A broad fall
The median equity fund lost 10.70% in March 2026. Of the 557 equity funds with a full month of NAVs, 556 fell. The one that rose, Nippon India Taiwan Equity, invests abroad.
That makes the first quarter of 2026 a loss of 12.90% for the median fund, and leaves it 15.03% below its all-time high.
All figures are for the Direct plan, Growth option, computed from daily NAVs. The month runs from the NAV of 27 February to that of 31 March. The market was shut on 31 March, so those NAVs carry 30 March's prices. March and January–March are plain percentage changes; one, three and five years are compounded annual rates.
The scorecard
Twelve SEBI equity categories, ranked by March's median return.
| Category | Funds | March | Jan–Mar | 1 year | 3 years | 5 years |
|---|---|---|---|---|---|---|
| Small Cap | 36 | −9.24% | −12.17% | −1.17% | 16.66% | 17.68% |
| Multi Cap | 32 | −10.42% | −12.28% | −0.67% | 16.93% | 15.39% |
| Dividend Yield | 11 | −10.43% | −11.20% | −0.85% | 15.52% | 16.54% |
| Sectoral / Thematic | 251 | −10.48% | −12.80% | −1.13% | 15.19% | 13.96% |
| Mid Cap | 33 | −10.51% | −11.38% | 3.20% | 19.41% | 16.99% |
| Value | 22 | −10.79% | −12.66% | −0.78% | 16.36% | 15.01% |
| Flexi Cap | 44 | −10.88% | −13.29% | −2.33% | 14.40% | 11.93% |
| ELSS | 39 | −10.91% | −13.39% | −3.50% | 13.29% | 12.58% |
| Large & Mid Cap | 33 | −11.09% | −12.81% | −0.69% | 15.84% | 14.81% |
| Large Cap | 34 | −11.34% | −13.37% | −3.43% | 12.45% | 10.96% |
| Focused | 28 | −11.38% | −13.29% | −2.50% | 14.38% | 12.55% |
| Contra | 3 | −11.67% | −13.22% | −2.42% | 16.51% | 15.87% |
| All equity funds | 566 | −10.70% | −12.90% | −1.53% | 15.11% | 13.94% |
"Funds" counts every Direct Growth plan on 31 March. Fewer have long records: 557 have a full March, 507 a full year, 373 three years and 295 five. Contra has only three funds.
The spread between categories was narrow for a month this large. Every median sits between −9.24% and −11.67%, a gap of under 2.5 points.
Against the indices
Our estimates of total return, from NSE's daily price and dividend yield, to the close of 30 March:
| Index (estimated total return) | March | Jan–Mar | 1 year | 3 years | 5 years |
|---|---|---|---|---|---|
| Nifty 50 | −11.21% | −14.27% | −3.79% | 10.19% | 10.13% |
| Nifty 500 | −11.30% | −13.76% | −2.68% | 13.47% | 12.09% |
| Nifty Midcap 150 | −11.00% | −12.60% | 2.45% | 20.67% | 17.77% |
| Nifty Smallcap 250 | −9.97% | −14.20% | −4.71% | 18.64% | 16.56% |
On price alone, the Nifty 50 fell 11.31% in March, from 25,178.65 to 22,331.40.
What the numbers show
This was a broad fall, not a sector story. Two in three equity funds (375 of 557) lost more than 10% in the month. The gap between large and small companies all but vanished: small-cap funds fell 9.24% and large-cap funds 11.34%.
Banks and financials were hit hardest. The 26 banking and financial-services funds lost a median 14.31%, and the Nifty Bank fell 16.94% on its price. Five of the six worst equity funds of the month were in that group, each down about 15%; the sixth was Tata Housing Opportunities, down 14.93%.
A few funds held up. Among diversified funds, Quant Mid Cap lost 4.00% and Motilal Oswal ELSS Tax Saver 5.17%. No other diversified fund lost less than 6.5%. Only three equity funds are up for 2026 so far, and all three invest in Japan, Taiwan or natural resources.
The financial year closed in the red. With the year ending on 31 March, the one-year column is in effect financial year 2025-26. The median equity fund lost 1.53% over it, and 317 of 507 funds were down. Mid caps were the only diversified category with a positive median, 3.20%.
One month reshaped the long numbers. At the end of February the median equity fund showed 19.66% a year over three years. A month later it shows 15.11%. For large caps the three-year median fell from 17.11% to 12.45%. Nothing about those funds' past changed except the end point.
What this does not tell you
A month's ranking says little about recovery. Categories that fell least in March may not rise most when prices turn. We have no way to know when, or whether, that happens.
The benchmarks are our estimates. NSE's official total return indices can differ from ours by a few tenths of a point a year.
These are medians. Within each category the spread is wide, and the figures exclude funds merged away. Past returns do not predict future ones, and nothing here is advice to buy or sell any fund.
Where to go from here
The categories page has live numbers for every category. For the month's market backdrop, read March 2026 in numbers and the Nifty 50, 15% below its record.
For one category in detail, see small-cap funds in the March fall, and last month's table is in the February equity fund scorecard. The psychology of a market crash covers what months like this do to investors' decisions.
Frequently asked questions
How much did equity mutual funds fall in March 2026?
The median equity fund (Direct plan, Growth option) lost 10.70% between the NAVs of 27 February and 31 March 2026. Of 557 funds with a full month, 556 fell. Small-cap funds fell least, with a median loss of 9.24%; contra funds fell most, at 11.67%.
What did equity funds return in financial year 2025-26?
The median equity fund returned −1.53% over the year to 31 March 2026, which in effect is financial year 2025-26. Of 507 funds with a full year, 317 lost money. Mid-cap funds had the best median, 3.20%, and ELSS the worst, −3.50%.
How far are equity funds below their highs?
On the NAV of 31 March 2026, the median equity fund was 15.03% below its all-time high NAV. Over the first quarter of 2026 the median fund lost 12.90%, and only three of 566 equity funds were up for the year.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
Equity fund scorecard: median returns by category
Mid-cap funds lead on three years at a 15.68% median; large caps trail every period. Median 1, 3, 5 and 10-year returns for 12 categories, to 30 Sep 2026.
Equity fund scorecard, August 2026: small caps lead again
The median small-cap fund gained 4.40% in August 2026 and is up 17.82% for the year; large caps were flat at −0.03%. Medians by category, NAVs to 31 August.
Equity fund scorecard, July 2026: large caps on top
Large-cap funds led July 2026 with a median gain of 2.70%; small caps trailed at 1.29%. The median equity fund is now up 2.20% for 2026. NAVs to 31 July.