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Last checked at 
6 Nov 2025 13:29
06 November 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 October 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 October 2025 was 196.25 pence.
In October, the NAV was up 9.21% in Sterling terms, whilst the BSE MidCap TR Index was up 7.15%, delivering an outperformance against the notional benchmark of 2.06%. In local currency terms, the NAV was up 6.77%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 October 2025 was 208.25 pence.
Portfolio analysis by sector as at 31 October 2025 | ||
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Sector | No. of Companies | % of Portfolio |
Financial Banks | 4 | 17.0% |
Industrials | 7 | 14.3% |
Consumer Discretionary | 4 | 9.7% |
Consumer Staples | 4 | 9.5% |
Auto & Auto Ancillary | 4 | 7.4% |
Digital | 2 | 7.0% |
Healthcare | 2 | 6.5% |
Financial Services | 2 | 6.1% |
IT Services | 2 | 5.6% |
Cement | 2 | 4.4% |
Textiles | 2 | 3.8% |
Chemicals | 2 | 3.5% |
Financial NBFC | 1 | 1.4% |
Energy | 0 | 0.0% |
Metals | 0 | 0.0% |
Utilities | 0 | 0.0% |
Real Estate | 0 | 0.0% |
Total Equity Investment | 38 | 96.2% |
Cash & cash equivalents | 3.8% | |
Total Portfolio | 38 | 100.0% |
Top 20 holdings as at 31 October 2025 | ||
Holding | Sector | % of Portfolio |
RBL Bank | Financial Banks | 5.2% |
Federal Bank | Financial Banks | 4.9% |
Neuland Laboratories | Healthcare | 4.9% |
Skipper | Industrials | 4.8% |
Multi Commodity Exchange | Financial Services | 4.5% |
Dixon Technologies | Consumer Discretionary | 4.4% |
Affle India | Digital | 3.7% |
IDFC Bank | Financial Banks | 3.6% |
Persistent Systems | IT Services | 3.6% |
Cartrade Technologies | Digital | 3.3% |
Emami | Consumer Staples | 3.3% |
City Union Bank | Financial Banks | 3.2% |
CCL Products India | Consumer Staples | 3.0% |
JK Lakshmi Cement | Cement | 2.6% |
VIP Industries | Consumer Discretionary | 2.2% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.2% |
Kajaria Ceramics | Consumer Discretionary | 2.1% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.1% |
Essel Propack | Consumer Staples | 2.1% |
Coforge | IT Services | 2.0% |
Portfolio analysis by market capitalisation size as at 31 October 2025 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$3.5bn) | 28 | 66.6% |
Mid Cap (US$3.5bn < M/Cap < US$10.5bn) | 8 | 23.7% |
Large Cap (M/Cap > US$10.5bn) | 2 | 5.8% |
Total Equity Investment | 38 | 96.2% |
Net Cash | 3.8% | |
Total Portfolio | 38 | 100.0% |
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