SBI Nifty Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Nifty Midcap 150 Index Fund Direct Growth Plan has a NAV of ₹19.5108 as of 16 September 2026 and an AUM of ₹1,292 Cr. Its 1-year, 3-year and 5-year returns are 2.96%, 13.87% and 0% respectively, and the scheme is tagged as High Risk. Our view is that this is a midcap index fund for investors who can accept sharper short-term swings in exchange for market-linked midcap exposure.

The recent return pattern has been uneven, but the 3-year record is clearly stronger than the latest 1-year period. With a concentrated top-holdings basket and broad midcap exposure, it may suit a longer horizon more than a short holding period.

Quick facts

Particular	Details
NAV	₹19.5108 as of 16 Sep 2026
AUM	₹1,292 Cr
Expense Ratio	0.4%
Launch Date	03 Oct 2022
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% on or before 30D, Nil after 30D
Fund Managers	Viral Chhadva

The fund is managed by Viral Chhadva.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.6%	-4.41%
3M	-1.64%	-3.6%
1Y	2.96%	-7.76%
3Y	13.87%	5.74%
5Y	Data not available	Data not available

The fund’s short-term path has been choppy, with both 1-month and 3-month returns in negative territory. That does not by itself weaken the longer view, but it does show that the journey can be unsettled even when the medium-term trend is better.

Over 1 year, the fund has held up better than the benchmark, which posted a negative return over the same period. That gap matters because it shows the fund did not simply mirror a weak market phase; it protected the return line better than the benchmark during that stretch.

The 3-year figure is stronger still, and the longer pattern suggests the fund has been able to compound over time despite interim drawdowns. Even so, the recent softness after a better 3-year run tells us that midcap exposure can move quickly in either direction, so the experience is unlikely to feel smooth.

We cannot read a 5-year history here because the scheme is younger than that window. For investors, the key point is that the fund has shown a healthier medium-term outcome than its benchmark, but the latest month-to-quarter trend has been weaker, so timing and patience matter.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD SBI Nifty Midcap 150 Index?

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 Nifty Midcap 150 Index Fund Direct Growth Plan	2.96%	13.87%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

On the 1-year number, this fund trails the stronger peer figures in the table, while one peer has a much higher 1-year and 3-year record. That makes the fund look more modest on near-term comparison, even though its own 1-year return still stayed above the benchmark.

The longer view is more balanced. Its 3-year return sits above the two peer rows where 3-year figures are available, but it is still well below the standout 3-year figure shown by ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan. So the comparison does not tell one simple story: the fund is not the strongest on the latest year, yet its 3-year outcome is respectable against the peers where that horizon is available.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
BSE Ltd.	Finance	3.14%
The Federal Bank Ltd.	Bank	2.05%
Multi Commodity Exchange of India Ltd.	Finance	2.03%
Laurus Labs Ltd.	Healthcare	1.74%
One 97 Communications Ltd.	IT	1.69%
Hero Motocorp Ltd.	Automobile & Ancillaries	1.66%
Coforge Ltd.	IT	1.62%
Indusind Bank Ltd.	Bank	1.57%
PB Fintech Ltd.	IT	1.52%
Bharat Heavy Electricals Ltd.	Capital Goods	1.51%

The top 10 holdings account for approximately 18.53% of the portfolio.

To see all holdings, visit the SBI Nifty Midcap 150 Index Fund Direct Growth Plan page

The largest holding, BSE Ltd., carries a 3.14% weight, so no single stock dominates the visible basket. The gap from the first holding to the tenth is not extreme in absolute terms, but the weights still step down gradually rather than staying clustered at the top.

That pattern suggests the disclosed positions are spread across several mid-sized allocations rather than being built around one or two outsized names. With 83 disclosed holdings and the top 10 accounting for 18.53%, the portfolio may have a fairly long tail beyond the visible leaders, which can soften single-stock dependence.

At the same time, the mix is not fully diffuse because the top holdings still matter enough to influence short-term movement. In a midcap index fund, that balance is normal: broad enough to avoid one-company risk, but still concentrated enough for the larger positions to matter.

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors with a high tolerance for volatility and a longer horizon, because the risk category is High Risk and the latest month-to-quarter returns have been uneven. The 3-year return is stronger than the 1-year figure, so a patient investor may be better placed to ride through shorter swings.

It also fits investors who want midcap exposure through an index structure rather than an active stock-picking approach. The main trade-off is clear: you may get broader participation in the midcap segment, but you also need to accept sharper drawdowns and a less stable path than a large-cap style fund.

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, Nil after 30D.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of SBI Nifty Midcap 150 Index Fund Direct Growth Plan?

The current NAV is ₹19.5108 as of 16 September 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is 2.96%, its 3-year return is 13.87%, and its 5-year return is not available in the current history.

How does the fund compare with its benchmark?

It has done better than the benchmark over 1 year and 3 years. The benchmark return is -7.76% over 1 year and 5.74% over 3 years.

How does it compare with the peer funds listed here?

Its 1-year return is below several peer figures shown here, but its 3-year return is stronger than the peer rows where a 3-year figure is available for comparison, except for the much higher 3-year figure of ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan.

What is the exit load on this fund?

The exit load is 0.25% on or before 30 days and nil after 30 days.

Who manages the fund and what is the risk profile?

The fund is managed by Viral Chhadva, and it is classified as High Risk. That makes it more suitable for investors who can tolerate volatility and stay invested for longer periods.

Bottom line

This fund shows a mixed but understandable profile for a midcap index strategy. The latest 1-year result is modest, yet the 3-year outcome is better and the fund has stayed ahead of the benchmark over both available time windows. With a High Risk tag and a top-holding basket that is spread across several names rather than one outsized position, it may suit investors who want midcap exposure and can tolerate a rougher path along the way.

Published on 17 September 2026 at 5:00 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.