Bandhan Business Cycle Fund - Regular Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Portfolio Turnover Ratio : 111.00%. Category average turnover ratio is 153.01%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 99.21% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 99.21%

No of Stocks : 91 (Category Avg - 44.44) | Large Cap Investments : 42.67%| Mid Cap Investments : 11.93% | Small Cap Investments : 15.84% | Other : 28.77%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	91	43.41
Top 5 Stock Weight	19.86%	32.46%
Top 10 Stock Weight	32.12%	49.59%
Top 3 Sector Weight	32.33%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	94400.93	72450.77
Holdings in large cap stocks	42.67%	37.14%
Holdings in mid cap stocks	11.93%	14.47%
Holdings in small cap stocks	15.84%	13.1%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
HDFC Bank Ltd.	Private sector bank	906	5.78%	0.23%	5.81% (Jul 2025)	0.49% (Nov 2024)	9.18 L	-0.18 L
Axis Bank Ltd.	Private sector bank	721.9	4.61%	0.39%	4.61% (Oct 2025)	2.27% (Nov 2024)	5.86 L	-0.11 L
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	505.2	3.22%	0.50%	3.22% (Oct 2025)	0% (Nov 2024)	2.46 L	13.66 k
Infosys Ltd.	Computers - software & consulting	491.2	3.14%	0.10%	3.16% (Aug 2025)	1.98% (Nov 2024)	3.31 L	-6.42 k
Bajaj Finance Ltd.	Non banking financial company (nbfc)	487.5	3.11%	0.14%	3.38% (Feb 2025)	2.07% (Nov 2024)	4.67 L	-9.06 k
Larsen & Toubro Ltd.	Civil construction	475.4	3.03%	0.63%	3.03% (Oct 2025)	1.83% (May 2025)	1.18 L	12.82 k
One 97 Communications Ltd.	Financial technology (fintech)	411.4	2.63%	0.37%	2.63% (Oct 2025)	0.34% (Jan 2025)	3.16 L	-6.12 k
National Thermal Power Corporation Ltd.	Power generation	358.1	2.29%	-0.01%	2.48% (Mar 2025)	2.13% (Jun 2025)	10.63 L	-0.21 L
State Bank Of India	Public sector bank	349.9	2.23%	0.16%	2.23% (Oct 2025)	0.48% (Dec 2024)	3.73 L	-7.24 k
Reliance Industries Ltd.	Refineries & marketing	325.4	2.08%	0.18%	2.08% (Oct 2025)	1.62% (Dec 2024)	2.19 L	-4.24 k

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
HDFC Bank Ltd.	Private sector bank	16.75	906	5.78%	0.23%	5.81% (Jul 2025)	0.49% (Nov 2024)	9.18 L	-0.18 L	Other	28.77
Axis Bank Ltd.	Private sector bank	16.75	721.9	4.61%	0.39%	4.61% (Oct 2025)	2.27% (Nov 2024)	5.86 L	-0.11 L	Large Cap	42.67
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.22	505.2	3.22%	0.50%	3.22% (Oct 2025)	0% (Nov 2024)	2.46 L	13.66 k	Large Cap	42.67
Infosys Ltd.	Computers - software & consulting	8.48	491.2	3.14%	0.10%	3.16% (Aug 2025)	1.98% (Nov 2024)	3.31 L	-6.42 k	Large Cap	42.67
Bajaj Finance Ltd.	Non banking financial company (nbfc)	6.34	487.5	3.11%	0.14%	3.38% (Feb 2025)	2.07% (Nov 2024)	4.67 L	-9.06 k	Other	28.77
Larsen & Toubro Ltd.	Civil construction	5.62	475.4	3.03%	0.63%	3.03% (Oct 2025)	1.83% (May 2025)	1.18 L	12.82 k	Large Cap	42.67
One 97 Communications Ltd.	Financial technology (fintech)	2.88	411.4	2.63%	0.37%	2.63% (Oct 2025)	0.34% (Jan 2025)	3.16 L	-6.12 k	Other	28.77
National Thermal Power Corporation Ltd.	Power generation	3.84	358.1	2.29%	-0.01%	2.48% (Mar 2025)	2.13% (Jun 2025)	10.63 L	-0.21 L	Large Cap	42.67
State Bank Of India	Public sector bank	3.4	349.9	2.23%	0.16%	2.23% (Oct 2025)	0.48% (Dec 2024)	3.73 L	-7.24 k	Large Cap	42.67
Reliance Industries Ltd.	Refineries & marketing	2.08	325.4	2.08%	0.18%	2.08% (Oct 2025)	1.62% (Dec 2024)	2.19 L	-4.24 k	Large Cap	42.67
Wockhardt Ltd.	Pharmaceuticals	7.1	305.7	1.95%	-0.33%	2.44% (Jul 2025)	1.93% (Apr 2025)	2.39 L	-1.87 k	Small Cap	15.84
Hero Motocorp Ltd.	2/3 wheelers	2.74	301.8	1.93%	-0.07%	2% (Sep 2025)	1.02% (Dec 2024)	54.43 k	-3.98 k	Large Cap	42.67
InterGlobe Aviation Ltd.	Airline	1.86	291.9	1.86%	0.01%	1.89% (Aug 2025)	1.19% (Nov 2024)	51.89 k	-1.00 k	Large Cap	42.67
Tata Consultancy Services Ltd.	Computers - software & consulting	8.48	287.8	1.84%	0.11%	2% (May 2025)	1.33% (Feb 2025)	94.12 k	-1.82 k	Large Cap	42.67
IDFC First Bank Ltd.	Private sector bank	16.75	269.6	1.72%	0.26%	1.72% (Oct 2025)	0% (Nov 2024)	32.97 L	-0.64 L	Mid Cap	11.93
Can Fin Homes Ltd.	Housing finance company	1.62	254.4	1.62%	0.02%	1.62% (Oct 2025)	1.23% (Nov 2024)	2.93 L	-0.43 L	Small Cap	15.84
Cipla Ltd.	Pharmaceuticals	7.1	251.6	1.61%	0.10%	1.63% (Aug 2025)	1.22% (Nov 2024)	1.68 L	6.95 k	Large Cap	42.67
City Union Bank Ltd.	Private sector bank	16.75	246.3	1.57%	-0.17%	2.16% (Jul 2025)	0% (Nov 2024)	10.77 L	-2.28 L	Mid Cap	11.93
Fortis Healthcare Ltd.	Hospital	1.54	241.7	1.54%	0.02%	1.74% (Aug 2025)	0.94% (Nov 2024)	2.36 L	-0.15 L	Other	28.77
Sundaram Clayton DCD Ltd.	Castings & forgings	1.47	230.2	1.47%	-0.18%	2.37% (Dec 2024)	1.47% (Oct 2025)	1.54 L	-2.98 k	Other	28.77
Coromandel International Ltd.	Fertilizers	1.44	224.9	1.44%	-0.07%	1.81% (Apr 2025)	1.44% (Oct 2025)	1.06 L	-2.05 k	Mid Cap	11.93
Swiggy Ltd.	E-retail/ e-commerce	1.83	223.6	1.43%	-0.04%	2.03% (Dec 2024)	1.25% (Apr 2025)	5.45 L	-0.11 L	Other	28.77
KEC International Ltd.	Heavy electrical equipment	1.87	210.4	1.34%	-0.09%	1.43% (Sep 2025)	1.06% (Apr 2025)	2.57 L	-4.99 k	Small Cap	15.84
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	1.34	209.5	1.34%	0.02%	1.34% (Oct 2025)	0% (Nov 2024)	12.95 k	-0.25 k	Large Cap	42.67
Acme Solar Holdings Ltd.	Holding company	1.32	206.2	1.32%	0.03%	1.46% (Aug 2025)	1.04% (Mar 2025)	7.32 L	-0.14 L	Other	28.77
Godrej Properties Ltd.	Residential, commercial projects	2.6	198.9	1.27%	0.18%	1.46% (Dec 2024)	0% (Nov 2024)	86.92 k	-1.69 k	Mid Cap	11.93
SBI Life Insurance Co Ltd.	Life insurance	1.26	196.8	1.26%	0.11%	1.26% (Oct 2025)	0.44% (Dec 2024)	1.01 L	-1.95 k	Large Cap	42.67
Wipro Ltd.	Computers - software & consulting	8.48	191.8	1.22%	0.01%	1.75% (Jan 2025)	1.21% (Sep 2025)	7.97 L	-0.15 L	Large Cap	42.67
Punjab National Bank	Public sector bank	3.4	183.5	1.17%	0.14%	1.17% (Oct 2025)	0% (Nov 2024)	14.93 L	34.48 k	Large Cap	42.67
UPL Ltd.	Pesticides & agrochemicals	1.17	183.1	1.17%	0.11%	2.89% (Feb 2025)	0.91% (Jul 2025)	2.54 L	-4.93 k	Large Cap	42.67
Mphasis Ltd.	Computers - software & consulting	8.48	181.4	1.16%	0.05%	1.18% (Aug 2025)	0% (Nov 2024)	65.62 k	-1.27 k	Mid Cap	11.93
Adani Ports And Special Economic Zone Ltd.	Port & port services	1.16	181	1.16%	0.05%	1.83% (Dec 2024)	1.11% (Sep 2025)	1.25 L	-2.42 k	Large Cap	42.67
PTC India Financial Services Ltd.	Non banking financial company (nbfc)	6.34	173.6	1.11%	0.06%	1.2% (Jul 2025)	0.64% (Nov 2024)	47.76 L	0.00	Small Cap	15.84
IIFL Finance Ltd.	Non banking financial company (nbfc)	6.34	170.3	1.09%	0.11%	1.09% (Oct 2025)	0% (Nov 2024)	3.19 L	-0.28 L	Small Cap	15.84
Rural Electrification Corporation Limited	Financial institution	1.08	168.6	1.08%	0.01%	1.9% (Nov 2024)	1.02% (Aug 2025)	4.50 L	-8.71 k	Mid Cap	11.93
Ultratech Cement Ltd.	Cement & cement products	1.06	165.7	1.06%	-0.02%	1.14% (Aug 2025)	0.49% (Nov 2024)	13.87 k	-0.27 k	Large Cap	42.67
Kotak Mahindra Bank Ltd.	Private sector bank	16.75	163.4	1.04%	-1.05%	2.09% (Sep 2025)	1.04% (Oct 2025)	77.72 k	-0.90 L	Large Cap	42.67
Shriram Finance Ltd.	Non banking financial company (nbfc)	6.34	161.3	1.03%	0.13%	1.15% (Mar 2025)	0.87% (Aug 2025)	2.15 L	-0.19 L	Other	28.77
Indusind Bank Ltd.	Private sector bank	16.75	160.4	1.02%	0.08%	1.22% (Feb 2025)	0.51% (May 2025)	2.02 L	-3.91 k	Large Cap	42.67
ICICI Bank Ltd.	Private sector bank	16.75	157.9	1.01%	0.43%	1.01% (Oct 2025)	0% (Nov 2024)	1.17 L	48.70 k	Large Cap	42.67
- Epigral Ltd.	Specialty chemicals	1.33	156.7	1.00%	0.00%	1.17% (Jul 2025)	1% (Sep 2025)	92.71 k	-1.80 k	Other	28.77
Power Mech Projects Ltd.	Civil construction	5.62	144.6	0.92%	-0.08%	1.16% (Jun 2025)	0.69% (Nov 2024)	57.91 k	-1.12 k	Small Cap	15.84
PNC Infratech Ltd.	Civil construction	5.62	140.9	0.90%	-0.04%	0.99% (Jul 2025)	0.61% (Nov 2024)	5.02 L	-9.74 k	Small Cap	15.84
GMR Airports Ltd.	Airport & airport services	0.9	140.2	0.90%	0.21%	1.04% (Apr 2025)	0.61% (Aug 2025)	14.92 L	2.16 L	Small Cap	15.84
Aurobindo Pharma Ltd.	Pharmaceuticals	7.1	134.1	0.86%	0.05%	0.86% (Oct 2025)	0% (Nov 2024)	1.18 L	-2.28 k	Large Cap	42.67
Granules India Ltd.	Pharmaceuticals	7.1	129.9	0.83%	-0.03%	0.99% (Dec 2024)	0% (Nov 2024)	2.30 L	-0.36 L	Small Cap	15.84
- Eicher Motors Ltd.	2/3 wheelers	2.74	127.7	0.81%	0.00%	0.83% (Jan 2025)	0.48% (Nov 2024)	18.22 k	-0.35 k	Other	28.77
NTPC Green Energy Ltd.	Power generation	3.84	124.2	0.79%	0.05%	1.04% (Dec 2024)	0.74% (Sep 2025)	12.04 L	-0.23 L	Other	28.77
Torrent Power Ltd.	Integrated power utilities	0.78	122.3	0.78%	0.06%	0.91% (Apr 2025)	0.28% (Nov 2024)	92.91 k	-1.80 k	Mid Cap	11.93
- J S W Energy Ltd.	Power generation	3.84	119.3	0.76%	0.00%	0.79% (Mar 2025)	0.48% (Jan 2025)	2.26 L	-4.38 k	Mid Cap	11.93
Bharat Electronics Ltd.	Aerospace & defense	1.19	115	0.73%	0.04%	0.73% (Oct 2025)	0.46% (Feb 2025)	2.70 L	-5.23 k	Mid Cap	11.93
Jubilant Life Sciences Ltd.	Pharmaceuticals	7.1	112.1	0.72%	0.02%	0.75% (Jul 2025)	0% (Nov 2024)	1.02 L	-1.97 k	Mid Cap	11.93
Metropolis Healthcare Ltd.	Healthcare service provider	0.71	111.4	0.71%	-0.02%	0.8% (Aug 2025)	0% (Nov 2024)	56.55 k	-1.10 k	Other	28.77
Lodha Developers Ltd.	Residential, commercial projects	2.6	106.6	0.68%	0.04%	0.99% (Dec 2024)	0.64% (Sep 2025)	88.95 k	-1.72 k	Other	28.77
Lupin Ltd.	Pharmaceuticals	7.1	103.6	0.66%	0.12%	0.66% (Oct 2025)	0% (Nov 2024)	52.74 k	7.50 k	Large Cap	42.67
Phoenix Mills Ltd.	Residential, commercial projects	2.6	102.3	0.65%	0.34%	0.65% (Oct 2025)	0% (Nov 2024)	60.79 k	28.95 k	Small Cap	15.84
Thirumalai Chemicals Ltd.	Chemicals - organic	0.65	102.2	0.65%	0.02%	0.65% (Oct 2025)	0% (Nov 2024)	3.61 L	0.00	Small Cap	15.84
Arvind Fashions Ltd.	Speciality retail	1.21	102.1	0.65%	-0.04%	0.72% (Jul 2025)	0.5% (Mar 2025)	2.03 L	-5.59 k	Other	28.77
Info Edge (India) Ltd.	Internet & catalogue retail	0.65	101.9	0.65%	0.03%	0.66% (Jun 2025)	0% (Nov 2024)	73.90 k	-1.43 k	Other	28.77
Tata Technologies Ltd.	Computers - software & consulting	8.48	88.4	0.56%	0.02%	0.73% (Nov 2024)	0.54% (Aug 2025)	1.28 L	-2.47 k	Other	28.77
Baazar Style Retail Ltd.	Speciality retail	1.21	88.2	0.56%	-0.24%	0.8% (Sep 2025)	0.55% (Feb 2025)	2.79 L	-0.67 L	Other	28.77
Birlasoft Ltd.	Computers - software & consulting	8.48	87.6	0.56%	0.03%	0.56% (Aug 2025)	0% (Nov 2024)	2.36 L	-4.57 k	Small Cap	15.84
Jindal Saw Ltd.	Steel products	0.54	84.6	0.54%	-0.08%	1% (Mar 2025)	0.51% (Nov 2024)	4.83 L	-9.35 k	Other	28.77
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	1.87	83.6	0.53%	-0.01%	0.56% (Aug 2025)	0% (Nov 2024)	1.14 L	-2.20 k	Small Cap	15.84
Vedanta Ltd.	Diversified metals	0.49	77	0.49%	-0.06%	0.55% (Sep 2025)	0% (Nov 2024)	1.56 L	-0.35 L	Large Cap	42.67
KNR Constructions	Civil construction	5.62	76.4	0.49%	-0.04%	0.57% (Jul 2025)	0% (Nov 2024)	4.22 L	-8.17 k	Small Cap	15.84
Kirloskar Brothers Ltd.	Compressors, pumps & diesel engines	0.84	76.1	0.49%	-0.06%	0.55% (Sep 2025)	0.03% (Dec 2024)	40.62 k	-5.16 k	Small Cap	15.84
ITC Limited	Diversified fmcg	0.47	74.1	0.47%	0.02%	0.48% (Apr 2025)	0% (Nov 2024)	1.76 L	-3.42 k	Large Cap	42.67
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	0.85	73.6	0.47%	-0.02%	0.55% (Jul 2025)	0% (Nov 2024)	75.25 k	-0.12 L	Small Cap	15.84
Suven Pharmaceuticals Ltd.	Pharmaceuticals	7.1	73	0.47%	-0.01%	0.48% (Sep 2025)	0% (Nov 2024)	96.84 k	10.00 k	Other	28.77
- Unimech Aerospace And Manufacturing Ltd.	Aerospace & defense	1.19	71.5	0.46%	0.00%	0.53% (May 2025)	0% (Nov 2024)	70.77 k	-0.55 k	Other	28.77
Teamlease Services Ltd.	Diversified commercial services	0.43	66.7	0.43%	-0.02%	0.53% (Feb 2025)	0.35% (Nov 2024)	39.71 k	-0.77 k	Small Cap	15.84
Varun Beverages Ltd.	Other beverages	0.4	63.4	0.40%	0.02%	0.52% (Dec 2024)	0.37% (Jun 2025)	1.35 L	-2.62 k	Other	28.77
Angel One Ltd.	Stockbroking & allied	0.85	59.5	0.38%	0.06%	0.53% (Dec 2024)	0% (Nov 2024)	23.89 k	-0.46 k	Other	28.77
Britannia Industries Ltd.	Packaged foods	0.36	56.3	0.36%	-0.01%	0.44% (Jan 2025)	0% (Nov 2024)	9.64 k	-0.19 k	Large Cap	42.67
Tata Consumer Products Ltd.	Tea & coffee	0.35	55.3	0.35%	0.01%	0.35% (Oct 2025)	0% (Nov 2024)	47.49 k	-0.92 k	Mid Cap	11.93
Urban Company Ltd.	E-retail/ e-commerce	1.83	55.2	0.35%	-0.36%	0.71% (Sep 2025)	0% (Nov 2024)	3.50 L	-3.30 L	Other	28.77
Cummins India Ltd.	Compressors, pumps & diesel engines	0.84	54.9	0.35%	0.03%	0.55% (May 2025)	0% (Nov 2024)	12.64 k	-0.24 k	Mid Cap	11.93
GAIL (India) Ltd.	Gas transmission/marketing	0.33	52	0.33%	0.01%	0.33% (May 2025)	0% (Nov 2024)	2.84 L	-5.51 k	Large Cap	42.67
Garware Technical Fibres Ltd.	Other textile products	0.33	51	0.33%	0.06%	0.33% (Oct 2025)	0% (Nov 2024)	67.19 k	9.61 k	Small Cap	15.84
- Elecon Engineering Co. Ltd.	Industrial products	0.3	46.7	0.30%	0.00%	0.42% (Dec 2024)	0.3% (Sep 2025)	83.20 k	-1.77 k	Other	28.77
Fusion Finance Ltd. - Partly paid up	Microfinance institutions	0.29	45.1	0.29%	-0.03%	0.32% (Jun 2025)	0% (Nov 2024)	4.43 L	-4.71 k	Other	28.77
GPT Infraprojects Ltd.	Civil construction	5.62	43.6	0.28%	-0.01%	0.35% (May 2025)	0.17% (Nov 2024)	4.08 L	-3.19 k	Small Cap	15.84
# PB Fintech Ltd.	Financial technology (fintech)	2.88	39.8	0.25%	0.25%	0.55% (Aug 2025)	0% (Nov 2024)	22.31 k	22.31 k	Other	28.77
Arvind Ltd.	Garments & apparels	0.24	37	0.24%	0.02%	0.24% (Feb 2025)	0% (Nov 2024)	1.16 L	-1.33 k	Small Cap	15.84
# Utkarsh Small Finance Bank Ltd. - Rights	Other bank	0.23	36.4	0.23%	0.23%	0.23% (Oct 2025)	0% (Nov 2024)	57.14 L	57.14 L	Other	28.77
Avenue Supermarts Ltd.	Diversified retail	0.21	32.9	0.21%	-0.02%	0.24% (Aug 2025)	0% (Nov 2024)	7.92 k	-0.15 k	Large Cap	42.67
- Aether Industries Ltd.	Specialty chemicals	1.33	29.7	0.19%	0.00%	0.24% (Feb 2025)	0.18% (Jun 2025)	39.36 k	-1.78 k	Other	28.77
Jubilant Ingrevia Ltd.	Specialty chemicals	1.33	21.6	0.14%	-0.29%	0.43% (Sep 2025)	0.09% (Apr 2025)	31.29 k	-0.77 L	Other	28.77
- Cholamandalam Financial Holdings Ltd.	Investment company	0.06	9.3	0.06%	0.00%	0.06% (Sep 2025)	0% (Nov 2024)	4.85 k	-93.00	Small Cap	15.84
# Brainbees Solutions Ltd.	E-retail/ e-commerce	1.83	8.6	0.05%	0.05%	0.05% (Oct 2025)	0% (Nov 2024)	24.72 k	24.72 k	Other	28.77
Crizac Ltd.	Internet & catalogue retail	0.65	48.1	0.00%	-0.30%	-	-	-	-	Other	28.77
Godrej Consumer Products Ltd	Personal care		131.6	0.00%	-0.82%	-	-	-	-	Large Cap	42.67
Epack Durable Ltd.	Household appliances		24	0.00%	-0.15%	-	-	-	-	Other	28.77
Gujarat State Petronet Ltd.	Gas transmission/marketing	0.33	53.9	0.00%	-0.34%	-	-	-	-	Mid Cap	11.93
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	1.34	14.9	0.00%	-0.09%	-	-	-	-	Large Cap	42.67
Federal Bank Ltd.	Private sector bank	16.75	57.6	0.00%	-0.36%	-	-	-	-	Mid Cap	11.93

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Brainbees Solutions Ltd.	E-retail/ e-commerce	8.6	0.05%	0.05%	0.05% (Oct 2025)	0% (Nov 2024)	24.72 k	24717
# Utkarsh Small Finance Bank Ltd. - Rights	Other bank	36.4	0.23%	0.23%	0.23% (Oct 2025)	0% (Nov 2024)	57.14 L	5714285
# PB Fintech Ltd.	Financial technology (fintech)	39.8	0.25%	0.25%	0.55% (Aug 2025)	0% (Nov 2024)	22.31 k	22314

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Crizac Ltd.	Internet & catalogue retail	48.1	0.00%	-0.30%	0.66% (Jul 2025)	0% (Nov 2024)	-163382
Godrej Consumer Products Ltd	Personal care	131.6	0.00%	-0.82%	0.96% (Aug 2025)	0% (Nov 2024)	-112734
Epack Durable Ltd.	Household appliances	24	0.00%	-0.15%	0.15% (Sep 2025)	0% (Nov 2024)	-69279
Gujarat State Petronet Ltd.	Gas transmission/marketing	53.9	0.00%	-0.34%	0.57% (Dec 2024)	0% (Nov 2024)	-174023
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	14.9	0.00%	-0.09%	0.19% (Nov 2024)	0% (Nov 2024)	-4336
Federal Bank Ltd.	Private sector bank	57.6	0.00%	-0.36%	2.09% (Feb 2025)	0% (Nov 2024)	-298287

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	5.78%	5.55%	5.67%	5.81%	5.50%	5.25%	5.38%	5.23%	5.27%	4.02%	1.94%	0.49%	0.49%
Axis Bank Ltd.	4.61%	4.22%	3.97%	3.92%	4.20%	4.30%	4.43%	3.71%	3.64%	3.24%	3.07%	2.27%	2.00%
Infosys Ltd.	3.14%	3.04%	3.16%	3.14%	3.09%	3.10%	2.61%	2.63%	3.01%	3.08%	1.99%	1.98%	1.93%
Bajaj Finance Ltd.	3.11%	2.97%	2.76%	2.68%	2.72%	2.74%	2.67%	2.83%	3.38%	2.87%	2.14%	2.07%	2.02%
National Thermal Power Corporation Ltd.	2.29%	2.30%	2.26%	2.23%	2.13%	2.19%	2.41%	2.48%	2.30%	2.20%	2.15%	2.36%	2.72%
Bharti Airtel Ltd.	3.22%	2.72%	2.43%	2.13%	2.14%	2.03%	2.12%	2.01%	1.94%	-	-	-	-
Wockhardt Ltd.	1.95%	2.28%	2.16%	2.44%	2.39%	2.11%	1.93%	2.27%	1.96%	2.21%	2.10%	2.09%	-
Larsen & Toubro Ltd.	3.03%	2.40%	2.41%	2.35%	2.27%	1.83%	1.87%	1.99%	1.92%	1.99%	1.92%	1.99%	0.99%
Sundaram Clayton DCD Ltd.	1.47%	1.65%	1.64%	1.87%	1.90%	2.34%	1.94%	2.21%	2.07%	2.12%	2.37%	2.21%	2.17%
Reliance Industries Ltd.	2.08%	1.90%	1.93%	1.91%	1.97%	1.92%	1.96%	1.82%	1.83%	1.77%	1.62%	1.73%	1.83%
UPL Ltd.	1.17%	1.06%	0.96%	0.91%	2.13%	2.08%	2.30%	2.43%	2.89%	2.53%	2.00%	1.45%	-
Kotak Mahindra Bank Ltd.	1.04%	2.09%	1.79%	1.74%	1.68%	1.66%	1.83%	1.59%	1.96%	1.80%	1.61%	1.59%	1.61%
City Union Bank Ltd.	1.57%	1.74%	1.85%	2.16%	2.14%	1.97%	1.84%	1.35%	1.29%	0.64%	-	-	-
Tata Consultancy Services Ltd.	1.84%	1.73%	1.87%	1.78%	1.94%	2.00%	1.81%	1.54%	1.33%	1.44%	1.37%	1.43%	1.37%
State Bank Of India	2.23%	2.07%	1.95%	1.87%	1.83%	1.87%	1.88%	1.88%	1.79%	1.84%	0.48%	0.50%	0.51%