OUR THOUGHTS (Incwert Chronicles)

Equity Risk Premium 2024

By incwert | 10th May 2024

We are pleased to issue the 6th edition of the India Equity Risk Premium (2024) study. Based on the current market conditions, we recommend India ERP of 7.25% (6.75% and 7.75% being the lower and upper limit of the range, respectively) beginning in April 2024.

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Holdco Discount-2023

By incwert | 15th March 2024

We are pleased to release the fourth edition of Incwert’s holding company discount (“HoldCo Discount”) study 2023, based on the analysis of select listed holding companies across major sectors in India.

We observe that the median HoldCo discount in FY23 is approximately 69 per cent across the major listed holding entities in India.

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Purchase Price Allocation (PPA) Study, India

By incwert | 1st January 2024

We are pleased to release the second edition of Incwert’s Purchase Price Allocation Study in India covering the financial years 2017 to 2023. This study is an extension of the first edition and builds on it by adding three years from the past (2017, 2018 and 2019) and the latest year (2023). We have compiled the study after analysing public filings for 930 completed transactions from FY2017 to FY2023. The results are summarised by the class of intangible, size of the transaction, rate of occurrence of intangibles within the industry, contingent consideration, select key transactions and useful life of the intangibles.

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Featured public deals


Valuation of Greenlam Industries (Press release link)



Valuation of RPSG Ventures Limited (Press release link)



Valuation of IRB Infrastructure Trust and all its Project SPVs (Press release link)



Valuation of Utkarsh Small Finance Bank (Press release link)


Jubilant pharmova

Valuation of Jubilant Pharmova (Press release link)



Valuation for Vardhman Holdings (Press release link)



Valuation for Mothersonsumi (Press release link)



Valuation of Dalmia Refractories (Press release link)


Jubilant Generics

Valuation of Jubilant Generics (Press release link)


Check our range of supportable valuation services

We assist clients with valuations concerning transactions, financial reporting and tax & regulatory filings. Our valuations are accepted by the stakeholders, auditors and a range of regulators in India - Registrar of Companies, Securities and Exchange Board of India, Reserve Bank of India, Authorised Dealer Banks and Tax offices.

Our in-house research enables us to produce objective, reliable, relevant fair-value estimates.


Determination of fair transaction value; swap ratio; performing pre-deal allocation of value; Price glides; Shareholders value assessment

Financial reporting

Impairment testing related valuations; business combinations; financial instrument valuations; equity compensation valuations

Tax & Regulatory

Income tax related valuations; SEBI; FEMA; Companies Act related valuations

Delivering ease in managing complex valuations

Complex Securities

Incwert's seasoned professionals help clients determine fair value estimates for a wide range of complex securities, including credit/debt instruments, derivatives, equity, and structured products.

Capital structures involving multiple classes of securities are often found in startup enterprises funded by venture capital and may also be found in larger enterprises funded by private equity.

Such securities include features that alter cash flows over the life of the security, such as options, return multiples or thresholds, and/or specific IRR and price-performance targets.

Portfolio valuation of AIFs

Incwert assists clients in category-1 AIF funds in valuing the portfolio. The underlying category is either the traditional or complex illiquid securities

We have successfully advised clients who are venture capital funds, SME funds, social venture funds, infrastructure funds and other AIFs

Our quality control processes ensure compliance with regulatory requirements such as SEBI, internal policies and procedures, and statutory auditors

Hard to value assets

Our team has the expertise in valuing hard-to-value assets such as cross-country interest rate swaps, embedded derivatives, hybrid securities, right of use, and warrants among others.

Performing 100,000+ simulations with our proprietary software is a breeze. We deploy situations to account for variability in the management inputs.

Featured News/ Reference to Incwert's research papers

ICAI RVO - Valuation Professional's insight (series 7)

The book published by the Institute of Chartered Accountants of India RVO draws reference to ERP based on the paper published by Incwert.



Airports Economic Regulatory Authority - Ahmedabad International Airport Ltd

The multiyear tariff proposal for Ahmedabad International Airport Limited for the third control period draws reference to ERP using the paper published by Incwert.



Taxguru - How to value your business during COVID times?

The Equity Risk Premium of India at the beginning of April 2020 was 7.50% as per Incwert Valuation Chronicles, Series 4, 2020 (Source: ...



Airports Economic Regulatory Authority - Mangaluru International Airport

The multiyear tariff proposal for Mangaluru International Airport draws reference to ERP using the paper published by Incwert.



Asian Development Bank's report - Prefeasibility Study on Carbon Capture and Utilization Cement Industry of India

The report draws reference to ERP using the paper published by Incwert.



Reference to control premium study - Mint

Incwert Advisory Pvt. Ltd, an independent valuation services firm, points out in a report that acquirers paid on average a 28% premium to ...



Credit Research Challenge 2018-19

Punit Khandelwal. Co-founder IncWert Advisory. Nirakar Pradhan. Director Professional Risk Managers' International Association, USA. Joydeep Sen...



Independence, Integrity & Fairness

Incisive, factual and fair approach to valuation is what we aim for when we work for our clients

Deep expertise to manage all your valuation complexities

With a team that is sufficiently experienced to manage a variety of complex valuations, we provide solutions to our clients in the most challenging situations

Solid work papers powered by in-house research

We are forerunners in conducting varied research that power our analysis. Incwert Chronicles reflect our commitment to solid research-backed analysis

Support valuation firms globally

We provide support services to valuation firms globally, enabling them to increase revenue through quicker market outreach and client focus


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