Navi Nifty India Manufacturing Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Navi Nifty India Manufacturing Index Fund Direct Growth Plan has a NAV of ₹19.0206 as of 16 September 2026 and an AUM of ₹86 Cr. Its 1-year, 3-year and 5-year returns are 3.55%, 16.32% and 0% respectively, and the scheme sits in the High Risk category. Our view is that it has delivered a mixed outcome: the medium-term trend is positive, but the latest stretch has been weaker than the 3-year record and well below what the benchmark comparison suggests for more stable periods.

The fund is built around Indian manufacturing exposure, so the portfolio can move differently from a broad large-cap market index. That makes it more suitable for investors who can tolerate sharper swings and want focused sector participation rather than a smoother core allocation.

Quick facts

Particular	Details
NAV	₹19.0206 as of 16 Sep 2026
AUM	₹86 Cr
Expense Ratio	0.41%
Launch Date	26 Aug 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Ashutosh Shirwaikar

The fund is managed by Ashutosh Shirwaikar.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.85%	-4.41%
3M	-2.13%	-3.60%
1Y	3.55%	-7.76%
3Y	16.32%	5.74%
5Y	Data not available	Data not available

The recent profile has been uneven. Over 1 month, the fund declined more than the benchmark, which tells us the manufacturing theme has remained sensitive to short-term market moves. Over 3 months, it was still negative, but the fall was smaller than the benchmark, which shows some relative resilience even during a weak patch.

The 1-year picture is much better: the fund stayed positive while the benchmark was negative. That gap matters because it shows the strategy has been able to separate itself from the broader index over a full year. The 3-year record is stronger still, with the fund ahead of the benchmark by a meaningful margin.

At the same time, the latest 1-month and 3-month weakness suggests the path has not been smooth. We would treat the longer-term numbers as evidence of the theme’s potential, but the recent swings are a reminder that this is not a steady compounding profile. For investors, the key question is whether they are comfortable with that kind of uneven return pattern in exchange for exposure to Indian manufacturing.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Navi Nifty India Manufacturing Index?

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
Navi Nifty India Manufacturing Index Fund Direct Growth Plan	3.55%	16.32%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

Relative to the listed peers, the fund’s 1-year return is clearly more subdued, even though the manufacturing theme has still outperformed the benchmark over the same horizon. The 3-year figure is also below the strongest peer numbers shown here, but it is comfortably positive and better than the benchmark path. That tells us the fund’s story is different from the faster-moving sector and overseas index peers: it has participated in equity upside, but at a much gentler pace.

The short-term and longer-term comparisons do not tell the same story. In the near term, the fund looks weak against the faster peers; over 3 years, it is competitive against the benchmark and shows that the manufacturing allocation has been able to compound. For investors, that means the fund may appeal more for thematic exposure than for headline return chasing.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mahindra & Mahindra Limited	Automobile & Ancillaries	5.12%
Sun Pharmaceutical Industries Limited	Healthcare	4.85%
Reliance Industries Limited	Crude Oil	4.65%
Maruti Suzuki India Limited	Automobile & Ancillaries	4.08%
Tata Steel Limited	Iron & Steel	3.52%
Bharat Electronics Limited	Capital Goods	3.43%
Hindalco Industries Limited	Non – Ferrous Metals	3.4%
Bajaj Auto Limited	Automobile & Ancillaries	3.1%
JSW Steel Limited	Iron & Steel	2.83%
Divi'S Laboratories Limited	Healthcare	2.78%

The largest holding, Mahindra & Mahindra Limited, accounts for 5.12% of the portfolio. That is meaningful, but it is not so large that one stock dominates the scheme on its own. The gap from the first holding to the tenth is fairly measured rather than abrupt, which suggests the portfolio does not rely on a single name to carry performance.

The displayed holdings together account for approximately 37.76% of the portfolio, while the full disclosed list contains 59 holdings. That combination points to a fairly spread-out structure with a clear core, rather than a heavily concentrated book. Even so, the repeated presence of automobile, steel, metals and healthcare names means the portfolio may still be influenced by a few industry groups more than by a broad market mix.

Because the fund is an index strategy tied to manufacturing exposure, the individual names are likely to matter less than the overall industrial cycle and sector rotation. The visible weight pattern suggests a diversified but still theme-led portfolio, which may suit investors who want focused exposure without taking all of the risk through a single stock.

To see all holdings, visit the Navi Nifty India Manufacturing Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors who are comfortable with High Risk and can hold through short-term swings. The recent 1-month and 3-month weakness shows that returns can move sharply, while the 1-year and 3-year figures show that the strategy has still been able to outperform the benchmark over longer stretches.

The more suitable horizon is medium to long term, because the fund’s manufacturing focus is better judged across business cycles than over a few months. The main trade-off is that investors get targeted exposure to an Indian industrial theme, but they must accept uneven performance and the possibility that shorter periods can look much weaker than the longer 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: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Navi Nifty India Manufacturing Index Fund Direct Growth Plan?
The NAV is ₹19.0206 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 3.55% for 1 year, 16.32% for 3 years and 0% for 5 years.

How has it performed versus the benchmark?
It has outperformed the benchmark over 1 year and 3 years. Over 1 month and 3 months, the benchmark comparison is less favourable for the fund, especially in the latest month.

How does it compare with the peer funds shown here?
Its 1-year return is lower than the peer funds listed here, while its 3-year return is positive and stronger than the 3-year figure shown for ICICI Pru Nifty Pharma Index Fund Direct Growth Plan. The shorter and longer horizons are telling different stories.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
Ashutosh Shirwaikar manages the fund. The exit load is nil, so there is no exit load on sale.

Bottom line

This fund’s recent weakness is visible in the 1-month and 3-month figures, but its 1-year and 3-year results are still positive and ahead of the benchmark. Against the peers shown here, the return profile is more restrained, which makes the fund look more like a focused thematic holding than a return leader. The High Risk label fits that pattern. The portfolio is reasonably spread across 59 holdings, yet the manufacturing theme remains the central driver, so it is best viewed as a medium- to long-term allocation for investors who can live with uneven stretches.

Published on 17 September 2026 at 4:05 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.