Nippon India Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Nippon India Multi Cap Fund Direct Growth Plan has a NAV of ₹337.9313 as of 24 August 2026 and a scheme AUM of ₹55,587 Cr. Its 1-year, 3-year and 5-year returns are 1.58%, 15.38% and 19.47% respectively, and the fund sits in the High Risk category.

Our view is that this is a multi-cap fund with a clear growth orientation, supported by a diversified market-cap mix but with a strong tilt toward retailing. The longer-term return pattern is more constructive than the latest 1-year outcome, so it fits investors who can tolerate sharp short-term swings in exchange for a stronger multi-year compounding profile.

Quick facts

Particulars	Details
NAV	₹337.9313
AUM	₹55,587 Cr
Expense Ratio	0.71%
Launch Date	01 January 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 12M; no exit load after holding period
Fund Managers	Sailesh Raj Bhan; Kinjal Desai

The fund is managed by Sailesh Raj Bhan and Kinjal Desai.

Source data date: as of 24 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	2.17%	0.93%
3M	2.35%	0.78%
1Y	1.58%	-0.85%
3Y	15.38%	7.08%
5Y	19.47%	7.17%

The recent return picture is better than the benchmark over 1 month, 3 months and 1 year, but the 1-year number is still modest in absolute terms for an equity fund. That tells us the fund has not seen a straight-line run over the last twelve months, even though it stayed ahead of the benchmark over the same horizon.

The more meaningful signal comes from the 3-year and 5-year figures. Those numbers show a much stronger compounding profile than the benchmark, which supports the view that the fund has rewarded patient holders better than the index over longer holding periods.

The path of returns has not been smooth. The short-term movement suggests phases of weakness and recovery rather than a steady climb, while the longer-term pattern still points to recovery from earlier softness and a reasonably durable compounding trend. For investors, that combination matters because it means the fund can lag or move unevenly in shorter windows even when the longer horizon remains constructive.

In simple terms, recent behaviour is not as strong as the 3-year and 5-year history, but it is still ahead of the benchmark across every period shown here. That mix is usually more relevant for investors who plan to stay invested through cycles rather than judge the fund on a single year.

Source data date: as of 24 Aug 2026

Should you BUY or HOLD Nippon India Multi 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
Nippon India Multi Cap Fund Direct Growth Plan	1.58%	15.38%	19.47%
Groww Multicap Fund Direct Growth Plan	20.21%	Data not available	Data not available
TRUSTMF Multi Cap Fund Direct Growth Plan	20.12%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	14.84%	18.89%	18.06%
Aditya Birla SL Multi – Asset Passive FoF Direct Growth Plan	14.52%	17.75%	Data not available
Bank of India Multi Cap Fund Direct Growth Plan	14.26%	19.56%	Data not available

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

On one-year return, the fund trails the two faster recent peer numbers in this set, although it still outpaces the benchmark. That makes the latest stretch look mixed rather than standout.

The longer window is more balanced. Its 3-year and 5-year returns are ahead of the benchmark and are close to the stronger multi-year peer figures available here, though some peers have a slightly better 3-year outcome. The short-term and long-term peer comparisons therefore tell different stories: the fund looks less striking over 1 year, but more credible over full-cycle holding periods.

Source data date: as of 24 Aug 2026

Portfolio: where your money goes

The market-cap mix is 46.96% large cap, 26.4% mid cap, 24.87% small cap and 1.77% other. That is a genuinely blended multi-cap structure, with large caps still the biggest block but with meaningful exposure to mid and small caps.

Sector	Weight	Top holdings
RETAILING	36.14%	TRENT LIMITED (19.48%); FSN E-COMMERCE VENTURES LIMITED (0.88%)
BANK	9.74%	HDFC BANK LIMITED (3.64%); AXIS BANK LIMITED (2.37%)
FINANCE	8.15%	HDFC ASSET MANAGEMENT COMPANY LIMITED (3.53%); MAX FINANCIAL SERVICES LIMITED (1.31%)
CAPITAL GOODS	5.32%	GE VERNOVA T&D INDIA LIMITED (1.57%); VESUVIUS INDIA LIMITED (0.85%)
AUTOMOBILE & ANCILLARIES	5.17%	ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED (1%); SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED (0.94%)

The sector mix is led very clearly by retailing, which is materially larger than the next-largest bank and finance exposures. That concentration means the fund’s near-term behaviour may be influenced more by consumer-led and retail-linked market moves than by an evenly spread sector basket.

At the stock level, Trent is the most noticeable holding in the portfolio table and alone accounts for a meaningful share of the retailing sleeve. Even so, the overall market-cap spread remains broad enough to keep the fund firmly in multi-cap territory rather than a pure large-cap or sector fund.

Our view is that the combination of sizeable large-cap exposure plus meaningful mid- and small-cap allocations may support long-term participation in market rallies, but it can also make returns uneven when smaller companies or the leading sector are under pressure. The retailing weight is the single biggest driver to watch.

Source data date: as of 24 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk and can stay invested for several years. The 1-year outcome is subdued relative to the stronger 3-year and 5-year trend, so it is better suited to people who can tolerate short-term inconsistency rather than those who want a smooth path.

The main trade-off is that the fund offers a stronger longer-term return profile than the benchmark, but its recent performance has been much less impressive than its multi-year history. The market-cap mix also adds potential upside from mid- and small-cap exposure, while increasing volatility. That makes it more appropriate for investors who want a multi-cap equity allocation and can wait through weaker phases.

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

Nil upto 10% of units and 1% for remaining units on or before 12 months. No exit load after the holding period.

Source data date: as of 24 Aug 2026

Frequently asked questions

What is the current NAV of Nippon India Multi Cap Fund Direct Growth Plan?

The current NAV is ₹337.9313 as of 24 August 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 1.58%, 15.38% and 19.47% respectively.

How does the fund compare with its benchmark?

It is ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is much wider over 3-year and 5-year periods than over the latest year.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund?

The fund is managed by Sailesh Raj Bhan and Kinjal Desai.

What is the exit load and tax treatment?

The fund has nil exit load up to 10% of units and 1% for the remaining units if redeemed on or before 12 months, and no exit load after that. Short-term capital gains tax is 20% for units held less than 1 year, while long-term capital gains tax is 12.5% for units held more than 1 year.

Bottom line

Nippon India Multi Cap Fund Direct Growth Plan has a weaker-looking latest 1-year stretch than its longer-term record, but its 3-year and 5-year returns remain meaningfully ahead of the benchmark. The peer set also shows that the fund is competitive over longer holding periods, even if some peers have stronger recent 1-year numbers. Its High Risk profile and meaningful mid- and small-cap exposure mean it is better suited to investors who can accept volatility. The heavy retailing tilt is the main portfolio feature to watch.

Published on 25 August 2026 at 11:37 AM 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.