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 147.81%. 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 : 94.26% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 94.26%

No of Stocks : 69 (Category Avg - 44.43) | Large Cap Investments : 29.71%| Mid Cap Investments : 14.95% | Small Cap Investments : 32.96% | Other : 16.64%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	69	43.31
Top 5 Stock Weight	22.79%	32.32%
Top 10 Stock Weight	38.91%	49.31%
Top 3 Sector Weight	29.88%	43.27%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	70768.95	72871.69
Holdings in large cap stocks	29.71%	37.3%
Holdings in mid cap stocks	14.95%	14.28%
Holdings in small cap stocks	32.96%	12.55%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 30th Nov,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	830.4	5.30%	0.24%	5.3% (Nov 2025)	3.45% (Dec 2024)	2.04 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	732.5	4.68%	0.27%	4.68% (Nov 2025)	2.56% (Dec 2024)	3.49 L	0.00
Kirloskar Brothers Ltd.	Compressors, pumps & diesel engines	721.4	4.61%	-0.31%	5.98% (Jun 2025)	4.61% (Nov 2025)	4.27 L	0.00
Reliance Industries Ltd.	Refineries & marketing	702	4.48%	0.38%	4.48% (Nov 2025)	3.07% (Dec 2024)	4.48 L	0.00
Bharat Electronics Ltd.	Aerospace & defense	583.2	3.72%	0.01%	3.72% (Nov 2025)	2.34% (Dec 2024)	14.16 L	0.00
Ultratech Cement Ltd.	Cement & cement products	571.2	3.65%	0.03%	3.9% (Aug 2025)	3% (Dec 2024)	49.24 k	0.00
InterGlobe Aviation Ltd.	Airline	527.3	3.37%	0.50%	3.37% (Nov 2025)	1.26% (Dec 2024)	89.35 k	6.36 k
GPT Infraprojects Ltd.	Civil construction	508.5	3.25%	0.14%	3.99% (May 2025)	3.11% (Oct 2025)	47.33 L	0.00
Adani Ports And Special Economic Zone Ltd.	Port & port services	460.4	2.94%	0.23%	3.08% (May 2025)	2.67% (Sep 2025)	3.03 L	0.00
Ahluwalia Contracts (India) Ltd.	Civil construction	455.5	2.91%	0.23%	2.91% (Nov 2025)	2.16% (Feb 2025)	4.58 L	0.00

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

View complete holding

Complete equity Portfolio (as on 30th Nov,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
Larsen & Toubro Ltd.	Civil construction	17.86	830.4	5.30%	0.24%	5.3% (Nov 2025)	3.45% (Dec 2024)	2.04 L	0.00	Large Cap	29.71
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	4.68	732.5	4.68%	0.27%	4.68% (Nov 2025)	2.56% (Dec 2024)	3.49 L	0.00	Large Cap	29.71
Kirloskar Brothers Ltd.	Compressors, pumps & diesel engines	5.43	721.4	4.61%	-0.31%	5.98% (Jun 2025)	4.61% (Nov 2025)	4.27 L	0.00	Small Cap	32.96
Reliance Industries Ltd.	Refineries & marketing	4.48	702	4.48%	0.38%	4.48% (Nov 2025)	3.07% (Dec 2024)	4.48 L	0.00	Large Cap	29.71
Bharat Electronics Ltd.	Aerospace & defense	6.48	583.2	3.72%	0.01%	3.72% (Nov 2025)	2.34% (Dec 2024)	14.16 L	0.00	Mid Cap	14.95
Ultratech Cement Ltd.	Cement & cement products	3.74	571.2	3.65%	0.03%	3.9% (Aug 2025)	3% (Dec 2024)	49.24 k	0.00	Large Cap	29.71
InterGlobe Aviation Ltd.	Airline	4.7	527.3	3.37%	0.50%	3.37% (Nov 2025)	1.26% (Dec 2024)	89.35 k	6.36 k	Large Cap	29.71
GPT Infraprojects Ltd.	Civil construction	17.86	508.5	3.25%	0.14%	3.99% (May 2025)	3.11% (Oct 2025)	47.33 L	0.00	Small Cap	32.96
Adani Ports And Special Economic Zone Ltd.	Port & port services	2.94	460.4	2.94%	0.23%	3.08% (May 2025)	2.67% (Sep 2025)	3.03 L	0.00	Large Cap	29.71
Ahluwalia Contracts (India) Ltd.	Civil construction	17.86	455.5	2.91%	0.23%	2.91% (Nov 2025)	2.16% (Feb 2025)	4.58 L	0.00	Small Cap	32.96
PTC India Financial Services Ltd.	Non banking financial company (nbfc)	2.7	422.4	2.70%	-0.07%	3.08% (Jul 2025)	2.48% (Mar 2025)	1.24 Cr	0.00	Small Cap	32.96
KEC International Ltd.	Heavy electrical equipment	5.48	333.9	2.13%	-0.32%	3.18% (Dec 2024)	2.13% (Nov 2025)	4.87 L	0.00	Small Cap	32.96
Fortis Healthcare Ltd.	Hospital	2.6	319.6	2.04%	0.39%	2.04% (Nov 2025)	1% (Dec 2024)	3.48 L	85.12 k	Other	16.64
Adani Energy Solutions Ltd.	Power - transmission	2.03	317.6	2.03%	0.09%	2.03% (Nov 2025)	1.45% (Dec 2024)	3.19 L	0.00	Mid Cap	14.95
Azad Engineering Ltd.	Aerospace & defense	6.48	302.4	1.93%	0.05%	1.93% (Nov 2025)	0.59% (Feb 2025)	1.80 L	0.00	Other	16.64
National Thermal Power Corporation Ltd.	Power generation	5.54	298.8	1.91%	0.01%	2.12% (Mar 2025)	1.72% (Dec 2024)	9.15 L	0.00	Large Cap	29.71
PTC Industries Ltd.	Other industrial products	1.69	265.3	1.69%	-0.39%	2.08% (Oct 2025)	1.66% (Feb 2025)	14.59 k	-5.00 k	Small Cap	32.96
Torrent Power Ltd.	Integrated power utilities	1.65	257.9	1.65%	0.06%	1.94% (Apr 2025)	1.5% (Sep 2025)	1.96 L	0.00	Mid Cap	14.95
HG Infra Engineering Ltd.	Civil construction	17.86	255.2	1.63%	-0.04%	2.73% (Dec 2024)	1.63% (Nov 2025)	2.95 L	0.00	Small Cap	32.96
PNC Infratech Ltd.	Civil construction	17.86	242.6	1.55%	-0.14%	1.93% (Jan 2025)	1.55% (Nov 2025)	9.80 L	0.00	Small Cap	32.96
Pace Digitek Ltd.	Telecom - infrastructure	1.52	238.2	1.52%	-0.07%	1.59% (Oct 2025)	0% (Dec 2024)	11.14 L	-0.86 L	Other	16.64
Tega Industries Ltd.	Industrial products	4.99	236.7	1.51%	0.05%	1.51% (Nov 2025)	1.17% (Jun 2025)	1.22 L	0.00	Other	16.64
NHPC Ltd.	Power generation	5.54	233	1.49%	-0.10%	1.64% (Sep 2025)	1.34% (Dec 2024)	30.37 L	0.00	Mid Cap	14.95
Godrej Properties Ltd.	Residential, commercial projects	1.38	216.7	1.38%	-0.06%	1.44% (Oct 2025)	0% (Dec 2024)	1.02 L	0.00	Mid Cap	14.95
Centum Electronics Ltd	Industrial products	4.99	214.1	1.37%	-0.03%	1.6% (Aug 2025)	0% (Dec 2024)	90.55 k	0.00	Small Cap	32.96
SpiceJet Ltd.	Airline	4.7	208.5	1.33%	-0.12%	2.13% (Feb 2025)	1.14% (Sep 2025)	62.68 L	-0.18 k	Small Cap	32.96
3M India Ltd.	Diversified	1.32	207.3	1.32%	0.24%	1.32% (Nov 2025)	0.85% (Jun 2025)	5.95 k	0.00	Mid Cap	14.95
Hitachi Energy India Ltd.	Heavy electrical equipment	5.48	204.8	1.31%	-0.03%	1.91% (Apr 2025)	1.16% (Jan 2025)	9.29 k	-3.00 k	Other	16.64
J S W Energy Ltd.	Power generation	5.54	178.9	1.14%	-0.05%	1.33% (Dec 2024)	1.06% (May 2025)	3.66 L	0.00	Mid Cap	14.95
- GAIL (India) Ltd.	Gas transmission/marketing	1.6	172.9	1.10%	0.00%	1.48% (Feb 2025)	1% (Mar 2025)	9.82 L	0.00	Large Cap	29.71
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	5.48	170.6	1.09%	-0.06%	1.18% (Sep 2025)	0.62% (Jan 2025)	2.54 L	0.00	Small Cap	32.96
Power Mech Projects Ltd.	Civil construction	17.86	165.3	1.05%	-0.02%	1.33% (Jun 2025)	0.87% (Dec 2024)	69.49 k	0.00	Small Cap	32.96
Transport Corporation Of India Ltd.	Logistics solution provider	2.27	156.1	1.00%	-0.06%	1.06% (Sep 2025)	0.93% (Jun 2025)	1.43 L	0.00	Small Cap	32.96
Amara Raja Batteries Limited	Auto components & equipments	1.73	147.4	0.94%	-0.02%	1.36% (Feb 2025)	0.86% (Jun 2025)	1.55 L	0.00	Mid Cap	14.95
Jyoti CNC Automation Ltd.	Industrial products	4.99	142.7	0.91%	0.16%	1.6% (Dec 2024)	0.75% (Sep 2025)	1.41 L	0.00	Other	16.64
Vedanta Ltd.	Diversified metals	0.91	142.1	0.91%	-0.06%	0.97% (Oct 2025)	0.48% (May 2025)	2.70 L	-0.50 L	Large Cap	29.71
ISGEC Heavy Engineering Ltd.	Civil construction	17.86	141.6	0.90%	-0.03%	1.44% (Dec 2024)	0.9% (Nov 2025)	1.71 L	0.00	Other	16.64
Mahanagar Gas Ltd.	Lpg/cng/png/lng supplier	0.88	137.4	0.88%	-0.02%	1.14% (Feb 2025)	0.88% (Nov 2025)	1.14 L	0.00	Small Cap	32.96
NCC Ltd.	Civil construction	17.86	136.8	0.87%	-0.17%	1.1% (May 2025)	0.87% (Nov 2025)	7.98 L	0.00	Small Cap	32.96
Hindustan Zinc Ltd.	Zinc	0.83	130.3	0.83%	0.04%	0.83% (Nov 2025)	0% (Dec 2024)	2.69 L	0.00	Large Cap	29.71
Elecon Engineering Co. Ltd.	Industrial products	4.99	128.9	0.82%	-0.06%	1.07% (Apr 2025)	0.82% (Nov 2025)	2.56 L	0.00	Other	16.64
Minda Corporation Ltd.	Auto components & equipments	1.73	123.9	0.79%	-0.18%	1.53% (Jan 2025)	0.79% (Nov 2025)	2.13 L	-0.67 L	Small Cap	32.96
Acme Solar Holdings Ltd.	Holding company	0.73	114	0.73%	-0.13%	0.87% (Aug 2025)	0.63% (Mar 2025)	4.95 L	0.00	Other	16.64
Cummins India Ltd.	Compressors, pumps & diesel engines	5.43	113.1	0.72%	0.04%	0.97% (May 2025)	0.49% (Jun 2025)	25.25 k	0.00	Mid Cap	14.95
Siemens Energy India Ltd.	Power generation	5.54	110.3	0.70%	0.02%	0.75% (Sep 2025)	0% (Dec 2024)	34.90 k	0.00	Other	16.64
Mishra Dhatu Nigam Ltd.	Aerospace & defense	6.48	105.9	0.68%	-0.10%	1.19% (Jun 2025)	0.68% (Nov 2025)	3.22 L	-8.26 k	Small Cap	32.96
GMR Airports Ltd.	Airport & airport services	0.66	103	0.66%	0.11%	0.72% (Sep 2025)	0.22% (Aug 2025)	9.51 L	0.00	Small Cap	32.96
- Carborundum Universal Ltd.	Abrasives & bearings	0.66	102.7	0.66%	0.00%	0.87% (Jan 2025)	0.66% (Oct 2025)	1.20 L	0.00	Small Cap	32.96
Gateway Rail Freight Ltd.	Logistics solution provider	2.27	100	0.64%	-0.03%	0.8% (Jan 2025)	0.64% (Nov 2025)	16.99 L	0.00	Other	16.64
# Zinka Logistics Solutions Ltd.	Logistics solution provider	2.27	98	0.63%	0.63%	0.63% (Nov 2025)	0% (Dec 2024)	1.47 L	1.47 L	Other	16.64
Premier Energies Ltd.	Other electrical equipment	0.61	95.8	0.61%	-0.05%	2.09% (Dec 2024)	0.61% (Nov 2025)	98.17 k	0.00	Other	16.64
Sundaram Clayton DCD Ltd.	Castings & forgings	0.57	89.9	0.57%	-0.06%	0.99% (May 2025)	0.57% (Nov 2025)	68.03 k	0.00	Other	16.64
- Gpt Healthcare Ltd.	Hospital	2.6	87.2	0.56%	0.00%	0.78% (Jul 2025)	0.56% (Nov 2025)	6.15 L	0.00	Other	16.64
- Solar Industries India Ltd.	Explosives	0.51	79.1	0.51%	0.00%	0.97% (Mar 2025)	0.37% (Dec 2024)	5.96 k	0.00	Small Cap	32.96
Gujarat State Petronet Ltd.	Gas transmission/marketing	1.6	78.8	0.50%	-0.08%	0.91% (Jan 2025)	0.5% (Nov 2025)	2.74 L	-0.28 L	Mid Cap	14.95
Suzlon Energy Ltd.	Heavy electrical equipment	5.48	78.5	0.50%	-0.40%	1.73% (Mar 2025)	0.5% (Nov 2025)	14.53 L	-0.10 Cr	Small Cap	32.96
Siemens Ltd.	Heavy electrical equipment	5.48	71	0.45%	-0.10%	1.31% (Jan 2025)	0.45% (Nov 2025)	21.55 k	-7.50 k	Large Cap	29.71
# Kilburn Engineering Ltd.	Industrial products	4.99	59.9	0.38%	0.38%	0.38% (Nov 2025)	0% (Dec 2024)	1.01 L	1.01 L	Small Cap	32.96
KNR Constructions	Civil construction	17.86	50.6	0.32%	-0.03%	0.62% (Dec 2024)	0.32% (Nov 2025)	3.16 L	0.00	Small Cap	32.96
NTPC Green Energy Ltd.	Power generation	5.54	47	0.30%	-0.01%	0.66% (Dec 2024)	0.3% (Sep 2025)	4.95 L	0.00	Other	16.64
Himadri Speciality Chemical Ltd.	Specialty chemicals	0.58	46.7	0.30%	-0.40%	0.84% (Dec 2024)	0.3% (Nov 2025)	1.07 L	-1.28 L	Small Cap	32.96
Neogen Chemicals Ltd.	Specialty chemicals	0.58	44.6	0.28%	0.09%	0.28% (Nov 2025)	0.1% (Jan 2025)	39.63 k	18.21 k	Other	16.64
Tata Steel Ltd.	Iron & steel products	0.27	43	0.27%	-0.22%	0.49% (Oct 2025)	0% (Dec 2024)	2.56 L	-1.83 L	Other	16.64
Juniper Hotels Ltd.	Hotels & resorts	0.18	27.5	0.18%	-0.01%	0.27% (Dec 2024)	0.18% (Nov 2025)	1.14 L	0.00	Other	16.64
- Unimech Aerospace And Manufacturing Ltd.	Aerospace & defense	6.48	24.2	0.15%	0.00%	0.16% (Sep 2025)	0% (Dec 2024)	24.73 k	0.00	Other	16.64
- Kirloskar Pneumatic Co. Ltd.	Compressors, pumps & diesel engines	5.43	15.9	0.10%	0.00%	0.12% (Jul 2025)	0% (Dec 2024)	14.64 k	0.00	Small Cap	32.96
# Ambuja Cements Ltd.	Cement & cement products	3.74	13.8	0.09%	0.09%	0.09% (Nov 2025)	0% (Dec 2024)	25.00 k	25.00 k	Large Cap	29.71
- IRB Infrastructure Developers Ltd.	Civil construction	17.86	12.4	0.08%	0.00%	0.53% (Jan 2025)	0% (Dec 2024)	2.89 L	0.00	Other	16.64
Rural Electrification Corporation Limited	Financial institution	0.06	9.8	0.06%	-0.14%	0.24% (Dec 2024)	0.06% (Nov 2025)	27.12 k	-0.58 L	Mid Cap	14.95

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

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Kilburn Engineering Ltd.	Industrial products	59.9	0.38%	0.38%	0.38% (Nov 2025)	0% (Dec 2024)	1.01 L	101367
# Zinka Logistics Solutions Ltd.	Logistics solution provider	98	0.63%	0.63%	0.63% (Nov 2025)	0% (Dec 2024)	1.47 L	146805
# Ambuja Cements Ltd.	Cement & cement products	13.8	0.09%	0.09%	0.09% (Nov 2025)	0% (Dec 2024)	25.00 k	25000

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No complete exits in the portfolio in the last month.

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
Kirloskar Brothers Ltd.	4.61%	4.92%	5.18%	5.22%	5.21%	5.98%	4.72%	4.81%	4.86%	5.06%	5.02%	5.11%	5.62%
Larsen & Toubro Ltd.	5.30%	5.06%	4.67%	4.61%	4.48%	4.33%	3.96%	3.88%	4.09%	4.14%	3.73%	3.45%	3.55%
Reliance Industries Ltd.	4.48%	4.10%	3.82%	3.81%	3.76%	3.88%	3.78%	4.03%	3.69%	3.88%	3.49%	3.07%	3.25%
Bharti Airtel Ltd.	4.68%	4.41%	4.10%	3.87%	3.77%	3.79%	3.60%	3.90%	3.66%	3.70%	2.87%	2.56%	2.62%
GPT Infraprojects Ltd.	3.25%	3.11%	3.30%	3.27%	3.63%	3.51%	3.99%	3.81%	3.67%	3.18%	3.24%	3.79%	3.97%
Ultratech Cement Ltd.	3.65%	3.62%	3.77%	3.90%	3.64%	3.49%	3.33%	3.72%	3.71%	3.65%	3.29%	3.00%	2.93%
Bharat Electronics Ltd.	3.72%	3.71%	3.58%	3.28%	3.27%	3.45%	3.24%	2.85%	2.76%	2.52%	2.55%	2.34%	2.45%
Adani Ports And Special Economic Zone Ltd.	2.94%	2.71%	2.67%	2.97%	2.99%	3.03%	3.08%	2.82%	2.76%	2.79%	2.91%	2.99%	2.88%
PTC India Financial Services Ltd.	2.70%	2.77%	2.69%	2.93%	3.08%	3.01%	2.69%	2.50%	2.48%	2.77%	2.87%	2.97%	3.01%
Ahluwalia Contracts (India) Ltd.	2.91%	2.68%	2.85%	2.64%	2.82%	2.69%	2.65%	2.52%	2.45%	2.16%	2.46%	2.69%	2.62%
KEC International Ltd.	2.13%	2.45%	2.66%	2.57%	2.64%	2.69%	2.51%	2.27%	2.57%	2.52%	2.63%	3.18%	2.79%
Hitachi Energy India Ltd.	1.31%	2.68%	2.76%	-	-	-	-	-	-	-	-	-	-
ABB Power Products and Systems India Ltd.	-	-	-	1.65%	1.67%	1.82%	1.81%	1.91%	1.68%	1.20%	1.16%	1.19%	0.99%
HG Infra Engineering Ltd.	1.63%	1.67%	1.72%	1.80%	1.85%	1.84%	2.04%	2.19%	2.18%	2.22%	2.52%	2.73%	2.38%
InterGlobe Aviation Ltd.	3.37%	2.87%	2.91%	2.94%	1.74%	1.69%	1.55%	1.65%	1.62%	1.58%	1.30%	1.26%	1.20%
National Thermal Power Corporation Ltd.	1.91%	1.90%	1.95%	1.88%	1.85%	1.77%	1.82%	2.08%	2.12%	2.06%	1.83%	1.72%	1.87%