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

SBI Medium Term Fund Direct Growth Plan currently has a NAV of ₹59.8664 as of 09 Sep 2026 and a scheme AUM of ₹6,488 Cr. Its 1-year, 3-year and 5-year returns are 7.2%, 7.92% and 6.89% respectively, and the fund is tagged as Medium Risk.

Our view is that this is a steady-income style debt fund with a moderate return profile rather than a fast-moving one. The portfolio mixes government securities with corporate debt, which can help keep the ride smoother, but the fund still needs a medium to long holding horizon to make the return pattern work in an investor’s favour.

Quick facts

Particular	Details
NAV	₹59.8664 as of 09 Sep 2026
AUM	₹6,488 Cr
Expense Ratio	0.71%
Launch Date	28 Jan 2013
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Lokesh Mallya, Mohit Jain

The fund is managed by Lokesh Mallya and Mohit Jain.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.36%	-4.69%
3M	2.45%	0.93%
1Y	7.2%	-7.16%
3Y	7.92%	6%
5Y	6.89%	5.87%

The recent picture is more comfortable than the benchmark. Over 1 month and 1 year, the fund has stayed positive while the benchmark has been weak, which tells us the scheme has held up better through the latest stretch.

The 3-month period also looks constructive, although the gap versus the benchmark is narrower there. That matters because it shows the fund has not been rising in a straight line; instead, it has produced a steadier pattern than the benchmark, with smaller swings and less dependence on sharp market moves.

Over 3 years and 5 years, the fund remains ahead of the benchmark on the return figures provided, but the margin is not large. That suggests a consistent, moderate compounding profile rather than a standout surge. The longer record also indicates that the fund has tended to preserve a relatively orderly return path, which is usually more relevant for debt investors than chasing short bursts of performance.

Our reading is that the recent strength and the longer-term trend point in the same direction: the fund has generally delivered stable progress, but not at a pace that would suit investors looking for aggressive upside.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD SBI Medium Term?

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.

Already holding SBI Medium Term? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Medium Term Fund Direct Growth Plan	9.46%	10.68%	12.75%
ICICI Pru Medium Term Fund Direct Growth Plan	7.98%	8.55%	7.42%
Kotak Medium Term Fund Direct Growth Plan	7.76%	9.07%	7.46%
SBI Medium Term Fund Direct Growth Plan	7.2%	7.92%	6.89%
Axis Medium Term Fund Direct Growth Plan	7.18%	8.47%	7.39%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is below three of the peer funds listed here, and only slightly above Axis Medium Term Fund Direct Growth Plan. That means the recent pace is respectable, but not the strongest in the comparison set.

On the longer horizon, the fund’s 3-year and 5-year returns are also lower than the available peer figures shown above. The important distinction is that the short-term comparison looks reasonably close, while the longer-term comparison shows a wider gap. In our view, that points to a fund that has been steadier than some peers in difficult patches, but has not matched the stronger compounding shown by the leading names in this group.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.94% CGL 2036	Government Securities	6.93%
6.68% CGL 2040	Government Securities	5.58%
Godrej Properties Ltd.	Corporate Debt	4.64%
JSW Kalinga Steel Ltd.	Corporate Debt	4.31%
Godrej Seeds & Genetics Ltd.	Corporate Debt	3.96%
Yes Bank Ltd.	Corporate Debt	3.47%
Aditya Birla Real Estate Ltd.	Corporate Debt	3.4%
Renew Solar Energy (Jharkhand Five) Pvt. Ltd.	Corporate Debt	3.36%
JTPM Metal Traders Ltd.	Corporate Debt	3.32%
Renserv Global Pvt Ltd.	Corporate Debt	3.16%

The largest holding is 6.93%, which is meaningful but not overwhelming on its own. The weight then eases down gradually to 3.16% by the tenth holding, so the portfolio is not relying on one or two outsized positions to do all the work.

The top ten holdings together account for approximately 42.13% of the portfolio, and the disclosed list includes 46 holdings in total. That tells us the fund has a fairly long tail beyond the largest positions, even though the top slice still matters for returns and stability. The presence of government securities alongside corporate debt may help diversify the credit profile, while the repeated corporate debt names suggest that individual credit outcomes could still influence the fund.

Overall, the mix looks moderately spread out rather than highly concentrated. That structure may reduce dependence on any single security, but it also means the portfolio’s behaviour can still be shaped by the quality and duration profile of the bigger holdings.

To see all holdings, visit the SBI Medium Term Fund Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund is more suitable for investors who can tolerate medium risk and stay invested long enough for the return pattern to play out. The 1-year, 3-year and 5-year numbers show a stable but measured compounding profile, so the main fit is for someone who values consistency over sharp upside.

It may appeal to investors who want a debt-oriented allocation with a mix of government securities and corporate debt, and who are comfortable with the idea that returns can still move around from period to period. The trade-off is straightforward: you may get steadier progress than a more volatile strategy, but you should not expect strong short-term outperformance every time the market changes.

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 applies at 1% if units are sold within 3 months, and it is nil after 3 months.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of SBI Medium Term Fund Direct Growth Plan?
The current NAV is ₹59.8664 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 7.2%, the 3-year return is 7.92%, and the 5-year return is 6.89%.

How has the fund compared with the benchmark?
It has stayed ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years on the return figures shown here. The gap is especially wide over the 1-year period because the benchmark was negative.

How does it compare with other medium-term peers?
Its recent return is competitive but not the strongest among the peer funds listed here, and its 3-year and 5-year returns are also lower than the available peer figures shown in the comparison table. The short-term and long-term comparisons do not tell the same story.

What is the exit load?
Exit load is 1% if units are sold within 3 months, and nil after 3 months.

Who manages the fund?
The fund is managed by Lokesh Mallya and Mohit Jain.

Bottom line

SBI Medium Term Fund Direct Growth Plan has shown a steadier recent run than its benchmark, while the longer-term return pattern remains measured rather than aggressive. Against the listed peers, its 1-year result is decent but the 3-year and 5-year figures are softer, so the comparison is mixed. The fund carries Medium Risk and holds a blend of government securities and corporate debt, which supports a more balanced debt profile. In our view, it suits investors who want moderate-risk debt exposure and can accept that the trade-off for steadier behaviour is less compelling compounding than the stronger peers have delivered.

Published on 10 September 2026 at 1:12 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.