Nippon India Small Cap Fund
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 retained in the fund, so it shows up as NAV rather than as a payout.
Performance
Scorecard
★★★☆☆3/5 vs 24 of 35 Small Cap Fund peers- Performance 60%
- Risk 15%
- Cost 10%
- Downside 15%
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. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Small Cap Fund (same plan and option). 24 of the 35 Small Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +14.26% · ranks 15 of 24 Small Cap Funds
Volatility 16.5% vs 16.9% category avg
0.7% expense vs 1.0% category avg
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
- 5-year return (+18.07%) beats the Small Cap Fund average (+15.71%)
- Low expense ratio (0.69%) vs the Small Cap Fund average of 0.96%
- Consistent — positive in 95% of rolling 3-year windows
Concerns
- Trails the Small Cap Fund average on 1M/3M/6M/1Y — 1Y by 4.03pp
- 3-year return (+14.26%) trails the Small Cap Fund average (+15.46%)
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk and benchmark ratios
Fund vs category average (Small Cap Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | -3.47% | -2.95% | -0.52% |
| 3M abs | -0.91% | +2.09% | -3.00% |
| 6M abs | +19.04% | +24.33% | -5.29% |
| 1Y CAGR | +7.90% | +11.93% | -4.03% |
| 3Y CAGR | +14.26% | +15.46% | -1.20% |
| 5Y CAGR | +18.07% | +15.71% | +2.36% |
Category average across peers in Small Cap Fund (up to 35 funds with data), 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.
Category rank
Vs 35 peers in Small Cap Fund
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
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 | +8.17% | +6.37% | +1.80% | |
| 2025 | -4.02% | -5.29% | +1.27% | |
| 2024 | +27.06% | +27.52% | -0.46% | |
| 2023 | +50.17% | +49.76% | +0.41% | |
| 2022 | +7.53% | -2.65% | +10.18% | |
| 2021 | +75.87% | +63.41% | +12.46% | |
| 2020 | +30.34% | +27.11% | +3.23% | |
| 2019 | -1.60% | -7.26% | +5.66% | |
| 2018 | -15.69% | -26.33% | +10.64% | |
| 2017 | +64.94% | +58.25% | +6.69% |
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.
Taxation
Taxed as equityThis 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.
Flat, on the whole gain
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Equity97.17%
- Cash & Equivalents2.83%
Fund size over time
Quarterly average AUM · AMFIAt 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.
Fund Managers
SRSamir RachhManaging since 01 Jan 2017
Manager
B. Com
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
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
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.
Nippon Life India AMC sets July 8 AGM, e-voting opens July 4
scanx.trade · 1d ago
Nippon India Ultra Short Term Fund Growth
ClearTax · 4d ago
One in every 3.5 new MF folios came to Nippon India or HDFC in four years
cafemutual.com · 6d ago
Nippon India Medium to Long Term Fund - Direct Plan
CNBC TV18 · 6d ago
Nippon India Ultra Short to Short Term Fund - Retail Plan
CNBC TV18 · 6d ago
Nippon India Medium Term Fund - Direct Plan
CNBC TV18 · 6d ago
CARE Ratings to host Nippon India Mutual Fund meet on Sep 30
scanx.trade · 11d ago
HDFC MF sells 1.45% stake in Escorts Kubota for Rs 453 crore; Nippon India MF buys shares
Fortune India · 11d ago
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.
From the blog
Small-cap funds: median up 12.4% while large caps fell
02 Oct 2026
In the year to 1 October 2026 the median small-cap fund gained 12.41%; only 2 of 31 lost money. The 1, 3, 5 and 10-year spread, best, worst and drawdowns.
Largest equity mutual funds in India by AUM, 2026
01 Oct 2026
Parag Parikh Flexi Cap averaged ₹1,40,660 crore in April–June 2026, India's largest active equity fund. The top 15, and how much of the money they hold.
Small-cap funds: how concentrated their portfolios are
01 Oct 2026
The median small-cap fund held 26.11% in its top 10 stocks on 31 August 2026, from 14.47% at Nippon India to 35.89% at Quant. Holdings ranged from 56 to 255.
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 ₹202.29 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 +7.90% over 1 year, +14.26% per year over 3 years, +18.07% per year over 5 years and +23.59% 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 16.5% and its worst peak-to-trough fall in our sample was -48.6%. 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 0.47 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 0.47 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.