Nippon Life India · Index Funds

Nippon India Nifty India Manufacturing Index Fund

Other Scheme - Index Funds Direct plan, growth benchmark: Nifty India Manufacturing TRI launched 6 Aug 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹11.14

+0.10% since 18 Sep 2026, the previous NAV

1 year

5.9%

return

3 years

not enough history

5 years

not enough history

Since launch

11.4%

a year, over 1.1 years

Assets (AUM)

₹38 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.21% / 0.69%

a year, as of Jul 2026

Holdings

top ten are 38% of the fund · Aug 2026

Disclosed history

1.1 yrs

Aug 2025 – Aug 2026 · 4 of 11 checks could run

Fund managers

Himanshu Mange · since Aug 2025

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.60% a year more than Direct

₹15,679 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Himanshu Mange for 1.0 yrs

A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Himanshu Mange's other funds →

NAVTracking gap

NAV replicates within 1.0 bp of its disclosed portfolio

0 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Not measurable yet: needs three years of NAV and a category median.

Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

See every window →

headline and record disagree 2 checks found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Aug 2025

14 month-ends · ₹9.91 → ₹11.14, 1.1× since Aug 2025

Deepest fall (max drawdown)

−12.1%

26 Feb 2026 → 31 Mar 2026

Worst month

−10.9%

Mar 2026

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 79 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Mahindra & Mahindra Limited equity	Automobiles	5.12%	Aug 2025	1.1 yrs	+0.62%
2	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	4.86%	Aug 2025	1.1 yrs	+0.27%
3	Reliance Industries Limited equity	Petroleum Products	4.65%	Aug 2025	1.1 yrs	+0.46%
4	Maruti Suzuki India Limited equity	Automobiles	4.08%	Aug 2025	1.1 yrs	-0.25%
5	Tata Steel Limited equity	Ferrous Metals	3.52%	Aug 2025	1.1 yrs	-0.80%
6	Bharat Electronics Limited equity	Aerospace & Defense	3.43%	Aug 2025	1.1 yrs	+0.45%
7	Hindalco Industries Limited equity	Non - Ferrous Metals	3.40%	Aug 2025	1.1 yrs	-0.70%
8	Bajaj Auto Limited equity	Automobiles	3.10%	Aug 2025	1.1 yrs	+0.19%
9	JSW Steel Limited equity	Ferrous Metals	2.83%	Aug 2025	1.1 yrs	-0.18%
10	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	2.78%	Aug 2025	1.1 yrs	+0.65%
11	Eicher Motors Limited equity	Automobiles	2.53%	Aug 2025	1.1 yrs	+0.05%
12	TVS Motor Company Limited equity	Automobiles	2.36%	Aug 2025	1.1 yrs	+0.38%
13	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	2.27%	Mar 2026	6 mo	+0.66%
14	Hindustan Aeronautics Limited equity	Aerospace & Defense	2.10%	Aug 2025	1.1 yrs	+0.45%
15	Cipla Limited equity	Pharmaceuticals & Biotechnology	1.83%	Aug 2025	1.1 yrs	-0.15%
16	Samvardhana Motherson International Limited equity	Auto Components	1.74%	Aug 2025	1.1 yrs	+0.12%
17	Laurus Labs Limited equity	Pharmaceuticals & Biotechnology	1.72%	Mar 2026	6 mo	+0.39%
18	Dr. Reddy's Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.63%	Aug 2025	1.1 yrs	-0.37%
19	Cummins India Limited equity	Industrial Products	1.59%	Aug 2025	1.1 yrs	-0.02%
20	Bharat Petroleum Corporation Limited equity	Petroleum Products	1.52%	Aug 2025	1.1 yrs	0.00%
21	Tata Motors Passenger Vehicles Limited equity	Automobiles	1.49%	Aug 2025	1.1 yrs	-0.58%
22	Bharat Heavy Electricals Limited equity	Electrical Equipment	1.49%	Aug 2025	1.1 yrs	+0.26%
23	CG Power and Industrial Solutions Limited equity	Electrical Equipment	1.45%	Aug 2025	1.1 yrs	+0.18%
24	Dixon Technologies (India) Limited equity	Consumer Durables	1.42%	Aug 2025	1.1 yrs	+0.23%
25	Suzlon Energy Limited equity	Electrical Equipment	1.34%	Aug 2025	1.1 yrs	-0.06%
26	Bharat Forge Limited equity	Auto Components	1.30%	Aug 2025	1.1 yrs	-0.01%
27	GE Vernova T&D India Limited equity	Electrical Equipment	1.27%	Mar 2026	6 mo	-0.02%
28	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.23%	Aug 2025	1.1 yrs	+0.07%
29	Lupin Limited equity	Pharmaceuticals & Biotechnology	1.23%	Aug 2025	1.1 yrs	-0.15%
30	Pidilite Industries Limited equity	Chemicals & Petrochemicals	1.21%	Aug 2025	1.1 yrs	+0.05%
31	Indian Oil Corporation Limited equity	Petroleum Products	1.20%	Aug 2025	1.1 yrs	-0.12%
32	Polycab India Limited equity	Industrial Products	1.17%	Aug 2025	1.1 yrs	+0.16%
33	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	1.16%	Aug 2025	1.1 yrs	+0.26%
34	Solar Industries India Limited equity	Chemicals & Petrochemicals	1.13%	Aug 2025	1.1 yrs	+0.02%
35	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	1.10%	Aug 2025	1.1 yrs	+0.10%
36	Vedanta Limited equity	Diversified Metals	1.09%	Aug 2025	1.1 yrs	-0.41%
37	Jindal Steel Limited equity	Ferrous Metals	1.02%	Aug 2025	1.1 yrs	-0.10%
38	Bosch Limited equity	Auto Components	1.01%	Aug 2025	1.1 yrs	+0.22%
39	ABB India Limited equity	Electrical Equipment	0.93%	Aug 2025	1.1 yrs	+0.16%
40	APL Apollo Tubes Limited equity	Industrial Products	0.93%	Aug 2025	1.1 yrs	+0.26%
41	SRF Limited equity	Chemicals & Petrochemicals	0.86%	Aug 2025	1.1 yrs	-0.13%
42	Sona BLW Precision Forgings Limited equity	Auto Components	0.84%	Aug 2025	1.1 yrs	+0.16%
43	Siemens Limited equity	Electrical Equipment	0.82%	Aug 2025	1.1 yrs	+0.13%
44	KEI Industries Limited equity	Industrial Products	0.82%	Aug 2025	1.1 yrs	+0.16%
45	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	0.74%	Sep 2025	1.0 yrs	+0.08%
46	Hyundai Motor India Ltd equity	Automobiles	0.73%	Aug 2025	1.1 yrs	+0.04%
47	UPL Limited equity	Fertilizers & Agrochemicals	0.73%	Aug 2025	1.1 yrs	-0.18%
48	Havells India Limited equity	Consumer Durables	0.72%	Aug 2025	1.1 yrs	-0.03%
49	Alkem Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.72%	Aug 2025	1.1 yrs	-0.09%
50	Tube Investments of India Limited equity	Auto Components	0.69%	Aug 2025	1.1 yrs	-0.15%
51	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.67%	Aug 2025	1.1 yrs	-0.01%
52	Siemens Energy India Limited equity	Electrical Equipment	0.66%	Sep 2025	1.0 yrs	-0.03%
53	Hindustan Zinc Limited equity	Non - Ferrous Metals	0.66%	Aug 2025	1.1 yrs	-0.03%
54	MRF Limited equity	Auto Components	0.63%	Aug 2025	1.1 yrs	+0.01%
55	Voltas Limited equity	Consumer Durables	0.63%	Aug 2025	1.1 yrs	-0.08%
56	UNO Minda Limited equity	Auto Components	0.54%	Sep 2025	1.0 yrs	+0.04%
57	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.53%	Aug 2025	1.1 yrs	+0.01%
58	Supreme Industries Limited equity	Industrial Products	0.53%	Aug 2025	1.1 yrs	+0.07%
59	Page Industries Limited equity	Textiles & Apparels	0.52%	Aug 2025	1.1 yrs	-0.09%
60	Triparty Repo money market	—	0.45%	Aug 2025	1.1 yrs	-0.25%
61	Blue Star Limited equity	Consumer Durables	0.44%	Aug 2025	1.1 yrs	-0.08%
62	PI Industries Limited equity	Fertilizers & Agrochemicals	0.44%	Aug 2025	1.1 yrs	-0.12%
63	Mazagon Dock Shipbuilders Limited equity	Industrial Manufacturing	0.44%	Aug 2025	1.1 yrs	+0.06%
64	Astral Limited equity	Industrial Products	0.43%	Aug 2025	1.1 yrs	+0.04%
65	Balkrishna Industries Limited equity	Auto Components	0.42%	Aug 2025	1.1 yrs	-0.02%
66	Hindustan Copper Limited equity	Non - Ferrous Metals	0.40%	Mar 2026	6 mo	-0.04%
67	AIA Engineering Limited equity	Industrial Products	0.38%	Aug 2025	1.1 yrs	+0.03%
68	Himadri Speciality Chemical Limited equity	Chemicals & Petrochemicals	0.36%	Aug 2025	1.1 yrs	0.00%
69	Crompton Greaves Consumer Electricals Limited equity	Consumer Durables	0.35%	Aug 2025	1.1 yrs	-0.10%
70	Linde India Limited equity	Chemicals & Petrochemicals	0.31%	Aug 2025	1.1 yrs	-0.07%
71	Cochin Shipyard Limited equity	Industrial Manufacturing	0.30%	Aug 2025	1.1 yrs	+0.05%
72	K.P.R. Mill Limited equity	Textiles & Apparels	0.30%	Aug 2025	1.1 yrs	+0.03%
73	Kaynes Technology India Limited equity	Industrial Manufacturing	0.27%	Aug 2025	1.1 yrs	+0.07%
74	Escorts Kubota Limited equity	Agricultural, Commercial & Construction Vehicles	0.23%	Aug 2025	1.1 yrs	+0.04%
75	Castrol India Limited equity	Petroleum Products	0.20%	Aug 2025	1.1 yrs	-0.02%
76	Honeywell Automation India Limited equity	Industrial Manufacturing	0.18%	Aug 2025	1.1 yrs	+0.02%
77	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.18%	Mar 2026	6 mo	+0.06%
78	Net Current Assets cash equivalent	—	-0.35%	Aug 2025	1.1 yrs	-0.19%
79	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	—	Aug 2025	1.1 yrs	—

Showing 1–79 of 79 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Automobiles19.4% · 24.3%

Pharmaceuticals & Biotechnology17.9% · 16.2%

Electrical Equipment8.0% · 5.2%

Petroleum Products7.6% · 8.1%

Ferrous Metals7.4% · 7.2%

Auto Components7.2% · 6.2%

Industrial Products5.9% · 5.3%

Aerospace & Defense5.5% · 5.8%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap62.5%

Mid cap33.8%

Small / micro cap3.3%

Cash & equivalents0.1%

Not classified0.4%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 62%
Mid cap 34%
Small / micro 3%
Cash & other 0%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 0.60% a year more than Direct

₹15,679 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

0.60 pp a year

costliest in categorycheapest in category

36th percentile · below median of 240 funds · category median 0.53 pp

on ₹1,00,000 over ten years₹15,679Direct vs Regular, annualised11.5% vs 10.9%measured over1.08 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 48% of the portfolio a year

+0.05 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

48% a year

costliest in categorycheapest in category

48th percentile · below median of 151 funds · category median 47%

excess return per unit of turnover+0.05 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 13 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

13 months

lowest in categoryhighest in category

20th percentile · bottom quartile of 151 funds · category median 24 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

6 of 10 top picks beat their peers over the next 6 months, and averaged 3.1 points ahead of them

70 positions judged, one disclosure at a time · ahead by 16.5 points when it won, behind by 20.8 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 16.5 points in the 45 positions it won and behind by 20.8 in the 25 it lost, so the average across all 70 is +3.1 points. The worst position was INE205A01025 at the Feb 2026 disclosure, 70.0 points behind.

64%

lowest in categoryhighest in category

85th percentile · top quartile of 150 funds

positions judged70beat the median stock45average across every position+3.15 pts · median +5.58when ahead, by how much+16.48 pts over 45 positionswhen behind, by how much−20.84 pts over 25 positionsworst position−69.97 pts, INE205A01025 at the Feb 2026 disclosurebest position+47.88 pts, INE081A01020 at the Aug 2025 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹38 Cr, 17th percentile in category; 97% of growth came from inflows

smaller than 83% of the funds in its category (151 funds) · AUM Sep 2025 → Jul 2026 · Regular plan expense ratio 0.89%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

17th percentile by AUM

largestsmallest

83th percentile · top quartile of 151 funds

median holding weight, trendrisingexpense ratio, Regular / Direct0.89% / 0.34% · category median 0.90%AUM, Sep 2025 → Jul 2026₹7 Cr → ₹38 Crof that change, from flows rather than returns97% net inflows · NAV +11% over the window

Assets under management, ₹ crore, Sep 2025 – Jul 2026

11 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.86% in Aug 2025 → 0.89% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Himanshu Mange for 1.0 yrs

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

1.0 yrs · Himanshu Mange

newest teamlongest-serving

22th percentile · bottom quartile of 130 funds · category median 1.5 yrs

running it nowHimanshu Mange (since Aug 2025)share of the fund's life under the longest-serving current manager100%changes of hands in the archivenone

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Himanshu Mange	fund manager	Aug 2025	now	15.1% vs 3.0% (+12.14 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 1.1 years, against a 5-year figure on display. Himanshu Mange joined roughly 1.1 years ago. A record earned under different people is not evidence about these ones.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

NAV replicates within 1.0 bp of its disclosed portfolio

What this means. Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

Latest gap beyond expense accrual

+1 bp

expense accrual ≈ 0.079 bp a day

Jumps since the disclosure

0clean

3 Jul 2026 +5.9 bp · 7 Aug 2026 +5.7 bp · 17 Jul 2026 +4.4 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Nippon India Nifty India Manufacturing Index Fund- Direct Plan- Growth Option	growth	₹11.14	21 Sep 2026
direct Nippon India Nifty India Manufacturing Index - Direct Plan- IDCW Option	idcw	₹11.14	21 Sep 2026
regular Nippon India Nifty India Manufacturing Index-Regular Plan-Growth Option	growth	₹11.08	21 Sep 2026
regular Nippon India Nifty India Manufacturing Index- Regular Plan-IDCW Option	idcw	₹11.08	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹11.14
Regular growth NAV: ₹11.08
NAV divergence to date: 0.6% — same portfolio, priced differently
Regular costs more by: 0.60% a year
On ₹1,00,000 over ten years: ₹15,679

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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