HDFC Defence Fund

ThematicDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

HDFC Defence Fund is a Thematic fund run by HDFC Mutual Fund. On 30-09-2026, it managed ₹11,493 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 34.8% a year and its Regular plan returned 33.3% a year. Its benchmark, Nifty India Defence TRI, returned 40.9% a year over the same 3 years.

NAV (Direct plan): ₹28.86; ▼ 1.71%30-10-2026
NAV (Regular plan): ₹27.80; ▼ 1.71%30-10-2026
Expense ratio: 0.90%Direct1.80%Regular; 0.90%; A year
Riskometer: Very High; Set by the fund house
3 year return: 34.8%Direct33.3%Regular; 34.8%; A year

HDFC Defence Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹28.86 (down 1.71% that day); Regular Plan Growth ₹27.80 (down 1.71% that day).

This fund (Direct plan)

₹28.855

HDFC Defence Fund Returns vs Nifty India Defence TRI

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	−6.07%	−3.22%	+4.84%	+13.79%	+34.76%	--	--
This fund (Regular)	−6.14%	−3.44%	+4.37%	+12.70%	+33.32%	--	--
Nifty India Defence TRI	−6.17%	−5.16%	−2.83%	+8.66%	+40.93%	--	--
Thematic average	−2.09%	−4.52%	+0.86%	−1.22%	+13.76%	--	--
Best in Thematic	+11.54%	+11.27%	+22.16%	+75.71%	+54.78%	--	--
Worst in Thematic	−16.05%	−11.74%	−13.97%	−22.44%	−4.46%	--	--
Rank in Thematic	224/235	66/232	61/232	17/215	2/133	--	--

Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.

HDFC Defence Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular	Nifty India Defence TRI
2026to date	+19.90%	+18.96%	+12.90%
2025	+10.75%	+9.61%	+19.98%
2024	+41.88%	+40.20%	+56.50%

HDFC Defence Fund Rolling Returns

The return of every holding period in the fund's history, not only the one that ends today

Rolling returns

Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 103 periods, one for each trading day from 02-06-2026 to 30-10-2026.

0%10%20%30%40%50%60%

Jun 2023
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026

HDFC Defence Fund (Direct)Nifty India Defence TRI

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	595	22.0%	−1.5%	147.0%	1%	29.7%	21%
2 years	349	24.4%	9.1%	62.7%	0%	36.0%	9%
3 years	103	40.7%	33.3%	45.2%	0%	48.6%	0%

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	29	26.8%	−33.1%	156.4%	14%	28.7%	28%

Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty India Defence TRI over the same days. Past returns do not promise future returns.

HDFC Defence Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	HDFC Defence Fund (Direct)This fund	Nifty India Defence TRI
Return (CAGR)	+13.79%	+8.66%
Standard deviation	22.90%	24.74%
Sharpe ratio	0.37	0.14
Sortino ratio	0.52	0.19
Maximum drawdown	−14.3% (31-03-2026)	−15.4% (30-03-2026)
Beta	0.92	1.00
Alpha	+5.40%	0.00%

From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Measure	HDFC Defence Fund (Direct)This fund	Nifty India Defence TRI
Return (CAGR)	+34.76%	+40.93%
Standard deviation	25.64%	29.45%
Sharpe ratio	1.12	1.19
Sortino ratio	1.54	1.71
Maximum drawdown	−34.5% (28-02-2025)	−37.9% (18-02-2025)
Beta	0.83	1.00
Alpha	−0.18%	0.00%

From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Measure	HDFC Defence Fund (Direct)This fund	Nifty India Defence TRI
Return (CAGR)	+36.39%	+45.91%
Standard deviation	24.68%	28.72%
Sharpe ratio	1.23	1.39
Sortino ratio	1.69	2.01
Maximum drawdown	−34.5% (28-02-2025)	−37.9% (18-02-2025)
Beta	0.81	1.00
Alpha	−1.99%	0.00%

From daily NAVs, 02-06-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Drawdowns

How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.

−40%−30%−20%−10%0%

202420252026

HDFC Defence Fund (Direct)Nifty India Defence TRI

	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
HDFC Defence Fund (Direct)	−34.5%	08-07-2024	28-02-2025	27-05-2025	3 months	−11.4%
Nifty India Defence TRI	−37.9%	11-07-2024	18-02-2025	16-05-2025	3 months	−12.9%

From the Direct plan's daily NAV since 02-06-2023, adjusted for unit splits, and Nifty India Defence TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

HDFC Defence Fund vs Other Thematic Funds

The five Thematic funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Nippon India Taiwan Equity Fund	1/133	1,147	1.08%	+75.71%	+54.78%	--	--	1.38	2.03	Compare
HDFC Defence Fund	2/133	11,493	0.90%	+13.79%	+34.76%	−0.18%	0.83	1.12	1.54
HDFC Pharma and Healthcare Fund	3/133	3,501	1.05%	+23.12%	+30.53%	+8.23%	0.96	1.74	2.49	Compare
SBI Healthcare Opportunities Fund	4/133	5,870	1.01%	+17.12%	+24.60%	+3.61%	0.88	1.42	2.03	Compare
Aditya Birla Sun Life International Equity Fund	5/133	352	2.00%	+13.97%	+24.46%	--	--	1.49	2.16	Compare

AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

HDFC Defence Fund Expense Ratio and Costs

What each plan charges a year, in force from 21-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Thematic median	Cost rank (1 = cheapest)
Direct	0.72%	0.01%	0.00%	0.17%	0.90%	1.18%	27/235
Regular	1.49%	0.01%	0.00%	0.30%	1.80%	2.41%	6/235

The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

Direct vs Regular: what the gap cost

Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

Over the last	Regular	Direct	Direct earned more by	₹1 lakh became (Regular)	₹1 lakh became (Direct)
1 year	12.70%	13.79%	1.09%	₹1,12,700	₹1,13,790
3 years	33.32%	34.76%	1.44% a year	₹2,36,966	₹2,44,728

Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

HDFC Defence Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 02-06-2023 to 30-10-2026: 41 instalments, ₹4,10,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planHDFC Defence Fund (Direct)	₹4,10,000	₹6,13,432	₹2,03,432	24.3%
Regular planHDFC Defence Fund (Regular)	₹4,10,000	₹6,00,549	₹1,90,549	23.0%
Nifty India Defence TRI	₹4,10,000	₹6,37,421	₹2,27,421	26.8%
Category averageCategory average, 235 Thematic funds	₹4,10,000	₹4,65,012	₹55,012	7.3%

₹0₹2.0 L₹4.0 L₹6.0 L₹8.0 L

202420252026

Direct planHDFC Defence Fund (Direct)Regular planHDFC Defence Fund (Regular)Nifty India Defence TRICategory averageCategory average, 235 Thematic fundsAmount invested

From each plan's published NAV (Growth option), the benchmark's TRI and the category average, over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

HDFC Defence Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

98.3%Equity

Asset	Fund	Category
Equity	98.3%	94.5%
Cash and others	1.7%	4.0%

Market cap of stocks

Market cap	Fund	Category
Large Cap	43.5%	45.7%
Mid Cap	23.7%	19.6%
Small Cap	30.7%	24.1%
Not on AMFI's list	0.4%	2.3%

Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.

HDFC Defence Fund Sector Allocation

Sector allocation of the fund's stocks as on 30-09-2026

Largest sectors

Aerospace & Defense46.1%
Auto Components18.2%
Chemicals & Petrochemicals13.1%
Agricultural, Commercial & Construction Vehicles6.2%
Electrical Equipment5.1%
Automobiles4.7%
Industrial Manufacturing4.1%
Construction0.7%
Industrial Products0.2%

Sector changes

Sector	July 2026	August 2026	September 2026	Change
Aerospace & Defense	46.8%	46.0%	46.1%	−0.7%
Auto Components	19.1%	18.5%	18.2%	−0.9%
Chemicals & Petrochemicals	13.8%	13.5%	13.1%	−0.7%
Agricultural, Commercial & Construction Vehicles	5.6%	6.0%	6.2%	+0.6%
Electrical Equipment	4.0%	4.6%	5.1%	+1.1%

Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.

HDFC Defence Fund Portfolio Holdings

As on 30-09-2026 · 24 holdings · from the fund house's monthly portfolio

Holdings	Sector	Weight%	1M change
Bharat Electronics Ltd.	Aerospace & Defense	14.87%	+4.8%
Bharat Forge Ltd.	Auto Components	12.91%	+5.4%
Hindustan Aeronautics Limited	Aerospace & Defense	12.61%	+3.3%
Solar Industries India Ltd.	Chemicals & Petrochemicals	10.28%	−2.4%
Astra Microwave Products Ltd.	Aerospace & Defense	6.44%	+0.3%
BEML Limited	Agricultural, Commercial & Construction Vehicles	5.11%	+1.7%
MTAR Technologies Limited	Electrical Equipment	5.09%	0.0%
Eicher Motors Ltd.	Automobiles	4.67%	+25.0%
Bosch Limited	Auto Components	4.10%	+8.7%
Bharat Dynamics Limited	Aerospace & Defense	3.19%	+1.5%
Cyient DLM Limited	Aerospace & Defense	3.18%	0.0%
Mazagon Dock Shipbuilders Ltd	Industrial Manufacturing	3.17%	+2.9%
Centum Electronics Ltd.	Aerospace & Defense	2.95%	0.0%
Premier Explosives Ltd.	Chemicals & Petrochemicals	2.77%	0.0%
Data Patterns (India) Limited	Aerospace & Defense	1.98%	0.0%
Sedemac Mechatronics Limited	Auto Components	1.21%	0.0%
Tata Motors Limited	Agricultural, Commercial & Construction Vehicles	1.07%	+3.7%
IDEAFORGE TECHNOLOGY LIMITED	Aerospace & Defense	0.77%	0.0%
Power Mech Projects Ltd.	Construction	0.65%	0.0%
INDO-MIM Limited	Industrial Manufacturing	0.36%	0.0%
Cochin Shipyard Ltd.	Industrial Manufacturing	0.34%	0.0%
Diffusion Engineers Limited	Industrial Products	0.22%	0.0%
JNK India Limited	Industrial Manufacturing	0.21%	0.0%
AEQUS LIMITED	Aerospace & Defense	0.12%	0.0%

HDFC Defence Fund Stocks Bought and Sold

All changes are between August 2026 and September 2026

Stocks bought and sold in September 2026

Bharat Electronics Ltd.	Added	+4.8%	14.87%
Bharat Forge Ltd.	Added	+5.4%	12.91%
Hindustan Aeronautics Limited	Added	+3.3%	12.61%
Solar Industries India Ltd.	Reduced	−2.4%	10.28%
Astra Microwave Products Ltd.	Added	+0.3%	6.44%
BEML Limited	Added	+1.7%	5.11%
Eicher Motors Ltd.	Added	+25.0%	4.67%
Bosch Limited	Added	+8.7%	4.10%
Mazagon Dock Shipbuilders Ltd	Added	+2.9%	3.17%
Bharat Dynamics Limited	Added	+1.5%	3.19%
Tata Motors Limited	Added	+3.7%	1.07%

A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.

What HDFC Defence Fund bought and sold

HDFC Defence Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Axis Nifty India Defence Index FundIndex · Axis	69.3%	13	Compare
Motilal Oswal Nifty India Defence Index FundIndex · Motilal Oswal	69.3%	13	Compare
Motilal Oswal Nifty India Defence ETFETF · Motilal Oswal	69.3%	13	Compare
Groww Nifty India Defence ETFETF · Groww	69.3%	13	Compare
Aditya Birla Sun Life Nifty India Defence Index FundIndex · Aditya Birla Sun Life	69.1%	13	Compare
Mirae Asset BSE India Defence ETFETF · Mirae Asset	56.1%	14	Compare
Invesco India PSU Equity FundThematic · Invesco	23.1%	6	Compare
Groww Nifty PSE ETFETF · Groww	19.1%	2	Compare

Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

HDFC Defence Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 0.90%
Expense ratio (Regular): 1.80%
Category: Thematic
Risk: Very High
Benchmark: Nifty India Defence TRI
Launch date: 02-06-2023
Minimum investment: ₹100
Minimum additional investment: ₹100
AUM: ₹11,493.39 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 151750
ISIN (Direct): INF179KC1GI5
Scheme code (Regular): 151751
ISIN (Regular): INF179KC1GL9
NAV history: From 02-06-2023, 3.4 years

Exit load: In respect of each purchase/switch-in of units, an Exit load of 1% is payable if units are redeemed/switched-out within 1 yearfrom the date of allotment. No Exit Load is payable if units are redeemed / switched-out after 1 year from the date of allotment. In respect of Systematic Transactions such as SIP, Flex SIP,STP, Flex STP, Swing STP, Exit Load, if any, prevailing on the date of registration / enrolment shall be levied.

Tax on HDFC Defence Fund returns

HDFC Defence Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	Option	NAV	As on
direct	Growth	₹28.855	30-10-2026
direct	IDCW	₹28.855	30-10-2026
regular	Growth	₹27.796	30-10-2026
regular	IDCW	₹27.796	30-10-2026

About HDFC Defence Fund

HDFC Defence Fund is a mutual fund from HDFC Mutual Fund. Its category is Thematic. It was launched on 02-06-2023. Its benchmark is Nifty India Defence TRI. At the end of September 2026 it held 24 securities.

Fund Manager

Rahul Baijal
Fund manager of HDFC Defence Fund, since 18-04-2025
Priya Ranjan
Fund manager of HDFC Defence Fund, since 18-04-2025
Gopal Agrawal
Fund manager of HDFC Defence Fund, since 01-09-2026
Bhagyesh Kagalkar
Fund manager of HDFC Defence Fund, since 26-08-2026

See all funds of HDFC Mutual Fund

AUM change

September 2026: ₹11,493.39 Cr; +0.14% from August 2026
August 2026: ₹11,477.59 Cr; +7.18% from July 2026
July 2026: ₹10,709.17 Cr; +1.71% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare HDFC Defence Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

HDFC Defence vs Nippon India Taiwan EquityThematic
HDFC Defence vs HDFC Pharma and HealthcareThematic
HDFC Defence vs SBI Healthcare OpportunitiesThematic
HDFC Defence vs Aditya Birla Sun Life International EquityThematic
HDFC Defence vs Axis Nifty India Defence Index69.3% overlap
HDFC Defence vs Motilal Oswal Nifty India Defence Index69.3% overlap
HDFC Defence vs Motilal Oswal Nifty India Defence ETF69.3% overlap
HDFC Defence vs Groww Nifty India Defence ETF69.3% overlap

Compare with any other fund

Frequently Asked Questions for HDFC Defence Fund

What is the current NAV of HDFC Defence Fund?

The Direct plan NAV is ₹28.855. The Regular plan NAV is ₹27.796, as on 30-10-2026.

What are the returns of HDFC Defence Fund?

The Direct plan returned +13.79% in 1 year, +34.76% a year over 3 years. The Regular plan returned +12.70% in 1 year, +33.32% a year over 3 years. These figures are as on 30-10-2026.

What is the expense ratio of HDFC Defence Fund?

The Direct plan charges 0.90% a year. The Regular plan charges 1.80% a year. This is the figure the fund house reported to AMFI, in force from 21-10-2026.

What is the AUM of HDFC Defence Fund?

HDFC Defence Fund managed ₹11,493.39 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of HDFC Defence Fund?

At the end of September 2026 the largest holdings were BEL (14.87%), BHARATFORG (12.91%), HAL (12.61%), SOLARINDS (10.28%), ASTRAMICRO (6.44%). The fund held 24 securities in all.

What did HDFC Defence Fund buy and sell in September 2026?

It added shares in 10. It reduced 1.

How do I invest in HDFC Defence Fund?

Through HDFC Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹100. You can invest once or through a monthly SIP.

Who is the fund manager of HDFC Defence Fund?

Rahul Baijal (since 18-04-2025), Priya Ranjan (since 18-04-2025), Gopal Agrawal (since 01-09-2026), Bhagyesh Kagalkar (since 26-08-2026).

Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.