Down for the year, a little less than the index
In the year to Monday, 7 September 2026, the median consumption fund lost 4.22%. The Nifty India Consumption lost an estimated 5.60% including dividends, and the median flexi-cap fund gained 4.93%.
The index closed at 11,560.75, 11.33% below its record of 13,038.65 from 26 September 2024, and down 5.53% for 2026 on price.
The group here is the actively managed thematic funds with "consumption" or "consumer" in their names: 25 funds, 10 of them launched in the past two years. FMCG and rural-opportunities funds are narrower or different themes and are left out. All figures are for the Direct plan, Growth option, from daily NAVs to 7 September 2026. Returns under a year are absolute; a year or more, annualised.
The spread, against the index
| To 7 September 2026 | 1 year | 3 years, a year | 5 years, a year | 10 years, a year |
|---|---|---|---|---|
| Funds counted | 20 | 13 | 10 | 8 |
| Worst | −12.21% | 5.49% | 9.23% | 11.03% |
| Median | −4.22% | 10.41% | 12.18% | 13.54% |
| Best | 4.54% | 16.98% | 14.11% | 16.94% |
| Nifty India Consumption (est. total return) | −5.60% | 12.14% | 11.58% | 12.35% |
| Funds ahead of the index | 14 of 20 | 2 of 13 | 6 of 10 | 6 of 8 |
The index estimate adds NSE's daily dividend yield to the price index; we don't hold the official total return series.
The three-year column is the weak one. Only HSBC Consumption (16.98% a year) and Tata India Consumer (14.94%) beat the index.
Fund by fund, ranked over three years
| Fund (Direct, Growth) | 2026 so far | 1 year | 3 years | 5 years | Below peak |
|---|---|---|---|---|---|
| HSBC Consumption | 5.72% | 3.62% | 16.98% | −1.74% | |
| Tata India Consumer | 7.02% | 4.49% | 14.94% | 14.11% | −2.58% |
| Mirae Asset Great Consumer | −1.40% | −4.34% | 11.04% | 12.77% | −9.21% |
| Canara Robeco Consumption | −3.37% | −3.33% | 10.97% | 11.47% | −8.86% |
| … | |||||
| Nippon India Consumption | −2.91% | −6.58% | 9.60% | 12.71% | −11.78% |
| Sundaram Consumption | −2.11% | −5.06% | 9.54% | 11.43% | −10.05% |
| Aditya Birla Sun Life Consumption | −5.64% | −6.52% | 8.98% | 9.89% | −11.26% |
| SBI Consumption Opportunities | −8.40% | −12.21% | 5.49% | 12.63% | −20.28% |
SBI Consumption Opportunities is the weakest on every short measure: the largest loss over a year and in 2026, and 20.28% below its peak NAV. Its five-year return, 12.63% a year, is still above the index's.
quant Consumption, launched in January 2024, has the best one-year return in the group, 4.54%.
ICICI Prudential FMCG, the one FMCG sector fund, lost 18.97% over the year and 3.25% a year over three.
Next to diversified funds
| Median, to 7 September 2026 | Consumption | Flexi Cap | Large Cap |
|---|---|---|---|
| Past 3 months | 6.24% | 6.84% | 4.24% |
| 2026 so far | −2.11% | 1.63% | −3.98% |
| 1 year | −4.22% | 4.93% | 0.20% |
| 3 years, a year | 10.41% | 12.34% | 10.79% |
| 5 years, a year | 12.18% | 11.29% | 9.56% |
| 10 years, a year | 13.54% | 13.35% | 11.96% |
| Volatility, 3 years | 13.49% | 14.20% | 13.25% |
Over five and ten years the consumption funds kept pace with flexi caps. Over the past one and three years they fell behind, though with slightly lower volatility than flexi caps.
Valuation
The Nifty India Consumption's P/E closed at 37.65 on 7 September. Since 31 March 2021, when NSE moved to consolidated earnings, its median has been 41.22, and 149 of 1,342 trading days closed lower. It is below its usual level, though still well above the Nifty 50's 20.10 on the same day.
What this does not tell you
"Consumption" is a broad label. Fund houses define it themselves, so two consumption funds can hold quite different stocks.
The benchmark is our estimate. NSE's official total return index can differ from ours by a few tenths of a point a year.
Many funds are young. Ten of the 25 have less than two years of history. Nothing here is advice to buy or sell any fund.
Where to go from here
The sectoral and thematic fund page lists every theme fund, and consumption and FMCG funds explains the theme.
For the FMCG index's valuation earlier this year, see the Nifty FMCG P/E in April. For another theme set against its index, see PSU fund returns in August, and for every category at the end of August, the August category scorecard.
Frequently asked questions
How have consumption mutual funds performed in the last year?
In the year to 7 September 2026 the median consumption-themed fund (Direct plan, Growth option) lost 4.22%, across 20 funds. The best, quant Consumption, gained 4.54% and the worst, SBI Consumption Opportunities, lost 12.21%. Our estimate of the Nifty India Consumption's total return was −5.60%.
Do consumption funds beat the Nifty India Consumption index?
It depends on the window. To 7 September 2026, 14 of 20 funds beat our estimate of the index's total return over one year, 2 of 13 over three years (12.14% a year), 6 of 10 over five years (11.58% a year) and 6 of 8 over ten years (12.35% a year).
How do consumption funds compare with flexi-cap funds?
To 7 September 2026 they trailed over one year (a median of −4.22% against 4.93%) and three years (10.41% against 12.34% a year), and were slightly ahead over five years (12.18% against 11.29%) and ten (13.54% against 13.35%).
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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