The fall, measured
Between the NAV of 27 February and its lowest point in March, the median flexi-cap fund lost 10.95%. Measured from its record NAV, the median fund was 14.70% down at that low.
The Nifty 500, the index these funds are measured against, fell 11.39% within March, to 20,528.05 on 30 March. That left it 16.20% below its record close of 24,496.90 from 26 September 2024.
Since the March low the median fund has regained 9.91%, about the same as the Nifty 500's 10.07%. It is still 1.81% below where it stood at the end of February.
Fund figures are for the Direct plan, Growth option, computed from daily NAVs to 15 April 2026. The drawdowns cover the 43 flexi-cap funds launched before February; the trailing returns cover every fund old enough for each period. Returns of one year or more are compounded annual rates.
Two ways to count the fall
Within March the funds moved together. Every one of the 43 lost between 7.28% and 12.13% from its end-February NAV to its low, which for 34 funds came on 30 March and for nine on 23 March.
Measured from each fund's record, the spread is far wider, 9.25% to 26.74%, because the records were set at different times. Fifteen funds last peaked in September 2024 and had already lost ground before this year began; eleven peaked in January 2026 and four in February.
Among funds with at least three years of history:
| Fund (Direct, Growth) | Record NAV | Fall from record to March low | Fall within March | Rise since the low |
|---|---|---|---|---|
| Shriram Flexi Cap | 15 Jul 2024 | −22.89% | −10.95% | 9.39% |
| JM Flexi Cap | 27 Sep 2024 | −22.57% | −11.40% | 9.81% |
| Motilal Oswal Flexi Cap | 16 Dec 2024 | −21.55% | −9.39% | 10.31% |
| Taurus Flexi Cap | 26 Sep 2024 | −20.89% | −11.55% | 11.56% |
| Quant Flexi Cap | 27 Sep 2024 | −20.35% | −9.16% | 12.97% |
| … | ||||
| ITI Flexi Cap | 23 Sep 2024 | −13.34% | −10.87% | 10.40% |
| HDFC Flexi Cap | 6 Jan 2026 | −13.32% | −11.72% | 9.12% |
| Navi Flexi Cap | 27 Sep 2024 | −12.91% | −11.34% | 12.09% |
| Aditya Birla SL Flexi Cap | 2 Jan 2026 | −12.78% | −10.22% | 9.79% |
| Parag Parikh Flexi Cap | 27 Oct 2025 | −10.98% | −7.28% | 7.40% |
The two columns tell different stories. Quant Flexi Cap is among the deepest below its record, yet it fell less than most within March and is now 2.61% above its end-February NAV. HDFC Flexi Cap set a new record in January and fell further than the median in March.
Parag Parikh Flexi Cap fell least of all 43 funds within March, 7.28%. It has also had the smallest rebound of any fund with a three-year record, 7.40%.
The spread, period by period
There are 44 flexi-cap funds. A fund counts in a period only if it has a full record for it.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 38 | 33 | 24 | 18 |
| Worst | −1.42% | 9.98% | 7.84% | 10.08% |
| Lower quartile | 5.60% | 15.48% | 12.88% | 13.49% |
| Median | 6.98% | 16.97% | 14.31% | 14.93% |
| Upper quartile | 10.09% | 19.49% | 16.89% | 15.64% |
| Best | 15.29% | 23.79% | 21.18% | 20.24% |
The top five over three years are Bank of India (23.79%), ITI (22.10%), Motilal Oswal (21.73%), Invesco India (21.06%) and HDFC (20.92%). HDFC Flexi Cap also has the best five-year return, 21.18% a year. The bottom five are PGIM India (13.65%), Taurus (13.39%), SBI (13.08%), Shriram (11.69%) and UTI (9.98%).
Against the Nifty 500
We estimated the Nifty 500's total return by adding its published dividend yield to the daily price change, to the close of 15 April.
| Period | Nifty 500, est. total return | Funds that beat it |
|---|---|---|
| 1 year | 7.42% | 17 of 38 |
| 3 years | 16.07% a year | 20 of 33 |
| 5 years | 14.40% a year | 12 of 24 |
| 10 years | 14.49% a year | 10 of 18 |
Over five years exactly half the funds beat the index, and the median fund (14.31%) sat just below it.
What this does not tell you
A drawdown depends on where you start counting. A fund whose record dates from 2024 has had longer to fall than one that peaked in January. That is why the within-March column is the fairer comparison of how funds handled this month.
The rebound is barely two weeks old. Nothing in a 9.91% bounce says whether the March low holds.
The benchmark is our estimate, and the list includes only surviving funds. Nothing here is advice to buy or sell any fund.
Where to go from here
Every fund is on the flexi-cap fund page, and the flexi-cap outperformers screen lists those compounding above 18% a year over three years. Flexi cap vs multi cap explains how the two categories differ.
For the whole equity market's March, see the March equity fund scorecard, and for the funds that held up best, the funds that fell least in March.
Frequently asked questions
How much did flexi-cap funds fall in March 2026?
From the NAV of 27 February to each fund's March low, the median flexi-cap fund (Direct plan, Growth option) fell 10.95%, across 43 funds. Measured from each fund's record NAV, the median fall to the March low was 14.70%. The Nifty 500 fell 11.39% within March and 16.20% from its September 2024 record.
What is the three-year return of flexi-cap funds?
To the NAV of 15 April 2026, the median flexi-cap fund returned 16.97% a year over three years, across 33 funds. The best, Bank of India Flexi Cap, returned 23.79% a year and the worst, UTI Flexi Cap, 9.98%.
Have flexi-cap funds recovered from the March 2026 fall?
Partly. From its March low to 15 April 2026 the median flexi-cap fund regained 9.91%, but it was still 1.81% below its NAV of 27 February. Only 4 of 43 funds were above their end-February level.
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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