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Last checked at 
7 May 2026 11:36
07 May 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 April 2026
The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 April 2026 was 176.11 pence.
In April, the NAV was up 13.10% in Sterling terms, whilst the MSCI India SMID Cap Index was up 11.89%, delivering an outperformance against the notional benchmark of 1.21%. In local currency terms, the NAV was up 15.41%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 April 2026 was 186.12 pence.
Portfolio analysis by sector as at 30 April 2026 | ||
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Sector | No. of Companies | % of Portfolio |
Financial Banks | 4 | 17.3% |
Industrials | 6 | 16.2% |
Consumer Staples | 3 | 9.5% |
Consumer Discretionary | 3 | 8.9% |
Auto & Auto Ancillary | 3 | 7.2% |
Financial Services | 2 | 7.0% |
Healthcare | 2 | 5.8% |
Digital | 2 | 5.6% |
IT Services | 2 | 4.9% |
Chemicals | 2 | 4.8% |
Cement | 2 | 4.4% |
Textiles | 2 | 2.9% |
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 | 33 | 94.6% |
Cash & cash equivalents | 5.4% | |
Total Portfolio | 33 | 100.0% |
Top 20 holdings as at 30 April 2026 | ||
Holding | Sector | % of Portfolio |
Skipper | Industrials | 5.9% |
RBL Bank | Financial Banks | 5.5% |
Multi Commodity Exchange | Financial Services | 5.0% |
Federal Bank | Financial Banks | 4.5% |
Neuland Laboratories | Healthcare | 3.8% |
IDFC Bank | Financial Banks | 3.7% |
City Union Bank | Financial Banks | 3.6% |
Dixon Technologies | Consumer Discretionary | 3.6% |
Affle India | Digital | 3.5% |
Kajaria Ceramics | Consumer Discretionary | 3.5% |
CCL Products India | Consumer Staples | 3.3% |
Atlanta Electricals | Industrials | 3.1% |
Essel Propack | Consumer Staples | 3.1% |
Emami | Consumer Staples | 3.1% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.7% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.6% |
Persistent Systems | IT Services | 2.6% |
JK Lakshmi Cement | Cement | 2.5% |
Aether Industries | Chemicals | 2.5% |
Coforge | IT Services | 2.4% |
Portfolio analysis by market capitalisation size as at 30 April 2026 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$4.0bn) | 26 | 70.7% |
Mid Cap (US$4.0bn < M/Cap < US$11.5bn) | 7 | 24.0% |
Large Cap (M/Cap > US$11.5bn) | 0 | 0.0% |
Total Equity Investment | 33 | 94.6% |
Net Cash | 5.4% | |
Total Portfolio | 33 | 100.0% |
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