SBI Credit Risk Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Credit Risk Fund Direct Growth Plan has a NAV of ₹54.3035 as of 09 Sep 2026 and an AUM of ₹2,185 Cr. Its 1-year, 3-year and 5-year returns are 8.73%, 8.71% and 7.78%, respectively. The scheme sits in the High Risk category, so our view is that it suits investors who can accept sharp variation in outcomes while looking at debt allocations that are not purely conservative.

The return pattern is steady rather than explosive, and the portfolio leans on corporate debt exposures across a fairly wide set of issuers. That combination can appeal to investors who want debt-fund exposure with room for some yield enhancement, but it also means the fund is not built for very cautious, short-horizon money.

Quick facts

Particular	Details
NAV	₹54.3035 as of 09 Sep 2026
AUM	₹2,185 Cr
Expense Ratio	0.89%
Launch Date	02 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	Nil for 8% of investment and 3% for remaining investment on or before 12M, Nil for 8% of investment and 1.5% for remaining investment after 12M but before 24M, Nil for 8% of investment and 0.75% for remaining investment after 24M but before 36M, Nil after 36M
Fund Managers	Lokesh Mallya, Prashanth Sridhar

The fund is managed by Lokesh Mallya and Prashanth Sridhar.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.65%	-4.69%
3M	2.93%	0.93%
1Y	8.73%	-7.16%
3Y	8.71%	6.00%
5Y	7.78%	5.87%

Short-term behaviour has been more stable than the benchmark, which has been weak over the 1-year window and negative over the 1-month window. The fund has still advanced in all the periods shown, so our view is that it has protected recent returns better than the benchmark while avoiding the kind of sharp drawdown the index experienced over the last year.

The 3-year and 5-year figures show a more measured pace of compounding. At 8.71% over 3 years and 7.78% over 5 years, the fund has remained positive through a longer stretch, but the edge over the benchmark is not dramatic in those longer periods. That tells us the fund’s longer-run profile is more about consistency than aggressive outperformance.

The one-year period looks stronger than the multi-year pattern, which suggests recent conditions have been friendlier than the longer history. The return path in the time series also points to a few stretches of drift and recovery rather than a smooth climb, so this is not a fund that we would describe as linear in its progress.

Against the benchmark, the fund is ahead in every period shown. The gap is especially visible in the recent windows because the benchmark has been negative over 1 year and 1 month, while the fund stayed positive. Even so, the longer-term comparison indicates the fund’s advantage is modest rather than wide.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD SBI Credit Risk?

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
SBI Credit Risk Fund Direct Growth Plan	8.73%	8.71%	7.78%
Bank of India Credit Risk Fund Direct Growth Plan	17.99%	10.12%	27.79%
Aditya Birla SL Credit Risk Fund Direct Growth Plan	13.04%	13.21%	10.92%
DSP Credit Risk Fund Direct Growth Plan	11.4%	16.84%	13.37%
ICICI Pru Credit Risk Fund Direct Growth Plan	8.82%	9.17%	8.03%
Axis Credit Risk Fund Direct Growth Plan	8.76%	8.86%	7.7%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent 1-year figure, the fund trails the stronger peer numbers but stays close to the middle of the returned set on the table. Over 3 years and 5 years, it also remains below the more assertive outcomes posted by Bank of India Credit Risk Fund Direct Growth Plan and DSP Credit Risk Fund Direct Growth Plan, while staying broadly in line with ICICI Pru Credit Risk Fund Direct Growth Plan and Axis Credit Risk Fund Direct Growth Plan. The shorter and longer windows tell the same broad story: the fund has been steady, but not the most forceful compounding profile among the peers shown.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Lodha Developers Ltd.	Corporate Debt	4.58%
Renew Solar Energy (Jharkhand Five) Pvt. Ltd.	Corporate Debt	4.58%
NJ Capital Pvt. Ltd.	Corporate Debt	4.54%
Tata Projects Ltd.	Corporate Debt	4.54%
Godrej Seeds & Genetics Ltd.	Corporate Debt	4.52%
H.G. Infra Engineering Ltd.	Corporate Debt	4.52%
JTPM Metal Traders Ltd.	Corporate Debt	4.44%
Eris Lifesciences Ltd.	Corporate Debt	3.9%
Renserv Global Pvt Ltd.	Corporate Debt	3.66%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	3.56%

The largest holding is 4.58%, which is not outsized on its own, but it still means a single credit exposure can matter if conditions around that issuer change. The drop from the first holding to the tenth is relatively modest, because the top ten positions sit in a narrow band from 4.58% down to 3.56%. That tells us the visible book is not dominated by one very large position; influence appears more evenly spread across several credits.

The top ten holdings account for approximately 42.84% of the portfolio, and the fund discloses 38 holdings in total. Our view is that this points to a portfolio with a meaningful core of large positions, but also a longer tail beyond the top names. The overall shape may still leave the fund sensitive to issuer-specific developments, yet the combination of ten similar-sized positions and a longer holdings list suggests the exposure is not narrowly concentrated in only a few names.

To see all holdings, visit the SBI Credit Risk Fund Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund is better aligned with investors who can tolerate High Risk debt exposure and hold for a longer period rather than treat it as a parking place for money that may be needed soon. The 1-year return is stronger than the 3-year and 5-year figures, but the longer windows still remain positive, which suggests the fund has delivered reasonable compounding without being especially aggressive.

Its benchmark has been weaker across the same periods, which improves the fund’s relative case, but peer data also shows that some comparable funds have produced much higher numbers. The main trade-off is therefore between steadier behaviour and the possibility of giving up stronger upside that other credit-risk funds have recently delivered. For investors comfortable with that balance, the fund may fit a patient allocation within debt.

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 for 8% of investment and 3% for remaining investment on or before 12M, Nil for 8% of investment and 1.5% for remaining investment after 12M but before 24M, Nil for 8% of investment and 0.75% for remaining investment after 24M but before 36M, Nil after 36M.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of SBI Credit Risk Fund Direct Growth Plan?

The current NAV is ₹54.3035 as of 09 Sep 2026. It is the latest NAV level used for this review.

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

The 1-year return is 8.73%, the 3-year return is 8.71% and the 5-year return is 7.78%. The shorter window is slightly stronger than the longer ones.

How has the fund performed versus the benchmark?

The fund has been ahead of the benchmark in every period shown. The benchmark return is -7.16% over 1 year, 6.00% over 3 years and 5.87% over 5 years.

How does the fund compare with peers on recent returns?

Its recent return is lower than several of the peer figures shown, especially Bank of India Credit Risk Fund Direct Growth Plan and Aditya Birla SL Credit Risk Fund Direct Growth Plan. It remains closer to ICICI Pru Credit Risk Fund Direct Growth Plan and Axis Credit Risk Fund Direct Growth Plan.

What is the exit load structure?

The exit load falls over time and becomes nil after 36 months. The stated rule is 3% for remaining investment on or before 12 months, 1.5% after 12 months but before 24 months, 0.75% after 24 months but before 36 months, and nil after 36 months, with 8% of investment remaining nil in each band.

Who manages the fund?

The fund is managed by Lokesh Mallya and Prashanth Sridhar. No manager biography is needed to understand the current review.

Bottom line

SBI Credit Risk Fund Direct Growth Plan has delivered positive returns across 1-year, 3-year and 5-year periods, and it has done so ahead of the benchmark in each case. The recent run is stronger than the longer windows, while peer comparisons show that some similar funds have produced more forceful numbers. The portfolio is spread across a number of corporate debt holdings, with the largest positions clustered fairly closely together, which may reduce dependence on a single issuer but does not make the scheme low risk. It suits investors who can accept High Risk debt exposure and prefer measured compounding over the most aggressive return profile.

Published on 10 September 2026 at 1:08 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.