Net Asset Value
*The headline for the (Company) announcement released on 04-Dec-2025 at 11:11AM under RNS No 2992K should read Net Asset Value. The announcement text is unchanged and is reproduced in full below.
04 December 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 28 November 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 28 November 2025 was 194.94 pence.
In November, the NAV was down 0.67% in Sterling terms, whilst the BSE MidCap TR Index was down 0.87%, delivering an outperformance against the notional benchmark of 0.20%. In local currency terms, the NAV was up 0.67%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 28 November 2025 was 206.74 pence.
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Portfolio analysis by sector as at 28 November 2025 |
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Sector |
No. of Companies |
% of Portfolio |
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Financial Banks |
4 |
17.7% |
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Industrials |
7 |
13.3% |
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Consumer Staples |
4 |
9.9% |
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Consumer Discretionary |
4 |
8.5% |
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Auto & Auto Ancillary |
4 |
7.6% |
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Financial Services |
2 |
6.6% |
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Digital |
2 |
6.6% |
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Healthcare |
2 |
6.5% |
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IT Services |
2 |
6.0% |
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Textiles |
2 |
4.0% |
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Cement |
2 |
4.0% |
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Chemicals |
2 |
3.7% |
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Financial NBFC |
1 |
1.5% |
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Energy |
0 |
0.0% |
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Metals |
0 |
0.0% |
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Utilities |
0 |
0.0% |
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Real Estate |
0 |
0.0% |
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Total Equity Investment |
38 |
95.8% |
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Cash & cash equivalents |
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4.2% |
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Total Portfolio |
38 |
100.0% |
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Top 20 holdings as at 28 November 2025 |
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Holding |
Sector |
% of Portfolio |
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Federal Bank |
Financial Banks |
5.4% |
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RBL Bank |
Financial Banks |
5.0% |
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Neuland Laboratories |
Healthcare |
5.0% |
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Multi Commodity Exchange |
Financial Services |
4.9% |
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Skipper |
Industrials |
4.3% |
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Dixon Technologies |
Consumer Discretionary |
4.1% |
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Persistent Systems |
IT Services |
3.8% |
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City Union Bank |
Financial Banks |
3.7% |
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IDFC Bank |
Financial Banks |
3.6% |
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CCL Products India |
Consumer Staples |
3.6% |
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Cartrade Technologies |
Digital |
3.4% |
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Emami |
Consumer Staples |
3.2% |
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Affle India |
Digital |
3.1% |
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Sona BLW Precision Forgings |
Auto & Auto Ancillary |
2.4% |
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JK Lakshmi Cement |
Cement |
2.3% |
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Coforge |
IT Services |
2.1% |
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Ramkrishna Forgings |
Auto & Auto Ancillary |
2.1% |
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Essel Propack |
Consumer Staples |
2.1% |
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Gokaldas Exports |
Textiles |
2.1% |
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VIP Industries |
Consumer Discretionary |
2.1% |
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Portfolio analysis by market capitalisation size as at 28 November 2025 |
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Market capitalisation size |
No. of Companies |
% of Portfolio |
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Small Cap (M/Cap < US$3.5bn) |
27 |
63.0% |
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Mid Cap (US$3.5bn < M/Cap < US$10.5bn) |
9 |
27.5% |
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Large Cap (M/Cap > US$10.5bn) |
2 |
5.3% |
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Total Equity Investment |
38 |
95.8% |
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Net Cash |
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4.2% |
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Total Portfolio |
38 |
100.0% |
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