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

SBI Midcap Fund Direct Growth Plan had a NAV of ₹277.6179 as of 27 August 2026 and a scheme AUM of ₹24,353 Cr. Its 1-year, 3-year and 5-year returns are 9.2147%, 13.4424% and 15.4389%, and the scheme sits in the High Risk bucket. Our view is that it remains a mid-cap-heavy equity option for investors who can tolerate sharp swings and want long-term growth potential rather than smooth short-term outcomes.

The fund’s return pattern shows a mixed near-term profile, but its longer horizon is still constructive. That makes it more suitable for investors who can hold through volatility and focus on compounding over several years.

Quick facts

Particulars	Details
NAV	₹277.6179
AUM	₹24,353 Cr
Expense Ratio	0.86%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	0.25% on or before 30D, 0.10% after 30D but before 90D, Nil after 90D
Fund Managers	Bhavin Vithlani

The fund is managed by Bhavin Vithlani.

Source data date: as of 27 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	1.24%	2.52%
3M	4.84%	4.15%
1Y	9.21%	10.41%
3Y	13.44%	15.29%
5Y	15.44%	16.99%

The recent picture is uneven. Over 1 month, the fund trailed the benchmark, but over 3 months it moved slightly ahead. That kind of split is consistent with a mid-cap strategy that can recover, but not always in a straight line.

The 1-year return is below the benchmark, and that gap widens slightly at the 3-year and 5-year marks. So, while the fund has still compounded at a respectable rate, it has not fully kept pace with the benchmark across the main medium- and long-term windows.

The time pattern also points to volatility rather than steady progression. The fund has had periods of softening followed by recovery, which is normal for a mid-cap portfolio, but it means the return path can feel choppy even when the longer-term trend remains positive.

Our view is that the fund’s main appeal lies in its ability to participate in mid-cap growth over time, not in short bursts of consistency. Investors comparing it with the benchmark should expect similar market direction at times, but not necessarily the same intensity of gains in every period.

Source data date: as of 27 Aug 2026

Should you BUY or HOLD SBI Midcap?

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 Midcap Fund Direct Growth Plan	9.2147%	13.4424%	15.4389%
HSBC Midcap Fund Direct Growth Plan	24.8678%	26.4247%	20.5328%
WOC Mid Cap Fund Direct Growth Plan	18.378%	24.1298%	Data not available
Helios Mid Cap Fund Direct Growth Plan	17.4035%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	16.7628%	23.0663%	18.2435%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	16.3428%	21.3687%	20.1372%

The current fund’s 1-year return is well below the stronger peer figures available here, and the same pattern continues over 3 years and 5 years. Among peers with 5-year numbers, several have compounded faster over the longer run, which suggests the fund has lagged this peer set on both recent and extended windows.

The contrast is sharper in the shorter term, where the gap is sizeable, but it does not disappear over 3 years or 5 years. That means the comparison story is not just about a weak recent stretch; it also shows that the longer compounding rate has remained behind several peers with available history.

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

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

Market-cap mix	Allocation
Large cap	8.87%
Mid cap	73.03%
Small cap	13.38%
Other cap	4.72%

Sector	Weight	Key holdings
HEALTHCARE	17.42%	DR. LAL PATHLABS LTD. (3.42%), THYROCARE TECHNOLOGIES LTD. (2.93%)
AUTOMOBILE & ANCILLARIES	12.02%	ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LTD. (2.61%), AIA ENGINEERING LTD. (2.05%)
FINANCE	10.43%	SUNDARAM FINANCE LTD. (2.18%), HDFC ASSET MANAGEMENT CO. LTD. (2.16%)
BANK	6.2%	CITY UNION BANK LTD. (2.79%), THE FEDERAL BANK LTD. (2%)
CONSTRUCTION MATERIALS	5.1%	SHREE CEMENT LTD. (1.95%), DALMIA BHARAT LTD. (1.24%)

Mid caps form the core of the portfolio at 73.03%, so the fund is clearly positioned to capture the earnings cycle and price movement of companies in that segment. Small caps add another 13.38%, which can increase upside potential but can also raise volatility when sentiment turns.

The sector mix is fairly broad, but healthcare at 17.42% is materially larger than the next sector weights. Automobile & ancillaries at 12.02% and finance at 10.43% are also meaningful, yet the top sector still has the greatest influence on portfolio behaviour because of its larger share and the size of the individual holdings inside it.

That said, the fund is not narrowly concentrated in a single theme. The presence of banks, finance, construction materials and autos alongside healthcare may help prevent the portfolio from depending on just one business cycle, even though healthcare remains the most important single sector exposure.

Source data date: as of 27 Aug 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested through uneven return patterns. The 1-year result is softer than the benchmark, while the 3-year and 5-year numbers still show reasonable compounding, so a longer holding horizon matters more than short-term expectations.

It may suit investors who want a mid-cap-led strategy and can tolerate swings in the journey. The main trade-off is that the portfolio’s strong mid-cap bias and small-cap sleeve can create more volatility than a broader, more balanced equity fund, even if the long-term growth case stays intact.

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: 0.25% on or before 30D, 0.10% after 30D but before 90D, Nil after 90D.

Source data date: as of 27 Aug 2026

Frequently asked questions

What is the current NAV of SBI Midcap Fund Direct Growth Plan?
The current NAV is ₹277.6179 as of 27 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its returns are 9.2147% for 1 year, 13.4424% for 3 years and 15.4389% for 5 years.

How has it performed against the benchmark?
It has trailed the benchmark over 1 year, 3 years and 5 years, although it was slightly ahead over 3 months.

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

What kind of risk profile does the fund have?
It is classified as High Risk and is suited to investors comfortable with sharp equity-market movements.

What is the fund’s key portfolio tilt?
The portfolio is dominated by mid caps at 73.03%, with healthcare as the largest sector at 17.42%.

Bottom line

SBI Midcap Fund Direct Growth Plan has delivered a mixed short-term picture but a still-positive long-term compounding path. It remains behind the benchmark across the 1-year, 3-year and 5-year windows, and several peers with available history have done better on those same measures. The portfolio’s heavy mid-cap bias, supported by a meaningful small-cap sleeve, keeps the fund firmly in High Risk territory and makes it more suitable for investors with a long horizon and tolerance for volatility.

Published on 28 August 2026 at 10:31 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.