The year in one line
Financial year 2025-26 ended on 31 March with most equity funds poorer than they started it. Of the 294 diversified equity funds with a full year of NAVs, 198 lost money between 31 March 2025 and 31 March 2026.
The Nifty 50 closed the financial year at 22,331.40 on 30 March, its last session, down 5.05% from 23,519.35 at the end of the previous one. With dividends reinvested, our estimate is a fall of 3.81%.
The year's winners were elsewhere: silver, gold, overseas funds and, quietly, debt.
All figures are for the Direct plan, Growth option, of each fund, from NAVs dated 31 March 2025 and 31 March 2026. "Diversified" means every equity category except sector and theme funds.
Equity, category by category
| Category | Funds | Worst | Median | Best |
|---|---|---|---|---|
| Mid Cap | 30 | −12.14% | 3.20% | 12.01% |
| Multi Cap | 30 | −12.65% | −0.67% | 7.61% |
| Large & Mid Cap | 31 | −11.11% | −0.69% | 4.29% |
| Value | 22 | −8.01% | −0.78% | 8.48% |
| Dividend Yield | 10 | −3.58% | −0.85% | 4.21% |
| Small Cap | 30 | −15.44% | −1.17% | 7.05% |
| Flexi Cap | 38 | −10.18% | −2.33% | 2.68% |
| Focused | 28 | −10.71% | −2.49% | 5.02% |
| Large Cap | 33 | −10.11% | −3.43% | 1.69% |
| ELSS | 39 | −9.60% | −3.50% | 1.48% |
| Sector & theme | 213 | −28.69% | −1.13% | 162.75% |
Mid-cap funds were the only diversified category with a positive median. That matches the indices: the Nifty Midcap 150 rose 1.62% on price over the year, while the Nifty 50 fell 5.05% and the Nifty Smallcap 250 5.40%.
Large-cap and ELSS funds came last. The median large-cap fund's −3.43% is close to the Nifty 50's estimated total return of −3.81%.
Best and worst diversified funds
| Fund (Direct, Growth) | Category | FY 2025-26 |
|---|---|---|
| ICICI Prudential Mid Cap | Mid Cap | 12.01% |
| HSBC Midcap | Mid Cap | 8.67% |
| DSP Value | Value | 8.48% |
| Groww Multicap | Multi Cap | 7.61% |
| Union Small Cap | Small Cap | 7.05% |
| … | ||
| Samco Multi Cap | Multi Cap | −10.78% |
| Tata Large & Mid Cap | Large & Mid Cap | −11.11% |
| Motilal Oswal Midcap | Mid Cap | −12.14% |
| Motilal Oswal Multi Cap | Multi Cap | −12.65% |
| Tata Small Cap | Small Cap | −15.44% |
The best and worst mid-cap funds were 24 points apart, in the category with the best median. A category's average year says little about any one fund in it.
Outside equity
| Group | Funds | Median |
|---|---|---|
| Silver funds of funds | 9 | 119.89% |
| Gold funds of funds | 17 | 61.98% |
| Overseas funds of funds | 51 | 29.79% |
| Multi asset allocation | 27 | 11.47% |
| Credit risk | 12 | 8.01% |
| Arbitrage | 32 | 6.72% |
| Money market | 24 | 6.71% |
| Liquid | 40 | 6.21% |
| Corporate bond | 21 | 5.77% |
| Overnight | 39 | 5.47% |
| Equity savings | 21 | 4.01% |
| Dynamic bond | 22 | 3.48% |
| Balanced advantage | 36 | 0.14% |
| Gilt | 24 | 0.12% |
| Aggressive hybrid | 28 | −0.26% |
Silver and gold dominated. Every silver FoF more than doubled, and the weakest gold FoF still returned 57.81%. Multi-asset allocation funds were the best of the hybrids by a distance.
In debt, the shortest-term funds did what they are meant to: liquid funds returned a median 6.21%, with the middle half of them between 6.15% and 6.26%. Gilt funds, which hold government bonds, ended the year roughly flat.
The extremes
The single best fund of the year was Nippon India Taiwan Equity, up 162.75%. The worst was quant Teck, down 28.69%.
Just above it sat a cluster of index funds tracking narrow slices of the Indian market: the two tourism index funds and three realty index funds lost between 23.53% and 24.07%, and six Nifty IT index funds between 19.50% and 19.69%. The Nifty IT index fell 21.21% on price over the year and the Nifty Realty 23.51%.
What this does not tell you
A financial year is an arbitrary window. Its last month was a sharp fall: the Nifty 50 lost 11.31% between 27 February and 30 March alone. A window ending a month earlier would rank funds differently.
A metal's year is not a trend. Silver and gold funds' returns reflect two metals' prices over twelve months. They say nothing about the next twelve.
Survivors only. Funds closed or merged during the year are not here. None of this is advice to buy or sell any fund.
Where to go from here
The categories page has every category's live numbers, and SEBI's fund categories explains what each one is allowed to hold. For the month that closed the year, see the March 2026 market recap and equity category returns for March.
For the metals, gold and silver in March has the prices behind those fund returns.
Frequently asked questions
How did equity mutual funds do in FY 2025-26?
Poorly, on the whole. From 31 March 2025 to 31 March 2026, 198 of the 294 diversified equity funds (Direct plan, Growth option) with a full year lost money. The median large-cap fund lost 3.43% and the median ELSS fund 3.50%; the median mid-cap fund gained 3.20%.
Which mutual fund category did best in FY 2025-26?
Silver funds of funds. The nine silver FoFs with a full year returned between 115.39% and 125.85%, with a median of 119.89%. Gold FoFs returned a median 61.98%, and overseas funds of funds 29.79%. Among diversified equity categories, mid caps did best with a median 3.20%.
What did the Nifty 50 return in FY 2025-26?
The Nifty 50 price index fell 5.05% between its last close of FY 2024-25, 23,519.35 on 28 March 2025, and its last close of FY 2025-26, 22,331.40 on 30 March 2026. Our estimate of its total return, with dividends reinvested, is −3.81%.
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.
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.
196 of 529 equity funds are down over the past year
37% of equity funds lost money in the year to 30 September 2026: 29 of 33 large caps, but 1 of 62 mid and small caps. Which categories and themes fell.
Arbitrage funds vs liquid funds: the 2026 scorecard
The median arbitrage fund returned 6.68% in the year to 30 September 2026, against 6.46% for liquid funds. Where each came out ahead, and what it cost.