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abrdn New India Investment Trust
Interim / Quarterly Report • Dec 11, 2025
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Interim / Quarterly Report
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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 priceA | +1.1 | +16.0 |
| Net asset value per Ordinary shareA | -4.3 | +8.5 |
| Adjusted net asset value per Ordinary shareAB | -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 priceA | -5.2 | +32.2 | +76.4 | +150.7 |
| Net asset value per Ordinary ShareA | -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 shareA | 904.16p | 940.32p | - 3.8 |
| Discount to net asset valueA | 10.2% | 15.0% | |
| Net gearingA | 4.2% | 3.9% | |
| Ongoing charges ratioA | 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 of retail banking products after the merger with HDFC, India's leading provider of mortgage finance. The bank has solid underwriting standards and a progressive digital stance, further strengthening its competitive edge. | | ICICI Bank has been delivering superior growth and returns improvement without compromising on asset quality. It has leveraged on its scale as well as retail and digital franchise to grow in mortgages and also growing off a low base in business banking and SMEs. |
| | | |
| Bharti Airtel | | Mahindra & Mahindra |
| Bharti Airtel remains the leading telecom service provider with a pan-India reach and sophisticated customer base with higher average mobile spending. | | With two main operating divisions, autos and farm equipment, Mahindra & 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 strong management, solid balance sheet and sustainable business model. | | Among the leading domestic life insurers, SBI Life's competitive edge comes 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, Aegis Logistic has capacity to expand. In addition, the government's push for the adoption of cleaner energy has boosted its liquefied natural gas business. | | A clear industry leader in India's cement industry, backed by strong brand recognition, a good distribution and sales network and solid product quality. 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 benefit from the hotel industry's multi-year upcycle with demand growth likely to surpass supply growth for the next few years. | | Vijaya is a leader in diagnostics in South India focused on the consumer business with its service and experience creating a strong brand built over 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 liabilitiesA | | (10,731) | (2.6) |
| Total assetsAB | | 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 UK Corporation tax | - | 4,835 | 4,835 | - | (24,140) | (24,140) | - | (11,757) | (11,757) |
| | | 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 shareA | |||||||||
| 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 shareA | | | 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 reinvestmentA | 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 reinvestmentA | 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 reinvestmentA | 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: [email protected]
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