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India Capital Growth FundAnnouncement

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RNS Number : 2992K  India Capital Growth Fund Limited  04 December 2025

04 December 2025

India Capital Growth Fund Limited (the "Company" or "ICGF")

Net Asset Value statement at 28 November 2025

The Company announces its Net Asset Value ("NAV") per ordinary share as at 28
November 2025 was 194.94 pence.

In November, the NAV was down 0.67% in Sterling terms, whilst the BSE MidCap
TR Index was down 0.87%, delivering an outperformance against the notional
benchmark of 0.20%. In local currency terms, the NAV was up 0.67%.

The Company also announces its Net Asset Value per ordinary share before
Indian CGT (deferred tax provision) as at 28 November 2025 was 206.74 pence.

 

 Portfolio analysis by sector as at 28 November 2025

 Sector                                        No. of Companies           % of Portfolio
 Financial Banks                               4                          17.7%
 Industrials                                   7                          13.3%
 Consumer Staples                              4                          9.9%
 Consumer Discretionary                        4                          8.5%
 Auto & Auto Ancillary                         4                          7.6%
 Financial Services                            2                          6.6%
 Digital                                       2                          6.6%
 Healthcare                                    2                          6.5%
 IT Services                                   2                          6.0%
 Textiles                                      2                          4.0%
 Cement                                        2                          4.0%
 Chemicals                                     2                          3.7%
 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                       38                         95.8%
 Cash & cash equivalents                                                  4.2%
 Total Portfolio                               38                         100.0%

 Top 20 holdings as at 28 November 2025

 Holding                                       Sector                     % of Portfolio
 Federal Bank                                  Financial Banks            5.4%
 RBL Bank                                      Financial Banks            5.0%
 Neuland Laboratories                          Healthcare                 5.0%
 Multi Commodity Exchange                      Financial Services         4.9%
 Skipper                                       Industrials                4.3%
 Dixon Technologies                            Consumer Discretionary     4.1%
 Persistent Systems                            IT Services                3.8%
 City Union Bank                               Financial Banks            3.7%
 IDFC Bank                                     Financial Banks            3.6%
 CCL Products India                            Consumer Staples           3.6%
 Cartrade Technologies                         Digital                    3.4%
 Emami                                         Consumer Staples           3.2%
 Affle India                                   Digital                    3.1%
 Sona BLW Precision Forgings                   Auto & Auto Ancillary      2.4%
 JK Lakshmi Cement                             Cement                     2.3%
 Coforge                                       IT Services                2.1%
 Ramkrishna Forgings                           Auto & Auto Ancillary      2.1%
 Essel Propack                                 Consumer Staples           2.1%
 Gokaldas Exports                              Textiles                   2.1%
 VIP Industries                                Consumer Discretionary     2.1%

 Portfolio analysis by market capitalisation size as at 28 November 2025
                                               No. of Companies           % of Portfolio

 Market capitalisation size
 Small Cap (M/Cap < US$3.5bn)                  27                         63.0%
 Mid Cap (US$3.5bn < M/Cap < US$10.5bn)        9                          27.5%
 Large Cap (M/Cap > US$10.5bn)                 2                          5.3%
 Total Equity Investment                       38                         95.8%
 Net Cash                                                                 4.2%
 Total Portfolio                               38                         100.0%

 

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