REG - Aberdeen New IndiaIT - Half-year Financial Report
11/12/2025 07:00
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RNS Number : 0546L Aberdeen New India Investment Trust 11 December 2025
Aberdeen New India Investment Trust PLC
(formerly abrdn New India Investment Trust plc)
Legal Entity Identifier (LEI): 549300D2AW66WYEVKF02
Seeking world-class, well governed companies at the heart of India's growth
Why invest in India?
Aspiration
India's population is the largest in the world with an expanding middle class
which will drive consumption growth.
Building India
Urbanisation and the current boom in infrastructure development is benefitting
property developers, materials producers and industrial/utilities stocks
Financial Inclusion
Digitalisation is enabling the delivery of financial services to India's
under-served mass market while wealth accumulation is creating demand for
financial products
Digital Transformation
India's giant IT services sector helps global companies become digital and
cloud ready
Healthcare
Rising disposable income as well as an increase in chronic diseases are
driving demand for preventative and premium quality healthcare
Going green
Policymakers are committing to a greener and lower carbon future. Investments
in renewable energy, related infrastructure, and environmental management have
a bright future
Why invest in Aberdeen New India Investment Trust PLC?
Robust financial strength and sustainable competitive advantage
Indian companies meeting a quality threshold are included in the portfolio,
displaying both strong financial characteristics and a consistent competitive
advantage in attractive industries or sectors
Quality of Management
Quality of management is a key attribute sought in portfolio companies. The
management of the best companies in India is world-class and understands the
importance of sustainability and good governance to drive the best outcomes
for investors and other stakeholders
A high conviction, concentrated portfolio
The portfolio is built from the bottom up around the best quality stocks in
India and is constructed to provide a high conviction, concentrated exposure
to India's different long term structural growth stories
Performance and Financial Highlights
Performance (total return in Sterling terms)
Six months ended Year ended
30 September 2025 31 March 2025
% %
Share price(A) +1.1 +16.0
Net asset value per Ordinary share(A) -4.3 +8.5
Adjusted net asset value per Ordinary share(AB) -3.8 +11.7
MSCI India Index (Sterling adjusted) -1.8 +0.7
(A) Considered to be an Alternative Performance Measure.
(B) The NAV adjustment is made because the Company's benchmark, the MSCI India
Index, does not take account of the Indian Capital Gains Tax suffered by the
Company. The measure is also used for the performance related tender, as
discussed in the Chairman's statement. See Alternative Performance Measures
for further information on the NAV adjustment.
Source: Aberdeen plc, Morningstar & Lipper
Performance (total return in Sterling terms) for year(s) ended 30 September 2024
1 year 3 year 5 year 10 year
% return % return % return % return
Share price(A) -5.2 +32.2 +76.4 +150.7
Net asset value per Ordinary Share(A) -12.5 +15.5 +64.7 +148.3
MSCI India Index (Sterling adjusted) -11.4 +14.8 +84.9 +180.1
(A) Considered to be an Alternative Performance Measure.
Source: Aberdeen plc, Morningstar & Lipper
Financial Highlights
30 September 2025 31 March 2025 % change
Share price (mid-market) 764.00p 756.00p + 1.1
Net asset value per share 851.07p 889.34p - 4.3
Adjusted net asset value per share(A) 904.16p 940.32p - 3.8
Discount to net asset value(A) 10.2% 15.0%
Net gearing(A) 4.2% 3.9%
Ongoing charges ratio(A) 1.00% 0.95%
Rupee to Sterling exchange rate 119.53 110.32 - 8.3
(A) Considered to be an Alternative Performance Measure. See Alternative
Performance Measures for further information on these calculations.
Chairman's Statement
Highlights
· Adjusted NAV total return of 29.7% ahead of the Benchmark's total return
of 25.0% from 1 April 2022 to 30 September 2025
· NAV per share for the period down by 4.3% compared to a fall of 1.8% in
the Benchmark, while the share price was up by 1.1%
· Discount to NAV re-rated over the period from 15.0% to 10.2%
Dear Shareholder
Following strong performance in the year ended 31 March 2025, your Company's
returns in the first half of the year ending 31 March 2026 were more muted
amid significant market rotation and concerns about macroeconomic risks. This
followed an extended period of exceptional performance for Indian equities
which were among the top-performing emerging markets in recent years, as I
noted in my Statement in the last Annual Report.
During the six months ended 30 September 2025, your Company's adjusted net
asset value ("NAV") per share fell by 3.8% in sterling terms. This compared to
a fall of 1.8% in the MSCI India Index (sterling-adjusted) (the "Benchmark"),
in total return terms. I am pleased to report that, despite this, your
Company's share price increased by 1.1%. This reflected an improvement in the
discount to NAV from 15.0% to 10.2%.
Your Company's results benefited from lower management fees which have been
based on market capitalisation rather than NAV since 1 April 2025. They were
further helped by the renewal of our credit facility in June at a materially
lower cost, together with the continuation of our buyback programme to which
we remain committed.
Performance, positioning and conditional tender offer
During the six months under review, the Indian market rotated towards value
and away from quality, amid heightened US tariff risks, persistent foreign
selling, slowing domestic growth, and a slowing of corporate earnings growth
to more sustainable levels. These factors weighed on sentiment and contributed
to volatility. Further details are available in the Investment Manager's
Report.
Your Board believes that the high quality of the portfolio will continue to
show through. Its fundamental metrics including three-year earnings per share
growth, return on assets and return on equity all exceeded those of the
Benchmark as of 30 September 2025. The return on equity was 19.7% for the
portfolio, in line with 20.3% for the Benchmark.
In order to incentivise the Investment Manager, and to benefit shareholders,
the Board has adopted a five-yearly performance-related conditional tender
offer. Were the Company's NAV total return to underperform the Company's
Benchmark over the five-year period from 1 April 2022 to 31 March 2027, then
shareholders would be offered the opportunity to realise up to 25% of their
investment for cash at a level close to NAV. For these purposes, the Company's
NAV per share is adjusted for Indian capital gains tax (the 'Adjusted NAV') to
enable a like-for-like comparison with the Benchmark. I am pleased to report
that, from 1 April 2022 to 30 September 2025, the Adjusted NAV total return
was 29.7%, continuing to be ahead of the Benchmark's total return of 25.0%.
Gearing
Your Board considers that employing a modest level of gearing through the
cycle contributes to returns for shareholders and is an important
differentiating feature of investment companies.
At 30 September 2025, the Company had drawn down £22.5 million from its £30
million loan facility with BNP Paribas SA, up from £19.5 million at 31 March
2025. The interest rate on these borrowings has dropped materially, partly as
a result of our renewal of the facility at a tighter margin.
Share buybacks and discount
The Board continues to monitor actively the discount of the Ordinary share
price to the NAV per Ordinary share and pursues a policy of selective buybacks
of shares where to do so, in the opinion of the Board, is in the best
interests of shareholders, whilst also having regard to the overall size of
the Company. During the period, the Company bought back 2.2m Ordinary shares
for holding in treasury, resulting in 45,590,229 shares with voting rights and
a further 13,479,911 shares held in treasury; this resulted in an enhancement
of 0.5% to the NAV per share.
The Board believes that a combination of strong long-term performance and
effective marketing communication should increase demand for the Company's
shares and reduce the discount to NAV at which they trade, over time. I am
pleased to note that the discount narrowed materially over the period - from
15.0% to 10.2%.
Investment policy change
On 25 September 2025, your Board announced a revision to its investment
policy. The limit for exposure to an individual investee company has now been
increased to the higher of (i) 10% of your Company's net assets or (ii) the
investee company's Benchmark weighting plus 3.5%, as measured at the time of
investment. The overall cap of 20% per individual holding remains unchanged.
This increase enables your Manager better to reflect their conviction in
certain portfolio holdings, thereby improving portfolio construction with the
aim of enhancing the long-term returns of your Company.
Board
The Board announced on 22 October 2025, with great sadness, that Rebecca
Donaldson, an Independent Non-Executive Director of the Company, had passed
away after a short illness. The deepest sympathy of the Board and the Manager
is with her family at this difficult time. Rebecca made a substantial
contribution to the working of the Board which will stand the Company in good
stead in the future. The Board has lost a gifted colleague.
The Board has commenced a search for a new Non-Executive Director and expects
to confirm an appointment during the first half of 2026.
As I set out in my previous Statement in the 31 March 2025 Annual Report, I
shall be succeeded as Chairman by David Simpson, further to my retirement from
the Board on 31 March 2026. I should like to take this opportunity to record
my thanks, for their support, to my fellow Directors, the Aberdeen team and
our shareholders.
Change of Name of the Company
On 28 November 2025, the Company changed its name to Aberdeen New India
Investment Trust PLC which the Board considered is more consistent with the
branding of the Manager's parent company, Aberdeen.
Outlook
The outlook for the Indian economy depends on the interaction of domestic
tailwinds and external headwinds. The recent Goods and Sales Tax cuts and the
Indian festive season have lifted rural demand, reflected in improving motor
vehicle and tractor sales, although the consumption recovery will need to
broaden to the urban sector, where demand remains soft. Credit growth has
received a boost from the Reserve Bank of India's rate cuts. Support for the
economy is also coming from
benign inflation and a good monsoon as well as
regulatory reforms.
Punitive US tariffs remain a risk, although both Indian and US officials have
signalled that negotiations are largely done, and the market is hopeful of a
deal by the end of the calendar year.
Despite the near-term uncertainties, India's long-term growth story remains
compelling. Structural drivers are firmly in its favour. These include:
· Demographics: India's working-age population overtook its dependent
population in 2018, a demographic dividend that will persist until around
2060;
· Policy reform: this includes tax reductions, simplified rules for foreign
investment and production-linked incentives for specific sectors;
· Aspirational consumption: demand is growing for premium goods and
services across retail, hospitality and travel as well as for healthcare;
· Urbanisation and infrastructure investment: sustained capital expenditure
and government initiatives are benefitting real estate, construction and
building materials companies as well as many other ancillary areas;
· Rapid digitalisation: this enables new business models and efficiencies;
and
· Energy transition: electricity demand from cleaner energy offers
significant scope.
Your Company's portfolio is firmly aligned with the above long-term themes,
giving your Board confidence in your Manager's ability to deliver sustainable
returns, given that quality remains the cornerstone of our strategy.
India's growth story still has much more to come.
Michael Hughes
Chairman
10 December 2025
Investment Manager's Report
Market review
In the six months ended 30 September 2025, the Company's net asset value per
share fell by 4.3% in sterling terms (total return).
This followed a period of strong absolute and relative performance in the
financial year to March 2025, which extended the recovery that began in 2023
after a difficult 2021-22.
Our disciplined, long-term quality approach, especially our selection of
off-benchmark small- and mid-cap stocks, contributed meaningfully to previous
gains, as did our repositioning of the portfolio towards structurally
attractive, long-term growth segments.
In this period, the Company's performance experienced a reversal,
underperforming both in absolute terms and relative to the MSCI India Index.
This was primarily due to our exposure to cyclical companies and sectors,
which lagged as the economy slowed in response to external shocks and domestic
adjustments, albeit GDP growth remained healthy in the 6% or higher range.
On the external front, global trade tensions re-emerged after the US announced
reciprocal tariffs. India was not spared, but the impact was cushioned by the
exclusion of key export categories such as IT services. Further tariff
escalation, including a 25% duty on Indian imports, higher visa fees, and
curbs on pharmaceutical exports, pressured the equity market, combined with
persistent foreign selling.
In the face of increasing external uncertainty, the government and Reserve
Bank of India ("RBI") prioritised mitigating the impact on the domestic
economy.
The RBI started its easing cycle, cutting its policy rate by 1% since January,
helped by benign inflation.
The Indian Government simplified the Goods and Services Tax by reducing the
rates from four to two and lowering taxes on essentials and certain consumer
durables. This move coincided with the Indian festive season, a timely boost
for consumer sentiment. Discretionary sectors responded positively, hinting at
a potential revival in domestic demand even as the rural recovery remained
uneven.
Performance overview
The portfolio's performance reflected a reversal following the previous year
ended 31 March 2025, as many former winners suffered from profit-taking by
investors while returns were held back by a lower exposure to sectors such as
real estate, capital goods, energy and utilities, which performed more
strongly. The broader market favoured value stocks while quality stocks lagged
which also resulted in poorer relative performance.
Among the key performance drivers was the consumer discretionary sector, where
the Company's overall exposure detracted from performance, albeit this was
mitigated by good performance from the auto holdings. Automotive systems
supplier Uno Minda was a standout performer within the portfolio after
delivering robust results. The company is benefiting from adding new clients,
premiumisation of consumption and a drive towards electrification while,
through its strong client relationships, it commands a good market share
across product categories. The holding in Mahindra & Mahindra also
outperformed the benchmark, contributing positively. Not owning Maruti Suzuki,
however, proved costly as its share price rose on the back of strong
operational performance and volume growth. Elsewhere in the consumer
discretionary sector, the lack of exposure to Eternal, which owns the food
delivery app Zomato, also weighed on returns as it outperformed following
better-than-expected results.
In real estate, the holdings came under pressure from near-term macroeconomic
challenges, although the exposures were consolidated into Brigade Enterprises
- a well-managed and financially prudent developer with a strong presence in
Bengaluru and diversified operations across residential, commercial, and
hospitality segments supported by a disciplined balance sheet.
Meanwhile, Indian Hotels detracted as weak consumer sentiment continue to
weigh on the tourism and hospitality sector.
Elsewhere, the IT holdings faced margin pressure and slower order conversion
amid concerns over the level of IT spending from clients, particularly in the
US. Tata Consultancy Services, which also cut 12,000 jobs, underperformed.
On a more positive note, the positions in infrastructure capex-related names
in the capital goods sector did well. KEI Industries reported solid revenue
growth, driven by resilient demand in the cables and wires segment. Siemens
Energy India, a new initiation, also contributed positively after reporting
steady results. Its strong order inflow reflected robust transmission demand,
supporting its multi-year growth outlook. Overall, we expect the sector to
continue benefiting from government infrastructure spending, although at a
moderating pace, with an eventual pick-up in private spending.
In the financials sector, SBI Life Insurance outperformed on the back of
healthy growth in the value of new business.
Portfolio activity
The market pullback provided an opportunity for the Company to purchase
quality stocks across more domestic-oriented sectors, where valuations had
reset to more palatable levels, with proceeds from selling former winners in
the industrials and real estate sectors.
We also reduced exposure where we saw rising headwinds, such as exporters most
at risk from tariffs, including textiles and apparel, and the IT services
sector that relies heavily on US demand, to limit downside risk.
In the consumer discretionary sector, for instance, we increased our
investments in companies where prices had become more reasonable and growth
prospects remained strong. We added MakeMyTrip, a direct play on India's
fast-growing online travel market, driven by rising middle-class demand,
better affordability and connectivity, and increasing online penetration.
We introduced Trent, a resilient player in Indian retail across cycles that
has prudent management and solid financials, while exiting Bajaj Auto.
We increased our exposure to the financial sector. We bought Karur Vysya Bank,
a solid regional bank with superior asset quality, exposure to fast-growing
and high-yielding segments, and a return on equity in the mid to high teens.
We re-introduced Kotak Mahindra Bank, a full-service private-sector bank with
stabilising asset quality, funding this by selling the holding in Axis Bank.
In the non-banking segment, we started to build up a holding Bajaj Finance, a
high-quality retail lender delivering superior returns, given its strong
execution of growth initiatives without compromising on risk management.
In health care, we switched from Syngene International to Rainbow Children's
Medicare, India's leading paediatric and maternity care chain, which is known
for specialised services and strong clinical capabilities.
Despite the tough market and macro backdrop, primary issuance remained buoyant
in India and we were actively engaged in new flotations on the Indian
stock-market. Throughout 2025, we selectively participated in two IPOs as of
end-September. The first was Aegis Vopak Terminals, a logistics company
focused on importing liquefied petroleum gas and chemicals, which is now
expanding its network of terminals across India. Aegis Vopak is a spin-off
from Aegis Logistics, an existing portfolio holding, whose management we know
well. The other was Siemens Energy, which was also spun off from Siemens,
which we also already hold and is part of the German multinational in the
capital goods sector. Siemens Energy focuses on high-voltage transformers, a
critical component for India's growing power demand and expanding network
infrastructure. The spin-off gives investors direct exposure to a business
that is well placed to benefit from growth in the energy sector. At the time
of writing, we also subscribed to the IPO of LG Electronics India, a dominant
leader across key segments, such as refrigerators, air conditioners, washing
machines, home appliances, and entertainment, which was listed in October. It
has strong market share and brand recall as well as close relationships with
modern retail players across India. Its pivot from mass-market to premium
segments has also proved successful, with leadership in the premium market and
superior profitability and lower margin volatility versus its competitors amid
industry challenges.
On divestments, we exited Godrej Properties, due to concerns over the real
estate cycle reaching its peak and the company's higher debt and lower cash
flow generation. We also sold out of Apar Industries, given the potential
impact of US tariffs on its export-led expansion strategy, and Havells India
in the industrials sector.
Outlook
US tariffs on Indian exports remain a concern, although 80% of the Indian
economy is domestically driven. Beyond sentiment, there is also the risk of
economic cost via pressure on the currency, interest rates and the fiscal
deficit. The rupee has weakened, as RBI intervention has been more restrained
to preserve fiscal flexibility amid lower GST revenues. The RBI's October
meeting minutes reflected a "wait and watch" stance. Although inflation is
benign and there is room for more rate cuts, uncertainty over tariff headwinds
and the domestic recovery kept the RBI cautious.
Economic conditions continue to be mixed. Credit, retail and consumption
softened in the first half of the financial year. Festive demand should lift
activity in the second half, but growth remains uneven. There are signs of
recovery in the automobile and jewellery segments, and investment activity has
improved, but consumption was disrupted by the recent reforms to the Goods and
Services Tax ("GST") regime which looks to have triggered some deferral of
demand though overall we anticipate the reduction in GST rates should be
supportive for consumption. That said, we would expect the full impact of the
GST reform to emerge over the next few quarters.
Despite the near-term challenges, India's long-term growth story remains
intact. India has enjoyed strong earnings growth in recent years, but this is
now settling to more sustainable levels. We expect earnings to continue
growing closer to the nominal GDP growth rate which should support healthy
returns for investors. In our view, India has the fiscal and monetary legroom
to support the economy.
Valuations have eased from their peaks, but they remain elevated in some
segments like mid-caps. A bright spot has been robust IPO activity, with
around 75 listings from January to September 2025. Most were oversubscribed,
with foreign investors contributing nearly half the flows, reflecting the move
of capital to IPOs from the secondary market. Domestic flows have returned,
though, compensating for the foreign absence.
Meanwhile, our portfolio positioning reflects low exposure to tariff-hit
exporters. We favour premiumisation and aspirational themes but remain
selective in consumer names. Our portfolio comprises mostly companies with
domestic growth drivers, with our quality focus offering protection against
downside risks. We stay cautious on smaller companies while seeking
opportunities in new listings. Across sectors, pockets of growth and quality
persist. While conditions remain fluid, our emphasis on fundamentals should
help cushion volatility. Our relatively defensive positions are well-placed if
profit-taking emerges, and any correction could offer attractive entry points.
James Thom and Rita Tahilramani
abrdn Asia Limited
Investment Manager
10 December 2025
Investment Case Study
SBI Life Insurance
Founded in 2001 as a joint venture between the State Bank of India ("SBI") and
BNP Paribas Cardif, SBI Life Insurance has grown steadily into one of India's
major life-insurance players today. It offers protection, savings, pensions,
and health-linked solutions to millions of households across the country. This
is supported by the vast network of more than 20,000 bank branches of SBI, the
country's largest bank, and a fast-growing digital platform.
Why we like the investment?
As investors in India, we seek out high quality businesses with strong market
positions and long-term growth potential. SBI Life fits all these qualities.
It combines financial discipline with the credibility of the SBI brand and a
deep presence across both bigger cities and smaller towns.
SBI Life is managed prudently, with a healthy balance sheet and a robust
capital buffer to meet its financial obligations comfortably while it
continues to grow its customer base. Furthermore, its close link with SBI
means that SBI Life has the lowest operating cost ratios relative to peers,
which we view as a competitive edge, whilst having access to a big pool of
millions of banking customers. The insurer is also targeting younger
consumers. Its digital services platform YONO, which has around 35 million
users, makes it easy for new and younger customers to buy policies online.
To service its customers, SBI Life has been strengthening its field force of
agents to reach deeper into rural and semi-urban areas where awareness for
life insurance is still low, but demand is growing rapidly. Notably, its
agents are also the most productive amongst its peers, which we view as
another competitive edge.
All the above has led to SBI Life being well placed in a domestic life
insurance market, which remains underpenetrated compared with many Asian
peers, leaving enormous potential for future growth. As India's middle class
grows, rural demand improves and financial awareness rises, we would expect a
growing demand for insurance solutions including savings, protection and
health products.
Moreover, the life insurance industry is also receiving more policy support.
In the latest GST reforms, the government imposed 0% GST on individual health
and life insurance. This is expected to provide the grounds for an upswing in
demand for life insurance despite near-term impact on the margin for value of
new business from operating costs. These reforms combined with recent interest
rates cuts have seen SBI Life pivoting to more attractive protection and
non-participating savings policies with higher profit margins in the financial
year 2026. This comes even as it continues to focus on a product mix catering
to a broad range of needs, from pure protection plans to long-term savings and
retirement solutions. This mix allows it to remain resilient through economic
cycles and deliver consistent growth in earnings and value for investors.
On the ESG front, too, SBI Life has been progressive in its alignment with the United Nations' Sustainable Development Goals, especially that of strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all. For instance, about 40% of its offices are in rural and semi-rural areas, a higher concentration than its peers. Close to 30% of its insurance policies are in the rural sector, affirming the company's approach toward life insurance inclusion.
Ten Largest Investments
As at 30 September 2025
HDFC Bank ICICI Bank
HDFC Bank is India's leading private sector bank that now has a complete suite ICICI Bank has been delivering superior growth and returns improvement without
of retail banking products after the merger with HDFC, India's leading compromising on asset quality. It has leveraged on its scale as well as retail
provider of mortgage finance. The bank has solid underwriting standards and a and digital franchise to grow in mortgages and also growing off a low base in
progressive digital stance, further strengthening its competitive edge. business banking and SMEs.
Bharti Airtel Mahindra & Mahindra
Bharti Airtel remains the leading telecom service provider with a pan-India With two main operating divisions, autos and farm equipment, Mahindra &
reach and sophisticated customer base with higher average mobile spending. Mahindra is expected to enjoy the benefits of a strong SUV model cycle, new
line-up of electric vehicles and capital allocation improvement from the group
level.
Infosys SBI Life Insurance
One of India's best software developers, it continues to impress with its Among the leading domestic life insurers, SBI Life's competitive edge comes
strong management, solid balance sheet and sustainable business model. from a wide reach of SBI branches, highly productive agents, a low cost ratio
and a reputable brand.
Aegis Logistics Ultra Tech Cement
A strong and conservative player in India's gas and liquids logistics sector, A clear industry leader in India's cement industry, backed by strong brand
Aegis Logistic has capacity to expand. In addition, the government's push for recognition, a good distribution and sales network and solid product quality.
the adoption of cleaner energy has boosted its liquefied natural gas business. Its focus on cost efficiency and an improving energy mix have given UltraTech
a cost advantage.
Indian Hotels Vijaya Diagnostic Centre
India's largest hospitality company, Indian Hotels is well positioned to Vijaya is a leader in diagnostics in South India focused on the consumer
benefit from the hotel industry's multi-year upcycle with demand growth likely business with its service and experience creating a strong brand built over
to surpass supply growth for the next few years. the last 30 years.
Portfolio
As at 30 September 2025
2025
Valuation Total assets
Company Sector £'000 %
HDFC Bank Financials 41,798 10.2
ICICI Bank Financials 34,648 8.4
Bharti Airtel Communication Services 26,826 6.5
Mahindra & Mahindra Consumer Discretionary 19,685 4.8
Infosys Information Technology 15,207 3.7
SBI Life Insurance Financials 14,615 3.6
Aegis Logistics Energy 12,994 3.2
Ultra Tech Cement Materials 12,564 3.1
Indian Hotels Consumer Discretionary 12,495 3.0
Vijaya Diagnostic Centre Health Care 12,375 3.0
Top ten investments 203,207 49.5
Bajaj Financials 11,803 2.9
KEI Industries Industrials 11,316 2.8
Power Grid Corporation of India Utilities 10,901 2.7
Tata Consultancy Services Information Technology 10,757 2.6
Hindustan Unilever Consumer Staples 10,356 2.5
Pidilite Industries Materials 9,825 2.4
Siemens Industrials 9,474 2.3
UNO Minda Consumer Discretionary 9,097 2.2
J.B. Chemicals & Pharmaceuticals Health Care 8,480 2.1
Hindalco Industries Materials 7,929 1.9
Top twenty investments 303,145 73.9
KFIN Technologies Financials 7,754 1.9
Phoenix Mills Real Estate 7,062 1.7
Cholamandalam Investment and Finance Financials 7,002 1.7
Titan Consumer Discretionary 6,226 1.5
Tata Consumer Products Consumer Staples 5,781 1.4
Coforge Information Technology 5,752 1.4
Bharti Hexacom Communication Services 5,676 1.4
Concord Biotech Health Care 5,498 1.4
Info Edge Communication Services 5,390 1.3
Trent Consumer Discretionary 5,075 1.2
Top thirty investments 364,361 88.8
Aptus Value Housing Finance Financials 5,067 1.2
Global Health India Health Care 4,936 1.2
Siemens Industrials 4,600 1.1
PB Fintech Financials 4,438 1.1
Kotak Mahindra Bank Financials 4,392 1.1
ABB India Industrials 4,178 1.0
Aegis Vopak Terminals Energy 4,162 1.0
Brigade Enterprises Real Estate 4,153 1.0
Makemytrip Consumer Discretionary 4,116 1.0
Karur Financials 3,918 1.0
Top forty investments 408,321 99.5
Supreme Industries Materials 3,591 0.9
Poly Medicure Health Care 3,378 0.8
Coromandel International Materials 2,988 0.7
Rainbow Health Care 2,904 0.7
Total investments 421,182 102.6
Net liabilities(A) (10,731) (2.6)
Total assets(AB) 410,451 100.0
(A) Excluding loan balances.
(B) Including net liabilities and deferred tax liability on Indian capital
gains.
Unless otherwise stated, investments are in common stock.
Other Matters
Investment Objective
The investment objective of the Company is to provide shareholders with long
term capital appreciation by investment in companies which are incorporated in
India, or which derive significant revenue or profit from India, with dividend
yield from the Company being of secondary importance.
Investment Policy
The Company primarily invests in Indian equity securities. Further information
on the Company's investment policy may be found on page 14 of the Annual
Report for the year ended 31 March 2025 (the "Annual Report") which is
published on the Company's website.
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company are set out
in detail on pages 15 to 17 of the Annual Report. The principal risks and
uncertainties may be summarised under the following headings:
· Strategic risk
· Market risk
· Poor investment performance
· Discount
· Single country risk
· Supplier risk (including the risk of cyber-attack)
· Financial and regulatory
· Gearing; and
· Unlisted securities (none held at 30 September 2025)
In addition, the Board has identified, as an emerging risk, the general
escalation of geo-political risk globally. This may have implications for
investors in India. In addition, the Board considers the implications for the
Company's investment portfolio of a changing climate to constitute an emerging
risk. The Board is also conscious of the development of Artificial
Intelligence ("AI"), which may have a potentially positive or negative impact
at Company, sector and country level. A further emerging risk was the US
administration's policy on tariffs, where the eventual impact remains unclear
due to the continuing negotiations across many jurisdictions, including India.
The Board identifies emerging risks if and when they become material.
In all other respects, the Company's principal risks and uncertainties have
not changed materially since the date of the previous Annual Report and are
not expected to change materially for the current financial year.
The principal risks and uncertainties, and emerging risks, described above,
are not expected to change materially for the remaining six months of the
Company's financial year ending 31 March 2026.
Going Concern
In accordance with the Financial Reporting Council's guidance on Going Concern
and Liquidity Risk, the Directors have reviewed the Company's ability to
continue as a going concern. The Company's assets consist of a diverse
portfolio of listed equity shares which in most circumstances are realisable
within a short timescale.
The Directors are conscious of the principal risks and uncertainties disclosed
on pages 15 to 17 and in Note 17 of the Annual Report.
In June 2025, the Company entered into a three year, £30 million revolving
credit facility with BNP Paribas London Branch (the "Facility"), of which
£22.5 million was drawn down at 30 September 2025 (30 September 2024 - £19.5
million; 31 March 2025 - £19.5 million). The Board has set limits for
borrowing and regularly reviews the level of any gearing and compliance with
banking covenants.
After making enquiries, including a review of revenue forecasts, the Directors
have a reasonable expectation that the Company possesses adequate resources to
continue in operational existence for the foreseeable future and for at least
12 months from the date of this Report. Accordingly, they continue to adopt
the going concern basis of accounting in preparing the financial statements.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Half Yearly Financial Report,
in accordance with applicable law and regulations. The Directors confirm that,
to the best of their knowledge:
· the condensed set of Financial Statements has been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting);
· the Half Yearly Board Report includes a fair review of the information
required by rule 4.2.7R of the Disclosure Guidance and Transparency Rules
(being an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
Financial Statements and a description of the principal risks and
uncertainties for the remaining six months of the financial year); and
· the Half Yearly Board Report includes a fair review of the information
required by 4.2.8R of the Disclosure Guidance and Transparency Rules (being
related party transactions that have taken place during the first six months
of the financial year and that have materially affected the financial position
of the Company during that period; and any changes in the related party
transactions described in the last Annual Report that could do so).
The Half Yearly Financial Report for the six months ended 30 September 2025
comprises the Interim Board Report, including the Statement of Directors'
Responsibilities and a condensed set of Financial Statements.
For and on behalf of the Board
Michael Hughes
Chairman
10 December 2025
Condensed Statement of Comprehensive Income
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Income from investments 3 2,784 - 2,784 2,813 - 2,813 4,664 - 4,664
Interest 3 72 - 72 82 - 82 144 - 144
(Losses)/gains on investments held at fair value through profit or loss - (19,341) (19,341) - 96,560 96,560 - 47,026 47,026
Currency losses - (522) (522) - (248) (248) - (498) (498)
2,856 (19,863) (17,007) 2,895 96,312 99,207 4,808 46,528 51,336
Expenses
Investment management fees (1,408) - (1,408) (1,760) - (1,760) (3,428) - (3,428)
Administrative expenses (607) - (607) (497) - (497) (1,057) - (1,057)
Profit/(loss) before finance costs and taxation 841 (19,863) (19,022) 638 96,312 96,950 323 46,528 46,851
Finance costs (708) - (708) (1,070) - (1,070) (1,981) - (1,981)
Profit/(loss) before taxation 133 (19,863) (19,730) (432) 96,312 95,880 (1,658) 46,528 44,870
Taxation 4 (280) 199 (81) (284) (19,431) (19,715) (471) (12,924) (13,395)
(Loss)/profit for the period (147) (19,664) (19,811) (716) 76,881 76,165 (2,129) 33,604 31,475
Return per Ordinary share (pence) 5 (0.32) (42.25) (42.57) (1.40) 149.90 148.50 (4.24) 66.93 62.69
The Company does not have any income or expense that is not included in
(loss)/profit for the period, and therefore the "(Loss)/profit for the period"
is also the "Total comprehensive income for the period".
The total columns of this statement represent the Condensed Statement of
Comprehensive Income, prepared in accordance with IFRS. The revenue and
capital columns are supplementary to this and are prepared under guidance
published by the Association of Investment Companies. All items in the above
statement derive from continuing operations.
All of the (loss)/profit and total comprehensive income is attributable to the
equity holders of abrdn New India Investment Trust plc. There are no
non-controlling interests.
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Financial Position
As at As at As at
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 421,182 532,548 464,101
Current assets
Cash at bank 5,180 9,626 3,727
Other receivables 1,636 402 195
Total current assets 6,816 10,028 3,922
Current liabilities
Bank loan 7 (22,445) (19,471) (19,488)
Other payables (1,017) (1,748) (2,308)
Total current liabilities (23,462) (21,219) (21,796)
Net current liabilities (16,646) (11,191) (17,874)
Non-current liabilities
Deferred tax liability on Indian capital gains 4 (16,530) (32,276) (20,628)
Net assets 388,006 489,081 425,599
Share capital and reserves
Ordinary share capital 8 14,768 14,768 14,768
Share premium account 25,406 25,406 25,406
Capital redemption reserve 4,484 4,484 4,484
Capital reserve 348,052 447,567 385,498
Revenue reserve (4,704) (3,144) (4,557)
Equity shareholders' funds 388,006 489,081 425,599
Net asset value per Ordinary share (pence) 10 851.07 972.34 889.34
The accompanying notes are an integral part of these financial statements.
Condensed Statement of Changes in Equity
Six months ended 30 September 2025 (unaudited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2025 14,768 25,406 4,484 385,498 (4,557) 425,599
Loss for the period - - - (19,664) (147) (19,811)
Buyback of share capital to treasury - - - (17,782) - (17,782)
Balance at 30 September 2025 14,768 25,406 4,484 348,052 (4,704) 388,006
Six months ended 30 September 2024 (unaudited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2024 14,768 25,406 4,484 384,824 (2,428) 427,054
Profit/(loss) for the period - - - 76,881 (716) 76,165
Buyback of share capital to treasury - - - (14,138) - (14,138)
Balance at 30 September 2024 14,768 25,406 4,484 447,567 (3,144) 489,081
Year ended 31 March 2025 (audited)
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2024 14,768 25,406 4,484 384,824 (2,428) 427,054
Profit/(loss) for the period - - - 33,604 (2,129) 31,475
Buyback of share capital to treasury - - - (32,930) - (32,930)
Balance at 31 March 2025 14,768 25,406 4,484 385,498 (4,557) 425,599
The Revenue reserve represents the amount of the Company's distributable
reserves.
Condensed Cash Flows Statement
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Dividend income received 2,764 2,804 4,664
Interest income received 80 85 12
Investment management fee paid (1,453) (1,688) (3,448)
Overseas withholding tax (579) (584) -
Other cash expenses (1,043) (656) (1,438)
Cash outflow from operations (231) (39) (210)
Interest paid (712) (1,254) (2,093)
Net cash outflow from operating activities (943) (1,293) (2,303)
Cash flows from investing activities
Purchases of investments (64,938) (78,588) (136,654)
Sales of investments 87,366 110,796 187,528
Indian capital gains tax paid on sales (3,899) (6,561) (11,703)
Net cash inflow from investing activities 18,529 25,647 39,171
Cash flows from financing activities
Buyback of shares (18,491) (14,397) (32,482)
Drawdown of loan 3,000 - -
Repayment of loan - (6,500) (6,500)
Costs associated with loan (120) (35) (113)
Net cash outflow from financing activities (15,611) (20,932) (39,095)
Net increase/(decrease) in cash and cash equivalents 1,975 3,422 (2,227)
Cash and cash equivalents at the start of the period 3,727 6,452 6,452
Effect of foreign exchange rate changes (522) (248) (498)
Cash and cash equivalents at the end of the period 5,180 9,626 3,727
There were no non-cash transactions during the period (six months ended 30
September 2024 - nil; year ended 31 March 2025 - nil).
Notes to the Financial Statements
For the six months ended 30 September 2025
1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of Section 1158 of the Corporation Tax Act 2010.
2. Accounting policies
The Company's financial statements have been prepared in accordance with
International Accounting Standard ('IAS') 34 - 'Interim Financial Reporting',
as adopted by the International Accounting Standards Board (IASB), and
interpretations issued by the International Reporting Interpretations
Committee of the IASB (IFRIC). The Company's financial statements have been
prepared using the same accounting policies applied for the year ended 31
March 2025 financial statements, which received an unqualified audit report.
The financial statements have been prepared on a going concern basis. In
accordance with the Financial Reporting Council's guidance on 'Going Concern
and Liquidity Risk' the Directors have undertaken a review of the Company's
assets which primarily consist of a diverse portfolio of listed equity shares
which, in most circumstances, are realisable within a short timescale.
3. Income
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
£'000 £'000 £'000
Income from investments
Overseas dividends 2,784 2,813 4,664
Other income
Deposit interest 72 82 144
72 82 144
Total income 2,856 2,895 4,808
4. Taxation
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(a) Analysis of charge for the period
Indian capital gains tax charge on sales - 3,835 3,835 - 6,561 6,561 - 11,766 11,766
Overseas taxation 280 - 280 284 - 284 471 - 471
Total current tax charge for the period 280 3,835 4,115 284 6,561 6,845 471 11,766 12,237
Movement in deferred tax liability on Indian capital gains - (4,034) (4,034) - 12,870 12,870 - 1,158 1,158
Total tax charge for the period 280 (199) 81 284 19,431 19,715 471 12,924 13,395
The Company is liable to Indian capital gains tax under Section 115 AD of the
Indian Income Taxes Act 1961. Accordingly, when investments are realised at
a value above cost and investments are held at fair value above cost, a tax
charge will result. The Company has recognised a deferred tax liability of
£16,530,000 (30 September 2024 - £32,276,000; 31 March 2025 - £20,628,000
deferred tax liability) on capital gains which may arise if Indian investments
are sold. Up to 22 July 2024 Indian CGT was charged at 10% on long-term
holdings and 15% on short-term holdings. From 23 July 2024 Indian CGT has
been charged at 12.5% on long-term holdings and 20% on short-term holdings.
On 1 April 2020, the Indian Government withdrew an exemption from withholding
tax on dividend income. Dividends are received net of 20% withholding tax and
an excess charge of 4%. A further surcharge of either 2% or 5% is applied if
the receipt exceeds a certain threshold. Of this total charge, 10% of the
withholding tax is irrecoverable with the remainder being offset against the
deferred tax liability on Indian capital gains in the first instance where
there are capital gains during the year or if not then it is shown in the
Statement of Financial Position as an asset due for reclaim.
(b) Factors affecting the tax charge for the year or period. The tax charged for
the period can be reconciled to the profit/(loss) per the Condensed Statement
of Comprehensive Income as follows:
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) before tax 133 (19,863) (19,730) (432) 96,312 95,880 (1,658) 46,528 44,870
UK corporation tax on profit at the standard rate of 25% 33 (4,966) (4,933) (108) 24,077 23,969 (415) 11,632 11,217
Effects of:
Gains on investments held at fair value through profit or loss not subject to - 4,835 4,835 - (24,140) (24,140) - (11,757) (11,757)
UK Corporation tax
Currency losses not taxable - 131 131 - 62 62 - 125 125
Deferred tax not recognised in respect of tax losses 662 - 662 808 - 808 1,580 - 1,580
Expenses not deductible for tax purposes 1 - 1 - - - 1 - 1
Indian capital gains tax charged on sales - 3,835 3,835 - 6,562 6,562 - 11,766 11,766
Realised gains on non-reporting offshore funds - - - 3 - 3 - - -
Movement in deferred tax liability on Indian capital gains - (4,034) (4,034) - 12,870 12,870 - 1,158 1,158
Irrecoverable overseas withholding tax 280 - 280 284 - 284 471 - 471
Non-taxable dividend income (696) - (696) (703) - (703) (1,166) - (1,166)
Total tax charge 280 (199) 81 284 19,431 19,715 471 12,924 13,395
(A) The tax reconciliation above reconciles the Company's tax charge to the UK
corporation tax rate because the Company is a UK company and, although the net
total charge primarily relates to Indian Capital Gains Tax, the most
significant reconciling items normally relate to the exemptions from UK tax on
both dividend income and capital gains.
At 30 September 2025, the Company has surplus management expenses and loan
relationship debits of £48,168,000 (30 September 2024 - £42,435,000 ; 31
March 2025 - £45,520,000) with a tax value of £12,042,000 (30 September 2024
- £10,609,000; 31 March 2025 - £11,380,000) based on enacted tax rates, in
respect of which a deferred tax asset has not been recognised. No deferred tax
asset has been recognised because the Company is not expected to generate
taxable income in the future in excess of the deductible expenses of those
future periods. Therefore, it is unlikely that the Company will generate
future taxable revenue that would enable the existing tax losses to be
utilised.
5. Return per Ordinary share
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
£'000 £'000 £'000
Based on the following figures:
Revenue return (147) (716) (2,129)
Capital return (19,664) 76,881 33,604
Total return (19,811) 76,165 31,475
Weighted average number of Ordinary shares in issue 46,536,885 51,289,435 50,206,923
6. Transaction costs
During the period, expenses were incurred in acquiring or disposing of
investments classified as fair value through profit or loss. These have been
expensed through the capital column of the Condensed Statement of
Comprehensive Income, and are included within gains on investments at fair
value through profit or loss in the Condensed Statement of Comprehensive
Income. The total costs were as follows:
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
£'000 £'000 £'000
Purchases 98 132 231
Sales 140 171 293
238 303 524
The above transaction costs are calculated in line with the AIC SORP. The
transaction costs in the Company's Key Information Document, provided by the
Manager, are calculated on a different basis and in line with the PRIIPs
regulations.
7. Bank loan
In August 2022, the Company entered into a three year £30 million
multi-currency revolving credit facility with The Royal Bank of Scotland
International Limited (London Branch). On 19 June 2025, the Company entered
into a three year £30 million multi-currency revolving credit facility with
BNP Paribas London Branch replacing the existing facility with Royal Bank of
Scotland International Limited (London Branch). At 30 September 2025, £22.5
million (30 September 2024 - £19.5 million; 31 March 2025 - £19.5 million)
had been drawn down at an all-in interest rate of 5.27% with a maturity date
of 22 October 2025, 30 September 2024 - 8.55% until 7 October 2024; 31 March
2025 - 8.055% until 10 April 2025. Subsequent to this the loan has been rolled
over and at the date of this report the Company had drawn down £22.5 million
at an all-in interest rate of 5.27%.
The bank loan recognised in the Condensed Statement of Financial Position is
net of amortised costs.
8. Ordinary share capital
During the period 2,265,564 Ordinary shares were bought back by the Company
for holding in treasury (period to 30 September 2024 - 1,808,272; year to 31
March 2025 - 4,252,117), at a cost of £17,781,000 (30 September 2024 -
£14,127,000; 31 March 2025 -£32,930,000). As at 30 September 2025 there were
45,590,229 (30 September 2024 - 50,299,638; 31 March 2025 - 47,855,793)
Ordinary shares in issue, excluding 13,479,911 (30 September 2024 - 8,770,502
; 31 March 2025 -11,214,347) Ordinary shares held in treasury.
Following the period end a further 740,000 Ordinary shares were bought back
for treasury by the Company at a cost of £5,923,000 resulting in there being
44,850,229 Ordinary shares in issue with voting rights, excluding 14,219,911
Ordinary shares held in treasury at the date this Report was approved.
9. Analysis of changes in net debt
At At
31 March Currency Cash Non-cash 30 September
2025 differences flows movements 2025
£'000 £'000 £'000 £'000 £'000
Cash and short term deposits 3,727 (522) 1,975 - 5,180
Debt due within one year (19,488) - (3,000) 43 (22,445)
(15,761) (522) (1,025) 43 (17,265)
At At
31 March Currency Cash Non-cash 31 March
2024 differences flows movements 2025
£'000 £'000 £'000 £'000 £'000
Cash and short term deposits 6,452 (498) (2,227) - 3,727
Debt due within one year (25,953) - 6,500 (35) (19,488)
(19,501) (498) 4,273 (35) (15,761)
A statement reconciling the movement in net funds to the net cash flow has not
been presented as there are no differences from the above analysis.
10. Net asset value per Ordinary share
The net asset value per Ordinary share is based on a net asset value of
£388,006,000 (30 September 2024 - £489,081,000; 31 March 2025 -
£425,599,000) and on 45,590,229 (30 September 2024 - 50,299,638; 31 March
2025 - 47,855,793) Ordinary shares, being the number of Ordinary shares in
issue at the period end.
11. Fair value hierarchy
IFRS 13 'Fair Value Measurement' requires an entity to classify fair value
measurements using a fair value hierarchy that reflects the subjectivity of
the inputs used in making measurements. The fair value hierarchy has the
following levels:
Level 1: quoted (unadjusted) market prices in active markets for identical
assets or liabilities;
Level 2: valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable; and
Level 3: valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
The financial assets and liabilities measured at fair value in the Condensed
Statement of Financial Position and are grouped into the fair value hierarchy
at the Condensed Statement of Financial Position date are as follows:
Level 1 Level 2 Level 3 Total
As at 30 September 2025 Note £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities a) 421,182 - - 421,182
Net fair value 421,182 - - 421,182
Level 1 Level 2 Level 3 Total
As at 30 September 2024 Note £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities a) 532,548 - - 532,548
Net fair value 532,548 - - 532,548
Level 1 Level 2 Level 3 Total
As at 31 March 2025 Note £'000 £'000 £'000 Total
Financial assets at fair value through profit or loss
Quoted equities a) 464,101 - - 464,101
Net fair value 464,101 - - 464,101
a) Quoted equities. The fair value of the Company's investments in quoted
equities has been determined by reference to their quoted bid prices at the
reporting date. Quoted equities included in Fair Value Level 1 are actively
traded on recognised stock exchanges.
12. Related party transactions
The Company has an agreement with abrdn Fund Managers Limited (the "Manager")
for the provision of management, secretarial, accounting and administration
services and for carrying out promotional activity services in relation to the
Company.
With effect from 1 April 2025, the management fee is charged at a rate of 0.8%
per annum on the first £300 million of the Company's market capitalisation
and at a rate of 0.6% per annum thereafter. In addition the Company also paid
an administration fee at the rate of £45,000 per annum plus applicable VAT,
which will increase each year in line with Consumer Prices Inflation.
Previously management fees were payable based on 0.8% per annum up to £300
million and 0.6% thereafter of the net assets of the Company.
The management agreement is terminable by either the Company or the Manager on
six months' notice. The amount payable in respect of the Company for the
period was £1,408,000 (six months ended 30 September 2024 - £1,760,000; year
ended 31 March 2025 - £3,428,000) and the balance due to the Manager at the
period end was £454,000 (period end 30 September 2024 - £591,000; year end
31 March 2025 - £499,000). All investment management fees are charged 100% to
the revenue column of the Statement of Comprehensive Income.
The Company has an agreement with the Manager for the provision of promotional
activities in relation to the Company's participation in the abrdn Investment
Trust Share Plan and ISA. The total fees paid and payable under the agreement
during the period were £123,000 (six months ended 30 September 2024 -
£98,000; year ended 31 March 2025 - £208,000) and the balance due to the
Manager at the period end was £62,000 (period ended 30 September 2024 -
£49,000; year ended 31 March 2025 - £110,000).
13. Segmental information
For management purposes, the Company is organised into one main operating
segment, which invests in equity securities. All of the Company's activities
are interrelated, and each activity is dependent on the others. Accordingly,
all significant operating decisions are based upon analysis of the Company as
one segment. The financial results from this segment are equivalent to the
financial statements of the Company as a whole.
14. Half-Yearly Report
The financial information contained in this Half-Yearly Report does not
constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The financial information for the six months ended 30
September 2025 and 30 September 2024 has not been audited.
The information for the year ended 31 March 2025 has been extracted from the
latest published audited financial statements which have been filed with the
Registrar of Companies. The report of the Independent Auditor on those
accounts contained no qualification or statement under Section 237 (2), (3) or
(4) of the Companies Act 2006.
The Half-Yearly Report has not been reviewed or audited by the Company's
Independent Auditor.
15. Approval
This Half-Yearly Report was approved by the Board on 10 December 2025.
Alternative Performance Measures
Alternative performance measures are numerical measures of the Company's
current, historical or future performance, financial position or cash flows,
other than financial measures defined or specified in the applicable financial
framework. The Company's applicable financial framework includes International
Financial Reporting Standards and the Statement of Recommended Practice issued
by Association of Investment Companies. The Directors assess the Company's
performance against a range of criteria which are viewed as particularly
relevant for closed-end investment companies.
Adjusted net asset value per Ordinary share(A)
This performance measure is used to provide a like for like comparison with
the Company's Benchmark for the purposes of the potential five-yearly
performance-related conditional tender offer announced on 24 March 2022.
Further details may be found in the Chairman's Statement.
30 September 2025 31 March 2025
Net assets attributable (£'000) 388,006 425,599
Accumulated Indian CGT charge for the period since 1 April 2022 (£'000) 24,202 24,400
Net assets attributable excluding Indian CGT charge (£'000) 412,208 449,999
Number of Ordinary shares in issue 45,590,229 47,855,793
Adjusted net asset value per Ordinary share(A) 904.16p 940.32p
(A) Adjusted NAV is the Company's NAV after adding back all Indian capital
gains tax paid or accrued since 1 April 2022 in respect of realised and
unrealised gains made on investments. This adjustment is made because the
Company's benchmark the MSCI India index does not take account of Indian
Capital Gains Tax.
Discount to net asset value per Ordinary share
The discount is the amount by which the share price is lower than the net
asset value per share with debt at fair value, expressed as a percentage of
the net asset value.
30 September 2025 31 March 2025
NAV per Ordinary share a 851.07p 889.34p
Share price b 764.00p 756.00p
Discount (a-b)/a 10.2% 15.0%
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents
divided by shareholders' funds, expressed as a percentage. Under AIC reporting
guidance cash and cash equivalents includes amounts due to and from brokers at
the period end.
30 September 2025 31 March 2025
Borrowings (£'000) a 22,445 19,488
Cash (£'000) b 5,180 3,727
Amounts due to brokers (£'000) c 189 898
Amounts due from brokers (£'000) d 1,289 139
Shareholders' funds (£'000) e 388,006 425,599
Net gearing (a-b+c-d)/e 4.2% 3.9%
Ongoing charges
The ongoing charges ratio has been calculated in accordance with guidance
issued by the AIC as the total of investment management fees and
administrative expenses are expressed as a percentage of the average net asset
values with debt at par value throughout the year.
30 September 2025 31 March 2025
Investment management fees (£'000) 2,808 3,428
Administrative expenses (£'000) 1,210 1,057
Less: non-recurring charges (£'000)(A) (28) (23)
Ongoing charges (£'000) 3,990 4,462
Average net assets (£'000) 399,785 470,792
Ongoing charges ratio 1.00% 0.95%
(A) Professional fees unlikely to recur.
The ongoing charges ratio provided in the Company's Key Information Document
is calculated in line with the PRIIPs regulations which includes amongst other
things, the cost of borrowings and transaction costs.
Total return
NAV and share price total returns show how the NAV and share price has
performed over a period of time in percentage terms, taking into account both
capital returns and dividends paid to shareholders. Share price and NAV total
returns are monitored against open-ended and closed-ended competitors, and the
Benchmark, respectively. Adjusted NAV is the Company's NAV after adding back
all Indian capital gains tax paid or accrued since 1 April 2022 in respect of
realised or unrealised gains made on investments. This adjustment is made
because the Company's benchmark, the MSCI Indian Index does not take account
of Indian Capital Gains Tax.
Share
Six months ended 30 September 2025 NAV Adjusted NAV Price
Opening at 1 April 2025 a 889.34p 940.32p 756.00p
Closing at 30 September 2025 b 851.07p 904.16p 764.00p
Price movements c=(b/a)-1 -4.3% -3.8% +1.1%
Dividend reinvestment(A) d N/A N/A N/A
Total return c+d -4.3% -3.8% +1.1%
Share
Year ended 31 March 2025 NAV Adjusted NAV Price
Opening at 1 April 2024 a 819.56p 841.58p 652.00p
Closing at 31 March 2025 b 889.34p 940.33p 756.00p
Price movements c=(b/a)-1 8.5% 11.7% 16.0%
Dividend reinvestment(A) d N/A N/A N/A
Total return c+d +8.5% +11.7% +16.0%
Share
Period from 1 April 2022 to 30 September 2025 NAV Adjusted NAV Price
Opening at 1 April 2022 a 697.30p 697.30p 562.00p
Closing at 30 September 2025 b 851.07p 904.16p 764.00p
Price movements c=(b/a)-1 +22.1% +29.7% 35.9%
Dividend reinvestment(A) d N/A N/A N/A
Total return c+d +22.1% +29.7% +35.9%
(A) NAV total return involves investing the net dividend in the NAV of the
Company with debt at par value on the date on which that dividend goes
ex-dividend. Share price total return involves reinvesting the net dividend in
the share price of the Company on the date on which that dividend goes
ex-dividend.
Stuart Reid
abrdn Holdings Limited
Secretaries
10 December 2025
Email: cef.cosec@aberdeenplc.com
END
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