Franklin India Mid Cap Fund
Direct · GrowthAI Summary
Franklin India Mid Cap Fund has delivered a 10Y SIP XIRR of 17.42%, trailing the category average of 19.31% by roughly 190 basis points, and its 5Y XIRR of 18.33% also lags the peer average of 20.42%. Against the NIFTY Midcap 150 benchmark, long-term CAGRs are modestly below (10Y: 13.19% vs 14.77%), though the 3Y and 15Y periods show marginal outperformance with positive alpha of 1.08% and 2.10% respectively. Recent performance is a weak spot, with the fund down 8.46% in 2026 and a 1Y alpha of -4.43%.
The fund's beta of 0.85-0.91 across all periods indicates it moves slightly less than the midcap index, and downside capture generally runs close to or just slightly above upside capture, limiting meaningful risk-adjusted edge. The negative 1Y alpha of -4.43% and near-zero alphas over 5Y and 10Y suggest returns have largely come from beta exposure rather than stock selection. Eight drawdown events exceeding 10% confirms the inherent volatility of the midcap category despite the fund's slightly subdued volatility profile.
The portfolio holds 73 stocks with top-10 positions ranging from 1.91% to 2.87%, reflecting a genuinely diversified approach with no single-stock concentration risk. Sector allocation is spread across Banks (9.4%), Consumer Durables (7.1%), Industrial Products (6.5%), Pharma (6.1%), and Finance (6.0%), avoiding heavy dependence on any one theme. The mix of Kalyan Jewellers, Biocon, Federal Bank, and One 97 Communications shows a blend of consumer, financial, and pharma exposure typical of a broad midcap strategy.
Compared to category peers, the fund underperforms on SIP XIRR across most horizons — most notably the 5Y at 18.33% versus 20.42% for the category — signaling below-average relative consistency. Its 3Y XIRR of 19.94% is only slightly above the category average of 19.78%, indicating competitive recent SIP outcomes. The negative alphas over medium horizons suggest peers have generally been better at navigating the midcap benchmark.
This fund suits investors seeking diversified midcap exposure with a long time horizon of 7-10 years or more and tolerance for drawdowns exceeding 10% during corrections. It is appropriate as a satellite allocation within a broader portfolio rather than a core holding, given its lagging category performance. Investors should be comfortable with calendar-year swings such as the -8.46% return in 2026 against +37.21% in 2023.
- Highly diversified 73-stock portfolio with top holding at only 2.87% of NAV, minimizing single-stock risk
- Positive alpha over 3Y (1.08%) and 15Y (2.10%) periods with benchmark CAGR outperformance in both
- Long-term SIP XIRR of 17.42% over 10 years and 17.31% over 12 years demonstrates sustained compounding for disciplined investors
- SIP XIRR lags the category average across 1Y, 5Y, 7Y, and 10Y horizons, with the 5Y gap at about 209 basis points
- Weak recent performance including -8.46% in 2026, a -4.43% 1Y alpha, and negative 5Y and 7Y alphas versus the NIFTY Midcap 150
Generated on 04-11-2026, 3:04 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.82 L | 22.9% | -54.8% | 109.9% |
| 3 Years | ₹36.00 L | ₹47.47 L | 17.9% | -22.2% | 40.3% |
| 5 Years | ₹60.00 L | ₹89.60 L | 16.7% | -8.5% | 33.1% |
| 7 Years | ₹84.00 L | ₹1.49 Cr | 16.6% | 1.7% | 26.0% |
| 10 Years | ₹1.20 Cr | ₹2.96 Cr | 17.4% | 14.0% | 21.4% |
| 12 Years | ₹1.44 Cr | ₹4.44 Cr | 17.4% | 13.9% | 21.0% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 22.9% | 21.8% | 15.9% | +1.1% |
| 3 Years | 17.9% | 17.2% | 19.8% | +0.7% |
| 5 Years | 16.7% | 16.5% | 20.4% | +0.3% |
| 7 Years | 16.6% | 16.8% | 19.4% | -0.2% |
| 10 Years | 17.4% | 16.6% | 19.3% | +0.8% |
| 12 Years | 17.4% | 16.3% | 18.6% | +1.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 21.8% | 14.1% | -31.4% | 99.6% | 0.59 | 2.43 | 82% | — | — |
| 3 Years | 18.7% | 19.3% | -7.5% | 42.6% | 1.33 | 5.64 | 96% | — | — |
| 5 Years | 17.1% | 15.9% | 0.5% | 32.4% | 1.55 | 18.12 | 100% | — | — |
| 10 Years | 17.6% | 17.4% | 13.0% | 21.8% | 5.29 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | -4.43 | 0.91 | 88.1% | 92.7% | -8.4% | -5.0% |
| 3 Years | +1.08 | 0.88 | 89.0% | 87.4% | 13.4% | 13.1% |
| 5 Years | -0.87 | 0.89 | 89.8% | 90.0% | 11.2% | 12.7% |
| 7 Years | -1.85 | 0.90 | 89.3% | 90.3% | 16.1% | 19.3% |
| 10 Years | -0.49 | 0.87 | 86.0% | 85.5% | 13.2% | 14.8% |
| 12 Years | +0.43 | 0.86 | 85.7% | 84.3% | 14.4% | 15.3% |
| 15 Years | +2.10 | 0.85 | 85.6% | 82.4% | 15.5% | 14.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Kalyan Jewellers India Ltd | 2.87% |
| 2 | Biocon Ltd | 2.47% |
| 3 | Federal Bank Ltd | 2.39% |
| 4 | One 97 Communications Ltd | 2.29% |
| 5 | IDFC First Bank Ltd | 2.20% |
| 6 | APL Apollo Tubes Ltd | 2.16% |
| 7 | Mankind Pharma Ltd | 2.12% |
| 8 | Prestige Estates Projects Ltd | 1.99% |
| 9 | Balkrishna Industries Ltd | 1.96% |
| 10 | Coforge Ltd | 1.91% |