HDFC Innovation Fund
Thematic-InnovationVery HighOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹11.74+0.26%1 day
- Return since launch
- 16.6%
- 52-week range
- ₹9.17 — ₹12.02
- AUM
- ₹3,189 Cr
HDFC Innovation Fund is a Thematic-Innovation equity fund from HDFC Mutual Fund with ₹3,189 Cr under management, launched in 2025. The expense ratio is 2.09% and the SEBI riskometer reading is Very High.
Performance
HDFC Innovation Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +17.6% against +8.5% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 26.1% | +16.3 pts | 9.8% | 14.2% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -1.8% | +0.7 pts | -2.5% | -2.9% |
| 3M | 9.5% | +3.8 pts | 5.7% | 4.2% |
| 6M | 25.6% | +3.2 pts | 22.3% | 20.5% |
| 1Y | 17.6% | +7.8 pts | 9.8% | 8.5% |
Since launch (27 Jun 2025): 16.6%
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
2.09%
Expense ratio as on 16 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.67%
- Brokerage
- 0.03%
- Transaction charges
- 0.01%
- Statutory levies
- 0.38%
- Exit load
- Exit load of 1%, if redeemed within 1 month.
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- NIFTY 500 TRI
- Short-term capital gains
- Returns taxed at 20% if you redeem before 1 year
- Long-term capital gains
- After 1 year, returns above ₹1.25 lakh in a financial year are taxed at 12.5%
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Very High
Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.
Portfolio
HDFC Innovation Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity98.1%
- Other1.9%
Market cap split
- Large48.7%
- Mid26.0%
- Small25.4%
- P/E
- 50.90
- P/B
- 6.44
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Eternal Ltd. | Services | 9.63% | ₹307 Cr | +8.75% | +8.98% | +9.83% |
| Bajaj Finance Ltd. | Financial | 4.38% | ₹140 Cr | +4.47% | +5.12% | +4.95% |
| Divi's Laboratories Ltd. | Healthcare | 4.08% | ₹130 Cr | +3.94% | +4.33% | +3.86% |
| Rubicon Research Ltd. | Healthcare | 3.57% | ₹114 Cr | +1.85% | +1.50% | — |
| Mahindra & Mahindra Ltd. | Automobile | 3.41% | ₹109 Cr | +3.77% | +3.72% | +4.36% |
| PB Fintech Ltd. | Services | 3.32% | ₹106 Cr | +4.23% | +4.25% | +4.76% |
| Bharat Electronics Ltd. | Capital Goods | 3.29% | ₹105 Cr | +3.88% | +4.38% | +3.67% |
| Hindustan Aeronautics Ltd. | Capital Goods | 2.77% | ₹88.34 Cr | +2.96% | +2.44% | +2.75% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 2.75% | ₹87.56 Cr | +2.13% | +2.56% | +2.70% |
| Lenskart Solutions Ltd. | Consumer Discretionary | 2.72% | ₹86.66 Cr | +3.40% | +2.60% | — |
| Info Edge (India) Ltd. | Services | 2.49% | ₹79.32 Cr | +2.24% | +2.83% | +3.80% |
| Navin Fluorine International Ltd. | Chemicals | 2.39% | ₹76.33 Cr | +2.34% | +2.15% | +2.33% |
| Torrent Pharmaceuticals Ltd. | Healthcare | 2.34% | ₹74.76 Cr | +2.59% | +2.66% | +2.23% |
| GE Vernova T&D India Ltd | Capital Goods | 2.22% | ₹70.87 Cr | +3.06% | +2.02% | +1.48% |
| Reliance Industries Ltd. | Energy | 2.16% | ₹68.96 Cr | +4.34% | +3.42% | +3.40% |
| Others | Others | 1.94% | ₹61.87 Cr | -0.48% | +0.48% | -0.28% |
| Netweb Technologies India Ltd. | Technology | 1.70% | ₹54.16 Cr | — | — | — |
| Tata Power Company Ltd. | Energy | 1.57% | ₹50.15 Cr | +2.27% | +2.35% | +2.37% |
| Coforge Ltd. | Technology | 1.49% | ₹47.44 Cr | +1.67% | +1.45% | +2.19% |
| Emmvee Photovoltaic Power Ltd. | Energy | 1.45% | ₹46.33 Cr | +1.75% | +1.75% | — |
| Sona BLW Precision Forgings Ltd. | Automobile | 1.41% | ₹45.00 Cr | +1.48% | +1.36% | +0.97% |
| Adani Enterprises Ltd. | Services | 1.40% | ₹44.63 Cr | — | — | — |
| SRF Ltd. | Chemicals | 1.39% | ₹44.48 Cr | +1.76% | +1.73% | +1.96% |
| Sai Life Sciences Ltd. | Healthcare | 1.30% | ₹41.34 Cr | +1.36% | +1.61% | +1.61% |
| JSW Energy Ltd. | Capital Goods | 1.28% | ₹40.67 Cr | +1.74% | +1.49% | +1.52% |
| Thyrocare Technologies Ltd. | Healthcare | 1.28% | ₹40.66 Cr | +1.34% | +1.09% | — |
| ICICI Prudential Asset Management Company Ltd. | Financial | 1.25% | ₹39.91 Cr | +0.31% | — | — |
| Biocon Ltd. | Healthcare | 1.12% | ₹35.72 Cr | +0.80% | — | — |
| Samvardhana Motherson International Ltd. | Automobile | 1.11% | ₹35.52 Cr | +1.62% | +1.40% | +0.99% |
| Amagi Media Labs Ltd. | Technology | 1.10% | ₹35.21 Cr | +0.92% | +0.92% | — |
| Billionbrains Garage Ventures Ltd. | Financial | 1.09% | ₹34.79 Cr | +0.39% | — | — |
| Lupin Ltd. | Healthcare | 0.97% | ₹30.82 Cr | +1.19% | +1.26% | +1.81% |
| ABB India Ltd. | Capital Goods | 0.95% | ₹30.32 Cr | +1.07% | +1.42% | +1.43% |
| Anthem Biosciences Ltd. | Healthcare | 0.94% | ₹30.12 Cr | +1.21% | +1.30% | +1.30% |
| Godrej Consumer Products Ltd. | Consumer Staples | 0.94% | ₹30.01 Cr | +1.28% | +1.58% | +1.35% |
| Laurus Labs Ltd. | Healthcare | 0.94% | ₹29.94 Cr | +1.77% | +2.09% | +2.37% |
| Bharat Forge Ltd. | Automobile | 0.92% | ₹29.28 Cr | +1.75% | +1.04% | +0.62% |
| SEDEMAC Mechatronics Ltd. | Capital Goods | 0.87% | ₹27.66 Cr | +0.72% | — | — |
| Cummins India Ltd. | Capital Goods | 0.86% | ₹27.39 Cr | +1.91% | +2.06% | +2.37% |
| INDO-MIM Ltd. | Capital Goods | 0.82% | ₹26.29 Cr | — | — | — |
| Diamond Power Infrastructure Ltd. | Capital Goods | 0.76% | ₹24.16 Cr | — | — | — |
| ideaForge Technology Ltd. | Capital Goods | 0.74% | ₹23.76 Cr | — | — | — |
| Siemens Ltd. | Capital Goods | 0.73% | ₹23.26 Cr | +0.83% | +1.21% | +1.35% |
| Saatvik Green Energy Ltd. | Energy | 0.71% | ₹22.77 Cr | +0.90% | +0.78% | — |
| 3M India Ltd. | Consumer Staples | 0.70% | ₹22.32 Cr | +0.82% | +0.98% | +0.82% |
| OnEMI Technology Solutions Ltd. | Financial | 0.70% | ₹22.29 Cr | +0.84% | — | — |
| Hindustan Unilever Ltd. | Consumer Staples | 0.67% | ₹21.25 Cr | +0.87% | +0.98% | — |
| Persistent Systems Ltd. | Technology | 0.66% | ₹20.97 Cr | +1.25% | +1.19% | +1.04% |
| Interglobe Aviation Ltd. | Services | 0.65% | ₹20.76 Cr | +0.65% | +0.69% | +0.82% |
| Ather Energy Ltd. | Automobile | 0.60% | ₹19.24 Cr | — | — | — |
| Neuland Laboratories Ltd. | Healthcare | 0.60% | ₹19.11 Cr | +0.53% | — | — |
| Tenneco Clean Air India Ltd | Automobile | 0.60% | ₹19.21 Cr | +0.35% | +0.48% | — |
| Zydus Lifesciences Ltd. | Healthcare | 0.58% | ₹18.58 Cr | — | — | — |
| Le Travenues Technology Ltd. | Services | 0.57% | ₹18.07 Cr | +0.70% | +0.73% | +1.18% |
| Mphasis Ltd. | Technology | 0.57% | ₹18.31 Cr | +0.64% | +0.68% | — |
| Urban Company Ltd. | Consumer Staples | 0.56% | ₹17.90 Cr | +0.48% | +0.75% | — |
| SBI Life Insurance Company Ltd. | Insurance | 0.55% | ₹17.41 Cr | — | — | — |
| Aequs Ltd. | Technology | 0.54% | ₹17.27 Cr | +0.51% | +0.43% | — |
| Hexaware Technologies Ltd. | Technology | 0.54% | ₹17.26 Cr | +0.59% | +0.57% | +0.94% |
| Infosys Ltd. | Technology | 0.52% | ₹16.50 Cr | +0.63% | +0.74% | +0.88% |
| Dhoot Transmission Ltd. | Capital Goods | 0.51% | ₹16.25 Cr | — | — | — |
| Torrent Power Ltd. | Energy | 0.46% | ₹14.58 Cr | +0.64% | +0.73% | +0.58% |
| Sudeep Pharma Ltd. | Healthcare | 0.45% | ₹14.46 Cr | +0.33% | +0.29% | — |
| TBO Tek Ltd. | Services | 0.45% | ₹14.47 Cr | +0.38% | +0.40% | +0.43% |
| One97 Communications Ltd. | Services | 0.44% | ₹13.98 Cr | — | — | +0.09% |
| Sonata Software Ltd. | Technology | 0.44% | ₹14.19 Cr | +0.48% | +0.51% | +0.68% |
| Kaynes Technology India Ltd. | Capital Goods | 0.42% | ₹13.27 Cr | +0.42% | +0.54% | +0.88% |
| Molbio Diagnostics Ltd. | Healthcare | 0.37% | ₹11.78 Cr | — | — | — |
| Tempsens Instruments (India) Ltd. | Capital Goods | 0.37% | ₹11.71 Cr | — | — | — |
| Hyundai Motor India Ltd. | Automobile | 0.35% | ₹11.25 Cr | +0.37% | +0.81% | +2.50% |
| Atlanta Electricals Ltd. | Capital Goods | 0.33% | ₹10.50 Cr | +0.42% | +0.28% | — |
| WeWork India Management Ltd. | Services | 0.32% | ₹10.16 Cr | +0.33% | +0.29% | — |
| Brainbees Solutions Ltd. | Consumer Discretionary | 0.29% | ₹9.12 Cr | +0.42% | +0.42% | +0.72% |
| Shiprocket Ltd. | Technology | 0.27% | ₹8.61 Cr | — | — | — |
| SBI Funds Management Ltd. | Financial | 0.18% | ₹5.85 Cr | — | — | — |
| Lumino Industries Ltd. | Capital Goods | 0.17% | ₹5.39 Cr | — | — | — |
| Kwality Wall's (India) Ltd. | Consumer Staples | 0.02% | ₹0.49 Cr | +0.01% | +0.01% | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Netweb Technologies India Ltd. | 0.00% | 1.70% | +1.70% |
| Rubicon Research Ltd. | 2.47% | 3.57% | +1.10% |
| ICICI Prudential Asset Management Company Ltd. | 0.51% | 1.25% | +0.74% |
| Bajaj Finance Ltd. | 5.07% | 4.38% | -0.69% |
| Dhoot Transmission Ltd. | 0.00% | 0.51% | +0.51% |
| One97 Communications Ltd. | 0.00% | 0.44% | +0.44% |
| Mahindra & Mahindra Ltd. | 3.79% | 3.41% | -0.38% |
| Molbio Diagnostics Ltd. | 0.00% | 0.37% | +0.37% |
| Tempsens Instruments (India) Ltd. | 0.00% | 0.37% | +0.37% |
| Divi's Laboratories Ltd. | 3.73% | 4.08% | +0.35% |
| Tenneco Clean Air India Ltd | 0.29% | 0.60% | +0.31% |
| Tata Power Company Ltd. | 1.85% | 1.57% | -0.28% |
| Laurus Labs Ltd. | 1.21% | 0.94% | -0.27% |
| PB Fintech Ltd. | 3.05% | 3.32% | +0.27% |
| Shiprocket Ltd. | 0.00% | 0.27% | +0.27% |
| Amagi Media Labs Ltd. | 1.36% | 1.10% | -0.26% |
| Godrej Consumer Products Ltd. | 1.20% | 0.94% | -0.26% |
| Lenskart Solutions Ltd. | 2.95% | 2.72% | -0.23% |
| Anthem Biosciences Ltd. | 1.16% | 0.94% | -0.22% |
| Reliance Industries Ltd. | 2.38% | 2.16% | -0.22% |
| Sun Pharmaceutical Industries Ltd. | 2.96% | 2.75% | -0.21% |
| Torrent Pharmaceuticals Ltd. | 2.55% | 2.34% | -0.21% |
| Adani Enterprises Ltd. | 1.58% | 1.40% | -0.18% |
| JSW Energy Ltd. | 1.46% | 1.28% | -0.18% |
| Lupin Ltd. | 1.15% | 0.97% | -0.18% |
| Le Travenues Technology Ltd. | 0.74% | 0.57% | -0.17% |
| Lumino Industries Ltd. | 0.00% | 0.17% | +0.17% |
| Navin Fluorine International Ltd. | 2.24% | 2.39% | +0.15% |
| SRF Ltd. | 1.53% | 1.39% | -0.14% |
| Cummins India Ltd. | 1.00% | 0.86% | -0.14% |
| ideaForge Technology Ltd. | 0.88% | 0.74% | -0.14% |
| Ather Energy Ltd. | 0.48% | 0.60% | +0.12% |
| Biocon Ltd. | 1.24% | 1.12% | -0.12% |
| Coforge Ltd. | 1.38% | 1.49% | +0.11% |
| Bharat Forge Ltd. | 1.03% | 0.92% | -0.11% |
| Torrent Power Ltd. | 0.57% | 0.46% | -0.11% |
| Hindustan Aeronautics Ltd. | 2.88% | 2.77% | -0.11% |
| Eternal Ltd. | 9.53% | 9.63% | +0.10% |
| Sudeep Pharma Ltd. | 0.35% | 0.45% | +0.10% |
| Billionbrains Garage Ventures Ltd. | 1.19% | 1.09% | -0.10% |
| Thyrocare Technologies Ltd. | 1.38% | 1.28% | -0.10% |
| GE Vernova T&D India Ltd | 2.32% | 2.22% | -0.10% |
| Emmvee Photovoltaic Power Ltd. | 1.54% | 1.45% | -0.09% |
| Saatvik Green Energy Ltd. | 0.80% | 0.71% | -0.09% |
| Urban Company Ltd. | 0.47% | 0.56% | +0.09% |
| Sonata Software Ltd. | 0.53% | 0.44% | -0.09% |
| Hindustan Unilever Ltd. | 0.76% | 0.67% | -0.09% |
| Sai Life Sciences Ltd. | 1.39% | 1.30% | -0.09% |
| 3M India Ltd. | 0.78% | 0.70% | -0.08% |
| OnEMI Technology Solutions Ltd. | 0.78% | 0.70% | -0.08% |
| SBI Life Insurance Company Ltd. | 0.63% | 0.55% | -0.08% |
| Brainbees Solutions Ltd. | 0.36% | 0.29% | -0.07% |
| Neuland Laboratories Ltd. | 0.53% | 0.60% | +0.07% |
| SEDEMAC Mechatronics Ltd. | 0.81% | 0.87% | +0.06% |
| Samvardhana Motherson International Ltd. | 1.06% | 1.11% | +0.05% |
| Others | -0.14% | -0.19% | -0.05% |
| WeWork India Management Ltd. | 0.37% | 0.32% | -0.05% |
| Hexaware Technologies Ltd. | 0.59% | 0.54% | -0.05% |
| Kaynes Technology India Ltd. | 0.46% | 0.42% | -0.04% |
| INDO-MIM Ltd. | 0.78% | 0.82% | +0.04% |
| Interglobe Aviation Ltd. | 0.69% | 0.65% | -0.04% |
| Persistent Systems Ltd. | 0.70% | 0.66% | -0.04% |
| Atlanta Electricals Ltd. | 0.30% | 0.33% | +0.03% |
| Infosys Ltd. | 0.55% | 0.52% | -0.03% |
| Zydus Lifesciences Ltd. | 0.61% | 0.58% | -0.03% |
| ABB India Ltd. | 0.97% | 0.95% | -0.02% |
| Hyundai Motor India Ltd. | 0.37% | 0.35% | -0.02% |
| Mphasis Ltd. | 0.59% | 0.57% | -0.02% |
| SBI Funds Management Ltd. | 0.20% | 0.18% | -0.02% |
| Sona BLW Precision Forgings Ltd. | 1.43% | 1.41% | -0.02% |
| TBO Tek Ltd. | 0.43% | 0.45% | +0.02% |
| Aequs Ltd. | 0.55% | 0.54% | -0.01% |
| Kwality Wall's (India) Ltd. | 0.01% | 0.02% | +0.01% |
| Bharat Electronics Ltd. | 3.30% | 3.29% | -0.01% |
| Diamond Power Infrastructure Ltd. | 0.76% | 0.76% | 0.00% |
| Info Edge (India) Ltd. | 2.49% | 2.49% | 0.00% |
| Siemens Ltd. | 0.73% | 0.73% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹3,622 Cr | 2.16% | 16.8% | 12.5% | 16.5% |
 ICICI Prudential Innovation Fund | ₹8,012 Cr | 2.18% | 4.7% | 9.2% | — |
 Kotak Pioneer Fund | ₹4,281 Cr | 1.91% | 19.9% | 15.1% | 17.6% |
 Nippon India Innovation Fund | ₹3,108 Cr | 2.07% | 7.5% | 7.5% | — |
 Axis Innovation Fund | ₹1,363 Cr | 2.28% | 27.8% | 15.6% | 15.4% |
 Union Innovation & Opportunities Fund | ₹1,344 Cr | 2.36% | 24.0% | 14.9% | — |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The scheme seeks to generate long-term capital appreciation / income by investing in companies that are adopting innovative themes and strategies. There is no assurance that the investment objective of the scheme will be achieved.
Fund managers
- Amit SinhaMr. Sinha has done B.Tech (IIT Roorkee) and PGDBM (XLRI, Jamshedpur)Prior to joining HDFC Mutual Fund, he has worked Macquarie Capital Securities (India) Pvt. Ltd.
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
₹
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months25.56% absolute | ₹60,000 | ₹75,336 | 25.56% | |
| 1 year17.58% annualised | ₹1,20,000 | ₹1,32,064 | 10.05% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.
What is the NAV of HDFC Innovation Fund?
The NAV of HDFC Innovation Fund is ₹11.74 as on 25 Sep 2026.
What is the expense ratio of HDFC Innovation Fund?
The expense ratio of HDFC Innovation Fund is 2.09% per year.
What is the minimum SIP amount for HDFC Innovation Fund?
You can start a SIP in HDFC Innovation Fund with ₹3,000 a month.
Is there a lock-in or exit load on HDFC Innovation Fund?
Lock-in: None. Exit load: Exit load of 1%, if redeemed within 1 month..
How risky is HDFC Innovation Fund?
HDFC Innovation Fund is rated Very High on the SEBI riskometer and belongs to the Thematic-Innovation category.
Which fund house manages HDFC Innovation Fund?
HDFC Innovation Fund is managed by HDFC Mutual Fund, which runs 85 schemes with ₹9,61,940 Cr under management.