Nippon India Nifty Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Nippon India Nifty Midcap 150 Index Fund Direct Growth Plan has a current NAV of ₹25.9133 as of 15 September 2026 and scheme assets of ₹2,844 Cr. Its 1-year, 3-year and 5-year returns are 3.58%, 13.88% and 14.87%, respectively, and it is tagged as High Risk. In our view, the fund fits investors who want mid-cap exposure through an index-led approach and are comfortable with sharper short-term swings.

The recent return pattern has been choppier than the longer-term record, but the 3-year and 5-year numbers still point to steady compounding over time. Compared with the supplied benchmark, the fund has held up much better over the medium and long run, which supports a cautious constructive view for investors with a longer horizon.

Quick facts

Particular	Details
NAV	₹25.9133 as of 15 Sep 2026
AUM	₹2,844 Cr
Expense Ratio	0.3%
Launch Date	19 Feb 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Himanshu Mange

The fund is managed by Himanshu Mange.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.64%	-4.81%
3M	-1.2%	-3.63%
1Y	3.58%	-8.27%
3Y	13.88%	5.59%
5Y	14.87%	5.58%

The short-term picture is mixed. The fund has been weak over the latest month, and the 3-month return is still negative, but both periods are less negative than the benchmark. That tells us the scheme has not escaped pressure, yet it has absorbed the recent decline better than the benchmark.

The 1-year result is more encouraging because the fund has stayed positive while the benchmark is negative. That gap matters for investors who want evidence that the strategy can diverge from the market in a favorable way during tougher stretches. It also suggests that the fund's mid-cap exposure has not been simply tracking the benchmark's path.

The longer record is stronger. Over 3 years and 5 years, the fund has compounded well above the benchmark, which indicates that the recent weakness is more a short-run correction than a break in the broader trend. The path is not smooth, but the overall direction over medium and long horizons remains positive.

Our view is that this pattern is typical of an equity index fund with a riskier segment of the market. Investors are unlikely to get a straight-line experience here, but the longer-period returns still show a meaningfully better outcome than the benchmark on the supplied figures.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Nippon India Nifty Midcap 150 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
Nippon India Nifty Midcap 150 Index Fund Direct Growth Plan	3.58%	13.88%	14.87%
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	Data not available

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

On the 1-year number, the fund trails several of the comparison names by a wide margin, so the recent return story is clearly not the strongest part of the package. That said, the fund's 3-year and 5-year returns are still meaningful and show a better medium-term outcome than the benchmark, which makes the longer record more relevant than the latest 12 months.

The peer set also tells a split story. Some peers have much stronger 1-year gains, while the fund's available longer-term record remains solid. For our analysis, that means the fund looks less compelling on recent momentum but more balanced when judged on multi-year compounding and benchmark-beating behaviour.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
BSE Limited	Finance	3.15%
The Federal Bank Limited	Bank	2.06%
Multi Commodity Exchange of India Limited	Finance	2.04%
Laurus Labs Limited	Healthcare	1.75%
One 97 Communications Limited	IT	1.7%
Hero Motocorp Limited	Automobile & Ancillaries	1.66%
Coforge Limited	IT	1.62%
Indusind Bank Limited	Bank	1.57%
PB Fintech Limited	IT	1.53%
Bharat Heavy Electricals Limited	Capital Goods	1.52%

The largest holding, BSE Limited, carries a weight of 3.15%, which is noticeable but not extreme for a diversified index-style portfolio. The gap from the first to the tenth holding is fairly controlled, with the tenth position still at 1.52%, so the top sleeve is not dominated by one oversized bet.

That said, the decline from the first few holdings into the rest of the top 10 is gradual rather than flat, and that can still leave the largest names with greater influence on short-term movements. The top 10 holdings together account for approximately 18.6% of the portfolio, so most of the scheme is spread across a broader set of positions.

With 83 disclosed holdings, the portfolio appears to have a long tail beyond the visible top 10. In our view, that wider spread may help reduce single-stock dependence, even though the fund can still move sharply because it remains a mid-cap index strategy.

To see all holdings, visit the Nippon India Nifty Midcap 150 Index Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and who can stay invested through sharp swings. The 1-year result is weaker than the 3-year and 5-year record, so the case for the fund depends more on patience than on recent momentum.

It is better aligned with a long investment horizon, where the stronger multi-year numbers matter more than short-term volatility. Compared with the benchmark, the fund has shown better medium-term compounding, but it still behaves like an equity product that can fall in the near term.

The main trade-off is clear: you accept periodic drawdowns and uneven short-run returns in exchange for exposure to a diversified mid-cap basket that has delivered better 3-year and 5-year outcomes than the benchmark on the figures available here.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of Nippon India Nifty Midcap 150 Index Fund Direct Growth Plan?

The current NAV is ₹25.9133 as of 15 September 2026.

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

The 1-year return is 3.58%, the 3-year return is 13.88% and the 5-year return is 14.87%.

How does the fund compare with its benchmark?

It has outpaced the benchmark over 1 year, 3 years and 5 years. The benchmark’s 1-year return is negative, while the fund stayed positive.

How does it compare with the peer funds listed here?

Its 1-year return is lower than several of the peer funds shown, but its 3-year and 5-year record remains solid on the available data. That creates a split picture between recent momentum and longer-term compounding.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund, and what is the exit load?

The fund is managed by Himanshu Mange. There is no exit load.

Bottom line

This fund has a weaker recent run than its longer-term record, but the 3-year and 5-year returns still point to decent compounding versus the benchmark. Its peer comparison is mixed because several comparison funds have stronger 1-year numbers, yet the longer horizon remains more supportive. With a High Risk profile and a diversified mid-cap portfolio spread across 83 holdings, it fits investors who can tolerate volatility and care more about multi-year outcomes than near-term steadiness.

Published on 16 September 2026 at 6:16 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.