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

PGIM India Small Cap Fund Direct Growth Plan has a NAV of ₹19.8 as of 16 Sep 2026 and an AUM of ₹1,793 Cr. Its 1-year, 3-year and 5-year returns are 11.05%, 15.74% and 13.28%, and the scheme sits in the High Risk category. Our view is that it suits investors who can handle sharp swings and want exposure to small-cap companies with the patience to stay invested through uneven short-term moves.

The fund has delivered a steadier long-term profile than its recent 1-year figure suggests, but the path has not been smooth. With a small-cap benchmark in the same broad risk zone, we think the fund is best viewed as a long-horizon equity holding rather than a near-term return stabiliser.

Quick facts

Particular	Details
NAV	₹19.8 as of 16 Sep 2026
AUM	₹1,793 Cr
Expense Ratio	0.54%
Launch Date	29 Jul 2021
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty Small Cap
Fund Category	Equity
Exit Load	0.50% on or before 90D, Nil after 90D
Fund Managers	Utsav Mehta, Sharma Vivek, Vinay Paharia, Puneet Pal

The fund is managed by Utsav Mehta, Sharma Vivek, Vinay Paharia and Puneet Pal.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.69%	-2.45%
3M	6.62%	2.1%
1Y	11.05%	3.52%
3Y	15.74%	13.46%
5Y	13.28%	13.79%

Recent performance has been mixed, but the last month and last three months point to a fund that has recovered better than the benchmark. The 1-month return is still negative, yet it held up better than the benchmark over the same stretch, and the 3-month return was clearly stronger.

Over one year, the fund has also stayed well ahead of the benchmark. That gap matters because it shows the fund did not rely only on a short burst of momentum; it has still been able to convert the recent recovery into a stronger 12-month result than the index.

The longer view is more balanced. At 3 years, the fund remains ahead of the benchmark, but the margin is narrower than in the 1-year period. At 5 years, the fund and benchmark are close, with the benchmark slightly ahead. That tells us the fund has been more effective in the recent cycle than over the full five-year window, and its path has included periods of drawdown and rebound rather than a straight compounding line.

Using the return pattern together with the daily movement profile, our interpretation is that the fund has shown visible volatility but also the ability to recover. For investors, that means the fund may work better as a patient small-cap allocation than as a source of steady relative outperformance in every market phase.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD PGIM India Small 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
PGIM India Small Cap Fund Direct Growth Plan	11.05%	15.74%	13.28%
TRUSTMF Small Cap Fund Direct Growth Plan	27.33%	Data not available	Data not available
Bank of India Small Cap Fund Direct Growth Plan	24.01%	20.78%	19.46%
Motilal Oswal Small Cap Fund Direct Growth Plan	19.7%	Data not available	Data not available
Union Small Cap Fund Direct Growth Plan	18.13%	16.46%	16.71%
ITI Small Cap Fund Direct Growth Plan	17.75%	23.78%	18.52%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the latest 1-year number, the fund trails several peers with stronger recent momentum, while its own 3-year reading is more moderate than the strongest peer figures shown here. The 5-year comparison is also mixed, because some peers with longer track records have been stronger, while others have only partial longer-term data. The short-term story is therefore less compelling than the full-cycle picture, which is more even.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Clearing Corporation of India Ltd.	Cash & Cash Equivalents and Net Assets	3.79%
Tbo Tek Ltd.	Hospitality	3.13%
Sansera Engineering Ltd.	Automobile & Ancillaries	2.94%
Krishna Inst of Medical Sciences Ltd.	Healthcare	2.85%
Navin Fluorine International Ltd.	Chemicals	2.81%
Sedemac Mechatronics Ltd.	Domestic Equities	2.59%
Sai Life Sciences Ltd	Domestic Equities	2.46%
Affle 3I Ltd.	IT	2.4%
City Union Bank Ltd.	Bank	2.38%
Karur Vysya Bank Ltd.	Bank	2.29%

The largest disclosed holding is 3.79%, which is not oversized on its own, but it still has the greatest influence among the listed positions. The drop from the first holding to the tenth is fairly gradual, moving from 3.79% to 2.29%, so the fund does not appear to rely on one or two very dominant bets within the disclosed set.

The top 10 holdings together account for approximately 27.64% of the portfolio, while the disclosed holdings total 69 names. That combination suggests a fairly extended tail beyond the largest positions. In our view, the portfolio may therefore spread stock-specific influence across many smaller holdings rather than concentrating most of the disclosed allocation in just a few names.

PGIM India Small Cap Fund Direct Growth Plan has more holdings disclosed beyond the top 10, so the tail matters. For investors, that can mean the portfolio may behave more like a diversified small-cap basket than a narrowly concentrated thematic bet, even though the risk category remains High Risk.

To see all holdings, visit the PGIM India Small Cap Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors with a high tolerance for volatility and a long investment horizon. The 1-year return is much stronger than the benchmark, but the 5-year edge is small and the short-term path has been uneven, so the holding period matters.

Our view is that the fund fits investors who can accept sharp swings in exchange for exposure to small-cap growth opportunities. The main trade-off is that stronger recent momentum has not translated into uniformly superior longer-term results, so the fund may suit a patient allocation rather than a stability-first portfolio.

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: 0.50% on or before 90D, Nil after 90D.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of PGIM India Small Cap Fund Direct Growth Plan?

The NAV is ₹19.8 as of 16 Sep 2026.

How has PGIM India Small Cap Fund Direct Growth Plan performed over 1 year, 3 years and 5 years?

Its 1-year return is 11.05%, the 3-year return is 15.74% and the 5-year return is 13.28%.

How does the fund compare with the Nifty Small Cap benchmark?

The fund is ahead of the benchmark over 1 year and 3 years, while the benchmark is slightly ahead over 5 years.

How does it compare with peer funds on recent returns?

On the 1-year figure, it trails several peers shown here, while its 3-year and 5-year readings are more mixed against peers with available longer-term data.

Is there a minimum SIP amount for this fund?

The minimum SIP amount is ₹1,000.

What risk level and portfolio style does the fund have?

The fund is in the High Risk category and its top disclosed holdings are spread across multiple sectors, with the largest holding at 3.79% and the top 10 disclosed holdings totaling 27.64%.

Bottom line

PGIM India Small Cap Fund Direct Growth Plan looks stronger in the recent period than across the full five-year stretch, which makes the short-term recovery worth noting but not overreading. It is ahead of the benchmark over 1 year and 3 years, though the five-year comparison is more balanced. The portfolio is spread across many holdings rather than dominated by a few very large positions, which may help diversify stock-specific influence. Overall, it suits investors who can tolerate High Risk and stay invested through uneven small-cap cycles.

Published on 17 September 2026 at 10:54 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.