Nippon India Multicap 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.

Category : Multi Cap Fund

Portfolio Turnover Ratio : 29.00%. Category average turnover ratio is 290.70%. 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 : 98.94% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.94%

No of Stocks : 132 (Category Avg - 85.03) | Large Cap Investments : 32.83%| Mid Cap Investments : 17.53% | Small Cap Investments : 14.4% | Other : 34.18%

Portfolio Summary (as on 31st Dec,2025)

Particulars	This Scheme	Category
No. of Stocks	132	84.06
Top 5 Stock Weight	17.53%	18.29%
Top 10 Stock Weight	28.24%	30.15%
Top 3 Sector Weight	25.38%	25.2%

Category - Multi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	74621.41	64981.94
Holdings in large cap stocks	32.83%	28.59%
Holdings in mid cap stocks	17.53%	15.08%
Holdings in small cap stocks	14.4%	16.13%

Category - Multi Cap Fund

Top 10 Stocks holding in Portfolio (as on 31st Dec,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	27327.2	5.43%	-0.02%	6.52% (Feb 2025)	5.03% (Sep 2025)	2.76 Cr	5.00 L
Axis Bank Ltd.	Private sector bank	17949.8	3.56%	-0.06%	4.44% (Apr 2025)	3.56% (Dec 2025)	1.41 Cr	0.00
ICICI Bank Ltd.	Private sector bank	14784	2.94%	0.58%	4.08% (Feb 2025)	2.32% (Oct 2025)	1.10 Cr	25.00 L
Infosys Ltd.	Computers - software & consulting	14441.2	2.87%	0.01%	2.9% (Jan 2025)	1.58% (Jul 2025)	89.40 L	-2.44 L
GE T&D India Ltd.	Heavy electrical equipment	13769.3	2.73%	-0.03%	3.58% (Jul 2025)	2.46% (Feb 2025)	43.96 L	-4.01 L
Reliance Industries Ltd.	Refineries & marketing	12671.5	2.52%	-0.48%	3.51% (Apr 2025)	2.52% (Dec 2025)	80.69 L	-0.15 Cr
Max Financial Services Ltd.	Life insurance	12030.8	2.39%	-0.09%	2.69% (Jun 2025)	2.12% (Feb 2025)	71.96 L	-0.85 L
Larsen & Toubro Ltd.	Civil construction	10136.8	2.01%	-0.01%	2.17% (Jan 2025)	1.84% (Sep 2025)	24.82 L	0.00
National Thermal Power Corporation Ltd.	Power generation	9808.3	1.95%	0.01%	2.66% (Mar 2025)	1.94% (Nov 2025)	2.98 Cr	0.00
ITC Limited	Diversified fmcg	9274.6	1.84%	-0.02%	1.96% (Oct 2025)	0% (Jan 2025)	2.30 Cr	0.00

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

View complete holding

Complete equity Portfolio (as on 31st Dec,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	11.93	27327.2	5.43%	-0.02%	6.52% (Feb 2025)	5.03% (Sep 2025)	2.76 Cr	5.00 L	Other	34.18
Axis Bank Ltd.	Private sector bank	11.93	17949.8	3.56%	-0.06%	4.44% (Apr 2025)	3.56% (Dec 2025)	1.41 Cr	0.00	Large Cap	32.83
ICICI Bank Ltd.	Private sector bank	11.93	14784	2.94%	0.58%	4.08% (Feb 2025)	2.32% (Oct 2025)	1.10 Cr	25.00 L	Large Cap	32.83
Infosys Ltd.	Computers - software & consulting	3.93	14441.2	2.87%	0.01%	2.9% (Jan 2025)	1.58% (Jul 2025)	89.40 L	-2.44 L	Large Cap	32.83
GE T&D India Ltd.	Heavy electrical equipment	6.5	13769.3	2.73%	-0.03%	3.58% (Jul 2025)	2.46% (Feb 2025)	43.96 L	-4.01 L	Small Cap	14.4
Reliance Industries Ltd.	Refineries & marketing	2.52	12671.5	2.52%	-0.48%	3.51% (Apr 2025)	2.52% (Dec 2025)	80.69 L	-0.15 Cr	Large Cap	32.83
Max Financial Services Ltd.	Life insurance	3.48	12030.8	2.39%	-0.09%	2.69% (Jun 2025)	2.12% (Feb 2025)	71.96 L	-0.85 L	Mid Cap	17.53
Larsen & Toubro Ltd.	Civil construction	2.37	10136.8	2.01%	-0.01%	2.17% (Jan 2025)	1.84% (Sep 2025)	24.82 L	0.00	Large Cap	32.83
National Thermal Power Corporation Ltd.	Power generation	3.78	9808.3	1.95%	0.01%	2.66% (Mar 2025)	1.94% (Nov 2025)	2.98 Cr	0.00	Large Cap	32.83
ITC Limited	Diversified fmcg	1.84	9274.6	1.84%	-0.02%	1.96% (Oct 2025)	0% (Jan 2025)	2.30 Cr	0.00	Large Cap	32.83
Linde India Ltd.	Industrial gases	1.8	9079.4	1.80%	-0.02%	2.63% (May 2025)	1.8% (Dec 2025)	15.25 L	0.00	Small Cap	14.4
- State Bank Of India	Public sector bank	1.76	8839.8	1.76%	0.00%	2.32% (Mar 2025)	1.76% (Dec 2025)	90.00 L	0.00	Large Cap	32.83
Bajaj Finance Ltd.	Non banking financial company (nbfc)	3.05	8271.3	1.64%	-0.10%	3.3% (Feb 2025)	1.64% (Dec 2025)	83.82 L	0.00	Other	34.18
Motherson Sumi Systems Ltd.	Auto components & equipments	4.21	7844.2	1.56%	0.04%	1.56% (Dec 2025)	0.9% (Aug 2025)	6.54 Cr	0.00	Large Cap	32.83
FSN E-Commerce Ventures Ltd.	E-retail/ e-commerce	3.86	7560.2	1.50%	-0.02%	1.59% (Aug 2025)	0.93% (Feb 2025)	2.85 Cr	0.00	Other	34.18
Tata Power Co. Ltd.	Integrated power utilities	1.88	7465.3	1.48%	-0.05%	1.91% (Jan 2025)	1.48% (Dec 2025)	1.97 Cr	0.00	Mid Cap	17.53
EIH Ltd	Hotels & resorts	3.6	7474.2	1.48%	-0.04%	2.41% (Jan 2025)	1.48% (Dec 2025)	2.03 Cr	0.00	Mid Cap	17.53
Swiggy Ltd.	E-retail/ e-commerce	3.86	7307.7	1.45%	0.58%	1.45% (Dec 2025)	0% (Jan 2025)	1.89 Cr	73.68 L	Other	34.18
- Vesuvius India Ltd.	Electrodes & refractories	1.44	7254	1.44%	0.00%	2.15% (May 2025)	1.44% (Nov 2025)	1.51 Cr	0.00	Other	34.18
SBI Cards and Payment Services Ltd.	Non banking financial company (nbfc)	3.05	7111.3	1.41%	-0.04%	1.6% (Feb 2025)	1.19% (Jul 2025)	82.53 L	0.00	Other	34.18
Indian Hotels Company Limited	Hotels & resorts	3.6	6649.7	1.32%	-0.02%	1.98% (Jan 2025)	1.32% (Dec 2025)	90.00 L	0.00	Mid Cap	17.53
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	2.81	6432.1	1.28%	-0.02%	1.3% (Nov 2025)	0% (Jan 2025)	17.34 L	0.00	Large Cap	32.83
Voltas Limited	Household appliances	2.45	6148.2	1.22%	-0.02%	1.27% (Oct 2025)	0.72% (Jan 2025)	45.17 L	0.00	Mid Cap	17.53
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.81	5851.8	1.16%	-0.40%	1.67% (Sep 2025)	0% (Jan 2025)	3.50 L	-1.42 L	Large Cap	32.83
Lupin Ltd.	Pharmaceuticals	6.95	5316	1.06%	0.01%	1.06% (Jul 2025)	0.41% (May 2025)	25.20 L	0.00	Large Cap	32.83
HCL Technologies Limited	Computers - software & consulting	3.93	5356.9	1.06%	-0.01%	1.19% (Jan 2025)	0.83% (Jul 2025)	33.00 L	0.00	Large Cap	32.83
- Vishal Mega Mart Ltd.	Diversified retail	1.82	4784.6	0.95%	0.00%	1.22% (Aug 2025)	0.84% (Mar 2025)	3.51 Cr	0.00	Other	34.18
KEC International Ltd.	Heavy electrical equipment	6.5	4560.4	0.91%	0.13%	0.91% (Dec 2025)	0.58% (Oct 2025)	61.80 L	5.04 L	Small Cap	14.4
Crompton Greaves Consumer Electricals Ltd.	Household appliances	2.45	4549.4	0.90%	-0.06%	1.17% (Jun 2025)	0.64% (Feb 2025)	1.80 Cr	0.00	Mid Cap	17.53
Jubilant Foodworks Ltd.	Restaurants	2.29	4447.5	0.88%	0.04%	0.99% (Jan 2025)	0.61% (Aug 2025)	79.62 L	10.00 L	Other	34.18
Aditya Birla Sun Life AMC Ltd.	Asset management company	1.24	4355.1	0.86%	0.07%	1.01% (Jul 2025)	0.79% (Nov 2025)	54.08 L	0.00	Other	34.18
Divis Laboratories Ltd.	Pharmaceuticals	6.95	4267.7	0.85%	-0.01%	1.08% (Oct 2025)	0.57% (Jul 2025)	6.68 L	0.00	Large Cap	32.83
Devyani International Ltd.	Restaurants	2.29	4138.1	0.82%	0.06%	0.89% (Apr 2025)	0.73% (Jan 2025)	2.80 Cr	0.00	Other	34.18
Tata Steel Ltd.	Iron & steel products	0.81	4070.2	0.81%	0.05%	0.84% (Oct 2025)	0.41% (Jan 2025)	2.26 Cr	0.00	Other	34.18
Kennametal India Ltd.	Industrial products	1.25	4095.4	0.81%	-0.05%	1.26% (Jan 2025)	0.81% (Dec 2025)	19.55 L	0.00	Small Cap	14.4
Vijaya Diagnostic Centre Ltd.	Healthcare service provider	1.19	4091.3	0.81%	0.06%	0.81% (Dec 2025)	0.56% (May 2025)	38.56 L	1.13 L	Other	34.18
Hitachi Energy India Ltd.	Heavy electrical equipment	6.5	3947.6	0.78%	-0.17%	1.67% (May 2025)	0.78% (Oct 2025)	2.16 L	0.00	Other	34.18
Eternal Ltd.	E-retail/ e-commerce	3.86	3909.7	0.78%	-0.06%	1.08% (Sep 2025)	0.78% (Dec 2025)	1.41 Cr	0.00	Other	34.18
- Info Edge (India) Ltd.	Internet & catalogue retail	0.78	3908.7	0.78%	0.00%	0.82% (Jan 2025)	0.59% (Aug 2025)	29.31 L	0.00	Other	34.18
Page Industries Ltd.	Garments & apparels	0.75	3766.6	0.75%	0.14%	0.75% (Dec 2025)	0.43% (Sep 2025)	1.04 L	25.43 k	Mid Cap	17.53
NTPC Green Energy Ltd.	Power generation	3.78	3717.5	0.74%	-0.01%	0.82% (Oct 2025)	0.5% (Jan 2025)	3.93 Cr	0.00	Other	34.18
Siemens Energy India Ltd.	Power generation	3.78	3703.9	0.74%	-0.02%	1.03% (Aug 2025)	0% (Jan 2025)	14.47 L	2.46 L	Other	34.18
Container Corporation Of India Ltd.	Logistics solution provider	2.14	3675.1	0.73%	0.01%	0.77% (May 2025)	0.47% (Apr 2025)	70.01 L	0.00	Large Cap	32.83
Cipla Ltd.	Pharmaceuticals	6.95	3588.9	0.71%	-0.02%	0.75% (Sep 2025)	0% (Jan 2025)	23.75 L	0.00	Large Cap	32.83
Colgate - Palmolive (India) Limited	Personal care	1.85	3513.5	0.70%	-0.03%	0.77% (Oct 2025)	0.25% (Jul 2025)	16.93 L	0.00	Large Cap	32.83
Berger Paints India Ltd.	Paints	1.96	3484	0.69%	0.06%	0.69% (Dec 2025)	0.53% (Jan 2025)	64.93 L	9.43 L	Large Cap	32.83
Emami Ltd.	Personal care	1.85	3447.3	0.68%	0.02%	0.68% (Dec 2025)	0.39% (Jan 2025)	65.21 L	3.00 L	Mid Cap	17.53
Delhivery Ltd.	Logistics solution provider	2.14	3352.4	0.67%	-0.04%	0.84% (Aug 2025)	0.56% (Mar 2025)	83.01 L	0.00	Other	34.18
HDFC Life Insurance Company Ltd.	Life insurance	3.48	3374.3	0.67%	-0.02%	1.02% (Apr 2025)	0.67% (Oct 2025)	45.00 L	0.00	Large Cap	32.83
PVR Inox Ltd.	Film production, distribution & exhibition	0.67	3351.9	0.67%	-0.03%	0.96% (Jan 2025)	0.67% (Dec 2025)	33.02 L	0.00	Small Cap	14.4
WABCO India Ltd.	Auto components & equipments	4.21	3220.7	0.64%	0.07%	0.73% (Mar 2025)	0.55% (Oct 2025)	2.16 L	0.00	Mid Cap	17.53
Abbott India Ltd.	Pharmaceuticals	6.95	3075.3	0.61%	0.08%	0.75% (Feb 2025)	0.51% (Oct 2025)	1.06 L	18.47 k	Mid Cap	17.53
United Breweries Ltd.	Breweries & distilleries	0.6	3012.3	0.60%	0.01%	0.63% (Sep 2025)	0.36% (May 2025)	18.58 L	1.19 L	Large Cap	32.83
Akzo Nobel India Ltd.	Paints	1.96	2896.1	0.58%	-0.06%	0.64% (Nov 2025)	0% (Jan 2025)	9.12 L	-0.49 L	Small Cap	14.4
Sai Life Sciences Ltd.	Petrochemicals	0.58	2945.4	0.58%	0.01%	0.63% (Aug 2025)	0.15% (Jan 2025)	32.42 L	0.00	Other	34.18
Avenue Supermarts Ltd.	Diversified retail	1.82	2838.9	0.56%	-0.04%	0.6% (Nov 2025)	0% (Jan 2025)	7.51 L	0.00	Large Cap	32.83
- Trent Limited	Speciality retail	1.59	2797.8	0.56%	0.00%	0.56% (Dec 2025)	0% (Jan 2025)	6.54 L	0.00	Mid Cap	17.53
Emcure Pharmaceuticals Ltd.	Pharmaceuticals	6.95	2771.8	0.55%	-0.02%	0.57% (Nov 2025)	0.25% (Apr 2025)	20.31 L	0.00	Other	34.18
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	6.5	2768.7	0.55%	-0.02%	0.64% (Jan 2025)	0.55% (Jul 2025)	42.73 L	0.00	Small Cap	14.4
Varun Beverages Ltd.	Other beverages	0.55	2750.3	0.55%	0.01%	0.55% (Dec 2025)	0% (Jan 2025)	56.15 L	0.00	Other	34.18
Bharat Forge Ltd.	Castings & forgings	0.55	2748	0.55%	0.01%	0.55% (Dec 2025)	0.27% (Aug 2025)	18.69 L	0.00	Mid Cap	17.53
TML Commercial Vehicles Ltd.	Commercial vehicles	0.52	2642.1	0.52%	-0.01%	0.53% (Nov 2025)	0% (Jan 2025)	63.59 L	-0.12 Cr	Other	34.18
ITC Hotels Ltd	Hotels & resorts	3.6	2632.2	0.52%	0.47%	0.52% (Dec 2025)	0.05% (Nov 2025)	1.33 Cr	1.22 Cr	Other	34.18
Gland Pharma Ltd.	Pharmaceuticals	6.95	2525.2	0.50%	-0.02%	0.66% (Jul 2025)	0.5% (Dec 2025)	14.66 L	0.00	Other	34.18
Billionbrains Garage Ventures Ltd.	Stockbroking & allied	0.5	2498.5	0.50%	-0.01%	0.51% (Nov 2025)	0% (Jan 2025)	1.60 Cr	0.00	Other	34.18
SRF Ltd.	Specialty chemicals	0.5	2539.5	0.50%	0.02%	0.5% (Dec 2025)	0% (Jan 2025)	8.26 L	0.00	Mid Cap	17.53
J.K. Cement Ltd.	Cement & cement products	0.92	2475.9	0.49%	-0.02%	0.51% (Nov 2025)	0% (Jan 2025)	4.48 L	0.00	Small Cap	14.4
- Kansai Nerolac Paints Ltd.	Paints	1.96	2475.1	0.49%	0.00%	0.54% (Sep 2025)	0.41% (Jul 2025)	1.05 Cr	1.51 L	Mid Cap	17.53
# Dixon Technologies (India) Ltd.	Consumer electronics	0.52	2420.4	0.48%	0.48%	0.48% (Dec 2025)	0% (Jan 2025)	2.00 L	2.00 L	Other	34.18
Exide Industries Ltd.	Auto components & equipments	4.21	2438.4	0.48%	-0.02%	0.5% (Nov 2025)	0.42% (Jul 2025)	67.32 L	0.00	Mid Cap	17.53
Biocon Ltd.	Pharmaceuticals	6.95	2374	0.47%	-0.01%	0.7% (Oct 2025)	0% (Jan 2025)	60.27 L	0.00	Mid Cap	17.53
Gillette India Ltd.	Personal care	1.85	2363.7	0.47%	0.02%	0.59% (Jun 2025)	0.42% (Oct 2025)	2.83 L	21.54 k	Mid Cap	17.53
Alkem Laboratories Ltd.	Pharmaceuticals	6.95	2304.9	0.46%	-0.02%	0.48% (Nov 2025)	0% (Jan 2025)	4.19 L	0.00	Mid Cap	17.53
- Niva Bupa Health Insurance Company Ltd.	General insurance	0.46	2327.4	0.46%	0.00%	0.46% (Dec 2025)	0.23% (Sep 2025)	3.09 Cr	2.33 L	Other	34.18
ABB India Ltd.	Heavy electrical equipment	6.5	2327.3	0.46%	-0.01%	0.5% (Mar 2025)	0.37% (Oct 2025)	4.50 L	0.00	Large Cap	32.83
Timken India Ltd.	Abrasives & bearings	0.46	2298.2	0.46%	-0.02%	0.59% (Jun 2025)	0.46% (Dec 2025)	7.65 L	0.00	Small Cap	14.4
Ajanta Pharma Limited	Pharmaceuticals	6.95	2235.8	0.44%	0.03%	0.44% (Jan 2025)	0.33% (Aug 2025)	8.07 L	0.00	Small Cap	14.4
- Ultratech Cement Ltd.	Cement & cement products	0.92	2184.4	0.43%	0.00%	0.51% (Aug 2025)	0.37% (May 2025)	1.85 L	0.00	Large Cap	32.83
Sheela Foam Ltd.	Furniture, home furnishing	0.42	2122.3	0.42%	-0.01%	0.54% (Jan 2025)	0.33% (Sep 2025)	36.31 L	7.00 k	Small Cap	14.4
SBI Life Insurance Co Ltd.	Life insurance	3.48	2129.9	0.42%	0.01%	0.46% (Apr 2025)	0.39% (Jan 2025)	10.47 L	0.00	Large Cap	32.83
- Medplus Health Services Ltd.	Pharmacy retail	0.41	2040.8	0.41%	0.00%	0.56% (May 2025)	0.39% (Oct 2025)	25.28 L	0.00	Other	34.18
- Schneider Electric Infrastructure Ltd.	Heavy electrical equipment	6.5	2080.7	0.41%	0.00%	0.63% (Jul 2025)	0.41% (Nov 2025)	28.78 L	0.00	Small Cap	14.4
- PB Fintech Ltd.	Financial technology (fintech)	0.71	2007.2	0.40%	0.00%	0.4% (Oct 2025)	0% (Jan 2025)	10.99 L	0.00	Other	34.18
Cesc Ltd.	Integrated power utilities	1.88	1995.8	0.40%	-0.01%	0.43% (Apr 2025)	0.32% (Jan 2025)	1.19 Cr	0.00	Other	34.18
- 3M India Ltd.	Diversified	0.39	1968.8	0.39%	0.00%	0.45% (Jan 2025)	0.34% (Oct 2025)	56.07 k	0.00	Mid Cap	17.53
DR. LAL PATHLABS Ltd.	Healthcare service provider	1.19	1930.8	0.38%	0.13%	0.38% (Dec 2025)	0% (Jan 2025)	13.02 L	8.85 L	Small Cap	14.4
UTI Asset Management Co. Pvt. Ltd.	Asset management company	1.24	1913.6	0.38%	-0.01%	0.57% (Jun 2025)	0.38% (Dec 2025)	16.94 L	0.00	Other	34.18
Hyundai Motor India Ltd.	Passenger cars & utility vehicles	2.81	1857	0.37%	-0.01%	0.46% (Aug 2025)	0.36% (Jan 2025)	8.08 L	0.00	Other	34.18
Aditya Birla Lifestyle Brands Ltd.	Speciality retail	1.59	1878.8	0.37%	-0.01%	0.38% (Nov 2025)	0% (Jan 2025)	1.47 Cr	0.00	Other	34.18
# Ipca Laboratories Ltd.	Pharmaceuticals	6.95	1812.8	0.36%	0.36%	0.36% (Dec 2025)	0% (Jan 2025)	12.78 L	12.78 L	Other	34.18
- Pfizer Ltd.	Pharmaceuticals	6.95	1809.8	0.36%	0.00%	0.47% (May 2025)	0.36% (Dec 2025)	3.63 L	0.00	Mid Cap	17.53
- CIE AUTOMOTIVE INDIA Ltd.	Auto components & equipments	4.21	1831.1	0.36%	0.00%	0.62% (Jan 2025)	0.36% (Dec 2025)	43.14 L	-1.01 L	Small Cap	14.4
Teamlease Services Ltd.	Diversified commercial services	0.61	1742	0.35%	0.01%	0.45% (Feb 2025)	0.24% (Jan 2025)	11.19 L	1.00 L	Small Cap	14.4
NLC India Ltd.	Power generation	3.78	1762.5	0.35%	0.01%	0.42% (Sep 2025)	0.33% (Aug 2025)	70.44 L	0.00	Small Cap	14.4
Mahindra Logistics Ltd.	Logistics solution provider	2.14	1710	0.34%	-0.01%	0.39% (Sep 2025)	0.27% (Mar 2025)	54.01 L	0.00	Small Cap	14.4
Craftsman Automation Ltd.	Auto components & equipments	4.21	1697.1	0.34%	-0.02%	0.39% (Aug 2025)	0% (Jan 2025)	2.21 L	-0.38 L	Other	34.18
Syngene International Ltd.	Healthcare research, analytics & technology	0.33	1677.2	0.33%	0.07%	0.4% (Jan 2025)	0.26% (Nov 2025)	25.76 L	5.50 L	Mid Cap	17.53
Kaynes Technology India Private Ltd.	Industrial products	1.25	1641.5	0.33%	-0.12%	0.45% (Nov 2025)	0% (Jan 2025)	4.09 L	0.00	Other	34.18
Triveni Turbine Ltd.	Heavy electrical equipment	6.5	1677	0.33%	0.14%	0.35% (Jan 2025)	0.17% (Oct 2025)	31.16 L	13.77 L	Small Cap	14.4
Siemens Ltd.	Heavy electrical equipment	6.5	1647.2	0.33%	-0.02%	0.5% (Mar 2025)	0.29% (Apr 2025)	5.38 L	0.00	Large Cap	32.83
Whirlpool Of India Ltd.	Household appliances	2.45	1685.9	0.33%	-0.07%	0.53% (Oct 2025)	0.18% (Feb 2025)	18.75 L	0.00	Mid Cap	17.53
- J.b. Chemicals & Pharmaceuticals Ltd.	Pharmaceuticals	6.95	1635.6	0.32%	0.00%	0.45% (Jan 2025)	0.32% (Oct 2025)	8.99 L	0.00	Other	34.18
Shoppers Stop Limited	Diversified retail	1.82	1581.8	0.31%	-0.04%	0.63% (Jan 2025)	0.31% (Dec 2025)	41.10 L	0.00	Small Cap	14.4
One 97 Communications Ltd.	Financial technology (fintech)	0.71	1554.6	0.31%	-0.08%	0.8% (Feb 2025)	0.31% (Dec 2025)	11.97 L	-3.00 L	Other	34.18
Sapphire Foods India Ltd.	Restaurants	2.29	1507.6	0.30%	0.01%	0.48% (Feb 2025)	0.29% (Nov 2025)	58.65 L	0.00	Other	34.18
Westlife Development Ltd.	Restaurants	2.29	1441.4	0.29%	0.21%	0.29% (Dec 2025)	0% (Jan 2025)	25.71 L	18.48 L	Small Cap	14.4
- VRL Logistic Ltd.	Logistics solution provider	2.14	1459	0.29%	0.00%	0.37% (Jul 2025)	0.29% (Dec 2025)	54.40 L	12.55 k	Small Cap	14.4
Care Ratings Ltd.	Ratings	0.29	1461.3	0.29%	0.01%	0.38% (May 2025)	0.26% (Mar 2025)	9.13 L	0.00	Small Cap	14.4
Sona BLW Precision Forgings Ltd.	Auto components & equipments	4.21	1428.3	0.28%	-0.02%	0.52% (Feb 2025)	0.26% (Sep 2025)	29.79 L	0.00	Other	34.18
Amara Raja Batteries Limited	Auto components & equipments	4.21	1387	0.28%	-0.01%	0.42% (Feb 2025)	0.28% (Dec 2025)	15.25 L	0.00	Mid Cap	17.53
Kajaria Ceramics Ltd.	Ceramics	0.28	1400	0.28%	-0.03%	0.41% (Jul 2025)	0.28% (Apr 2025)	14.46 L	0.00	Small Cap	14.4
Chalet Hotels Ltd.	Hotels & resorts	3.6	1414.9	0.28%	-0.01%	0.36% (Aug 2025)	0.2% (Jan 2025)	16.25 L	0.00	Other	34.18
Sansera Engineering Ltd.	Auto components & equipments	4.21	1378.4	0.27%	-0.02%	0.29% (Nov 2025)	0.14% (Apr 2025)	8.22 L	0.00	Other	34.18
- Awfis Space Solutions Ltd.	Diversified commercial services	0.61	1289.2	0.26%	0.00%	0.35% (Feb 2025)	0.26% (Nov 2025)	26.16 L	2.07 L	Other	34.18
Clean Science and Technology Ltd.	Commodity chemicals	0.25	1234.5	0.25%	-0.01%	0.26% (Nov 2025)	0% (Jan 2025)	14.09 L	0.00	Other	34.18
Vedant Fashions Ltd.	Speciality retail	1.59	1157.5	0.23%	0.05%	0.23% (Dec 2025)	0% (Jan 2025)	19.89 L	4.92 L	Other	34.18
Go Fashion (India) Ltd.	Speciality retail	1.59	1045.5	0.21%	-0.02%	0.26% (Oct 2025)	0% (Jan 2025)	22.63 L	0.00	Other	34.18
Au Small Finance Bank Ltd.	Other bank	0.2	994.6	0.20%	-0.12%	0.77% (Apr 2025)	0.2% (Dec 2025)	10.00 L	-7.00 L	Mid Cap	17.53
Indigo Paints Ltd.	Paints	1.96	1000.2	0.20%	-0.02%	0.29% (Jan 2025)	0.18% (Oct 2025)	8.74 L	0.00	Other	34.18
- Afcons Infrastructure Ltd.	Civil construction	2.37	954	0.19%	0.00%	0.3% (Jan 2025)	0.19% (Dec 2025)	24.66 L	91.98 k	Other	34.18
Kalpataru Power Transmission Ltd.	Civil construction	2.37	875.3	0.17%	0.02%	0.17% (Aug 2025)	0.15% (Apr 2025)	7.28 L	1.09 L	Small Cap	14.4
- Finolex Cables Ltd.	Cables - electricals	0.15	755.8	0.15%	0.00%	0.27% (Jan 2025)	0.15% (Dec 2025)	10.08 L	0.00	Small Cap	14.4
Electronics Mart lndia Ltd.	Speciality retail	1.59	775.1	0.15%	-0.03%	0.27% (Jan 2025)	0.15% (Dec 2025)	75.14 L	66.41 k	Other	34.18
- Sanofi Consumer Healthcare India Ltd.	Pharmaceuticals	6.95	688.7	0.14%	0.00%	0.2% (Feb 2025)	0.14% (Dec 2025)	1.52 L	0.00	Other	34.18
Physicswallah Ltd.	E-retail/ e-commerce	3.86	662.5	0.13%	0.01%	0.13% (Dec 2025)	0% (Jan 2025)	49.89 L	0.00	Other	34.18
VST Tillers Tractors Ltd.	Tractors	0.13	673.9	0.13%	-0.03%	0.22% (Jan 2025)	0.13% (Dec 2025)	1.08 L	-0.39 L	Small Cap	14.4
Sanofi India Ltd.	Pharmaceuticals	6.95	622.8	0.12%	-0.01%	0.23% (Mar 2025)	0.12% (Dec 2025)	1.52 L	0.00	Mid Cap	17.53
- TCI Express Ltd.	Logistics solution provider	2.14	566.2	0.11%	0.00%	0.19% (Jan 2025)	0.11% (Dec 2025)	9.84 L	0.00	Small Cap	14.4
InterGlobe Aviation Ltd.	Airline	0.11	532.3	0.11%	-0.61%	1.07% (Jun 2025)	0% (Jan 2025)	1.05 L	-5.08 L	Large Cap	32.83
- Cyient DLM Ltd.	Industrial products	1.25	548.8	0.11%	0.00%	0.17% (Jan 2025)	0.11% (Dec 2025)	13.20 L	0.00	Other	34.18
- Aditya Birla Fashion and Retail Ltd.	Speciality retail	1.59	342.6	0.07%	0.00%	0.33% (Jan 2025)	0.07% (Nov 2025)	44.62 L	0.00	Mid Cap	17.53
- LG Electronics India Pvt. Ltd.	Consumer electronics	0.52	182.9	0.04%	0.00%	0.08% (Oct 2025)	0% (Jan 2025)	1.20 L	0.00	Other	34.18
Narayana Hrudayalaya Ltd.	Hospital		483.1	0.00%	-0.10%	-	-	-	-	Small Cap	14.4

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

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Dixon Technologies (India) Ltd.	Consumer electronics	2420.4	0.48%	0.48%	0.48% (Dec 2025)	0% (Jan 2025)	2.00 L	200000
# Ipca Laboratories Ltd.	Pharmaceuticals	1812.8	0.36%	0.36%	0.36% (Dec 2025)	0% (Jan 2025)	12.78 L	1277626

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Narayana Hrudayalaya Ltd.	Hospital	483.1	0.00%	-0.10%	0.41% (Jun 2025)	0% (Jan 2025)	0.00	-248289

Trend in stock holdings (Top 15 Holding)

Stock	Dec 2025	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024
HDFC Bank Ltd.	5.43%	5.45%	5.42%	5.03%	5.15%	5.28%	5.29%	5.81%	6.36%	6.29%	6.52%	6.01%	5.99%
Axis Bank Ltd.	3.56%	3.62%	4.02%	3.85%	3.64%	3.75%	3.99%	4.14%	4.44%	4.16%	4.19%	3.70%	2.84%
ICICI Bank Ltd.	2.94%	2.36%	2.32%	2.43%	3.32%	3.55%	3.50%	3.82%	4.07%	4.01%	4.08%	3.99%	3.90%
Reliance Industries Ltd.	2.52%	3.00%	2.88%	2.76%	2.81%	2.90%	3.33%	3.29%	3.51%	3.32%	3.18%	3.15%	2.78%
GE T&D India Ltd.	2.73%	2.76%	2.95%	3.00%	3.10%	3.58%	3.20%	3.36%	2.53%	2.63%	2.46%	3.08%	3.34%
Max Financial Services Ltd.	2.39%	2.48%	2.28%	2.47%	2.57%	2.42%	2.69%	2.63%	2.59%	2.38%	2.12%	2.23%	2.12%
Infosys Ltd.	2.87%	2.86%	2.61%	2.65%	2.54%	1.58%	1.69%	1.73%	1.79%	1.95%	2.53%	2.90%	3.01%
Bajaj Finance Ltd.	1.64%	1.74%	1.77%	1.96%	2.14%	2.17%	2.33%	2.38%	2.85%	3.08%	3.30%	2.87%	2.37%
Linde India Ltd.	1.80%	1.82%	1.86%	2.01%	2.10%	2.18%	2.24%	2.63%	2.40%	2.47%	2.56%	2.54%	2.32%
National Thermal Power Corporation Ltd.	1.95%	1.94%	2.03%	2.14%	2.11%	2.17%	2.20%	2.21%	2.54%	2.66%	2.54%	2.48%	1.95%
State Bank Of India	1.76%	1.76%	2.26%	2.28%	2.15%	2.15%	1.92%	1.98%	2.27%	2.32%	2.26%	2.26%	2.22%
Larsen & Toubro Ltd.	2.01%	2.02%	2.03%	1.84%	1.86%	1.89%	1.93%	2.01%	1.98%	2.15%	2.13%	2.17%	2.10%
EIH Ltd	1.48%	1.52%	1.60%	1.65%	1.92%	1.94%	1.93%	2.02%	2.18%	2.23%	2.22%	2.41%	2.68%
Vesuvius India Ltd.	1.44%	1.44%	1.51%	1.64%	1.70%	1.76%	1.91%	2.15%	1.82%	1.86%	1.78%	1.80%	1.82%
Tata Power Co. Ltd.	1.48%	1.53%	1.61%	1.62%	1.59%	1.70%	1.76%	1.78%	1.88%	1.91%	1.89%	1.91%	1.84%