EquitySmall Cap FundDirectIDCWVery High

Nippon India Small Cap Fund

Q: What is the NAV of Nippon India Small Cap Fund?

As of 01 Oct 2026, the NAV of Nippon India Small Cap Fund is ₹107.58 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Nippon India Small Cap Fund delivered?

Nippon India Small Cap Fund has returned +4.50% over 1 year, +7.18% per year over 3 years, +11.10% per year over 5 years and +18.04% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Nippon India Small Cap Fund?

Nippon India Small Cap Fund charges an expense ratio of 0.69% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Nippon India Small Cap Fund?

Nippon India Small Cap Fund's largest holdings are Bharat Heavy Electricals Limited (1.9%), TD Power Systems Limited (1.8%), Apar Industries Limited (1.7%), HDFC Bank Limited (1.7%) and Karur Vysya Bank Limited (1.3%). Holdings are disclosed monthly and change over time.

Q: How risky is Nippon India Small Cap Fund?

Nippon India Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 17.9% and its worst peak-to-trough fall in our sample was -52.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.04 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Nippon India Small Cap Fund's 0.04 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Nippon India Small Cap Fund?

Nippon India Small Cap Fund is benchmarked against the Nifty Smallcap 250 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages Nippon India Small Cap Fund?

Nippon India Small Cap Fund is managed by Samir Rachh at Nippon India.

Q: How is Nippon India Small Cap Fund taxed?

Nippon India Small Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Nippon India Mutual Fund · Best Small Cap Mutual Funds

NAV

₹107.58

-1.12% 1D

as of 01 Oct 2026

This is the Direct plan of Nippon India Small Cap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is distributed, which is why this NAV sits below the growth plan of the same fund.

Compare SIP calculator

This is the IDCW (dividend) option — it pays its earnings out as dividends rather than reinvesting them, so every payout steps the NAV down and the return figures below leave those payouts out. Your actual return was higher by whatever was distributed. That’s expected for a payout plan, not missing data.

View the Growth plan for compounded returns (+14.26% 3Y CAGR)

Performance

+5.30%CAGR

52-week rangePrev NAV ₹108.81

Latest ₹107.58

Low ₹87.8581st percentile of its 52-week rangeHigh ₹112.26

Scorecard

Not rated

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. Not rated — too few comparable Equity funds (same plan and option) to rank against yet.

Performance—

Not enough Small Cap Fund peers to rank yet

Risk—

Volatility 17.9% (no category average yet)

Cost—

0.7% expense (no category average yet)

ConsistencyHigh

95% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Consistent — positive in 95% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.69%

Category —

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

26.91

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.04

Category —

Scheme Info

Definitions

Plan

Direct · IDCW

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

1% if redeemed or switched out on or before completion of 1 Year from the date of allotment of units. Nil, thereafter.

1.00%

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹5,000

Nifty Smallcap 250 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

03 Jan 2013

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-3.47%

Absolute return over the last 3 months (not annualized)

-0.91%

Absolute return over the last 6 months (not annualized)

+19.04%

Absolute return since 1 Jan of this year (not annualized)

+4.76%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+4.50%

3-year annualized return (CAGR)

+7.18%

5-year annualized return (CAGR)

+11.10%

10-year annualized return (CAGR)

+16.19%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+18.04%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

17.87%

Excess return per unit of total volatility (rf = 6.5%)

0.04

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.05

Largest peak-to-trough decline over full history

-52.65%

Benchmark ratios (vs Nifty Smallcap 250 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty Smallcap 250 TRI

-5.66%

Sensitivity to Nifty Smallcap 250 TRI moves; 1 = moves with the index

0.97

How much of the fund's movement Nifty Smallcap 250 TRI explains

92.7%

Excess return per unit of beta (market risk)

1.12

Active return over the benchmark per unit of tracking error

-1.10

Annualized std dev of fund-minus-benchmark returns

6.03%

Fund's share of benchmark gains in up months (100 = matches index)

87.6%

Fund's share of benchmark losses in down months (lower is better)

107.4%

Computed vs the Nifty Smallcap 250 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Small Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-3.47%	—	—
3M abs	-0.91%	—	—
6M abs	+19.04%	—	—
1Y CAGR	+4.50%	—	—
3Y CAGR	+7.18%	—	—
5Y CAGR	+11.10%	—	—

Category average across peers in Small Cap Fund, same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.52L

Absolute

+25.32%

XIRR

+9.25%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Nippon India Small Cap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty Smallcap 250 TRI	Diff
2026part	+4.76%	+6.37%	-1.61%
2025	-11.34%	-5.29%	-6.05%
2024	+17.17%	+27.52%	-10.35%
2023	+39.40%	+49.76%	-10.36%
2022	+3.59%	-2.65%	+6.24%
2021	+75.86%	+63.41%	+12.45%
2020	+30.35%	+27.11%	+3.24%
2019	-1.61%	-7.26%	+5.65%
2018	-22.36%	-26.33%	+3.97%
2017	+64.90%	+58.25%	+6.65%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

3,382

Expense ratio

0.69%

AUM

₹73,159Cr

Portfolio turnover

21%

Exit load

1% if redeemed or switched out on or before completion of 1 Year from the date of allotment of units. Nil, thereafter.

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

26.9

P/B ratio

4.6

Avg market cap

₹76,747Cr

P/E & P/B are portfolio-weighted harmonic means across 198 of 254 equity holdings (81% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Small Cap Fund

Compare all


Nippon India Small Cap FundThis fund Nippon India · Direct · IDCW	—	+4.50%	+7.18%	+11.10%	—	0.69%	₹73,159Cr
Bank of India Small Cap Fund Bank of India · Direct · IDCW	—	+29.25%	+21.62%	+20.05%	—	0.78%	₹2,235Cr
ITI Small Cap Fund ITI · Direct · IDCW	—	+17.07%	+20.95%	+16.95%	—	0.84%	₹2,977Cr
Mahindra Manulife Small Cap Fund Mahindra Manulife · Direct · IDCW	—	+11.00%	+17.63%	—	—	0.92%	₹4,512Cr
LIC MF Small Cap Fund LIC · Direct · IDCW	—	+14.84%	+17.60%	—	—	1.28%	₹673.88Cr
Quant Small Cap Fund quant · Direct · IDCW	—	+13.46%	+16.94%	+18.66%	—	0.90%	₹30,875Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 99% of the equity sleeve priced.

Large cap13.7%
Mid cap17.1%
Small cap69.2%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity97.17%
Cash & Equivalents2.83%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

Bharat Heavy Electricals Limited

1.85%

TD Power Systems Limited

1.82%

Apar Industries Limited

1.73%

HDFC Bank Limited

1.71%

Karur Vysya Bank Limited

1.34%

State Bank of India

1.28%

Sundram Fasteners Limited

1.24%

Acme Solar Holdings Ltd

1.19%

Sai Life Sciences Limited

1.16%

Multi Commodity Exchange of India Limited

1.15%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Axis Small Cap Fund Axis · Small Cap Fund	29.7%	★★★★☆	0.72%	+14.71%
ICICI Prudential Nifty Smallcap 250 Index Fund ICICI Prudential · Index Funds	29.1%	★★★★☆	0.44%	+12.74%
HDFC Nifty Smallcap 250 Index Fund HDFC · Index Funds	29.1%	★★★★☆	0.33%	+12.76%
JioBlackRock Nifty Smallcap 250 Index Fund Jio BlackRock · Index Funds	29.1%	★★★★☆	0.41%	—
Nippon India Nifty Smallcap 250 Index Fund Nippon India · Index Funds	29.1%	★★★★☆	0.41%	+12.60%
SBI Nifty Smallcap 250 Index Fund SBI · Index Funds	29.1%	★★★★☆	0.44%	+12.77%
Edelweiss Nifty Smallcap 250 Index Fund Edelweiss · Index Funds	29.1%	★★★★☆	0.25%	+13.16%
Groww Nifty Smallcap 250 Index Fund Groww · Index Funds	29.1%	★★★☆☆	0.64%	—

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

9 holdings — 4.08% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Avalon Technologies LimitedLong-term · Stage I1.12%
Mtar Technologies LimitedLong-term · Stage IV0.81%
Whirlpool of India LimitedShort-term · Stage I0.78%
BlueStone Jewellery and Lifestyle LimitedLong-term · Stage I0.58%
Sansera Engineering LimitedLong-term · Stage I0.41%
Cyient DLM LimitedLong-term · Stage I0.13%
Milky Mist Dairy Food LimitedLong-term · Stage IV0.12%
Raymond LimitedLong-term · Stage I0.09%
Astec LifeSciences LimitedShort-term · Stage I0.04%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-52.6%15 Jan 2018 → 24 Mar 2020
Fell over 2.2 years, back to the old high on 03 Feb 2021 — 10 months under water after the low.
-30.0%24 Sep 2024 → 03 Mar 2025
Still below that high — 5 months down, and no recovery yet.
-23.3%17 Jan 2022 → 20 Jun 2022
Fell over 5 months, back to the old high on 02 Dec 2022 — 5 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹73,159Cr

April - June 2026

+11%

since January - March 2026

+₹3,246Cr

est. net flow, last quarter

At or near its largest, ₹73,159Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Nippon India Mutual Fund is managed by Nippon Life India Asset Management, which took control of the former Reliance Mutual Fund in 2019 when Nippon Life of Japan bought out the Reliance Capital stake. It is among India's largest fund houses by assets and is best known for its small- and mid-cap franchise.

Launched

29 Jun 1995

Total AUM

₹7,87,053Cr+4.7% QoQ

Avg AUM · July - September 2026

Website

mf.nipponindiaim.com

Fund Managers

SRSamir RachhManaging since 01 Jan 2017

Role

Manager

Education

B. Com

Experience

Over 33 years of experience September 2010 onwards NAM India, Fund Manager of - Equity October -2007 to August 2010 NAM India, Senior Analyst involved in research on Select Companies and tracking Few Industries. April 2004 to October 2007 Emkay Global Financial Services Ltd, Head Research and Portfolio Manager, Heading Research Team and Generating Reports and Ideas, managing PMS Products. April 2003 to March 2004 IndusInd Bank Ltd, Investment Manager, Assisting in fund management and Generating investment ideas. October 1998 to March 2003 Hinduja Finance Ltd, Investment Manager Managing Portion of Company’s Investment Book and generating investment ideas

All schemes Samir Rachh runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Top holdings

Bharat Heavy Electricals Limited TD Power Systems Limited Apar Industries Limited HDFC Bank Limited Karur Vysya Bank Limited State Bank of India Sundram Fasteners Limited Acme Solar Holdings Ltd Sai Life Sciences Limited Multi Commodity Exchange of India Limited Avalon Technologies Limited Zydus Wellness Limited

Nippon India in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Small Cap funds

Small cap funds invest in companies beyond the top 250 by size. They offer the highest growth potential of any equity category and also the sharpest falls, so they suit long horizons and strong stomachs.

Frequently asked questions

What is the NAV of Nippon India Small Cap Fund?

As of 01 Oct 2026, the NAV of Nippon India Small Cap Fund is ₹107.58 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Nippon India Small Cap Fund delivered?

Nippon India Small Cap Fund has returned +4.50% over 1 year, +7.18% per year over 3 years, +11.10% per year over 5 years and +18.04% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Nippon India Small Cap Fund?

Nippon India Small Cap Fund charges an expense ratio of 0.69% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Nippon India Small Cap Fund?

Nippon India Small Cap Fund's largest holdings are Bharat Heavy Electricals Limited (1.9%), TD Power Systems Limited (1.8%), Apar Industries Limited (1.7%), HDFC Bank Limited (1.7%) and Karur Vysya Bank Limited (1.3%). Holdings are disclosed monthly and change over time.

How risky is Nippon India Small Cap Fund?

Nippon India Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 17.9% and its worst peak-to-trough fall in our sample was -52.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.04 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Nippon India Small Cap Fund's 0.04 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Nippon India Small Cap Fund?

Nippon India Small Cap Fund is benchmarked against the Nifty Smallcap 250 TRI. Its alpha and beta on this page are measured against that index.

Who manages Nippon India Small Cap Fund?

Nippon India Small Cap Fund is managed by Samir Rachh at Nippon India.

How is Nippon India Small Cap Fund taxed?

Nippon India Small Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.