Authored by: CA Punit Khandelwal, CA Sunit Khandelwal and Prof. Divya Aggarwal Professor, MDI Gurgaon (ex-professor: EMLV, France and IIM Ranchi,…
The 7th edition of Incwert’s India Control Premium Study, 2025 is an update to the previous year’s study. The study analyses 23+ years (March 2002 to June 2025) of premium offered in takeovers in public transactions, triggering open offer obligations on the acquirers.
We are pleased to issue the 7th edition of the India Equity Risk Premium study (2025), which analyses the risk premium to be considered when determining the cost of equity using the capital asset pricing model.
Based on the current market conditions, and after giving consideration to both past performance and future expectations, we recommend India ERP of 7.00% (6.5% and 7.5% being the lower and upper limit of the range, respectively) beginning in April 2025.
The 2025 edition of our annual study on volatility in the returns of micro to large capitalisation enterprises listed in India shows persistence in the phenomena of high volatility in returns of smaller enterprises compared to the large ones. The empirical observations provide ample explanatory basis for the possibility of assigning volatility in excess of 60% to early-stage high-growth enterprises.
We are pleased to release the fourth edition of Incwert’s holding company discount (“HoldCo Discount”) study 2024, based on the analysis of select listed holding companies across major sectors in India.
We observe that the median HoldCo discount in FY24 was approximately 68 per cent across the major listed holding entities in India.