India Capital Growth Fund LimitedLSE: IGC

India Capital Growth Fund: Net Asset Value

· Issued by India Capital Growth Fund Limited via RNS

Summary by 6ix AI

India Capital Growth Fund Limited (ICGF) said its net asset value (NAV, the value of its investments per share) was 196.85 pence per ordinary share as at September 30, 2026. Before the deferred provision for Indian capital gains tax, NAV was 209.21 pence per share.

Key details

  • In September, NAV fell 1.73% in Sterling terms, while the MSCI India SMID Cap Index (a benchmark of Indian small and mid-sized companies) fell 4.03%, an outperformance of 2.30% against this notional benchmark. In local currency terms, NAV fell 3.32%.
  • As at September 30, 2026, the portfolio held 36 companies making up 95.5% of the portfolio, with 4.5% in cash and cash equivalents.
  • Banks were the largest sector at 17.2% of the portfolio across 4 companies, followed by industrials at 15.2% across 8 companies.
  • The largest holdings were RBL Bank at 5.6%, Skipper at 5.5% and Multi Commodity Exchange at 5.1% of the portfolio.
  • By company size, 27 small caps (market value less than US$3.5bn) made up 62.2% and 9 mid caps (US$3.5bn to US$11.0bn) made up 33.2%, with no large caps.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/net-asset-value-51

06 October 2026

India Capital Growth Fund Limited (the "Company" or "ICGF")

Net Asset Value statement at 30 September 2026

The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 September 2026 was 196.85 pence.

In September, the NAV was down 1.73% in Sterling terms, whilst the MSCI India SMID Cap Index was down 4.03%, delivering an outperformance against the notional benchmark of 2.30%. In local currency terms, the NAV was down 3.32%.

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 September 2026 was 209.21 pence.

Portfolio analysis by sector as at 30 September 2026

Sector

No. of Companies

% of Portfolio

Financial Banks

4

17.2%

Industrials

8

15.2%

Consumer Staples

4

9.8%

Consumer Discretionary

3

8.8%

Auto & Auto Ancillary

3

8.7%

Financial Services

2

7.5%

IT Services

2

5.8%

Digital

2

5.8%

Healthcare

2

5.3%

Chemicals

2

5.0%

Textiles

2

3.2%

Cement

2

3.2%

Financial NBFC

0

0.0%

Energy

0

0.0%

Metals

0

0.0%

Utilities

0

0.0%

Real Estate

0

0.0%

Total Equity Investment

36

95.5%

Cash & cash equivalents

4.5%

Total Portfolio

36

100.0%

Top 20 holdings as at 30 September 2026

Holding

Sector

% of Portfolio

RBL Bank

Financial Banks

5.6%

Skipper

Industrials

5.5%

Multi Commodity Exchange

Financial Services

5.1%

IDFC Bank

Financial Banks

4.0%

Federal Bank

Financial Banks

3.9%

Dixon Technologies

Consumer Discretionary

3.9%

City Union Bank

Financial Banks

3.7%

Sona BLW Precision Forgings

Auto & Auto Ancillary

3.4%

Aether Industries

Chemicals

3.4%

Neuland Laboratories

Healthcare

3.4%

Kajaria Ceramics

Consumer Discretionary

3.3%

Essel Propack

Consumer Staples

3.2%

Coforge

IT Services

3.2%

Affle India

Digital

3.0%

Cartrade Technologies

Digital

2.8%

Uniparts India

Auto & Auto Ancillary

2.8%

CCL Products India

Consumer Staples

2.8%

Persistent Systems

IT Services

2.6%

Ramkrishna Forgings

Auto & Auto Ancillary

2.5%

Emami

Consumer Staples

2.5%

Portfolio analysis by market capitalisation size as at 30 September 2026

Market capitalisation size

No. of Companies

% of Portfolio

Small Cap (M/Cap < US$3.5bn)

27

62.2%

Mid Cap (US$3.5bn < M/Cap < US$11.0bn)

9

33.2%

Large Cap (M/Cap > US$11.0bn)

0

0.0%

Total Equity Investment

36

95.5%

Net Cash

4.5%

Total Portfolio

36

100.0%

India Capital Growth Fund Limited on 6ix

Earlier from India Capital Growth Fund

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