**Summary of JPMorgan India Growth & Income PLC Annual Financial Report (Year Ended 30 September 2025)**
**Performance Highlights**
**NAV Total Return** -11.4% (vs. -13.5% for the MSCI India Index in Sterling terms).
**Share Price Total Return** -1.8%, outperforming the benchmark due to positive stock selection and capital gains tax credits.
**Cumulative Returns**
3-year NAV+5.9% (Benchmark: +11.3%)
Share price+20.8%.
5-year NAV+61.2% (annualised +10%)
Share price+76.7%.
10-year NAV+93.5% (annualised +6.8%)
Share price+101.2%.
**Dividends** First quarterly interim dividend of 11.08p declared
enhanced dividend policy targets 4% of prior year-end NAV annually.
**Share Repurchases** Completed a 30% tender offer (19.7 million shares) and bought back 3.9 million shares, reducing the share price discount to NAV to 8.9% (from 17.8% in 2024).
**Strategic Initiatives**
1. **Tender Offer** Repurchased 19.7 million shares at 1,167.22p per share, approved by shareholders in July 2025.
2. **Triennial Tender Offer** Planned for Q2 2028, offering 100% of shares at a 3% discount to NAV, with a safeguard to maintain NAV above £150 million.
3. **Single Digit Discount Target** Active buybacks to maintain a single-digit discount to NAV, utilizing a 14.99% buyback authority.
4. **Enhanced Dividend Policy** Annual dividends of at least 4% of prior year-end NAV, paid quarterly.
5. **Dividend Reinvestment Plan (DRIP)** Introduced starting January 2026.
6. **Management Fee Reduction** Lowered from 0.75% to 0.65% on the first £300 million of assets, and from 0.60% to 0.55% above £300 million.
7. **Name Change** Renamed to JPMorgan India Growth & Income plc (ticker: JIGI) to reflect the enhanced dividend focus.
**Financial Overview**
**Net Asset Value (NAV)** £502.2 million (2024: £860.9 million).
**Net Profit/(Loss)** £(87.8) million (2024: £127.3 million).
**Earnings/(Loss) per Share** (141.97)p (2024: 178.74p).
**NAV per Share:** 1108.2p (2024: 1250.1p).
**Board and Governance**
Charlotta Ginman succeeded Jasper Judd as Chair of the Audit and Risk Committee.
All Directors to stand for re-election at the 2026 AGM.
**Outlook**
Indian equities remain attractive due to strong long-term growth prospects, supported by structural changes like middle-class expansion and technological investment.
Near-term challenges include global uncertainty, tariff pressures, and subdued consumption, but policy measures (e.g., rate cuts, tax reforms) are expected to boost growth.
The Board and Portfolio Managers are confident in delivering consistent returns and competitive income as India realizes its potential.
**AGM Details**
Scheduled for 10 February 2026 at 60 Victoria Embankment, London.
Shareholders can attend in person or virtually, with voting encouraged via proxy.
**Key Risks**
Poor execution of investment strategy, geopolitical risks, cyber incidents, and legal/regulatory compliance.
Emerging riskClimate change, which could impact investee companies and regulatory disclosures.
**Conclusion**
Despite short-term market challenges, JPMorgan India Growth & Income PLC remains focused on long-term growth, shareholder value enhancement, and strategic initiatives to reduce discounts and increase investor appeal.