Higher returns, with the swings to match
Over the five years to Thursday, 16 July 2026, the median infrastructure fund returned 20.92% a year. The median flexi-cap fund returned 12.48%. Over three years the gap was similar: 20.13% against 13.74%.
The funds got there on a rougher road. Over the past three years the median infrastructure fund fell 25.27% from a peak at its worst, against 18.12% for flexi caps.
The group here is the 19 actively managed sector funds with "infra" in their names, including Nippon India Power & Infra and Bank of India Manufacturing & Infrastructure. Manufacturing and transport-and-logistics funds are separate themes and left out. Two of the 19 are less than two years old. All figures are for the Direct plan, Growth option, from daily NAVs to 16 July 2026.
The spread, against the Nifty Infrastructure
| To 16 July 2026 | 1 year | 3 years, a year | 5 years, a year | 10 years, a year |
|---|---|---|---|---|
| Funds counted | 18 | 17 | 16 | 16 |
| Worst | −6.59% | 13.57% | 12.21% | 12.16% |
| Median | 5.02% | 20.13% | 20.92% | 16.97% |
| Best | 15.95% | 26.98% | 24.26% | 21.26% |
| Nifty Infrastructure (est. total return) | 1.39% | 18.19% | 17.58% | 13.92% |
| Funds ahead of the index | 14 of 18 | 12 of 17 | 14 of 16 | 13 of 16 |
We don't hold NSE's official total return index, so the index row adds its daily dividend yield to the price. The two passive funds in the theme track different indices: Tata Nifty500 Multicap Infrastructure 50:30:20 Index returned 1.43% over the year and Aditya Birla Sun Life BSE India Infrastructure Index −1.64%.
A gap this year
The Nifty Infrastructure closed at 9,331.30 on 16 July, 3.59% down for 2026 on price and 4.45% below its record close of 9,765.75 on 2 January. The median infrastructure fund older than 2026 was up 7.04% for the year.
| Median, to 16 July 2026 | Infrastructure | Flexi Cap | Large Cap |
|---|---|---|---|
| 2026 so far | 7.04% | 0.40% | −4.05% |
| 1 year | 5.02% | 1.73% | −0.61% |
| 3 years, a year | 20.13% | 13.74% | 11.36% |
| 5 years, a year | 20.92% | 12.48% | 11.24% |
| 10 years, a year | 16.97% | 14.03% | 12.72% |
| Volatility, 3 years | 17.85% | 14.14% | 13.20% |
Fund by fund, ranked over three years
| Fund (Direct, Growth) | 2026 so far | 1 year | 3 years | 5 years | Worst fall, 3 years |
|---|---|---|---|---|---|
| LIC MF Infrastructure | 10.44% | 8.43% | 26.98% | 24.26% | −26.67% |
| Bank of India Manufacturing & Infrastructure | 12.03% | 15.95% | 25.71% | 22.23% | −24.19% |
| Invesco India Infrastructure | 14.35% | 6.45% | 23.56% | 21.10% | −26.64% |
| Nippon India Power & Infra | 10.02% | 9.30% | 23.16% | 22.98% | −25.56% |
| Canara Robeco Infrastructure | 7.05% | 4.86% | 22.55% | 21.60% | −23.28% |
| … | |||||
| SBI Infrastructure | 4.63% | 2.15% | 18.10% | 18.72% | −23.17% |
| Kotak Infrastructure and Economic Reform | 5.85% | 4.74% | 17.86% | 20.90% | −27.73% |
| Tata Infrastructure | 10.79% | 5.18% | 17.40% | 18.87% | −29.82% |
| UTI Infrastructure | 0.93% | 0.82% | 16.05% | 15.22% | −21.29% |
| Taurus Infrastructure | −4.88% | −6.59% | 13.57% | 12.21% | −25.27% |
ICICI Prudential Infrastructure had the shallowest three-year fall, 19.11%, and the second-best five-year return, 24.14% a year. Quant Infrastructure has the best ten-year return, 21.26% a year.
Taurus Infrastructure is the weakest on most measures: the largest loss for 2026 (4.88%), the lowest one-year return and 13.52% below its peak NAV. HDFC Infrastructure is the only other fund down for the year, by 0.34%. Bandhan Infrastructure is the other fund more than 10% below its peak, at 10.69%.
The index's valuation
The Nifty Infrastructure's P/E closed at 21.07 on 16 July. Since 31 March 2021, when NSE moved to consolidated earnings, the median has been 21.29, so the index sits close to its middle.
What this does not tell you
A theme is not a sector index. Each fund house defines "infrastructure" for itself, so two funds with the word in their names can own quite different portfolios.
The benchmark is our estimate. NSE's official total return index can differ from ours by a few tenths of a point a year.
Past returns, with a large fall inside them. A median worst fall of a quarter in three years is part of the record. 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 infrastructure and PSU funds explains how these themes work.
For how every NSE sector index was valued at mid-year, see the cheapest and dearest NSE indices. For two other sectors set against their indices, see pharma and healthcare funds and banking and financial services funds.
Frequently asked questions
How have infrastructure mutual funds performed?
To 16 July 2026 the median infrastructure fund (Direct plan, Growth option) returned 5.02% over one year (18 funds), 20.13% a year over three years (17 funds), 20.92% a year over five years (16 funds) and 16.97% a year over ten years (16 funds).
Do infrastructure funds beat the Nifty Infrastructure index?
Most do on the figures to 16 July 2026. Against our estimate of the index's total return, 14 of 18 funds were ahead over one year (1.39%), 12 of 17 over three years (18.19% a year), 14 of 16 over five years (17.58% a year) and 13 of 16 over ten years (13.92% a year).
Are infrastructure funds riskier than diversified funds?
On the past three years, yes. For the 17 infrastructure funds with a three-year record, the median annualised volatility was 17.85% and the median worst fall from a peak 25.27%, against 14.14% and 18.12% for flexi-cap funds, to 16 July 2026.
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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