August 5, 2025
RA Jainee
Nippon India Nifty India Manufacturing Index Fund NFO Review – Dates, Benchmark, Portfolio & SahiFund Verdict
| NFO opens on | 6 August 2025 |
| NFO Closes on | 20 August 2025 |
| Min. Investment | Rs. 1000 |
| Plans | Growth, IDCW |
| Sahifund Verdict |
Suited for long-term investors (7+ years) who want to ride the manufacturing growth story |
Table of contents
1. NFO Open date, Close date
2. NFO Investment Strategy
3. Basic Details NFO
4. Benchmark Index NFO
5. Fund Manager | Performance Review of Fund Manager
6. Should You Invest in this NFO?
7. Invest Online
What is the Nippon India Nifty India Manufacturing Index Fund Open Date, Close Date?
NFO opens on August 06, 2025
NFO will close on August 20, 2025
Investment Strategy for this NFO?
The scheme seeks to provide investment returns that commensurate to the total returns of the securities as represented by the Nifty India Manufacturing Index before expenses, subject to tracking errors.
Basic Details
| Fund House | Nippon India Mutual Fund |
| Issue Open | 06 August 2025 |
| Issue Close | 20 August 2025 |
| Type | Open-ended |
| Category | Equity: Thematic |
| Min. Investment(Rs) | 1,000 |
| Plans | Growth, IDCW |
| Lock-in Period | NA |
| Exit Load | 0 |
| Riskometer | Very High |
| Benchmark | Nifty India Manufacturing TRI |
About Benchmark Index for this NFO?
Highlights:
1. The index has a base date of April 01, 2005, with a base value of 1000
2. Stocks forming part of the combined universe of Nifty 100, Nifty Midcap 150 and Nifty Smallcap 50 are eligible for inclusion in the index
3. Stocks forming part of the eligible ‘basic industry’ based on AMFI classification shall be eligible to be included from the universe
4. Provides around 75% coverage of Free Float Market Cap of eligible stocks within each eligible basic industry of the combined universe
5. The weight of each stock in the index is based on its free float market capitalization and is reconstituted and rebalanced semi-annually along with Nifty Broad-based indices
The Nifty India Manufacturing Index aims to track the performance of stocks that represent manufacturing sectors in India. The stocks are selected from a combined universe of Nifty 100, Nifty Midcap 150 and Nifty Smallcap 50 index. A stock’s weight in the Nifty India Manufacturing index is based on its free-float market capitalisation subject to maximum weight of each stock at 5%. The index also has a minimum weight of 20% to certain manufacturing sectors.
Index Variant: Nifty India Manufacturing Total Returns Index.
Portfolio Characteristics
| Methodology | Periodic Capped Free Float MCap |
| No. of Constituents | 76 |
| Launch Date | August 16, 2021 |
| Base Date | April 01, 2005 |
| Base Value | 1000 |
| Calculation Frequency | Real-Time |
| Index Rebalancing | Semi-Annually |
Fund Managers of Nippon India Nifty India Manufacturing Index Fund
1) Himanshu Mange
Education: Mr. Mange has done B.Com and CA
Experience: Prior to joining Nippon India MF, he has worked with Tata AIA Life Insurance, Pipalia Singhal & Associates, Felix Solutions, Lodha Group and N.B.Gandhi & Co.
AMC
Nippon Life India Asset Management Ltd.
Address: 4th Floor, Tower A, Peninsula Business Park, Ganapatrao Kadam Marg, Lower Parel (W), Mumbai – 400013
Website: https://mf.nipponindiaim.com/
Registrar & Transfer Agent
KFin Technologies Ltd.
Address: 303, Vamsee Estates, Opp. Big Bazaar, Ameerpet, Hyderabad – 500016
Website: https://mfs.kfintech.com/mfs/
Review for Nippon India Nifty India Manufacturing Index Fund by Paresh Gordhandas, C.A. & Research Analyst
[ A ] Benchmark Performance of Nifty India Manufacturing TRI
Performance
| Index Returns (%)# | QTD | YTD | 1 Year | 5 Years | Since Inception |
| Price Return | -2.28 | 2.94 | -6.36 | 24.93 | 13.94 |
| Total Return | -2.06 | 3.43 | -5.66 | 26.09 | 15.42 |
| Statistics ## | 1 Year | 5 Years | Since Inception |
| Std. Deviation * | 17.13 | 16.01 | 21.20 |
| Beta (NIFTY 50) | 1.08 | 0.92 | 0.92 |
| Correlation (NIFTY 50) | 0.85 | 0.83 | 0.91 |
Fundamentals
| P/E | P/B | Dividend Yield |
| 28.12 | 4.22 | 1.18 |
Top constituents by weightage
| Company’s Name | Weight(%) |
| Sun Pharmaceutical Industries Ltd | 5.08 |
| Mahindra & Mahindra Ltd. | 5.02 |
| Reliance Industries Ltd. | 4.77 |
| Maruti Suzuki India Ltd. | 4.57 |
| Tata Motors Ltd. | 3.84 |
| Bharat Electronics Ltd. | 3.66 |
| Tata Steel Ltd. | 3.61 |
| JSW Steel Ltd. | 2.75 |
| Hindalco Industries Ltd. | 2.73 |
| Bajaj Auto Ltd. | 2.45 |
[A] Benchmark Performance
The Nifty India Manufacturing TRI tracks 76 companies spanning auto, pharma, steel, capital goods, and chemicals. Over the last 5 years, it delivered 26.1% CAGR, outperforming broad indices, while long-term returns since inception stand at 15.4% CAGR. However, the index showed weakness in the last one year (-5.7%), reflecting cyclical pressures in manufacturing. Volatility is moderately high (Std. Dev ~17), and correlation with Nifty 50 remains strong at 0.85, making it a high beta play on India’s industrial growth.
[ B ] Performance Review of the Fund Managers of this NFO
Past Performance of Himanshu Mange
| Fund | Nippon India ETF Nifty IT | It’s Benchmark | Nippon India Nifty 50 Value 20 Index Fund | It’s Benchmark |
| 1 Year | -9.57 | -12.82 | -8.79 | -1.19 |
| 3 Year | 7.56 | 6.91 | 13.80 | 16.19 |
| 5 Year | 16.57 | 16.22 | — | — |
| 7 Year | — | — | — | — |
| 10 Year | — | — | — | — |
As on 05-8-2025
[B] Fund Manager’s Track Record
The fund will be managed by Jitendra Tolani, who has previously managed Nippon ETFs such as Nifty 50 Shariah BeES and Nifty 50 Value 20. His 5-year performance track record has been steady, with returns broadly in line with benchmarks. Execution will be crucial here as this ETF spans multiple sectors, and minimizing tracking error will decide efficiency.
[C] SahiFund Verdict
This ETF offers a thematic play on India’s manufacturing resurgence, backed by government initiatives like Make in India and PLI schemes. With exposure to leaders like Sun Pharma, Mahindra, Reliance, Maruti, Tata Motors and Bajaj Auto, it captures diversified manufacturing themes. It is best suited for long-term investors (7+ years) who want to ride the manufacturing growth story. However, as a thematic, high-risk ETF, investors should allocate only a limited portion of their portfolio.
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
The fund aims to provide returns that mirror the Nifty India Manufacturing TRI, which represents leading companies in India’s manufacturing sector, subject to tracking error.
The NFO opens on 6 August 2025 and closes on 20 August 2025. The minimum investment is Rs.1,000
The index includes 76 companies from sectors like automobiles, pharma, metals, steel, chemicals, and capital goods, with leaders such as Sun Pharma, Reliance, Mahindra, Maruti Suzuki, and Tata Motors.
This Index Fund suits investors with a long-term horizon (7+ years), seeking thematic exposure to India’s industrial and manufacturing growth.
Being a thematic Fund, returns depend heavily on the performance of manufacturing industries. It may underperform during slowdowns, making it riskier than diversified index funds.
Is it good to invest in Nippon India Nifty India Manufacturing Index Fund NFO?
>> Post your MF questions @ sahifund.com/ask-me/
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https://sahifund.com/category/nfos/
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