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08 April 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 March 2026
The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 March 2026 was 155.71 pence.
In March, the NAV was down 9.41% in Sterling terms, whilst the MSCI India SMID Cap Index was down 12.58%, delivering an outperformance against the notional benchmark of 3.18%. In local currency terms, the NAV was down 7.12%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 March 2026 was 161.98 pence.
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Portfolio analysis by sector as at 30 March 2026 |
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Sector |
No. of Companies |
% of Portfolio |
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Financial Banks |
4 |
17.7% |
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Industrials |
6 |
14.3% |
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Consumer Staples |
4 |
10.5% |
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Consumer Discretionary |
3 |
9.0% |
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Auto & Auto Ancillary |
3 |
7.7% |
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Financial Services |
2 |
6.8% |
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Digital |
2 |
6.7% |
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IT Services |
2 |
5.9% |
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Healthcare |
2 |
5.5% |
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Chemicals |
2 |
5.1% |
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Cement |
2 |
4.4% |
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Textiles |
2 |
2.8% |
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Financial NBFC |
0 |
0.0% |
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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 |
34 |
96.5% |
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Cash & cash equivalents |
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3.5% |
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Total Portfolio |
34 |
100.0% |
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Top 20 holdings as at 30 March 2026 |
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Holding |
Sector |
% of Portfolio |
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RBL Bank |
Financial Banks |
5.5% |
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Skipper |
Industrials |
4.8% |
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Federal Bank |
Financial Banks |
4.8% |
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Multi Commodity Exchange |
Financial Services |
4.7% |
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Affle India |
Digital |
4.2% |
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City Union Bank |
Financial Banks |
3.8% |
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IDFC Bank |
Financial Banks |
3.7% |
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Dixon Technologies |
Consumer Discretionary |
3.6% |
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Neuland Laboratories |
Healthcare |
3.6% |
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CCL Products India |
Consumer Staples |
3.6% |
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Persistent Systems |
IT Services |
3.5% |
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Sona BLW Precision Forgings |
Auto & Auto Ancillary |
3.5% |
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Atlanta Electricals |
Industrials |
3.3% |
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Essel Propack |
Consumer Staples |
3.3% |
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Emami |
Consumer Staples |
3.2% |
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Kajaria Ceramics |
Consumer Discretionary |
3.2% |
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Aether Industries |
Chemicals |
2.8% |
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JK Lakshmi Cement |
Cement |
2.6% |
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Cartrade Technologies |
Digital |
2.5% |
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Ramkrishna Forgings |
Auto & Auto Ancillary |
2.4% |
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Portfolio analysis by market capitalisation size as at 30 March 2026 |
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Market capitalisation size |
No. of Companies |
% of Portfolio |
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Small Cap (M/Cap < US$4.0bn) |
28 |
73.8% |
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Mid Cap (US$4.0bn < M/Cap < US$11.5bn) |
6 |
22.7% |
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Large Cap (M/Cap > US$11.5bn) |
0 |
0.0% |
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Total Equity Investment |
34 |
96.5% |
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Net Cash |
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3.5% |
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Total Portfolio |
34 |
100.0% |
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