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Last checked at 
6 Oct 2025 10:03
06 October 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 September 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 September 2025 was 179.70 pence.
In September, the NAV was down 0.56% in Sterling terms, whilst the BSE MidCap TR Index was flat, delivering an underperformance against the notional benchmark of 0.56%. In local currency terms, the NAV was up 0.09%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 September 2025 was 189.47 pence.
Portfolio analysis by sector as at 30 September 2025 | ||
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Sector | No. of Companies | % of Portfolio |
Financial Banks | 5 | 16.4% |
Industrials | 7 | 14.3% |
Consumer Discretionary | 4 | 10.6% |
Consumer Staples | 4 | 10.0% |
Auto & Auto Ancillary | 4 | 7.3% |
Digital | 2 | 6.8% |
Healthcare | 2 | 6.6% |
Financial Services | 2 | 6.3% |
IT Services | 2 | 5.0% |
Cement | 2 | 4.8% |
Chemicals | 2 | 3.7% |
Textiles | 2 | 3.6% |
Financial NBFC | 1 | 1.5% |
Energy | 0 | 0.0% |
Metals | 0 | 0.0% |
Utilities | 0 | 0.0% |
Real Estate | 0 | 0.0% |
Total Equity Investment | 39 | 97.0% |
Cash & cash equivalents | 3.0% | |
Total Portfolio | 39 | 100.0% |
Top 20 holdings as at 30 September 2025 | ||
Holding | Sector | % of Portfolio |
Skipper | Industrials | 5.1% |
Dixon Technologies | Consumer Discretionary | 5.0% |
Neuland Laboratories | Healthcare | 4.9% |
RBL Bank | Financial Banks | 4.7% |
Multi Commodity Exchange | Financial Services | 4.7% |
Federal Bank | Financial Banks | 4.3% |
Affle India | Digital | 3.9% |
Emami | Consumer Staples | 3.5% |
IDFC Bank | Financial Banks | 3.3% |
CCL Products India | Consumer Staples | 3.2% |
City Union Bank | Financial Banks | 3.2% |
Persistent Systems | IT Services | 3.1% |
Cartrade Technologies | Digital | 2.9% |
JK Lakshmi Cement | Cement | 2.8% |
VIP Industries | Consumer Discretionary | 2.5% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.2% |
Kajaria Ceramics | Consumer Discretionary | 2.2% |
PI Industries | Chemicals | 2.1% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.1% |
Essel Propack | Consumer Staples | 2.1% |
Portfolio analysis by market capitalisation size as at 30 September 2025 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$3.5bn) | 28 | 67.0% |
Mid Cap (US$3.5bn < M/Cap < US$10.5bn) | 9 | 23.6% |
Large Cap (M/Cap > US$10.5bn) | 2 | 6.4% |
Total Equity Investment | 39 | 97.0% |
Net Cash | 3.0% | |
Total Portfolio | 39 | 100.0% |
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