UTI Nifty India Manufacturing Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

UTI Nifty India Manufacturing Index Fund Direct Growth Plan currently has a NAV of ₹12.1345 as of 15 Sep 2026 and scheme AUM of ₹31 Cr. Its 1-year, 3-year and 5-year returns are 7.44%, 0% and 0%, and the fund sits in the High Risk category.

Our view is that this is a niche manufacturing-themed index fund with a modest asset base and a short track record since its launch on 13 Feb 2025. The current return picture is mixed: the one-year figure is positive, but the longer published horizons are still not available as live track records, so the fund looks more suitable for investors who can tolerate sharp swings and want sector-specific exposure rather than broad market steadiness.

Quick facts

Particular	Details
NAV	₹12.1345 as of 15 Sep 2026
AUM	₹31 Cr
Expense Ratio	0.68%
Launch Date	13 Feb 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Sharwan Kumar Goyal, Ayush Jain, Lokesh Kulthia

The fund is managed by Sharwan Kumar Goyal, Ayush Jain and Lokesh Kulthia.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-6.04%	-4.81%
3M	-1.64%	-3.63%
1Y	7.44%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern has been uneven. Over one month, the fund slipped more than the benchmark, which points to short-term pressure inside the portfolio. Over three months, it held up better than the benchmark, showing that the shorter swings have not been one-directional.

The one-year figure is the main strength in the published performance set. A positive 7.44% return against a negative benchmark reading suggests that the fund benefited from the manufacturing basket even as broader market performance weakened. That kind of divergence can happen in a sector-linked index product, where the portfolio is tied to a narrower theme than the headline market.

Because the fund was launched only in February 2025, there is no live three-year or five-year return record yet. That means the recent numbers matter more than a long compounding history. For now, the evidence points to a fund that can move sharply in the short run, but has also shown the ability to recover better than the benchmark over a full year.

The time pattern also matters for interpretation. The one-month softness after a stronger one-year outcome suggests the fund has not advanced in a straight line. Investors may see this as a reminder that manufacturing exposure can be cyclical and that short holding periods may not tell the full story.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD UTI Nifty India Manufacturing 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.

Already holding UTI Nifty India Manufacturing Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
UTI Nifty India Manufacturing Index Fund Direct Growth Plan	7.44%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	Data not available

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

The current fund’s one-year return is well below the stronger peer figures listed here, so its recent record does not stand out on a simple return basis. The gap is also visible where three-year numbers are available: the current fund has no live three-year figure yet, while a couple of peers show materially higher published three-year outcomes.

That said, the comparison is not one-sided. The fund’s one-year result is still positive, and it has outpaced the benchmark over the same period. For a younger thematic index fund, the more relevant question is whether investors are seeking manufacturing exposure specifically, not whether it can match every broader or other-theme index over a single year.

Overall, the peer set tells two different stories: the current fund has a much smaller published track record and weaker recent returns than several peers, but the benchmark comparison shows it has still added value within its own theme over the past year.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eq – Mahindra & Mahindra Ltd.	Automobile & Ancillaries	5.13%
Eq – Sun Pharmaceuticals Industries	Healthcare	4.86%
Eq – Reliance Industries Ltd.	Crude Oil	4.65%
Eq – Maruti Suzuki India Ltd.	Automobile & Ancillaries	4.08%
Eq – Tata Steel Ltd.	Iron & Steel	3.52%
Eq – Bharat Electronics Ltd.	Capital Goods	3.43%
Eq – Hindalco Industries Ltd.	Non – Ferrous Metals	3.4%
Eq – Bajaj Auto Ltd.	Automobile & Ancillaries	3.1%
Eq – JSW Steel Ltd.	Iron & Steel	2.84%
Eq – Divis Laboratories Ltd.	Healthcare	2.78%

The largest holding is Mahindra & Mahindra at 5.13%, which is meaningful but not overwhelming on its own. The position is large enough to matter to returns, yet it is not a dominant single-stock bet.

Weight then eases down fairly gradually across the top ten, from 5.13% to 2.78%. That spread suggests the fund is not relying on a single position for most of its outcome, although the first few names may still have greater influence on near-term movement because their weights remain clustered in the mid-single digits.

Across the disclosed holdings, the top ten account for approximately 37.79% of the portfolio, and 59 holdings are disclosed in total. That points to a portfolio with a noticeable core at the top, followed by a longer tail that may help reduce dependence on any one holding while still keeping the theme clearly visible.

To see all holdings, visit the UTI Nifty India Manufacturing Index Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors who can handle High Risk exposure and are comfortable with a themed equity allocation that can move differently from the broader market. The one-year record is positive, but the very short history means there is still limited evidence on how it behaves across a full market cycle.

A longer horizon is more relevant here than a short one, because the fund’s recent one-month and three-month swings show that returns can be uneven. The main trade-off is straightforward: investors get focused exposure to India manufacturing, but they must accept sharper variation and less diversification than a broad market equity 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: No exit load

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of UTI Nifty India Manufacturing Index Fund Direct Growth Plan?
Its NAV is ₹12.1345 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 7.44%, while the 3-year and 5-year figures are not yet available as live track records.

How has it done against the benchmark?
Over 1 year, the fund returned 7.44% versus -8.27% for the benchmark. Over 1 month and 3 months, the fund was negative as well, but the 3-month decline was smaller than the benchmark’s.

How does it compare with the peer funds listed here?
Its 1-year return is lower than the stronger peer figures shown in the comparison table. Some peers also have much higher published three-year figures where that data is available.

Is there a minimum SIP for this fund?
Yes. The minimum SIP amount is ₹500.

What are the risk and portfolio features of this fund?
It is marked High Risk, and the top ten holdings account for 37.79% of the portfolio across 59 disclosed holdings. The biggest single holding is Mahindra & Mahindra at 5.13%.

Bottom line

This fund’s recent one-year return is positive, but its shorter one-month and three-month readings are softer, so the near-term picture is less smooth than the full-year outcome. Against the peer set, the published one-year return is modest, while the benchmark comparison shows it has still held up better over 12 months than the Nifty 50. The portfolio is spread across 59 disclosed holdings, with a visible top tier rather than a single dominant stock, which may suit investors who want focused manufacturing exposure and can accept a High Risk profile.

Published on 16 September 2026 at 12:35 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.