OUR THOUGHTS (Incwert Chronicles)

Equity Risk Premium 2026

By incwert | 31st January 2026

We are pleased to issue the 8th edition of the India Equity Risk Premium study (2026), which analyses the risk premium to be considered when determining the cost of equity using the capital asset pricing model.

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India Size Premium Study 2025

By incwert | 30th December 2025

Incwert Size Premium Study 2025 is a comprehensive study of past market data of the companies listed on the National Stock Exchange (NSE) of India from 1995 through December 2024 to analyse the returns that mid-cap, small-cap and micro-cap stocks have generated over the return as predicted by capital asset pricing model (CAPM)

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Unravelling the tapestry of royalty rates, 2025

By incwert | 31st October 2025

Authored by: CA Punit Khandelwal, CA Sunit Khandelwal and Prof. Divya Aggarwal Professor, MDI Gurgaon (ex-professor: EMLV, France and IIM Ranchi,…

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Featured public deals

IRB InvIT Fund

Valuation of VM7 Expressway Private Limited for IRB InvIT Fund (Press release link)

2025

Red FM

Valuation of Red FM (Press release link)

2024

JK Lakshmi Cement

Valuation of JK Lakshmi Cement Ltd and Udaipur Cement Works Limited (Press release link)

2024

Groww

Valuation of Groww (Press release link)

2023

Greenlam

Valuation of Greenlam Industries (Press release link)

2022

rpsg_venture

Valuation of RPSG Ventures Limited (Press release link)

2022

IRB

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

2022

Utkarsh_bank

Valuation of Utkarsh Small Finance Bank (Press release link)

2021

Jubilant pharmova

Valuation of Jubilant Pharmova (Press release link)

2021

Vardhman

Valuation for Vardhman Holdings (Press release link)

2021

Motherson

Valuation for Mothersonsumi (Press release link)

2020

Dalmia

Valuation of Dalmia Refractories (Press release link)

2019

Jubilant Generics

Valuation of Jubilant Generics (Press release link)

2019

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.

Transactions

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

Airports Economic Regulatory Authority - Mumbai International Airport Ltd

The multi year tariff proposal for Mumbai International Airport Limited draws reference to the ERP published by Incwert.

Link

2024

Airports Economic Regulatory Authority - Thiruvananthapuram International Airport Ltd

The multi year tariff proposal for Thiruvananthapuram International Airport Limited draws reference to the ERP published by Incwert.

Link

2024

Reference to the Holding Company Discount study - Reuteurs

....The figure averages 67% across major sectors, according to research firm Incwert.

Link

2024

Airports Economic Regulatory Authority - Lucknow International Airport Ltd

The multi year tariff proposal for Lucknow International Airport Limited draws reference to the ERP published by Incwert.

Link

2023

Airports Economic Regulatory Authority - Guwahati International Airport Ltd

The multi year tariff proposal for Guwahati International Airport Limited draws reference to the ERP published by Incwert.

Link

2023

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.

Link

2022

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.

Link

2022

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: ...

Link

2022

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.

Link

2021

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.

Link

2021

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 ...

Link

2021

Credit Research Challenge 2018-19

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

Link

2019

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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