NAV or Net Asset Value is the per-unit price of a mutual fund. It is calculated by subtracting liabilities from total assets and dividing the result by outstanding units. For example, if assets are ₹100 crore and liabilities are ₹5 crore, with 10 crore units outstanding, NAV equals (₹100 cr − ₹5 cr) ÷ 10 crore, which comes to ₹9.50/unit.