JPMorgan India Growth & Income

JIGI.L

Asset Management · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Data not available

Stability

Data not available

Valuation

Data not available

Dividends

Mixed

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Winston Score History

The full picture

JPMorgan India Growth & Income plc is a UK-listed investment trust that puts money into Indian companies on behalf of its shareholders. It is managed by JPMorgan Asset Management and focuses on stocks listed on Indian stock exchanges, targeting investors who want exposure to India's economy without buying Indian shares directly. The trust sits within the investment trust sector on the London Stock Exchange.

The trust makes money by charging an annual management fee based on the value of assets it holds, which explains the near-100% gross margin typical of investment vehicles. It operates as a closed-ended fund, meaning it issues a fixed number of shares, and its competitive position rests on JPMorgan's research capabilities and long track record in emerging markets. The key growth driver is India's expanding economy and growing corporate sector, but the main risks include currency fluctuations between the Indian rupee and British pound, regulatory changes in India, and the fact that emerging market investments can be more volatile than developed market ones.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-15.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-80.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

£408M cash & investments at current burn rate

Revenue declining

JPMorgan India Growth & Income's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

101.6%

Premium pricing power — 101.6% gross margin

Profit after running costs

Operating Margin

102.1%

Excellent — 102.1% operating margin

Return on the money invested

ROCE

-26.1%

Weak — -26.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-382.6%

Shrinking sales (-382.6% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.82%

no trend

Moderate income — 3.82% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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