Purchase Price Allocation (PPA) Study 2026, India

By incwert | 25th March 2026

We are pleased to present the fourth edition of Incwert’s Purchase Price Allocation Study in India, covering transactions from FY2017 to FY2025.

This study is based on an analysis of 1,320 completed transactions derived from publicly available filings. The findings are presented across key dimensions, including the classification of intangible assets, transaction size, frequency of occurrence of intangibles across industries, contingent consideration, and estimated useful lives.

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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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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 2025, 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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Defaults, Admissions & Recoveries – Q2 2019 Flash

By incwert | 31st August 2019
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The progress and agility of IBC has been good versus older restructuring regimes in India, though the resolutions continue to be plagued with delayed closures. In this paper, we present a summary of defaults and recoveries up to second quarter of 2019.

Rule 11UA(1)(c)(b) Valuation Challenges and Our View

By incwert | 30th July 2019
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The Finance Act, 2017 inserted clause (x) in sub-section (2) of Section 56 of the Income-tax Act 1961 and new Section 50CA to deal with transaction involving without/inadequate consideration.
This paper attempts to address challenges faced when computing FMV of shares/securities under Rule 11UA(1)(c)(b)

Defaults, Admissions & Recoveries – Quarterly Flash

By incwert | 27th May 2019
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In this quarterly publication, we aim to present the insights on defaults and recoveries. Further, we have discussed the status of each of the 12 Big Accounts under the Insolvency Bankruptcy Code (IBC).

Junk bond valuation in India – what has changed?

By incwert | 22nd April 2019
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In March 2019, SEBI changed the rules of the game with uniform valuation for junk bonds in India. Valuation Agencies have been provided 90 days to come up with the valuation framework. In the interim, we have come up with our approach for junk bond valuation

Response to the Consultation paper on Issuance of shares with Differential Voting Rights (DVRs) issued by SEBI

By incwert | 16th April 2019
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Summary of our recommendation: With regards to the mentioned consultative paper, we have proposed a few suggestions. We are of…

An overview of Differential Voting Right Shares

By incwert | 13th March 2019
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Will SEBI’s DVR 2.0 create the best of both the worlds? Drive governance for investors and provide a more conducive ecosystem for unicorns to list differential voting right shares (DVRs) and unlock value? Irrespective of how events unfold, valuation matters! In our paper, we analyse the drivers that will help in evaluating the quantum of discount and an opportunity gap?

Unveiling portfolio valuation challenges for AIF

By incwert | 22nd February 2019
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Unveiling Valuation Challenges in reporting of NAV by Alternative Investment Funds under SEBI (Alternative Investment Funds) Regulations, 2012 got published in the IAAIF “40 under forty” 2019 journal.

Equity risk premium (January 2019)

By incwert | 3rd January 2019
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This paper analyses the Equity risk premium prevalent in India as of January 2019

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