Zerodha BSE SENSEX Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Zerodha BSE SENSEX Index Fund Direct Growth Plan is a very new index fund with a NAV of ₹8.9724 as of 16 Sep 2026 and an AUM of ₹19 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and it carries a High Risk label.

Our view is that this scheme is best read as a benchmark-linked allocation rather than a return-chasing option. The low expense ratio and broad large-cap exposure matter, but the short live track record and weak recent trend mean the fit is more about disciplined index exposure than near-term performance expectations.

Quick facts

Particular	Details
NAV	₹8.9724 as of 16 Sep 2026
AUM	₹19 Cr
Expense Ratio	0.0%
Launch Date	06 Nov 2025
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Exit Load	No exit load
Fund Managers	Kedarnath Mirajkar

The fund is managed by Kedarnath Mirajkar.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.38%	-4.41%
3M	-3.2%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term return pattern is weak, but it is still close to the benchmark’s own movement. Over 1 month, the fund fell by slightly less than the benchmark, and over 3 months it also held up a touch better. That tells us the scheme has not materially lagged the index in the recent window, even though both have been under pressure.

The daily path over the 1-month and 3-month windows shows a choppy but contained move rather than a one-way slide. There was a period of recovery in the middle of the 3-month window, followed by renewed softness toward the end. For an index fund, that is not unusual, but it does mean the investor experience here has been dominated by market direction rather than fund-specific excess return.

We would not read the current return profile as evidence of durable outperformance or underperformance. The gap versus the benchmark is small in both recent periods, which suggests the scheme has tracked its mandate closely. The bigger issue is that the fund is still too new for the longer-run 1-year, 3-year and 5-year fields to show meaningful history.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Zerodha BSE SENSEX 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
Zerodha BSE SENSEX Index Fund Direct Growth Plan	Data not available	Data not available	Data not available
Baroda BNP Paribas Gold ETF FoF Direct Growth Plan	34.39%	Data not available	Data not available
HDFC Innovation Fund Direct Growth Plan	14.3%	Data not available	Data not available
Bajaj Finserv Small Cap Fund Direct Growth Plan	13.33%	Data not available	Data not available
Quant Equity Savings Fund Direct Growth Plan	8.75%	Data not available	Data not available
Kotak Active Momentum Fund Direct Growth Plan	6.31%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. Against the available 1-year figures, the fund trails the peer set that has meaningful data, but that comparison is not especially flattering to any index-like mandate because several peer funds are in very different styles. What matters more is that the scheme’s own recent returns are broadly aligned with its benchmark rather than showing a clear tracking break. The missing 3-year and 5-year figures also limit any deeper peer comparison.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	11.84%
ICICI Bank Limited	Bank	11.39%
Reliance Industries Limited	Crude Oil	9.53%
Bharti Airtel Limited	Telecom	6.12%
Larsen & Toubro Limited	Infrastructure	5.17%
State Bank of India	Bank	4.83%
Infosys Limited	IT	4.31%
Axis Bank Limited	Bank	4.03%
Kotak Mahindra Bank Limited	Bank	3.38%
Mahindra & Mahindra Limited	Automobile & Ancillaries	3.26%

The largest holding, HDFC Bank Limited, carries a weight of 11.84%, which is meaningful for a single stock in a passive equity portfolio. The next few positions remain sizeable as well, but the weight tapers fairly steadily from there to 3.26% for the tenth holding, so influence is spread across several large names rather than resting on one dominant position.

The top 10 holdings account for approximately 63.86% of the portfolio, and that points to a noticeable concentration in the disclosed core basket. At the same time, the fund discloses 30 holdings in total, so the remaining positions may form a longer tail that adds breadth beyond the largest names. That structure could help distribute stock-specific impact, while still leaving the fund closely tied to the largest benchmark constituents.

To see all holdings, visit the Zerodha BSE SENSEX Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and want core index exposure rather than an active style. The weak recent return profile does not show a clear edge over the benchmark, but it also does not suggest a major tracking problem. The likely fit is a medium- to long-term horizon, where an investor is willing to accept market swings in exchange for simple participation in large-cap equities.

The main trade-off is that the portfolio is designed to mirror the index, so it will not try to shield capital in a falling market or seek to outperform through stock selection. The concentration in a handful of large holdings may also matter for short-term moves, even though the broader basket still spans 30 names. For investors who want benchmark-style equity exposure and can tolerate volatility, that may be an acceptable compromise.

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 16 Sep 2026

Frequently asked questions

What is the current NAV of Zerodha BSE SENSEX Index Fund Direct Growth Plan?
Its current NAV is ₹8.9724 as of 16 Sep 2026.

What are the fund’s recent returns?
Its 1-month return is -4.38% and its 3-month return is -3.2%. The 1-year, 3-year and 5-year return fields are not available yet.

How does the fund compare with its benchmark?
It has been slightly better than the benchmark in the recent windows. Over 1 month it fell by less than the benchmark, and over 3 months it also stayed a bit ahead.

How does it compare with the listed peer funds on 1-year return?
Its 1-year return is not available yet, while the peer list includes several funds with available 1-year figures such as 34.39%, 14.3%, 13.33%, 8.75% and 6.31%.

What is the minimum SIP amount?
The minimum SIP amount is not available here, so it is not stated for this fund.

Who manages the fund and what is the exit load?
Kedarnath Mirajkar manages the fund, and there is no exit load.

Bottom line

This is a straightforward index fund with a short history, a High Risk label and recent returns that are close to the benchmark rather than decisively ahead of it. The longer-run 1-year, 3-year and 5-year fields are not available yet, so the current picture is mainly about early tracking behaviour. The portfolio is built around large, familiar names and the top holdings make up a meaningful share of the scheme, which can keep the fund closely tied to market swings. It fits investors seeking benchmark-style equity exposure over a longer horizon.

Published on 17 September 2026 at 11:36 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.