Bandhan Infrastructure Fund - Direct 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 : 24.00%. 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 : 93.95% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 93.95%

No of Stocks : 66 (Category Avg - 44.44) | Large Cap Investments : 28.08%| Mid Cap Investments : 14.96% | Small Cap Investments : 34.96% | Other : 15.95%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	66	43.41
Top 5 Stock Weight	22.2%	32.46%
Top 10 Stock Weight	37.28%	49.59%
Top 3 Sector Weight	30.59%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	66384.11	72450.77
Holdings in large cap stocks	28.08%	37.14%
Holdings in mid cap stocks	14.96%	14.47%
Holdings in small cap stocks	34.96%	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
Larsen & Toubro Ltd.	Civil construction	822.5	5.06%	0.39%	5.06% (Oct 2025)	3.45% (Dec 2024)	2.04 L	-2.21 k
Kirloskar Brothers Ltd.	Compressors, pumps & diesel engines	800	4.92%	-0.26%	5.98% (Jun 2025)	4.72% (May 2025)	4.27 L	-6.41 k
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	716.1	4.41%	0.31%	4.41% (Oct 2025)	2.56% (Dec 2024)	3.49 L	-3.78 k
Reliance Industries Ltd.	Refineries & marketing	665.7	4.10%	0.28%	4.1% (Oct 2025)	3.07% (Dec 2024)	4.48 L	-4.86 k
Bharat Electronics Ltd.	Aerospace & defense	603.5	3.71%	0.13%	3.71% (Oct 2025)	2.34% (Dec 2024)	14.16 L	-0.15 L
Ultratech Cement Ltd.	Cement & cement products	588.3	3.62%	-0.15%	3.9% (Aug 2025)	2.93% (Nov 2024)	49.24 k	-0.53 k
GPT Infraprojects Ltd.	Civil construction	505.3	3.11%	-0.19%	3.99% (May 2025)	3.11% (Oct 2025)	47.33 L	0.00
InterGlobe Aviation Ltd.	Airline	466.8	2.87%	-0.04%	2.94% (Aug 2025)	1.2% (Nov 2024)	82.99 k	-0.90 k
PTC India Financial Services Ltd.	Non banking financial company (nbfc)	450.6	2.77%	0.08%	3.08% (Jul 2025)	2.48% (Mar 2025)	1.24 Cr	0.00
Adani Ports And Special Economic Zone Ltd.	Port & port services	440.5	2.71%	0.04%	3.08% (May 2025)	2.67% (Sep 2025)	3.03 L	-3.29 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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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
Larsen & Toubro Ltd.	Civil construction	17.68	822.5	5.06%	0.39%	5.06% (Oct 2025)	3.45% (Dec 2024)	2.04 L	-2.21 k	Large Cap	28.08
Kirloskar Brothers Ltd.	Compressors, pumps & diesel engines	5.7	800	4.92%	-0.26%	5.98% (Jun 2025)	4.72% (May 2025)	4.27 L	-6.41 k	Small Cap	34.96
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	4.41	716.1	4.41%	0.31%	4.41% (Oct 2025)	2.56% (Dec 2024)	3.49 L	-3.78 k	Large Cap	28.08
Reliance Industries Ltd.	Refineries & marketing	4.1	665.7	4.10%	0.28%	4.1% (Oct 2025)	3.07% (Dec 2024)	4.48 L	-4.86 k	Large Cap	28.08
Bharat Electronics Ltd.	Aerospace & defense	6.52	603.5	3.71%	0.13%	3.71% (Oct 2025)	2.34% (Dec 2024)	14.16 L	-0.15 L	Mid Cap	14.96
Ultratech Cement Ltd.	Cement & cement products	3.62	588.3	3.62%	-0.15%	3.9% (Aug 2025)	2.93% (Nov 2024)	49.24 k	-0.53 k	Large Cap	28.08
GPT Infraprojects Ltd.	Civil construction	17.68	505.3	3.11%	-0.19%	3.99% (May 2025)	3.11% (Oct 2025)	47.33 L	0.00	Small Cap	34.96
InterGlobe Aviation Ltd.	Airline	4.32	466.8	2.87%	-0.04%	2.94% (Aug 2025)	1.2% (Nov 2024)	82.99 k	-0.90 k	Large Cap	28.08
PTC India Financial Services Ltd.	Non banking financial company (nbfc)	2.77	450.6	2.77%	0.08%	3.08% (Jul 2025)	2.48% (Mar 2025)	1.24 Cr	0.00	Small Cap	34.96
Adani Ports And Special Economic Zone Ltd.	Port & port services	2.71	440.5	2.71%	0.04%	3.08% (May 2025)	2.67% (Sep 2025)	3.03 L	-3.29 k	Large Cap	28.08
Ahluwalia Contracts (India) Ltd.	Civil construction	17.68	435	2.68%	-0.17%	2.85% (Sep 2025)	2.16% (Feb 2025)	4.58 L	-4.96 k	Small Cap	34.96
KEC International Ltd.	Heavy electrical equipment	6.39	398.2	2.45%	-0.21%	3.18% (Dec 2024)	2.27% (Apr 2025)	4.87 L	-5.28 k	Small Cap	34.96
PTC Industries Ltd.	Other industrial products	2.08	338.6	2.08%	0.10%	2.08% (Oct 2025)	1.51% (Nov 2024)	19.59 k	-1.05 k	Small Cap	34.96
Adani Energy Solutions Ltd.	Power - transmission	1.94	314.9	1.94%	0.20%	1.94% (Oct 2025)	1.45% (Dec 2024)	3.19 L	-3.46 k	Mid Cap	14.96
National Thermal Power Corporation Ltd.	Power generation	5.67	308.5	1.90%	-0.05%	2.12% (Mar 2025)	1.72% (Dec 2024)	9.15 L	-9.93 k	Large Cap	28.08
Azad Engineering Ltd.	Aerospace & defense	6.52	305.2	1.88%	0.12%	1.89% (May 2025)	0.59% (Feb 2025)	1.80 L	-1.95 k	Other	15.95
PNC Infratech Ltd.	Civil construction	17.68	275	1.69%	-0.11%	1.93% (Jan 2025)	1.61% (Mar 2025)	9.80 L	-0.11 L	Small Cap	34.96
HG Infra Engineering Ltd.	Civil construction	17.68	272.1	1.67%	-0.05%	2.73% (Dec 2024)	1.67% (Oct 2025)	2.95 L	-3.20 k	Small Cap	34.96
- Fortis Healthcare Ltd.	Hospital	2.21	268.7	1.65%	0.00%	1.65% (Oct 2025)	0.91% (Nov 2024)	2.63 L	-0.13 L	Other	15.95
Torrent Power Ltd.	Integrated power utilities	1.59	258.3	1.59%	0.09%	1.94% (Apr 2025)	1.5% (Sep 2025)	1.96 L	-2.13 k	Mid Cap	14.96
# Pace Digitek Ltd.	Telecom - infrastructure	1.59	258.2	1.59%	1.59%	1.59% (Oct 2025)	0% (Nov 2024)	12.00 L	12.00 L	Other	15.95
NHPC Ltd.	Power generation	5.67	257.6	1.59%	-0.05%	1.64% (Sep 2025)	1.34% (Dec 2024)	30.37 L	-0.33 L	Mid Cap	14.96
Tega Industries Ltd.	Industrial products	4.49	237.1	1.46%	0.01%	1.5% (Nov 2024)	1.17% (Jun 2025)	1.22 L	-1.33 k	Other	15.95
SpiceJet Ltd.	Airline	4.32	236.1	1.45%	0.31%	2.24% (Nov 2024)	1.14% (Sep 2025)	62.68 L	-0.68 L	Small Cap	34.96
Godrej Properties Ltd.	Residential, commercial projects	1.44	234.5	1.44%	0.14%	1.44% (Oct 2025)	0% (Nov 2024)	1.02 L	-4.42 k	Mid Cap	14.96
Centum Electronics Ltd	Industrial products	4.49	227.5	1.40%	-0.11%	1.6% (Aug 2025)	0% (Nov 2024)	90.55 k	-0.98 k	Small Cap	34.96
ABB Power Products and Systems India Ltd.	Heavy electrical equipment	6.39	218.4	1.34%	-0.04%	1.91% (Apr 2025)	0.99% (Nov 2024)	12.29 k	-0.13 k	Other	15.95
J S W Energy Ltd.	Power generation	5.67	193.2	1.19%	-0.03%	1.35% (Nov 2024)	1.06% (May 2025)	3.66 L	-3.97 k	Mid Cap	14.96
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	6.39	186.8	1.15%	-0.03%	1.18% (Sep 2025)	0.62% (Jun 2025)	2.54 L	-2.75 k	Small Cap	34.96
GAIL (India) Ltd.	Gas transmission/marketing	1.68	179.5	1.10%	0.02%	1.48% (Feb 2025)	1% (Mar 2025)	9.82 L	-0.11 L	Large Cap	28.08
3M India Ltd.	Diversified	1.08	175.9	1.08%	-0.02%	1.2% (Jan 2025)	0.85% (Jun 2025)	5.95 k	-64.00	Mid Cap	14.96
Power Mech Projects Ltd.	Civil construction	17.68	173.5	1.07%	-0.09%	1.33% (Jun 2025)	0.87% (Dec 2024)	69.49 k	0.00	Small Cap	34.96
- Transport Corporation Of India Ltd.	Logistics solution provider	1.73	171.5	1.06%	0.00%	1.06% (Sep 2025)	0.93% (Jun 2025)	1.43 L	-1.55 k	Small Cap	34.96
- NCC Ltd.	Civil construction	17.68	169.5	1.04%	0.00%	1.1% (May 2025)	0.94% (Dec 2024)	7.98 L	-8.66 k	Small Cap	34.96
Vedanta Ltd.	Diversified metals	0.97	158	0.97%	0.14%	0.97% (Oct 2025)	0.48% (May 2025)	3.20 L	31.91 k	Large Cap	28.08
Minda Corporation Ltd.	Auto components & equipments	1.93	157.8	0.97%	-0.37%	1.53% (Jan 2025)	0.97% (Oct 2025)	2.80 L	-1.00 L	Small Cap	34.96
- Amara Raja Batteries Limited	Auto components & equipments	1.93	155.6	0.96%	0.00%	1.39% (Nov 2024)	0.86% (Jun 2025)	1.55 L	-1.68 k	Mid Cap	14.96
ISGEC Heavy Engineering Ltd.	Civil construction	17.68	150.8	0.93%	-0.01%	1.44% (Dec 2024)	0.93% (Oct 2025)	1.71 L	-1.86 k	Other	15.95
Mahanagar Gas Ltd.	Lpg/cng/png/lng supplier	0.9	146.2	0.90%	-0.03%	1.14% (Mar 2025)	0% (Nov 2024)	1.14 L	-1.24 k	Small Cap	34.96
Suzlon Energy Ltd.	Heavy electrical equipment	6.39	145.5	0.90%	0.05%	1.73% (Mar 2025)	0.85% (Sep 2025)	24.53 L	-0.27 L	Small Cap	34.96
Elecon Engineering Co. Ltd.	Industrial products	4.49	143.5	0.88%	-0.03%	1.07% (Apr 2025)	0.88% (Oct 2025)	2.56 L	-2.92 k	Other	15.95
Acme Solar Holdings Ltd.	Holding company	0.86	139.6	0.86%	0.01%	0.87% (Aug 2025)	0.63% (Mar 2025)	4.95 L	0.00	Other	15.95
Hindustan Zinc Ltd.	Zinc	0.79	128	0.79%	-0.02%	0.81% (Sep 2025)	0% (Nov 2024)	2.69 L	-2.91 k	Large Cap	28.08
Mishra Dhatu Nigam Ltd.	Aerospace & defense	6.52	127.3	0.78%	-0.14%	1.19% (Jun 2025)	0.78% (Oct 2025)	3.30 L	-0.63 L	Small Cap	34.96
- Jyoti CNC Automation Ltd.	Industrial products	4.49	122	0.75%	0.00%	1.6% (Dec 2024)	0.75% (Sep 2025)	1.41 L	-1.53 k	Other	15.95
- Himadri Speciality Chemical Ltd.	Specialty chemicals	0.89	113	0.70%	0.00%	0.84% (Dec 2024)	0.7% (Sep 2025)	2.34 L	-0.23 L	Small Cap	34.96
Siemens Energy India Ltd.	Power generation	5.67	111.2	0.68%	-0.07%	0.75% (Sep 2025)	0% (Nov 2024)	34.90 k	-0.38 k	Other	15.95
Cummins India Ltd.	Compressors, pumps & diesel engines	5.7	109.7	0.68%	0.07%	0.97% (May 2025)	0.49% (Jun 2025)	25.25 k	0.00	Mid Cap	14.96
Gateway Rail Freight Ltd.	Logistics solution provider	1.73	108.6	0.67%	0.02%	0.8% (Jan 2025)	0.64% (May 2025)	16.99 L	-0.18 L	Other	15.95
Carborundum Universal Ltd.	Abrasives & bearings	0.66	107.9	0.66%	-0.03%	0.98% (Nov 2024)	0.66% (Oct 2025)	1.20 L	-0.89 k	Small Cap	34.96
Premier Energies Ltd.	Other electrical equipment	0.66	107.3	0.66%	0.03%	2.09% (Dec 2024)	0.61% (Jul 2025)	98.17 k	-1.06 k	Other	15.95
Sundaram Clayton DCD Ltd.	Castings & forgings	0.63	101.7	0.63%	-0.08%	0.99% (May 2025)	0.63% (Oct 2025)	68.03 k	0.00	Other	15.95
Gujarat State Petronet Ltd.	Gas transmission/marketing	1.68	93.5	0.58%	-0.17%	0.91% (Jan 2025)	0.58% (Oct 2025)	3.02 L	-0.89 L	Mid Cap	14.96
Gpt Healthcare Ltd.	Hospital	2.21	91.5	0.56%	-0.12%	0.78% (Jul 2025)	0.56% (Oct 2025)	6.15 L	-1.28 L	Other	15.95
Siemens Ltd.	Heavy electrical equipment	6.39	89.9	0.55%	-0.02%	1.48% (Nov 2024)	0.55% (Oct 2025)	29.05 k	-0.31 k	Large Cap	28.08
GMR Airports Ltd.	Airport & airport services	0.55	89.3	0.55%	-0.17%	0.72% (Sep 2025)	0.22% (Jul 2025)	9.51 L	-3.78 L	Small Cap	34.96
Solar Industries India Ltd.	Explosives	0.51	82.8	0.51%	0.01%	0.97% (Mar 2025)	0.37% (Dec 2024)	5.96 k	-64.00	Small Cap	34.96
# Tata Steel Ltd.	Iron & steel products	0.49	80.3	0.49%	0.49%	0.49% (Oct 2025)	0% (Nov 2024)	4.39 L	4.39 L	Other	15.95
KNR Constructions	Civil construction	17.68	57.2	0.35%	-0.04%	0.62% (Dec 2024)	0.35% (Oct 2025)	3.16 L	-3.42 k	Small Cap	34.96
NTPC Green Energy Ltd.	Power generation	5.67	51	0.31%	0.01%	0.66% (Dec 2024)	0.3% (Sep 2025)	4.95 L	-5.36 k	Other	15.95
- Rural Electrification Corporation Limited	Financial institution	0.2	31.9	0.20%	0.00%	0.25% (Nov 2024)	0.19% (Aug 2025)	85.00 k	-0.92 k	Mid Cap	14.96
Juniper Hotels Ltd.	Hotels & resorts	0.19	31.5	0.19%	-0.01%	0.35% (Nov 2024)	0.19% (Oct 2025)	1.14 L	-1.24 k	Other	15.95
Neogen Chemicals Ltd.	Specialty chemicals	0.89	30.9	0.19%	0.06%	0.19% (Oct 2025)	0.1% (Jan 2025)	21.42 k	7.67 k	Other	15.95
Unimech Aerospace And Manufacturing Ltd.	Aerospace & defense	6.52	25	0.15%	-0.01%	0.16% (Sep 2025)	0% (Nov 2024)	24.73 k	-0.27 k	Other	15.95
Kirloskar Pneumatic Co. Ltd.	Compressors, pumps & diesel engines	5.7	16.4	0.10%	-0.01%	0.12% (Jul 2025)	0% (Nov 2024)	14.64 k	-0.16 k	Small Cap	34.96
# IRB Infrastructure Developers Ltd.	Civil construction	17.68	12.9	0.08%	0.08%	0.53% (Jan 2025)	0% (Nov 2024)	2.89 L	2.89 L	Other	15.95
Indus Towers Ltd.	Telecom - infrastructure	1.59	120.7	0.00%	-0.75%	-	-	-	-	Large Cap	28.08

- 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
# Pace Digitek Ltd.	Telecom - infrastructure	258.2	1.59%	1.59%	1.59% (Oct 2025)	0% (Nov 2024)	12.00 L	1200000
# IRB Infrastructure Developers Ltd.	Civil construction	12.9	0.08%	0.08%	0.53% (Jan 2025)	0% (Nov 2024)	2.89 L	288620
# Tata Steel Ltd.	Iron & steel products	80.3	0.49%	0.49%	0.49% (Oct 2025)	0% (Nov 2024)	4.39 L	438880

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	Quantity	1M Change in Qty
Indus Towers Ltd.	Telecom - infrastructure	120.7	0.00%	-0.75%	1.17% (Apr 2025)	0% (Nov 2024)	0.00	-352073

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
Kirloskar Brothers Ltd.	4.92%	5.18%	5.22%	5.21%	5.98%	4.72%	4.81%	4.86%	5.06%	5.02%	5.11%	5.62%	4.82%
Larsen & Toubro Ltd.	5.06%	4.67%	4.61%	4.48%	4.33%	3.96%	3.88%	4.09%	4.14%	3.73%	3.45%	3.55%	3.50%
Reliance Industries Ltd.	4.10%	3.82%	3.81%	3.76%	3.88%	3.78%	4.03%	3.69%	3.88%	3.49%	3.07%	3.25%	3.39%
GPT Infraprojects Ltd.	3.11%	3.30%	3.27%	3.63%	3.51%	3.99%	3.81%	3.67%	3.18%	3.24%	3.79%	3.97%	3.68%
Bharti Airtel Ltd.	4.41%	4.10%	3.87%	3.77%	3.79%	3.60%	3.90%	3.66%	3.70%	2.87%	2.56%	2.62%	2.62%
Ultratech Cement Ltd.	3.62%	3.77%	3.90%	3.64%	3.49%	3.33%	3.72%	3.71%	3.65%	3.29%	3.00%	2.93%	2.43%
Bharat Electronics Ltd.	3.71%	3.58%	3.28%	3.27%	3.45%	3.24%	2.85%	2.76%	2.52%	2.55%	2.34%	2.45%	2.30%
Adani Ports And Special Economic Zone Ltd.	2.71%	2.67%	2.97%	2.99%	3.03%	3.08%	2.82%	2.76%	2.79%	2.91%	2.99%	2.88%	3.37%
PTC India Financial Services Ltd.	2.77%	2.69%	2.93%	3.08%	3.01%	2.69%	2.50%	2.48%	2.77%	2.87%	2.97%	3.01%	3.05%
KEC International Ltd.	2.45%	2.66%	2.57%	2.64%	2.69%	2.51%	2.27%	2.57%	2.52%	2.63%	3.18%	2.79%	2.64%
Ahluwalia Contracts (India) Ltd.	2.68%	2.85%	2.64%	2.82%	2.69%	2.65%	2.52%	2.45%	2.16%	2.46%	2.69%	2.62%	2.80%
HG Infra Engineering Ltd.	1.67%	1.72%	1.80%	1.85%	1.84%	2.04%	2.19%	2.18%	2.22%	2.52%	2.73%	2.38%	2.46%
National Thermal Power Corporation Ltd.	1.90%	1.95%	1.88%	1.85%	1.77%	1.82%	2.08%	2.12%	2.06%	1.83%	1.72%	1.87%	2.13%
InterGlobe Aviation Ltd.	2.87%	2.91%	2.94%	1.74%	1.69%	1.55%	1.65%	1.62%	1.58%	1.30%	1.26%	1.20%	1.13%
PTC Industries Ltd.	2.08%	1.98%	1.79%	1.84%	1.84%	1.86%	1.67%	1.97%	1.66%	1.97%	1.71%	1.51%	1.53%