LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIA GROWTH & INCOME PLC
FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025
Legal Entity Identifier: 549300OHW8R1C2WBYK02
Information disclosed in accordance with the DTR 4.1.3
JPMorgan India Growth & Income plc (‘JIGI’ or the ‘Company’) reports its annual results for the year ended 30th September 2025.
Highlights
· NAV total return of -11.4% compared with -13.5% for the MSCI India Index in Sterling terms (the ‘Benchmark’). Share price total return of -1.8%.
· For three years cumulative ended 30th September 2025, NAV total return of +5.9% compared with +11.3% for the Benchmark. Share price total return of +20.8%.
· For five years cumulative ended 30th September 2025, NAV total return of +61.2% (annualised +10%) compared with +77.7% (annualised +12.2%) for the Benchmark. Share price total return of +76.7%.
· For ten years cumulative ended 30th September 2025, NAV total return of +93.5% (annualised +6.8%) compared with +168.6% for the Benchmark (annualised +10.4%). Share price total return of +101.2%.
· The Company outperformed the benchmark, primarily due to positive stock selection and the favourable effect of capital gains tax credits arising from the market’s decline.
· First quarterly interim dividend of 11.08p per share was declared and paid to shareholders on 1st December 2025. Enhanced dividend policy targets annual dividends of at least 4% of prior year-end NAV, paid in four equal instalments.
· The Company completed a 30% tender offer, repurchasing 19.7 million shares, and bought back an additional 3.9 million shares during the year, significantly narrowing the share price discount to NAV to 8.9% at year-end (2024: 17.8%).
Jeremy Whitley, Chairman, commented:
“The Board considers that the investment case for Indian equities remains very strong. My fellow board members and I are confident that the Portfolio Managers’ approach, supported by the deep research resources of the Investment Manager, will provide shareholders with consistent, attractive returns and a competitive income as India realises its significant long-term potential.”
Amit Mehta & Sandip Patodia, Portfolio Managers
“While in the near-term markets may continue to remain range-bound, the longer-term outlook for India is attractive. The country should remain one of the fastest growing economies globally backed by political stability and an excellent supply-side macro-economic set-up. We are watching for signs of policy actions translating into a pick-up in growth thereby allowing the mid-cycle pause to transition into a reacceleration in earnings growth…India is a high quality, defensive and growing haven amidst a volatile and uncertain global environment.”
CHAIRMAN’S STATEMENT
Performance
Over the 12 months ending 30th September 2025, the Company’s return on net assets was -11.4% in sterling terms. Its share price return declined by 1.8%. This compares with a return of -13.5% for the Company’s benchmark, the MSCI India Index. The Company, therefore, outperformed the benchmark, thanks to positive stock selection and the favourable effect of capital gains tax credits arising from the market’s decline.
Given that the Portfolio Managers have a long-term investment focus and make investment decisions on the expectation that positions will be maintained for five or more years, it is more meaningful to judge their performance over a longer time frame. On this basis, the portfolio made an annualised return of +10.0% in NAV terms over the five years to end September 2025 and averaged a return of +6.8% per annum over the corresponding ten-year period. These are solid returns, but this performance nonetheless lagged the benchmark’s annualised returns of +12.2% over five years and +10.4% over ten years. This is in significant part due to the fact that the benchmark does not include the adverse effects of capital gains tax during periods of market strength, the accrual of which has depressed the Company’s net asset value. The impact of capital gains tax is detailed on page 7 of the Annual Report.
In their report on pages 13 to 17 of the Annual Report, the Portfolio Managers provide a detailed commentary on performance over the 12-month review period. They also discuss portfolio activity and their outlook for the Indian market over the coming year and beyond.
Outcome of a comprehensive review of the Company’s future strategy and options
During the financial year, the Board undertook a detailed review of options for the future of the Company, exploring a number of initiatives to help identify and address the drivers of underperformance and the persistent discount at which the Company’s shares traded relative to its net asset value. Working closely with the Company’s advisers, Manager, and through engagement with shareholders, on 19th May 2025 we announced a series of proposals aimed at enhancing the Company’s appeal to both current and prospective shareholders, with the goal of reducing the discount to a consistently lower level.
Tender offer
A tender offer for up to 30% of the Company’s outstanding share capital (excluding shares held in treasury), providing a cash exit at the tender price (the ‘First Tender Offer’) was approved by shareholders at a General Meeting held on 8th July 2025. A total of 19,678,346 shares were repurchased by the Company under the Tender Offer, at a price of 1,167.22 pence per share.
Triennial Tender Offer
A triennial tender offer for 100% of the Company’s outstanding share capital at a 3% discount to the prevailing NAV (the ‘Triennial Tender Offers’) will be made to shareholders. The first offer is expected to be launched in Q2 2028. Feedback from shareholders has made it clear that maintaining the Company’s size and scale is crucial for their continued engagement. Accordingly, the Board reserves the right to withdraw the Triennial Tender Offer if the level of shares tendered would result in the Company’s NAV falling below £150 million. Should this occur, the Board would expect to propose resolutions to shareholders to wind up the Company. Additionally, the Board notes that the next continuation vote will be presented to shareholders at the Company’s AGM in 2029.
Single Digit Discount Target
The Company has made a commitment to target a single digit discount through active market buybacks, utilising the 14.99% buyback authority approved by shareholders at the AGM in February 2025. Since completion of the First Tender Offer in July 2025 as at the period end the Company has bought back 553,262 shares.
Enhanced Dividend Distribution Policy
The Company has implemented an enhanced dividend distribution policy to pay dividends each financial year totalling at least 4% of the NAV of the Company at the end of the preceding financial year.
Dividends will be paid by way of four equal interim dividends in December, March, June and September each year. A first quarterly interim dividend of 11.08 pence per share has been declared by the Board, which was paid on 1st December 2025 to shareholders on the register at the close of business on 7th November 2025.
The Board believes that the enhanced dividend distribution policy, funded by a combination of available net income each financial year and other reserves, will make effective use of the Company’s investment structure and set it apart from its peers. It is noteworthy that the Company is currently the only Indian investment trust paying a dividend. The Board hopes that the enhanced dividend distribution policy will attract a broader range of investors and is mindful of the success that other JPMF managed investment trusts have experienced in generating increased investor demand for their shares after adopting similar enhanced dividend distribution policies.
The Board is pleased to announce that, starting with the second quarterly interim dividend to be declared in January 2026, the Company will introduce a Dividend Reinvestment Plan (‘DRIP’) for shareholders. Further details about the DRIP scheme will be provided to shareholders in due course by the Company’s Registrar, Computershare Investor Services PLC.
Revised Management Fee Arrangements
With effect from 1st October 2025 the annual investment management fee is now calculated as 0.65% on the first £300 million of the lower of the Company’s market capitalisation or net assets, and 0.55% in excess of £300 million, instead of 0.75% on the first £300 million of market capitalisation and 0.60% in excess of £300 million.
Name Change to JPMorgan India Growth & Income plc
In line with the Company’s enhanced dividend distribution policy, the Board resolved to change the name of the Company to JPMorgan India Growth & Income plc and its ticker to JIGI. The changes were effective from 2nd October 2025.
Discount and Share Repurchases
As mentioned above, at the AGM held in February 2025 shareholders gave approval for the Company to renew the Directors’ authority to repurchase up to 14.99% of the Company’s shares for cancellation or transfer into Treasury.
The Board is cognisant that it is in shareholders’ interests that the Company’s share price should not differ excessively from the underlying NAV under normal market conditions, and, as such, it constantly considers the merits of buying back shares, in line with the Company’s share buyback policy, to manage the absolute level and volatility of the discount. During the year the Company adopted a policy to target a single digit discount. Over the 12 months to 30th September 2025, 3,862,881 shares were repurchased, in addition to those bought back through the tender offer. This represents 4.8% of the shares in issue, including the shares held in Treasury. Since the financial year end the Company has purchased a further 359,663 shares. As shares are only repurchased at a discount to the prevailing net asset value, share buybacks benefit shareholders, as they increase the net asset value per share of the remaining shares.
Over the review period, the discount at which the Company’s shares trade versus its NAV narrowed significantly to 8.9% (2024: 17.8%). The discount on 15th December 2025 stands at 7.2%.
The Board believes that the share buyback facility is an important tool in the management of both the level and the volatility of the discount and is, therefore, seeking approval from shareholders to renew the authority to repurchase the Company’s shares at the forthcoming AGM in February 2026.
Board
The Board reviews its composition on a regular basis, taking into account the need to refresh its membership and maintain diversity, whilst also ensuring the necessary degree of continuity of Board experience. Charlotta Ginman assumed the role of Chair of the Audit and Risk Committee at the end of the Company’s 2025 AGM, succeeding Jasper Judd upon his retirement. On behalf of the Board, I would like once again to express our gratitude to Jasper for his commitment and for the consistently valuable and constructive contributions he has made.
The Board supports the annual re-election for all Directors, as recommended by the AIC Corporate Governance Code, and therefore all the Directors will stand for re-election at the forthcoming AGM in 2026.
Stay Informed
The Company delivers email updates on the Company’s progress with regular news and views, as well as the latest performance data. If you have not already signed up to receive these communications and you wish to do so, you can opt in via tinyurl.com/JIGI-Sign-Up or by scanning the QR code on page 11 of the Annual Report.
Annual General Meeting
The Company’s thirty-second AGM will be held at 60 Victoria Embankment, London EC4Y 0JP on 10th February 2026 at 1.00 p.m. We are delighted to invite shareholders to join us in person for the Company’s AGM, to hear directly from the Portfolio Managers. Their presentation will be followed by a question-and-answer session. Shareholders wishing to follow the AGM proceedings but choosing not to attend in person will be able to view proceedings live and ask questions (but not vote) through conferencing software. Details on how to register, together with access details, will be available shortly on the Company’s website at jpmindiagrowthandincome.co.uk, or by contacting the Company Secretary at jpmam.investment.trusts@jpmorgan.com.
My fellow Board members, representatives of JPMorgan and I look forward to the opportunity to meet and speak with shareholders after the formalities of the meeting have been concluded.
As is best practice, all voting on the resolutions will be conducted on a poll. Your Board encourages all shareholders to support the resolutions proposed. Please note that shareholders viewing the meeting via conferencing software will not be able to vote on the poll and we therefore encourage all shareholders, and particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy. Proxy votes can be lodged in advance of the AGM either by post or electronically; detailed instructions are included in the Notes to the Notice of Annual General Meeting on pages 90 to 92 of the Annual Report.
If there are any changes to the above AGM arrangements, the Company will update shareholders through an announcement to the London Stock Exchange, and on the Company’s website.
Outlook
The Indian equity market has faced several challenges over the past year – most notably, disappointing corporate earnings and punitive US tariffs. Nonetheless, the Board considers that the investment case for Indian equities remains very strong. Despite recent events, the economy is still forecast to outpace almost all other major economies over the next few years. In addition, the Indian government and central bank have implemented policies to boost the domestic economy and ease the burden on sectors most affected by US tariffs such as automotives, clothing and electronics.
More importantly, the market’s very positive long-term growth trajectory remains in place, supported by several major structural changes such as increased lifestyle upgrades by the country’s growing middle class, rising demand for financial services and ongoing investment in technology and infrastructure. China is the only other major economy with any prospect of achieving comparable rates of growth over the next decade.
This positive outlook will keep generating many exciting opportunities for patient, long-term investors such as your Company to invest in quality companies, with superior growth prospects, at the right price. Indeed, the market’s recent underperformance versus other emerging markets has increased the number of such opportunities. My fellow board members and I remain confident that the Portfolio Managers’ approach, supported by the deep research resources of JPMorgan Asset Management, will continue to provide shareholders with consistent, attractive returns, and a competitive income, as India realises its significant long-term potential.
We thank you for your ongoing support.
Jeremy Whitley
Chairman 16th December 2025