5 Best Nippon/Reliance Equity Mutual Funds 2026

Updated on March 15, 2026 , 35317 views

Nippon India Mutual Fund or (Formerly known as Reliance Mutual Funds) have been managing Equity Funds since 1995. The fund house involves highly experienced equity fund management & research team to manage your funds. Thus, the equity mutual funds by the AMC holds a lot of potential to offer higher returns to the investors.

As, equities are very risky, investors who can bear the equity risk and can invest for a long duration, can ideally invest in this fund.

Important Information

From October 2019, Reliance Mutual Fund has been renamed as Nippon India Mutual Fund. Nippon Life has acquired majority (75%) stakes in Reliance Nippon Asset Management (RNAM). The company will continue to run its operations without any change in structure and management.

Why Invest in Nippon or Reliance Equity Funds

The equity funds offered by Nippon India allow one to plan their long-term investment goals. One can invest equity in these funds and plan goals that they wish to fulfill in the long-run.
The fund managers at Nippon AMC are experts in managing investments and come with a rich experience of many years. Also, the fund managers are backed by a team of risk management specialists who ensure that your investment is well protected.
The AMC offers Tax Saving Scheme named as Nippon tax saver Fund (ELSS). One can plan their taxes under sec 80C with this scheme.
Investors can invest in Reliance equity funds with a minimum amount as low as INR 100 via a SIP.

Some of the top performers from this fund house are listed below. The top rated funds have been shortlisted by undertaking certain parameters like AUM, NAV, past performances, etc.

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Fund Selection Methodology used to find 5 funds

Category: Equity
Asset Management Company : Nippon India
Sorted On : drat (high to low)
Tags: fcpro
No Of Funds: 5

Best Reliance/Nippon Equity Mutual Funds

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2024 (%)	Sharpe Ratio
Nippon India Japan Equity Fund Growth	₹24.0797 ↑ 0.12	₹283	6.5	8.6	24.8	17.2	7.5	19.8	1.6
Nippon India Power and Infra Fund Growth	₹338.341 ↑ 3.66	₹6,773	-0.8	-4.8	14	24.5	22.7	-0.5	-0.03
Nippon India Large Cap Fund Growth	₹86.1351 ↑ 0.60	₹50,107	-7.5	-7.7	8	17.3	16.1	9.2	0.3
Nippon India Small Cap Fund Growth	₹153.086 ↑ 0.93	₹65,812	-6.6	-11.2	7.6	19.1	21.1	-4.7	-0.19
Nippon India Banking Fund Growth	₹611.336 ↑ 4.04	₹7,753	-6	-2.3	13.4	17.5	15.4	17.4	0.98
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 17 Mar 26
Note: Ratio's shown as on 31 Jan 26

Research Highlights & Commentary of 5 Funds showcased

Commentary	Nippon India Japan Equity Fund	Nippon India Power and Infra Fund	Nippon India Large Cap Fund	Nippon India Small Cap Fund	Nippon India Banking Fund
Point 1	Bottom quartile AUM (₹283 Cr).	Bottom quartile AUM (₹6,773 Cr).	Upper mid AUM (₹50,107 Cr).	Highest AUM (₹65,812 Cr).	Lower mid AUM (₹7,753 Cr).
Point 2	Established history (11+ yrs).	Established history (21+ yrs).	Established history (18+ yrs).	Established history (15+ yrs).	Oldest track record among peers (22 yrs).
Point 3	Top rated.	Rating: 4★ (upper mid).	Rating: 4★ (lower mid).	Rating: 4★ (bottom quartile).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: High.	Risk profile: High.	Risk profile: Moderately High.	Risk profile: Moderately High.	Risk profile: High.
Point 5	5Y return: 7.53% (bottom quartile).	5Y return: 22.74% (top quartile).	5Y return: 16.11% (lower mid).	5Y return: 21.09% (upper mid).	5Y return: 15.42% (bottom quartile).
Point 6	3Y return: 17.21% (bottom quartile).	3Y return: 24.53% (top quartile).	3Y return: 17.29% (bottom quartile).	3Y return: 19.15% (upper mid).	3Y return: 17.51% (lower mid).
Point 7	1Y return: 24.80% (top quartile).	1Y return: 14.04% (upper mid).	1Y return: 8.05% (bottom quartile).	1Y return: 7.60% (bottom quartile).	1Y return: 13.41% (lower mid).
Point 8	Alpha: -6.43 (bottom quartile).	Alpha: -6.78 (bottom quartile).	Alpha: 0.30 (upper mid).	Alpha: -0.64 (lower mid).	Alpha: 0.33 (top quartile).
Point 9	Sharpe: 1.60 (top quartile).	Sharpe: -0.03 (bottom quartile).	Sharpe: 0.30 (lower mid).	Sharpe: -0.19 (bottom quartile).	Sharpe: 0.98 (upper mid).
Point 10	Information ratio: -1.51 (bottom quartile).	Information ratio: 0.26 (lower mid).	Information ratio: 1.22 (top quartile).	Information ratio: 0.02 (bottom quartile).	Information ratio: 0.58 (upper mid).

Nippon India Japan Equity Fund

Bottom quartile AUM (₹283 Cr).
Established history (11+ yrs).
Top rated.
Risk profile: High.
5Y return: 7.53% (bottom quartile).
3Y return: 17.21% (bottom quartile).
1Y return: 24.80% (top quartile).
Alpha: -6.43 (bottom quartile).
Sharpe: 1.60 (top quartile).
Information ratio: -1.51 (bottom quartile).

Nippon India Power and Infra Fund

Bottom quartile AUM (₹6,773 Cr).
Established history (21+ yrs).
Rating: 4★ (upper mid).
Risk profile: High.
5Y return: 22.74% (top quartile).
3Y return: 24.53% (top quartile).
1Y return: 14.04% (upper mid).
Alpha: -6.78 (bottom quartile).
Sharpe: -0.03 (bottom quartile).
Information ratio: 0.26 (lower mid).

Nippon India Large Cap Fund

Upper mid AUM (₹50,107 Cr).
Established history (18+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderately High.
5Y return: 16.11% (lower mid).
3Y return: 17.29% (bottom quartile).
1Y return: 8.05% (bottom quartile).
Alpha: 0.30 (upper mid).
Sharpe: 0.30 (lower mid).
Information ratio: 1.22 (top quartile).

Nippon India Small Cap Fund

Highest AUM (₹65,812 Cr).
Established history (15+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderately High.
5Y return: 21.09% (upper mid).
3Y return: 19.15% (upper mid).
1Y return: 7.60% (bottom quartile).
Alpha: -0.64 (lower mid).
Sharpe: -0.19 (bottom quartile).
Information ratio: 0.02 (bottom quartile).

Nippon India Banking Fund

Lower mid AUM (₹7,753 Cr).
Oldest track record among peers (22 yrs).
Rating: 3★ (bottom quartile).
Risk profile: High.
5Y return: 15.42% (bottom quartile).
3Y return: 17.51% (lower mid).
1Y return: 13.41% (lower mid).
Alpha: 0.33 (top quartile).
Sharpe: 0.98 (upper mid).
Information ratio: 0.58 (upper mid).

About the Fincash Research Team

At Fincash, our mission is to help investors make informed, confident decisions. With over 10 years in Mutual Fund distribution, our team blends deep industry expertise with a commitment to transparency, accuracy, and investor education.

Who We Are

AMFI Registration No.: 112358
MCA CIN: U74999MH2016PTC282153
Location: Thane, Maharashtra, India
Experience: 10+ years in Mutual Fund distribution

Our Expertise

Certified Mutual Fund Distributors with hands-on advisory experience.
Market analysts tracking performance, macro trends, and sectors.
Data specialists processing NAVs, allocations, and risk metrics from Morning Star.

Our Research Process

Data sourcing: SEBI-registered fund houses & verified third-party provider Morning Star
Screening: Returns, manager track record, expenses, sector mix, risk-adjusted metrics.
Expert review: Senior team members review every article and list for accuracy.
Updates: Regular refreshes so performance data reflects current market conditions.

Why Trust Us

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Education-focused: We simplify complex concepts for everyday investors.

Disclaimer

Content is for educational and informational purposes only and is not investment advice. Please consider your risk profile and consult a financial advisor before investing.

1. Nippon India Japan Equity Fund

The primary investment objective of Reliance Japan Equity Fund is to provide long term capital appreciation to investors by primarily investing in equity and equity related securities of companies listed on the recognized stock exchanges of Japan and the secondary objective is to generate consistent returns by investing in debt and money market securities of India. However, there can be no assurance or guarantee that the investment objective of the scheme will be achieved.

Research Highlights for Nippon India Japan Equity Fund

Bottom quartile AUM (₹283 Cr).
Established history (11+ yrs).
Top rated.
Risk profile: High.
5Y return: 7.53% (bottom quartile).
3Y return: 17.21% (bottom quartile).
1Y return: 24.80% (top quartile).
Alpha: -6.43 (bottom quartile).
Sharpe: 1.60 (top quartile).
Information ratio: -1.51 (bottom quartile).

Below is the key information for Nippon India Japan Equity Fund

Nippon India Japan Equity Fund Growth
Launch Date	26 Aug 14
NAV (17 Mar 26)	₹24.0797 ↑ 0.12 (0.49 %)
Net Assets (Cr)	₹283 on 31 Jan 26
Category	Equity - Global
AMC	Nippon Life Asset Management Ltd.
Rating	☆☆☆☆
Risk	High
Expense Ratio	2.45
Sharpe Ratio	1.6
Information Ratio	-1.51
Alpha Ratio	-6.43
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)
Sub Cat.	Global

Growth of 10,000 investment over the years.

Date	Value

Nippon India Japan Equity Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹367,070.
Net Profit of ₹67,070 Invest Now

Returns for Nippon India Japan Equity Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 17 Mar 26

Duration	Returns
1 Month	-4.6%
3 Month	6.5%
6 Month	8.6%
1 Year	24.8%
3 Year	17.2%
5 Year	7.5%
10 Year
15 Year
Since launch	8.5%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	19.8%
2023	9.3%
2022	18.7%
2021	-15.3%
2020	5.7%
2019
2018
2017
2016
2015

Fund Manager information for Nippon India Japan Equity Fund

Name	Since	Tenure

Data below for Nippon India Japan Equity Fund as on 31 Jan 26

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

2. Nippon India Power and Infra Fund

(Erstwhile Reliance Diversified Power Sector Fund)

The primary investment objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity related securities of companies in the power sector.

Research Highlights for Nippon India Power and Infra Fund

Bottom quartile AUM (₹6,773 Cr).
Established history (21+ yrs).
Rating: 4★ (upper mid).
Risk profile: High.
5Y return: 22.74% (top quartile).
3Y return: 24.53% (top quartile).
1Y return: 14.04% (upper mid).
Alpha: -6.78 (bottom quartile).
Sharpe: -0.03 (bottom quartile).
Information ratio: 0.26 (lower mid).

Below is the key information for Nippon India Power and Infra Fund

Nippon India Power and Infra Fund Growth
Launch Date	8 May 04
NAV (17 Mar 26)	₹338.341 ↑ 3.66 (1.09 %)
Net Assets (Cr)	₹6,773 on 31 Jan 26
Category	Equity - Sectoral
AMC	Nippon Life Asset Management Ltd.
Rating	☆☆☆☆
Risk	High
Expense Ratio	1.85
Sharpe Ratio	-0.03
Information Ratio	0.26
Alpha Ratio	-6.78
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)
Sub Cat.	Sectoral

Growth of 10,000 investment over the years.

Date	Value

Nippon India Power and Infra Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹530,691.
Net Profit of ₹230,691 Invest Now

Returns for Nippon India Power and Infra Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 17 Mar 26

Duration	Returns
1 Month	-4.1%
3 Month	-0.8%
6 Month	-4.8%
1 Year	14%
3 Year	24.5%
5 Year	22.7%
10 Year
15 Year
Since launch	17.5%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	-0.5%
2023	26.9%
2022	58%
2021	10.9%
2020	48.9%
2019	10.8%
2018	-2.9%
2017	-21.1%
2016	61.7%
2015	0.1%

Fund Manager information for Nippon India Power and Infra Fund

Name	Since	Tenure

Data below for Nippon India Power and Infra Fund as on 31 Jan 26

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

3. Nippon India Large Cap Fund

(Erstwhile Reliance Top 200 Fund)

The primary investment objective of the scheme is to seek to generate long term capital appreciation by investing in equity and equity related instruments of companies whose market capitalization is within the range of highest & lowest market capitalization of S&P BSE 200 Index. The secondary objective is to generate consistent returns by investing in debt and money market securities.

Research Highlights for Nippon India Large Cap Fund

Upper mid AUM (₹50,107 Cr).
Established history (18+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderately High.
5Y return: 16.11% (lower mid).
3Y return: 17.29% (bottom quartile).
1Y return: 8.05% (bottom quartile).
Alpha: 0.30 (upper mid).
Sharpe: 0.30 (lower mid).
Information ratio: 1.22 (top quartile).

Below is the key information for Nippon India Large Cap Fund

Nippon India Large Cap Fund Growth
Launch Date	8 Aug 07
NAV (17 Mar 26)	₹86.1351 ↑ 0.60 (0.70 %)
Net Assets (Cr)	₹50,107 on 31 Jan 26
Category	Equity - Large Cap
AMC	Nippon Life Asset Management Ltd.
Rating	☆☆☆☆
Risk	Moderately High
Expense Ratio	1.58
Sharpe Ratio	0.3
Information Ratio	1.22
Alpha Ratio	0.3
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)
Sub Cat.	Large Cap

Growth of 10,000 investment over the years.

Date	Value

Nippon India Large Cap Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹458,689.
Net Profit of ₹158,689 Invest Now

Returns for Nippon India Large Cap Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 17 Mar 26

Duration	Returns
1 Month	-7.8%
3 Month	-7.5%
6 Month	-7.7%
1 Year	8%
3 Year	17.3%
5 Year	16.1%
10 Year
15 Year
Since launch	12.3%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	9.2%
2023	18.2%
2022	32.1%
2021	11.3%
2020	32.4%
2019	4.9%
2018	7.3%
2017	-0.2%
2016	38.4%
2015	2.2%

Fund Manager information for Nippon India Large Cap Fund

Name	Since	Tenure

Data below for Nippon India Large Cap Fund as on 31 Jan 26

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

4. Nippon India Small Cap Fund

The primary investment objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity related instruments of small cap companies and the secondary objective is to generate consistent returns by investing in debt and money market securities.

Research Highlights for Nippon India Small Cap Fund

Highest AUM (₹65,812 Cr).
Established history (15+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderately High.
5Y return: 21.09% (upper mid).
3Y return: 19.15% (upper mid).
1Y return: 7.60% (bottom quartile).
Alpha: -0.64 (lower mid).
Sharpe: -0.19 (bottom quartile).
Information ratio: 0.02 (bottom quartile).

Below is the key information for Nippon India Small Cap Fund

Nippon India Small Cap Fund Growth
Launch Date	16 Sep 10
NAV (17 Mar 26)	₹153.086 ↑ 0.93 (0.61 %)
Net Assets (Cr)	₹65,812 on 31 Jan 26
Category	Equity - Small Cap
AMC	Nippon Life Asset Management Ltd.
Rating	☆☆☆☆
Risk	Moderately High
Expense Ratio	1.44
Sharpe Ratio	-0.19
Information Ratio	0.02
Alpha Ratio	-0.64
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)
Sub Cat.	Small Cap

Growth of 10,000 investment over the years.

Date	Value

Nippon India Small Cap Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹518,033.
Net Profit of ₹218,033 Invest Now

Returns for Nippon India Small Cap Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 17 Mar 26

Duration	Returns
1 Month	-6.6%
3 Month	-6.6%
6 Month	-11.2%
1 Year	7.6%
3 Year	19.1%
5 Year	21.1%
10 Year
15 Year
Since launch	19.2%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	-4.7%
2023	26.1%
2022	48.9%
2021	6.5%
2020	74.3%
2019	29.2%
2018	-2.5%
2017	-16.7%
2016	63%
2015	5.6%

Fund Manager information for Nippon India Small Cap Fund

Name	Since	Tenure

Data below for Nippon India Small Cap Fund as on 31 Jan 26

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

5. Nippon India Banking Fund

The primary investment objective of the Scheme is to seek to generate continuous returns by actively investing in equity and equity related securities of companies in the Banking Sector and companies engaged in allied activities related to Banking Sector. The AMC will have the discretion to completely or partially invest in any of the type of securities stated above with a view to maximize the returns or on defensive considerations. However, there can be no assurance that the investment objective of the Scheme will be realized, as actual market movements may be at variance with anticipated trends.

Research Highlights for Nippon India Banking Fund

Lower mid AUM (₹7,753 Cr).
Oldest track record among peers (22 yrs).
Rating: 3★ (bottom quartile).
Risk profile: High.
5Y return: 15.42% (bottom quartile).
3Y return: 17.51% (lower mid).
1Y return: 13.41% (lower mid).
Alpha: 0.33 (top quartile).
Sharpe: 0.98 (upper mid).
Information ratio: 0.58 (upper mid).

Below is the key information for Nippon India Banking Fund

Nippon India Banking Fund Growth
Launch Date	26 May 03
NAV (17 Mar 26)	₹611.336 ↑ 4.04 (0.67 %)
Net Assets (Cr)	₹7,753 on 31 Jan 26
Category	Equity - Sectoral
AMC	Nippon Life Asset Management Ltd.
Rating	☆☆☆
Risk	High
Expense Ratio	1.89
Sharpe Ratio	0.98
Information Ratio	0.58
Alpha Ratio	0.33
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)
Sub Cat.	Sectoral

Growth of 10,000 investment over the years.

Date	Value

Nippon India Banking Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579 Invest Now

Returns for Nippon India Banking Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 17 Mar 26

Duration	Returns
1 Month	-9.4%
3 Month	-6%
6 Month	-2.3%
1 Year	13.4%
3 Year	17.5%
5 Year	15.4%
10 Year
15 Year
Since launch	19.8%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	17.4%
2023	10.3%
2022	24.2%
2021	20.7%
2020	29.7%
2019	-10.6%
2018	10.7%
2017	-1.2%
2016	44.1%
2015	11.5%

Fund Manager information for Nippon India Banking Fund

Name	Since	Tenure

Data below for Nippon India Banking Fund as on 31 Jan 26

Equity Sector Allocation

Sector	Value

Asset Allocation

Asset Class	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.