India Capital Growth Fund Limited
India Capital Growth Fund Limited (IGC) is a Guernsey-incorporated, closed-ended investment company listed on the Main Market of the London Stock Exchange. Its investment objective is to provide long-term capital appreciation by investing predominantly in listed mid and small cap companies based in India, implemented via a wholly owned Mauritian subsidiary, ICG Q Limited. The portfolio is managed by Investment Manager River Global Investors LLP with overseas Investment Adviser Gaurav Narain (Saltoro Investment Advisors Private Limited).
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 26 Mar 2026 · 84 pages · Company website
India Capital Growth Fund invests in mostly small and medium-sized companies listed in India. In 2025 it made a loss before tax of £20.1m, against a profit of £25.1m the year before. Its small income from dividends and fees also fell.
The main reason was a poor year for Indian stock markets. Its investments lost £18,401,000 in value, compared with a gain of £26,400,000 in 2024. A weaker rupee against the pound added a further currency loss. There were no large one-off costs.
Cash at the year end was £1.1m, and there were no borrowings. No new money was raised from shareholders. Instead, £33.6m went on buying back the fund's own shares, so net assets (what the fund owns minus what it owes) fell to £126.1m from £179.4m. No dividend was paid, but the board expects to pay one worth about 2% of the value per share in 2026. Management says Indian shares now look more reasonably valued, with economic growth expected around 6-7% a year. The auditor gave a clean opinion. The report names market and currency swings and trade tariffs as key risks.
Dividend income from Indian listed equity holdings
Dividend income of £497,000 in 2025 (2024: £471,000)
page 61Investment management fee of 1.25% p.a. of the lower of market capitalisation or NAV
Management fees of £1,787,000 in 2025 (2024: £1,944,000)
page 79After a poor 2025 for Indian stock markets, valuations of Indian stocks are now beginning to look more reasonable; Indian GDP growth is likely to remain in the region of 6-7% for the next few years and inflation is under control
page 5The Directors do not recommend payment of a dividend for the year ended 31 December 2025 (2024: £nil). Following a shareholders' resolution at an EGM on 25 March 2026, the Board adopted a new Annual Dividend Policy under which the Company intends to pay interim dividends per share commencing October 2026 and then semi-annually from the 2026 financial year, paid out of capital and/or net income after operating expenses; the Board expects to pay an interim dividend equating to approximately 2% of prevailing NAV per share in the year ending 31 December 2026.
page 3411 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
2 figures restated in a later report
Every figure is read again from the following year’s report: 181 confirmed, 2 differ, 2 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
2 more figures were restated in FY2015 to FY2022, which a free account opens.