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India Capital Growth FundAnnouncement

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RNS Number : 6287Z  India Capital Growth Fund Limited  08 April 2026

08 April 2026

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

Net Asset Value statement at 30 March 2026

The Company announces its Net Asset Value ("NAV") per ordinary share as at 30
March 2026 was 155.71 pence.

In March, the NAV was down 9.41% in Sterling terms, whilst the MSCI India SMID
Cap Index was down 12.58%, delivering an outperformance against the notional
benchmark of 3.18%. In local currency terms, the NAV was down 7.12%.

The Company also announces its Net Asset Value per ordinary share before
Indian CGT (deferred tax provision) as at 30 March 2026 was 161.98 pence.

 Portfolio analysis by sector as at 30 March 2026

 Sector                                        No. of Companies           % of Portfolio
 Financial Banks                               4                          17.7%
 Industrials                                   6                          14.3%
 Consumer Staples                              4                          10.5%
 Consumer Discretionary                        3                          9.0%
 Auto & Auto Ancillary                         3                          7.7%
 Financial Services                            2                          6.8%
 Digital                                       2                          6.7%
 IT Services                                   2                          5.9%
 Healthcare                                    2                          5.5%
 Chemicals                                     2                          5.1%
 Cement                                        2                          4.4%
 Textiles                                      2                          2.8%
 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                         96.5%
 Cash & cash equivalents                                                  3.5%
 Total Portfolio                               34                         100.0%

 Top 20 holdings as at 30 March 2026

 Holding                                       Sector                     % of Portfolio
 RBL Bank                                      Financial Banks            5.5%
 Skipper                                       Industrials                4.8%
 Federal Bank                                  Financial Banks            4.8%
 Multi Commodity Exchange                      Financial Services         4.7%
 Affle India                                   Digital                    4.2%
 City Union Bank                               Financial Banks            3.8%
 IDFC Bank                                     Financial Banks            3.7%
 Dixon Technologies                            Consumer Discretionary     3.6%
 Neuland Laboratories                          Healthcare                 3.6%
 CCL Products India                            Consumer Staples           3.6%
 Persistent Systems                            IT Services                3.5%
 Sona BLW Precision Forgings                   Auto & Auto Ancillary      3.5%
 Atlanta Electricals                           Industrials                3.3%
 Essel Propack                                 Consumer Staples           3.3%
 Emami                                         Consumer Staples           3.2%
 Kajaria Ceramics                              Consumer Discretionary     3.2%
 Aether Industries                             Chemicals                  2.8%
 JK Lakshmi Cement                             Cement                     2.6%
 Cartrade Technologies                         Digital                    2.5%
 Ramkrishna Forgings                           Auto & Auto Ancillary      2.4%

 Portfolio analysis by market capitalisation size as at 30 March 2026
                                               No. of Companies           % of Portfolio

 Market capitalisation size
 Small Cap (M/Cap < US$4.0bn)                  28                         73.8%
 Mid Cap (US$4.0bn < M/Cap < US$11.5bn)        6                          22.7%
 Large Cap (M/Cap > US$11.5bn)                 0                          0.0%
 Total Equity Investment                       34                         96.5%
 Net Cash                                                                 3.5%
 Total Portfolio                               34                         100.0%

 

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