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

SBI Multicap Fund Direct Growth Plan currently has a NAV of ₹18.3107 as of 27 Aug 2026 and a scheme AUM of ₹24,146 Cr. Its 1-year, 3-year and 5-year returns are 4.58%, 15.15% and Data not available, and the fund sits in the High Risk category.

Our view is that this is a diversified equity option with a meaningful mix across large, mid and small caps, but the recent 1-year return is well below the 3-year trend. That makes it more suitable for investors who can tolerate sharp swings and want a multicap allocation where stock selection and sector mix matter as much as broad market direction.

Quick facts

Metric	Value
NAV	₹18.3107
AUM	₹24,146 Cr
Expense Ratio	0.81%
Launch Date	08 March 2022
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.25% if units are sold on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days
Fund Managers	Ruchit Mehta

The fund is managed by Ruchit Mehta.

Source data date: as of 27 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	3.63%	0.44%
3M	6.47%	2.31%
1Y	4.58%	-2.53%
3Y	15.15%	6.72%
5Y	Data not available	Data not available

Performance has improved meaningfully in the most recent shorter windows, with the fund ahead of the benchmark over 1 month, 3 months and 1 year. The 1-year figure matters because it shows that the portfolio has held up better than the Nifty 50 over the latest cycle, even though the benchmark itself was negative over that period.

The longer trend is stronger than the latest one-year snapshot. The 3-year return of 15.15% is comfortably above the benchmark’s 6.72%, which tells us the fund has created more value over a fuller market cycle than the benchmark has. That longer stretch is more relevant for a multicap strategy than a single strong quarter or half-year.

The pattern inside the recent one-year and three-year periods shows some drawdown and recovery rather than a straight line. That is consistent with a high-risk equity fund that can move around before compounding again. Our view is that the recent improvement is constructive, but it still needs to be viewed alongside the fact that the 1-year outcome is much softer than the 3-year run.

The 5-year column is not available because the scheme has not been running long enough for that comparison. That means the most useful read is from the 1-year and 3-year figures together: short-term behaviour has been uneven, while the longer window is more encouraging.

Source data date: as of 27 Aug 2026

Should you BUY or HOLD SBI Multicap?

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 Multicap Fund Direct Growth Plan	4.58%	15.15%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	16.91%	22.27%	18.18%
ITI Flexi Cap Fund Direct Growth Plan	16.25%	20.11%	Data not available
LIC MF Multi Cap Fund Direct Growth Plan	14.58%	19.99%	Data not available
Navi Flexi Cap Fund Direct Growth Plan	14.05%	13.18%	12.96%
TRUSTMF Flexi Cap Fund Direct Growth Plan	13.42%	Data not available	Data not available

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

The fund’s 1-year return trails every peer in this comparison set, while its 3-year return is still behind the stronger peer figures that are available. That makes the recent performance look less competitive than the longer history, even though the 3-year number is not weak in absolute terms.

The comparison also shows a split story. Several peers have both stronger 1-year and stronger 3-year outcomes, while one peer has a weaker 3-year pattern despite a respectable 5-year figure. Against that backdrop, this fund looks more balanced than a sharp momentum leader, but its recent return profile is clearly less forceful than the better peer numbers available here.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

The market-cap mix is 38.2% large cap, 30.01% mid cap, 29.74% small cap and 2.06% other. That is a fairly even spread across the three main equity buckets, with large caps only slightly ahead of mid and small caps.

Sector	Weight	Top holdings
BANK	18.47%	KOTAK MAHINDRA BANK LTD. (8.94%), HDFC BANK LTD. (3.4%)
FMCG	9.35%	MRS. BECTORS FOOD SPECIALITIES LTD. (7.03%), JUBILANT FOODWORKS LTD. (1.92%)
HEALTHCARE	9.33%	JUPITER LIFE LINE HOSPITALS LTD. (4.55%), DIVI'S LABORATORIES LTD. (2.11%)
CHEMICALS	9%	ASIAN PAINTS LTD. (2.31%), PARADEEP PHOSPHATES LTD. (1.93%)
POWER	5.56%	ADANI POWER LTD. (3.21%), TORRENT POWER LTD. (2.16%)

The sector mix is led by banks at 18.47%, which is materially higher than the next cluster of FMCG at 9.35%, healthcare at 9.33% and chemicals at 9%. That gap means banking is likely to have the greatest influence on portfolio behaviour, especially because the leading holding inside the sector also carries a sizeable weight.

Beyond banks, the portfolio is spread across several mid-sized sector weights rather than concentrated only in one theme. That can make the fund less dependent on a single non-bank sector, but it also means stock selection within each major bucket may matter a lot for outcomes.

With large, mid and small caps all close to one another, this looks like a true multicap allocation rather than a large-cap core with token smaller-company exposure. Our view is that the structure may help the fund participate across different market phases, but it can also keep volatility elevated because small and mid caps together form a large part of the mix.

Source data date: as of 27 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested long enough for a multicap strategy to work through short-term swings. The 1-year return has been much softer than the 3-year result, so it is better viewed as a fund for patient capital rather than money that may be needed soon.

The benchmark comparison is helpful, because the fund has been ahead of the Nifty 50 across the latest 1-month, 3-month, 1-year and 3-year periods. That supports a case for investors who want an equity fund that does not simply mirror the index, while still accepting that short-term outcomes can vary more than a plain index exposure.

The main trade-off is straightforward: the diversified multicap structure offers participation across large, mid and small caps, but that breadth comes with higher volatility and no guarantee that recent improvement will continue. Investors who prefer stability over variability may find that trade-off less appealing.

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% if units are sold on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.

Source data date: as of 27 Aug 2026

Frequently asked questions

What is the current NAV of SBI Multicap Fund Direct Growth Plan?
Its current NAV is ₹18.3107 as of 27 Aug 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 4.58% and its 3-year return is 15.15%. The 5-year return is Data not available because the scheme history is too short for that period.

How does the fund compare with the Nifty 50?
It has been ahead of the Nifty 50 over 1 month, 3 months, 1 year and 3 years. The 3-year gap is especially notable, because the fund’s 15.15% is well above the benchmark’s 6.72%.

How does it compare with the peer funds listed here?
Its 1-year return is below the peer figures shown here, and its 3-year return is also behind the stronger peer outcomes available. That makes the recent performance less competitive than some peers, even though the longer trend is still positive.

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

Who manages the fund and what is the exit load?
Ruchit Mehta manages the fund. The exit load is 0.25% if units are sold on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.

Bottom line

SBI Multicap Fund Direct Growth Plan has a mixed short-term and longer-term picture. The latest 1-year return is softer than the 3-year result, but the fund has stayed ahead of the benchmark across the recent windows that matter most. Its High Risk profile and near-balanced large-, mid- and small-cap mix make it suitable for investors who can tolerate volatility and want a diversified equity allocation rather than a smoother index-like ride.

Published on 28 August 2026 at 10:35 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.