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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India Control Premium Study 2025

By incwert | 1st September 2025

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.

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Equity Risk Premium 2025

By incwert | 22nd August 2025

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.

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Volatility Study 2025

By incwert | 29th June 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.

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Holdco Discount-2024

By incwert | 27th April 2025

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.

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Purchase Price Allocation (PPA) Study 2024, India

By incwert | 30th January 2025

We are pleased to release the third edition of Incwert’s Purchase Price Allocation Study in India covering the financial years from 2017 to 2024. We have compiled the study after analysing public filings for 1,103 completed transactions from FY2017 to FY2024. We have summarised the results 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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India Size Premium Study 2024

By incwert | 25th December 2024

Incwert Size Premium Study 2024 is a comprehensive study of past market data of the companies listed on the National Stock Exchange (NSE) of India from 1995 through December 2023 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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India Control Premium Study 2024

By incwert | 15th October 2024

The 6th edition of Incwert’s India Control Premium Study, 2023 is an update to the previous year’s study. The study analyses 22+ years (March 2002 to June 2024) of premium offered in takeovers in public transactions which triggered open offer obligations on the acquirers.

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Unravelling the tapestry of royalty rates, 2024

By incwert | 31st July 2024

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

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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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India Control Premium Study 2022

By incwert | 28th September 2022
Posted in ,

The fourth edition of Incwert’s India Control Premium Study, 2022 is an update to the previous year’s study. The study analyses 20+ years (March 2002 to June 2022) of premium offered in takeovers in public transactions which triggered open offer obligations on the acquirers.

India Equity Risk Premium 2022

By incwert | 4th July 2022
Posted in

This is Incwert’s fourth edition of India Equity Risk Premium study. Based on the current market conditions, we recommend India ERP of 7.25% ( 6.75% and 7.75% being the upper and lower limit of the range, respectively) beginning April 2022

Volatility Study 2022

By incwert | 27th February 2022
Posted in

This is the second edition of Incwert’s Volatility Study, assessing the quantum of volatility in the asset prices differentiated by size based on the analysis of indices and listed companies in India.
We believe that a volatility band of 60-65% may of significance for capturing the risk factors in privately held companies and start-ups.

An insight into HoldCo Discount

By incwert | 27th January 2022
Posted in

This is the second edition of Incwert’s Holding company or “Conglomerate” discount study 2021, based on the analysis of select listed holding companies across major sectors in India.

India Control Premium Study, 2021

By incwert | 29th October 2021
Posted in

The third edition of Incwert’s India Control Premium Study, 2021 is an
update to the previous year’s study. The study analyses 19+ years (March
2002 to June 2021) of premium offered in takeovers in public transactions which triggered open offer obligations on the acquirers.

India Size Premium Study 2021

By incwert | 16th August 2021
Posted in

Incwert Size Premium Study is a comprehensive study of past market data of the companies listed on the National Stock Exchange (NSE) of India from 1995 through December 2020 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).

India Equity Risk Premium 2021

By incwert | 31st May 2021
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The third edition of India Equity Risk Premium study. Based on the current market conditions, we recommend India ERP of 7.5% ( 7% and 8% being the upper and lower limit of the range, respectively) beginning April 2021

The Cross-Section of Volatility in Returns of Enterprises from Micro to Large Cap

By incwert | 14th January 2021
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Assessment of volatility in equity return of enterprises stratified by size

Equity with Differential Rights – how does it deal with the test of inadequate consideration within the Income-tax (rule 11UA)

By incwert | 30th September 2020
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With the idea of differential rights as to dividends, voting or otherwise picking-up in India pursuant to the introduction of section 43(a)(ii) of the Companies Act, 2013, can DVRs be a stratagem to emaciate the income tax (Rule 11UA) valuation?

India Control Premium Study, 2020

By incwert | 30th August 2020
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A study of control premium offered in takeovers in India based on public company transactions during 2002 to June 2020

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