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Last checked at 
7 Jan 2026 14:19
07 January 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 December 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 December 2025 was 187.29 pence.
In December, the NAV was down 3.92% in Sterling terms, whilst the BSE MidCap TR Index was down 2.81%, delivering an underperformance against the notional benchmark of 1.11%. In local currency terms, the NAV was down 1.69%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 December 2025 was 198.34 pence.
Portfolio analysis by sector as at 31 December 2025 | ||
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Sector | No. of Companies | % of Portfolio |
Financial Banks | 4 | 18.9% |
Industrials | 6 | 14.2% |
Consumer Staples | 4 | 10.7% |
Consumer Discretionary | 3 | 8.2% |
Digital | 2 | 7.5% |
Financial Services | 2 | 7.4% |
Auto & Auto Ancillary | 3 | 6.8% |
Healthcare | 2 | 6.2% |
IT Services | 2 | 6.2% |
Cement | 2 | 5.1% |
Chemicals | 2 | 4.5% |
Textiles | 2 | 3.0% |
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 | 34 | 98.8% |
Cash & cash equivalents | 1.2% | |
Total Portfolio | 34 | 100.0% |
Top 20 holdings as at 31 December 2025 | ||
Holding | Sector | % of Portfolio |
Multi Commodity Exchange | Financial Services | 5.2% |
Federal Bank | Financial Banks | 5.1% |
Skipper | Industrials | 5.1% |
RBL Bank | Financial Banks | 5.0% |
IDFC Bank | Financial Banks | 4.4% |
Affle India | Digital | 4.3% |
Neuland Laboratories | Healthcare | 4.3% |
City Union Bank | Financial Banks | 4.3% |
Persistent Systems | IT Services | 3.8% |
Emami | Consumer Staples | 3.6% |
CCL Products India | Consumer Staples | 3.4% |
Dixon Technologies | Consumer Discretionary | 3.3% |
Cartrade Technologies | Digital | 3.2% |
JK Lakshmi Cement | Cement | 3.0% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.9% |
Essel Propack | Consumer Staples | 2.9% |
Kajaria Ceramics | Consumer Discretionary | 2.5% |
Coforge | IT Services | 2.4% |
VIP Industries | Consumer Discretionary | 2.3% |
PI Industries | Chemicals | 2.3% |
Portfolio analysis by market capitalisation size as at 31 December 2025 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$3.5bn) | 27 | 72.2% |
Mid Cap (US$3.5bn < M/Cap < US$10.5bn) | 6 | 22.8% |
Large Cap (M/Cap > US$10.5bn) | 1 | 3.8% |
Total Equity Investment | 34 | 98.8% |
Net Cash | 1.2% | |
Total Portfolio | 34 | 100.0% |
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