05 March 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 27 February 2026
The Company announces its Net Asset Value ("NAV") per ordinary share as at 27 February 2026 was 171.87 pence.
In February, the NAV was up 0.30% in Sterling terms, whilst the MSCI India SMID Cap Index* was up 4.60%, delivering an underperformance against the notional benchmark of 4.30%. In local currency terms, the NAV was down 2.75%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 27 February 2026 was 180.15 pence.
*As announced in the Circular and Notice of EGM issued on 20 February 2026, the Company's benchmark is now the MSCI India SMID Cap Index with effect from 1 January 2026.
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Portfolio analysis by sector as at 27 February 2026 |
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Sector |
No. of Companies |
% of Portfolio |
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Financial Banks |
4 |
18.9% |
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Industrials |
6 |
14.2% |
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Consumer Staples |
4 |
11.1% |
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Consumer Discretionary |
3 |
8.6% |
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Auto & Auto Ancillary |
3 |
7.9% |
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Financial Services |
2 |
6.5% |
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Digital |
2 |
5.9% |
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Healthcare |
2 |
5.4% |
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IT Services |
2 |
5.2% |
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Chemicals |
2 |
5.2% |
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Cement |
2 |
5.1% |
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Textiles |
2 |
2.9% |
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Financial NBFC |
0 |
0.0% |
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Energy |
0 |
0.0% |
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Metals |
0 |
0.0% |
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Utilities |
0 |
0.0% |
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Real Estate |
0 |
0.0% |
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Total Equity Investment |
34 |
96.9% |
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Cash & cash equivalents |
|
3.1% |
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Total Portfolio |
34 |
100.0% |
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Top 20 holdings as at 27 February 2026 |
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Holding |
Sector |
% of Portfolio |
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RBL Bank |
Financial Banks |
5.6% |
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Federal Bank |
Financial Banks |
5.1% |
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Skipper |
Industrials |
4.9% |
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Multi Commodity Exchange |
Financial Services |
4.4% |
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IDFC Bank |
Financial Banks |
4.2% |
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City Union Bank |
Financial Banks |
4.1% |
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CCL Products India |
Consumer Staples |
4.0% |
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Affle India |
Digital |
3.7% |
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Sona BLW Precision Forgings |
Auto & Auto Ancillary |
3.5% |
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Neuland Laboratories |
Healthcare |
3.5% |
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Emami |
Consumer Staples |
3.5% |
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Dixon Technologies |
Consumer Discretionary |
3.2% |
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Essel Propack |
Consumer Staples |
3.2% |
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Persistent Systems |
IT Services |
3.2% |
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JK Lakshmi Cement |
Cement |
3.0% |
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Kajaria Ceramics |
Consumer Discretionary |
3.0% |
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Aether Industries |
Chemicals |
2.7% |
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Atlanta Electricals |
Industrials |
2.6% |
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Ramkrishna Forgings |
Auto & Auto Ancillary |
2.6% |
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PI Industries |
Chemicals |
2.4% |
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Portfolio analysis by market capitalisation size as at 27 February 2026 |
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Market capitalisation size |
No. of Companies |
% of Portfolio |
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Small Cap (M/Cap < US$4.0bn) |
27 |
72.4% |
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Mid Cap (US$4.0bn < M/Cap < US$11.5bn) |
7 |
24.5% |
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Large Cap (M/Cap > US$11.5bn) |
0 |
0.0% |
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Total Equity Investment |
34 |
96.9% |
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Net Cash |
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3.1% |
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Total Portfolio |
34 |
100.0% |
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