially better than its near-term showing.

Quick facts

Particular	Details
NAV	₹120.6854 as of 10 Sep 2026
AUM	₹42,851 Cr
Expense Ratio	0.69%
Launch Date	24 Feb 2014
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 365D, Nil after 365D
Fund Managers	Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty

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

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.57%	-2.37%
3M	18.61%	5.39%
1Y	0.28%	4.92%
3Y	18.27%	15.22%
5Y	21.93%	15.05%

The recent return pattern is mixed. Over the last month and three months, the fund has shown a stronger bounce than the benchmark, but the 1-year figure is still weak at 0.28%, which tells us the path has not been smooth.

The longer view is more encouraging. The 3-year return of 18.27% is ahead of the benchmark’s 15.22%, and the 5-year return of 21.93% is also ahead of the benchmark’s 15.05%. That gap matters because it suggests the fund has been able to compound better over a full market cycle than the index proxy.

The time pattern also points to a volatile style rather than a steady one. The 1-year trend spent much of the period under pressure before recovering toward the end, while the 3-year and 5-year paths show a clearer upward climb. For investors, that usually means patience is important: the fund can lag in some phases, yet still build a stronger longer-term outcome if the holding period is long enough.

In that sense, the current stretch looks materially better than the flat 1-year reading, but it does not erase the fact that the journey has been uneven. We would read it as a fund with stronger medium- and long-term compounding than near-term consistency.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Motilal Oswal Midcap?

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 Midcap Fund Direct Growth Plan	0.28%	18.27%	21.93%
HSBC Midcap Fund Direct Growth Plan	21.55%	24.22%	19.4%
WOC Mid Cap Fund Direct Growth Plan	14.92%	21.73%	Data not available
Helios Mid Cap Fund Direct Growth Plan	14.33%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	12.94%	20.01%	16.89%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	12.06%	17.86%	18.41%

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

The current fund’s 1-year return is far below the strongest peer figures in this set, so the near-term picture looks softer than several alternatives. However, its 3-year and 5-year returns are still competitive, and the 5-year number is better than all peers listed here with available 5-year data except none above it in the supplied set.

The comparison therefore tells two different stories. In the short run, the fund has clearly trailed the better-performing peers; over longer horizons, it has held up more credibly and has delivered better compounding than the benchmark. That split is important for interpretation because it suggests the fund has not been the smoothest recent performer, but the longer record is stronger than the latest 1-year figure implies.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Kalyan Jewellers India Limited	Diamond & Jewellery	8.87%
One 97 Communications Limited	IT	8.08%
Eternal Limited	Retailing	6.37%
Coforge Limited	IT	5.58%
Aditya Birla Capital Limited	Finance	5.2%
Kei Industries Limited	Electricals	4.81%
Persistent Systems Ltd	IT	4.75%
Billionbrains Garage Ventures Ltd	Domestic Equities	4.08%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.81%
Shriram Finance Limited	Finance	3.75%

The largest holding, Kalyan Jewellers India Limited, stands at 8.87%, which is large enough to matter but not so large that it dominates the portfolio on its own. The drop from the first holding to the tenth is gradual rather than abrupt, moving from 8.87% to 3.75%, so the top positions are meaningful without being extremely top-heavy.

The top 10 holdings account for approximately 55.3% of the portfolio, and the fund has 30 disclosed holding rows in total. That combination suggests a portfolio that is concentrated in its leading ideas but still leaves room for a longer tail of positions. In practice, a structure like this may mean the biggest names can influence outcomes, while the rest of the book can still add diversification and reduce reliance on a single stock or theme.

Because the holdings span IT, finance, retailing, electricals and cash equivalents, the portfolio is not confined to one narrow pocket of the market. Even so, the meaningful weights in the top few positions indicate that stock selection could remain a major driver of returns.

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

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and stay invested through uneven stretches. The 1-year return has been weak, but the 3-year and 5-year figures are stronger, and that pattern points to a fund that may reward patience more than short holding periods.

Our view is that the better fit is a long horizon, especially for investors who already understand mid-cap volatility and want exposure to a portfolio that has outpaced its benchmark over the longer run. The trade-off is clear: you accept sharper short-term movement and the possibility of lagging peers in some phases, in exchange for a stronger long-term compounding profile.

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% on or before 365D, Nil after 365D.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Midcap Fund Direct Growth Plan?

The current NAV is ₹120.6854 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 0.28%, 18.27% and 21.93%.

How has the fund performed against its benchmark?

It has outpaced the benchmark over 3 years and 5 years, but it has trailed the benchmark over 1 year. That makes the recent picture weaker than the longer-term record.

How does it compare with the peer funds listed here?

Its 1-year return is much weaker than several peers in this set, while its 3-year and 5-year figures remain competitive. The longer-term story is stronger than the short-term story.

Is there a minimum SIP amount?

The fund is SIP-eligible, but a minimum SIP amount is not stated here.

Who manages the fund and what is the exit load?

The fund is managed by Ajay Khandelwal, Ankit Agarwal, Varun Sharma and Rakesh Shetty. The exit load is 1% on or before 365 days and nil after 365 days.

Bottom line

Motilal Oswal Midcap Fund Direct Growth Plan has a clear split between weak recent performance and stronger longer-term numbers. It has also held up better than the benchmark over 3 years and 5 years, even though some peers have been stronger in the latest 1-year window. The High Risk profile, mid-cap focus and 55.3% concentration in the top 10 holdings mean it is better suited to patient investors who can live with volatility while waiting for longer-run compounding to show through.

Published on 11 September 2026 at 1:21 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.