HDFC Innovation Fund is a Thematic fund run by HDFC Mutual Fund. On 30-09-2026, it managed ₹3,152 Cr of investors' money. In the year to 30-10-2026, its Direct plan returned 10.0% and its Regular plan returned 8.7%. Its benchmark, Nifty 500 TRI, returned −7.3% over the same year.
NAV (Direct plan)
₹11.52
▼ 0.01% · 30-10-2026
NAV (Regular plan)
₹11.34
▼ 0.01% · 30-10-2026
Expense ratio
1.02%Direct2.09%Regular
1.02%
A year
Riskometer
Very High
Set by the fund house
1 year return
10.0%Direct8.7%Regular
10.0%
Total
HDFC Innovation Fund NAV Today
NAV on 30-10-2026: Direct Plan Growth ₹11.52 (down 0.01% that day); Regular Plan Growth ₹11.34 (down 0.01% that day).
This fund (Direct plan)
₹11.521
HDFC Innovation Fund Returns vs Nifty 500 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)
−1.16%
+0.14%
+11.94%
+9.99%
--
--
--
This fund (Regular)
−1.24%
−0.14%
+11.30%
+8.70%
--
--
--
Nifty 500 TRI
−0.75%
−6.05%
−2.83%
−7.34%
+10.22%
+8.81%
+12.51%
Thematic average
−2.09%
−4.52%
+0.86%
−1.22%
--
--
--
Best in Thematic
+11.54%
+11.27%
+22.16%
+75.71%
--
--
--
Worst in Thematic
−16.05%
−11.74%
−13.97%
−22.44%
--
--
--
Rank in Thematic
67/235
30/232
24/232
29/215
--
--
--
Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.
HDFC Innovation Fund Year-wise Returns
Return of each calendar year
Year
Direct
Regular
Nifty 500 TRI
2026to date
+12.17%
+11.10%
−7.51%
HDFC Innovation 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 1-year holding period, plotted on the day it ended. There are 71 periods, one for each trading day from 17-07-2026 to 30-10-2026.
−10%0%10%20%30%
HDFC Innovation Fund (Direct)
Nifty 500 TRI
Jul 2025 to Jul 2026Aug 2025 to Aug 2026Aug 2025 to Aug 2026Sept 2025 to Sept 2026Oct 2025 to Oct 2026Oct 2025 to Oct 2026
HDFC Innovation Fund (Direct)Nifty 500 TRI
0%
47%
Below 0%
0%
39%
0-5%
10%
14%
5-10%
34%
0%
10-15%
38%
0%
15-20%
18%
0%
20-25%
0%
0%
Above 25%
Every holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
71
16.2%
5.6%
22.8%
0%
0.6%
100%
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 500 TRI over the same days. Past returns do not promise future returns.
HDFC Innovation Fund Risk
How much it swings, and the falls an investor had to sit through
Risk and return
Measure
HDFC Innovation Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+9.99%
−7.34%
Standard deviation
15.01%
14.48%
Sharpe ratio
0.32
-0.87
Sortino ratio
0.44
-1.16
Maximum drawdown
−12.3%
(31-03-2026)
−14.7%
(30-03-2026)
Beta
0.95
1.00
Alpha
+16.66%
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 Innovation Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+11.54%
−4.17%
Standard deviation
14.15%
13.48%
Sharpe ratio
0.44
-0.70
Sortino ratio
0.61
-0.94
Maximum drawdown
−12.3%
(31-03-2026)
−14.7%
(30-03-2026)
Beta
0.96
1.00
Alpha
+15.30%
0.00%
From daily NAVs, 17-07-2025 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.
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.
−15%−10%−5%0%
HDFC Innovation Fund (Direct)
Nifty 500 TRI
2026
HDFC Innovation Fund (Direct)Nifty 500 TRI
Worst fall
High before it
Bottom
Back at the high
Time to climb back
Below its high today
HDFC Innovation Fund (Direct)
−12.3%
17-11-2025
31-03-2026
06-05-2026
36 days
−5.5%
Nifty 500 TRI
−14.7%
02-01-2026
30-03-2026
Not yet
--
−8.4%
From the Direct plan's daily NAV since 17-07-2025, adjusted for unit splits, and Nifty 500 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.
HDFC Innovation Fund vs Other Thematic Funds
The five Thematic funds with the best three year return, and this fund. Direct plans.
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 Innovation Fund Expense Ratio and Costs
What each plan charges a year, in force from 19-10-2026
Plan
Base expense ratio
Brokerage
Transaction costs
Levies and GST
Total expense ratio
Thematic median
Cost rank (1 = cheapest)
Direct
0.76%
0.03%
0.01%
0.22%
1.02%
1.18%
67/235
Regular
1.67%
0.03%
0.01%
0.38%
2.09%
2.41%
43/235
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
8.70%
9.99%
1.29%
₹1,08,700
₹1,09,990
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 Innovation 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
Step up each year
PeriodFor
₹10,000 on the first trading day of every month, from 17-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
Direct planHDFC Innovation Fund (Direct)Regular planHDFC Innovation Fund (Regular)Nifty 500 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 Innovation Fund Asset Allocation
Asset allocation as on 30-09-2026
What the fund holds
93.2%Equity
Asset
Fund
Category
Equity
93.2%
94.5%
Cash and others
6.8%
4.0%
Market cap of stocks
Market cap
Fund
Category
Large Cap
44.3%
45.7%
Mid Cap
21.0%
19.6%
Small Cap
22.6%
24.1%
Not on AMFI's list
5.3%
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 Innovation Fund Sector Allocation
Sector allocation of the fund's stocks as on 30-09-2026
Largest sectors
Pharmaceuticals & Biotechnology16.5%
Retailing14.8%
Electrical Equipment8.3%
Aerospace & Defense7.2%
Finance5.4%
Auto Components5.4%
Automobiles4.4%
Chemicals & Petrochemicals4.1%
Power3.4%
IT - Software3.3%
The ten largest of 27 sectors. The other 17 add up to 20.3%.
Sector changes
Sector
July 2026
August 2026
September 2026
Change
Pharmaceuticals & Biotechnology
19.0%
19.2%
16.5%
−2.5%
Retailing
15.8%
15.7%
14.8%
−0.9%
Electrical Equipment
7.4%
7.2%
8.3%
+1.0%
Aerospace & Defense
7.6%
7.3%
7.2%
−0.4%
Auto Components
5.4%
5.4%
5.4%
0.0%
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 Innovation Fund Portfolio Holdings
As on 30-09-2026 · 78 holdings · from the fund house's monthly portfolio
Holdings
Sector
Weight%
Holdings trend
1M change
Eternal Limited
Retailing
9.19%
−3.2%
Bajaj Finance Ltd.
Finance
4.02%
0.0%
Divis Laboratories Ltd.
Pharmaceuticals & Biotechnology
3.32%
−18.2%
Rubicon Research Limited
Pharmaceuticals & Biotechnology
3.21%
0.0%
Bharat Electronics Ltd.
Aerospace & Defense
3.12%
0.0%
Mahindra & Mahindra Ltd.
Automobiles
3.10%
0.0%
Hindustan Aeronautics Limited
Aerospace & Defense
2.72%
0.0%
Sun Pharmaceutical Industries Ltd.
Pharmaceuticals & Biotechnology
2.54%
0.0%
LENSKART SOLUTIONS LIMITED
Retailing
2.52%
−11.5%
PB Fintech Limited
Financial Technology (Fintech)
2.41%
+26.5%
INFO EDGE (INDIA) LIMITED
Retailing
2.34%
0.0%
Navin Fluorine International Ltd.
Chemicals & Petrochemicals
2.30%
0.0%
Torrent Pharmaceuticals Ltd.
Pharmaceuticals & Biotechnology
2.25%
0.0%
GE Vernova T&D India Limited
Electrical Equipment
2.12%
0.0%
The Tata Power Company Ltd.
Power
1.65%
0.0%
Reliance Industries Ltd.
Petroleum Products
1.62%
−20.4%
Netweb Technologies India Limited
IT - Services
1.51%
0.0%
Karamtara Engineering Limited
Electrical Equipment
1.48%
New
Sona Blw Precision Forgings
Auto Components
1.46%
0.0%
Emmvee Photovoltaic Power Limited
Electrical Equipment
1.44%
0.0%
ADANI ENTERPRISES LIMTIED
Metals & Minerals Trading
1.44%
0.0%
SRF Ltd.
Chemicals & Petrochemicals
1.33%
−2.1%
ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED
Capital Markets
1.30%
0.0%
JSW Energy Ltd.
Power
1.23%
0.0%
Thyrocare Technologies Ltd.
Healthcare Services
1.14%
0.0%
Sai Life Sciences Limited
Pharmaceuticals & Biotechnology
1.13%
−17.6%
Amagi Media Labs Limited
IT - Services
1.08%
0.0%
Samvardhana Motherson International Ltd.
Auto Components
1.08%
0.0%
Billionbrains Garage Ventures Limited (Groww)
Capital Markets
1.06%
0.0%
Biocon Ltd.
Pharmaceuticals & Biotechnology
1.02%
0.0%
Ather Energy Limited
Automobiles
1.00%
+98.2%
Laurus Labs Ltd.
Pharmaceuticals & Biotechnology
0.98%
0.0%
INDO-MIM Limited
Industrial Manufacturing
0.95%
−19.4%
Sedemac Mechatronics Limited
Auto Components
0.93%
−6.7%
Lupin Ltd.
Pharmaceuticals & Biotechnology
0.91%
0.0%
Godrej Consumer Products Ltd.
Personal Products
0.90%
0.0%
ABB India Ltd.
Electrical Equipment
0.85%
0.0%
Bharat Forge Ltd.
Auto Components
0.85%
0.0%
Cummins India Ltd.
Industrial Products
0.81%
0.0%
Diamond Power Infrastructure Limited
Electrical Equipment
0.78%
0.0%
Coforge Limited
IT - Software
0.77%
−41.8%
OnEMI Technology Solutions Limited
Finance
0.77%
−9.5%
Saatvik Green Energy Limited
Electrical Equipment
0.71%
0.0%
IDEAFORGE TECHNOLOGY LIMITED
Aerospace & Defense
0.69%
0.0%
Siemens Ltd.
Electrical Equipment
0.68%
0.0%
3M India Ltd.
Diversified
0.68%
0.0%
Hindustan Unilever Ltd.
Diversified FMCG
0.64%
0.0%
InterGlobe Aviation Ltd.
Transport Services
0.63%
0.0%
Persistent Systems Limited
IT - Software
0.63%
0.0%
AEQUS LIMITED
Aerospace & Defense
0.63%
0.0%
Moneyview Limited
Finance
0.63%
New
Zydus Lifesciences Limited
Pharmaceuticals & Biotechnology
0.59%
0.0%
TENNECO CLEAN AIR INDIA LIMITED
Auto Components
0.58%
0.0%
Le Travenues Technology Limited
Leisure Services
0.57%
0.0%
Neuland Laboratories Limited
Pharmaceuticals & Biotechnology
0.56%
0.0%
SBI Life Insurance Company Ltd.
Insurance
0.54%
0.0%
Dhoot Transmission Limited
Auto Components
0.52%
0.0%
MphasiS Limited.
IT - Software
0.52%
0.0%
URBAN COMPANY LIMITED
Retailing
0.51%
−3.8%
Hexaware Technologies Ltd.
IT - Software
0.49%
0.0%
Torrent Power Ltd.
Power
0.47%
0.0%
Infosys Limited
IT - Software
0.46%
0.0%
Sudeep Pharma Limited
Chemicals & Petrochemicals
0.46%
0.0%
Molbio Diagnostics Limited
Healthcare Equipment & Supplies
0.45%
0.0%
TBO TEK LIMITED
Leisure Services
0.44%
0.0%
KAYNES TECHNOLOGY INDIA LIMITED
Industrial Manufacturing
0.40%
0.0%
Sonata Software Ltd.
IT - Software
0.40%
0.0%
Tempsens Instruments (India) Limited
Industrial Manufacturing
0.35%
0.0%
Hyundai Motor India Limited
Automobiles
0.33%
0.0%
Rentomojo Limited
Commercial Services & Supplies
0.32%
New
WeWork India Management Limited
Commercial Services & Supplies
0.31%
0.0%
Brainbees Solutions Limited (FirstCry)
Retailing
0.29%
0.0%
Atlanta Electricals Limited
Electrical Equipment
0.29%
0.0%
Shiprocket Limited
Transport Services
0.24%
0.0%
Lumino Industries Limited
Industrial Products
0.21%
0.0%
SBI Funds Management Limited
Capital Markets
0.17%
0.0%
One 97 Communications Limited
Financial Technology (Fintech)
0.14%
−67.0%
Kwality Wall’s (India) Limited
Food Products
0.01%
0.0%
HDFC Innovation Fund Stocks Bought and Sold
All changes are between August 2026 and September 2026
More
Stocks bought and sold in September 2026
Eternal Limited
↓Reduced
−3.2%
9.19%
Divis Laboratories Ltd.
↓Reduced
−18.2%
3.32%
PB Fintech Limited
↑Added
+26.5%
2.41%
LENSKART SOLUTIONS LIMITED
↓Reduced
−11.5%
2.52%
Reliance Industries Ltd.
↓Reduced
−20.4%
1.62%
Coforge Limited
↓Reduced
−41.8%
0.77%
Karamtara Engineering Limited
↑New
New
1.48%
SRF Ltd.
↓Reduced
−2.1%
1.33%
Sai Life Sciences Limited
↓Reduced
−17.6%
1.13%
Ather Energy Limited
↑Added
+98.2%
1.00%
INDO-MIM Limited
↓Reduced
−19.4%
0.95%
Anthem Biosciences Limited
↓Sold out
−100%
was 0.94%
Sedemac Mechatronics Limited
↓Reduced
−6.7%
0.93%
OnEMI Technology Solutions Limited
↓Reduced
−9.5%
0.77%
Moneyview Limited
↑New
New
0.63%
URBAN COMPANY LIMITED
↓Reduced
−3.8%
0.51%
One 97 Communications Limited
↓Reduced
−67.0%
0.14%
Rentomojo Limited
↑New
New
0.32%
No stocks in this group for September 2026.
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.
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 Innovation Fund Overview
Fund facts from the scheme summary document, as on 16-10-2026
Expense ratio (Direct)
1.02%
Expense ratio (Regular)
2.09%
Category
Thematic
Risk
Very High
Benchmark
Nifty 500 TRI
Launch date
17-07-2025
Minimum investment
₹100
Minimum additional investment
₹100
AUM
₹3,152.02 Cr (30-09-2026)
Lock in
None
Scheme code (Direct)
153620
ISIN (Direct)
INF179KC1JO7
Scheme code (Regular)
153619
ISIN (Regular)
INF179KC1JL3
NAV history
From 17-07-2025, 1.3 years
Exit load
• In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. • No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment.
Tax on HDFC Innovation Fund returns
HDFC Innovation 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
₹11.521
30-10-2026
direct
IDCW
₹11.521
30-10-2026
regular
Growth
₹11.344
30-10-2026
regular
IDCW
₹11.344
30-10-2026
About HDFC Innovation Fund
HDFC Innovation Fund is a mutual fund from HDFC Mutual Fund. Its category is Thematic. It was launched on 17-07-2025. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 78 securities.
Fund Manager
Amit Sinha
Fund manager of HDFC Innovation Fund, since 17-07-2025
Gopal Agrawal
Fund manager of HDFC Innovation Fund, since 01-09-2026
Bhagyesh Kagalkar
Fund manager of HDFC Innovation Fund, since 26-08-2026
Frequently Asked Questions for HDFC Innovation Fund
What is the current NAV of HDFC Innovation Fund?
The Direct plan NAV is ₹11.521. The Regular plan NAV is ₹11.344, as on 30-10-2026.
What are the returns of HDFC Innovation Fund?
The Direct plan returned +9.99% in 1 year. The Regular plan returned +8.70% in 1 year. These figures are as on 30-10-2026.
What is the expense ratio of HDFC Innovation Fund?
The Direct plan charges 1.02% a year. The Regular plan charges 2.09% a year. This is the figure the fund house reported to AMFI, in force from 19-10-2026.
What is the AUM of HDFC Innovation Fund?
HDFC Innovation Fund managed ₹3,152.02 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
What are the top holdings of HDFC Innovation Fund?
At the end of September 2026 the largest holdings were ETERNAL (9.19%), BAJFINANCE (4.02%), DIVISLAB (3.32%), RUBICON (3.21%), BEL (3.12%). The fund held 78 securities in all.
What did HDFC Innovation Fund buy and sell in September 2026?
It bought 3 new stocks: Rentomojo Limited, Moneyview Limited, Karamtara Engineering Limited. It sold out of 1: Anthem Biosciences Limited. It added shares in 2. It reduced 12.
How do I invest in HDFC Innovation 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.
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.
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