NAV

Net Asset Value (NAV) is the per-unit market value of a mutual fund, computed at the end of every business day as (total assets − total liabilities) ÷ outstanding units.

When you buy a mutual fund, you're allocated units at the day's closing NAV (cut-off rules apply — orders before 3 PM get same-day NAV, after gets next-day). NAV doesn't tell you whether a fund is cheap or expensive; it just tells you how many units a given rupee amount buys. Two funds with the same returns but different NAVs perform identically.