SBI ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI ELSS Tax Saver Fund Direct Growth Plan has a current NAV of ₹461.3746 as of 09 Sep 2026 and a scheme AUM of ₹31,734 Cr. Its 1-year, 3-year and 5-year returns are -1.79%, 13.67% and 14.92%, and the fund sits in the High Risk category.

Our view is that this is an ELSS fund for investors who can stay patient through short-term swings and care more about longer holding-period outcomes than about a smooth one-year path. The portfolio is bank-heavy at the top, which can support participation in financial-sector strength but also adds concentration in a few large positions.

Quick facts

Particular	Details
NAV	₹461.3746 as of 09 Sep 2026
AUM	₹31,734 Cr
Expense Ratio	0.94%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load after holding period
Fund Managers	Milind Agrawal

The fund is managed by Milind Agrawal.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.61%	-4.69%
3M	1.49%	0.93%
1Y	-1.79%	-7.16%
3Y	13.67%	6.00%
5Y	14.92%	5.87%

The recent picture is mixed, but not weak in every frame. Over 1 month and 3 months, the fund moved in the same broad direction as the benchmark, and in both cases it held up slightly better than the index.

The bigger issue is the 1-year period, where the fund is still negative even though it has done better than the benchmark’s deeper decline. That tells us the fund has had a choppier stretch, with the latest year not yet reflecting the steadier longer-term trend seen over 3 years and 5 years.

Over 3 years and 5 years, the fund’s returns are comfortably ahead of the benchmark. That gap matters because ELSS investors usually care most about compounding over a full lock-in cycle and beyond. Our read is that the fund has shown a stronger long-term pattern than its benchmark, but the short-term path has been uneven enough that investors should expect drawdowns to be part of the experience.

The price path over the past several years also points to periods of recovery followed by renewed softness rather than a straight upward climb. That kind of pattern usually suits investors who can hold through volatility and are not relying on the fund for near-term capital stability.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD SBI ELSS Tax Saver?

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 ELSS Tax Saver Fund Direct Growth Plan	-1.79%	13.67%	14.92%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	15.62%	22.46%	17.66%
Quant ELSS Tax Saver Fund Direct Growth Plan	15.48%	14.66%	15.71%
JM ELSS-Tax Saver Fund Direct Growth Plan	9.59%	16.11%	14.70%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	8.53%	11.50%	15.93%
ITI ELSS Tax Saver Fund Direct Growth Plan	7.64%	17.03%	13.34%

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

The current fund’s 1-year return trails the stronger peer readings in this set, and the gap is large because the fund is still negative while the peers are positive. That said, the 3-year and 5-year numbers are not out of line with the better long-horizon peer results; in fact, the fund sits above several peers on those longer measures.

Our take is that the short-term comparison looks weaker than the longer-term one. Investors comparing only the latest year may prefer the peers here, but those looking at multi-year compounding will see that this fund has stayed competitive over a fuller cycle.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	7.79%
Kotak Mahindra Bank Ltd.	Bank	6.70%
HDFC Bank Ltd.	Bank	6.27%
Reliance Industries Ltd.	Crude Oil	3.93%
Adani Enterprises Ltd.	Trading	3.09%
Larsen & Toubro Ltd.	Infrastructure	2.89%
Bajaj Finance Ltd.	Finance	2.88%
TREPS	Cash & Cash Equivalents and Net Assets	2.31%
Torrent Power Ltd.	Power	2.15%
Cipla Ltd.	Healthcare	2.11%

The top 10 holdings account for approximately 40.12% of the portfolio.

To see all holdings, visit the SBI ELSS Tax Saver Fund Direct Growth Plan page

The largest holding, ICICI Bank Ltd., is 7.79%, so it is large enough to matter meaningfully but not so dominant that it alone drives the portfolio. The drop from the first holding to the tenth is fairly steady, which suggests the fund does not rely on one or two extreme bets at the top.

At the same time, the top ten positions still make up about 40.12% of the portfolio, so the fund is not fully diversified across the visible holdings block. With 62 disclosed holdings overall, the rest of the portfolio likely sits in a longer tail of smaller positions, which may soften the impact of any single stock but can also make the top names more important for near-term outcomes.

Our read is that the portfolio is moderately concentrated rather than narrowly concentrated. The bank exposure at the top may help if financials remain supportive, but it also means the fund’s behaviour may be influenced by that cluster of large positions.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can handle High Risk and are comfortable with a more volatile path in exchange for ELSS-style long-term potential. The 1-year number is softer than the 3-year and 5-year figures, so it is better viewed as a fund for investors with a longer horizon rather than someone focused on near-term stability.

The benchmark comparison also points to a fund that has lagged in the recent year but stayed ahead over longer periods. That makes the trade-off clear: investors may need to accept short-term underperformance and price swings in return for a multi-year compounding story that has been stronger than the benchmark.

The bank-heavy top of the portfolio can add conviction but also concentration, so investors who prefer a broader style may find this fund less comfortable. It is more suitable for someone who can keep holding through uneven phases and wants tax-saving equity exposure with a willingness to ride cycles.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of SBI ELSS Tax Saver Fund Direct Growth Plan?
The current NAV is ₹461.3746 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -1.79%, the 3-year return is 13.67%, and the 5-year return is 14.92%.

How does the fund compare with the benchmark?
It has done better than the benchmark over 3 years and 5 years, while the 1-year period is still negative for the fund and more negative for the benchmark.

How does it compare with peer ELSS funds on returns?
Its short-term return is weaker than the stronger peer figures in the comparison set, but its 3-year and 5-year returns remain competitive across the group.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Milind Agrawal. There is no exit load after the holding period.

Bottom line

SBI ELSS Tax Saver Fund Direct Growth Plan looks like a fund whose recent year has been softer than its longer run. The 3-year and 5-year returns are stronger than the benchmark, while the latest year is still negative. That combination points to a fund that can reward patience but may test it along the way.

The portfolio’s top end is meaningfully bank-heavy, and the top 10 holdings account for about 40.12% of assets. For investors who want ELSS exposure, can accept High Risk, and are comfortable with concentration in a few large positions, the fund fits a long-horizon, volatility-tolerant profile.

Published on 10 September 2026 at 1:36 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.