Performance over the Assessment Period is measured against the MSCI India Index, which commenced on April 1, 2022, running for a five-year assessment period to March 31, 2027. It recorded a total return of 19.2%.

The trust’s outperformance means it currently remains on course to avoid triggering a conditional tender offer, under which the board has committed to buy back 25% of the Company’s issued share capital at 98% of NAV should the trust’s adjusted NAV total return fail to beat the benchmark over the full five-year assessment period.

The company’s unaudited NAV per share was 805.22 pence and its unaudited Adjusted NAV per share was 864.26 pence as at August 31, 2026.

In a statement, the board told shareholders: “India combines one of the world’s fastest-growing major economies with powerful long-term structural growth drivers including rising affluence, financial inclusion, digitalisation, urbanisation, healthcare demand and the energy transition.

“Domestic consumption and investment underpin a resilient growth model that is less dependent on external economic conditions. Supported by ongoing reforms and infrastructure investment, we believe India remains one of the most compelling long-term growth opportunities within global equity markets.”

It explained that the trust invests in “high-quality Indian companies with strong competitive positions, capable management teams and good long-term growth potential”.

The board added: “Following a period of strong market performance, share prices are now more reasonably priced, providing an opportunity to invest in India’s long-term growth potential at a more attractive entry point.

“Combined with strong domestic demand and relatively low levels of overseas ownership, we believe the outlook for Indian equities remains positive.”