India’s First Private Market Index
| CAGR Return | 3m | 6m | 1Y | 2Y | SI - 03/04/2020 |
|---|---|---|---|---|---|
| CPMI | 1.55% | 3.11% | -7.62% | -7.11% | 16.03% |
| Nifty 500 | -6.11% | -1.53% | -5.45% | -2.84% | 21.27% |
| Particulars | CPMI | NIFTY 500 |
|---|---|---|
|
Earning Per Share (₹*) |
71.02 |
1631.55 |
|
Price to Earnings (P/E) |
37.12 |
21.56 |
|
Price to Book (P/B) |
8.99 |
3.06 |
|
Dividend Yield (%) |
0.53% |
1.03% |
|
Standard Deviation |
1.86% |
2.11% |
| Particulars | CPMI | NIFTY 500 |
|---|---|---|
| Earning Per Share (₹*) | 69.43 | 52.18 |
| Price to Earnings (P/E) | 40.03 | 22.45 |
| Price to Book (P/B) | 9.67 | 3.82 |
| Dividend Yield (%) | 0.51% | 1.24% |
| Standard Deviation | 1.89% | 1.12% |
*For FFMC, Free-float shares are the Total No. of shares excluding Promoter/Promoter Group Stake; Strategic stakes, Employee Welfare Trust; any other prominent illiquid share components
| Particulars | Details |
|---|---|
|
Index Inception |
April 3, 2020 |
|
Last Base Date |
July 24th, 2026 |
|
Base Value |
1000 |
|
Median Market Cap |
$554.25 mn |
|
Number of constituents |
50 |
| # | Company Name | % |
|---|---|---|
|
COCHIN INTERNATIONAL AIRPORT LIMITED | 9.57% |
| NATIONAL STOCK EXCHANGE OF INDIA LTD. | 8.77% | |
|
ORAVEL STAYS LIMITED | 8.73% |
|
ESDS SOFTWARE SOLUTION LIMITED | 8.02% |
|
API HOLDINGS LIMITED | 7.57% |
|
INCRED HOLDINGS LIMITED | 5.64% |
|
METROPOLITAN STOCK EXCHANGE OF INDIA LIMITED | 5.05% |
|
Vivriti Capital Limited | 4.26% |
|
CHENNAI SUPER KINGS CRICKET LIMITED | 3.72% |
| Others | 38.66% |
| Company Name | % | |
|---|---|---|
|
|
Cochin International Airport Limited [CIAL] |
10.07% |
|
|
Oravel Stays Limited [OYO Hotel] |
9.75% |
|
|
National Stock Exchange of India Limited [NSE] |
9.69% |
|
|
API Holdings Limited [PharmEasy]
|
6.20% |
|
|
InCred Holdings Limited |
5.40% |
|
|
Metropolitan Stock Exchange of India Limited
|
4.61% |
|
|
Vivriti Capital Limited |
4.16% |
|
|
Chennai Super Kings Cricket Limited [CSK] |
4.00% |
|
|
Hero FinCorp Limited |
3.36% |
|
|
Parag Parikh Financial Advisory Services Ltd |
3.14% |
|
|
Others |
39.61% |
| Capital Markets | 22.48% | |
|---|---|---|
|
|
Travel & Hospitality |
19.47% |
|
|
Banks/NBFC/Payments |
18.50% |
|
|
Technology |
8.46% |
|
|
Platform |
7.57% |
|
|
Sports |
3.72% |
|
|
Consumer Goods
|
3.36% |
|
|
Energy / Power |
3.24% |
|
|
Metals & Minerals / Oil & Gas |
3.19% |
|
|
Others |
9.99% |
| 3rd April 2020 | 2nd October 2020 | 2nd April 2021 | 1st October 2021 | 1st April 2022 | 9th October 2026 | |
| Total Market Cap (in INR Cr.) | 8,52,487 | 10,42,809 | 12,25,513 | 20,34,198 | 24,48,575 | 10,63,709.00 |
| Free Float Market Cap (in INR Cr.) | 1,02,040 | 1,14,129 | 1,62,005 | 2,72,076 | 2,96,293 | 5,58,869.79 |
| Index Value (CPMI) | 1,000 | 1,094 | 1,457 | 2,465 | 2,463 | 2,636 |
Selection of 50 unlisted companies based on Market Capitalization and trading activity
The weightage given to the companies – Maximum ceiling of 10% and a Minimum floor of 0.5%*
Rebalancing will account for replacements of securities if applicable every 6 months
Selection process repeated while adhering to criteria established in the methodology
Every 6 months, the closing index value becomes the new base value of the index
In case of listing on the exchange, the security will be removed from the index post the lock-in period ( ~6 months from listing )
*Between the two rebalancing dates the weightage caps could be breached due to movement of share prices. However on subsequent base date the index manager will rebalance the index constituents with a maximum ceiling of 10% and a minimum floor of 0.50%
| Sr. No |
Unlisted Companies |
Total Market Cap (₹)* |
Free Float Market Cap (₹)* |
Price per share (₹)* |
|---|---|---|---|---|
| 1 | Cochin International Airport Limited [CIAL] | 21281 | 14176 | 445.00 |
| 2 | National Stock Exchange of India Limited [NSE] | 4,28,423 | 4,28,423 | 1731.00 |
| 3 | Oravel Stays Limited [OYO Hotel] | 31237 | 23182 | 20.75 |
| 4 | ESDS Software Solutions Limited | 15044 | 11351 | 1498.00 |
| 5 | API Holdings Limited [PharmEasy] | 10725 | 10725 | 6.25 |
| 6 | InCred Holdings Limited | 10109 | 7990 | 150.00 |
| 7 | Metropolitan Stock Exchange of India Limited | 7150 | 7150 | 6.50 |
| 8 | Vivriti Capital Limited | 6841 | 6028 | 608.00 |
| 9 | Chennai Super Kings Cricket Limited [CSK] | 9030 | 5270 | 238.00 |
| 10 | Parag Parikh Financial Advisory Services Limited | 16398 | 4896 | 18400.00 |
| 11 | Hero FinCorp Limited | 14275 | 4004 | 860.00 |
| 12 | Arohan Financial Services Limited | 3619 | 3106 | 227.00 |
| 13 | Nayara Energy Limited | 1,63,962 | 2850 | 1100.00 |
| 14 | BVG India Limited | 6461 | 2666 | 485.00 |
| 15 | National Commodity and Derivatives Exchange Limited [NCDEX] | 2601 | 2601 | 290.00 |
| 16 | Care Health Insurance Limited | 13544 | 2130 | 136.00 |
| 17 | SBI Funds Management Limited | 1,02,015 | 2015 | 500.00 |
| 18 | IKF Finance Limited | 3116 | 1966 | 166.00 |
| 19 | Imagine Marketing Limited [Boat] | 12708 | 1555 | 810.00 |
| 20 | Utkarsh Coreinvest Limited | 1510 | 1510 | 152.00 |
| 21 | Indofil Industries Limited | 3835 | 1452 | 1670.00 |
| 22 | Sterlite Electric Limited | 6701 | 1307 | 475.00 |
| 23 | Power Exchange of India Limited | 2865 | 1205 | 490.00 |
| 24 | Orbis Financial Corporation Limited | 4099 | 1146 | 330.00 |
| 25 | GFCL EV Products Limited | 28234 | 1031 | 38.00 |
| Sr. No |
Unlisted Companies |
Total Market Cap (₹)* |
Free Float Market Cap (₹)* |
Price per share (₹)* |
|---|---|---|---|---|
| 26 | Sterlite Grid 5 Limited | 3738 | 1016 | 305.00 |
| 27 | Kannur International Airport Limited | 1553 | 944 | 116.00 |
| 28 | TRL Krosaki Refractories Limited | 3699 | 828 | 1770.00 |
| 29 | HDFC Securities Limited | 13361 | 800 | 7475.00 |
| 30 | Fino PayTech Limited | 916 | 916 | 72.00 |
| 31 | B9 Beverages Limited [Bira] | 501 | 416 | 75.00 |
| 32 | Indusind General Insurance Company Limited | 15919 | 207 | 575.00 |
| 33 | Alternicq Limited | 7502 | 601 | 795.00 |
| 34 | Mohan Meakin Limited | 1902 | 605 | 2235.00 |
| 35 | Philips India Limited | 6988 | 271 | 1215.00 |
| 36 | Goodluck Defence And Aerospace Limited | 2087 | 429 | 425.00 |
| 37 | Martin and Harris Laboratories Limited | 324 | 324 | 810.00 |
| 38 | Versuni India Home Solution Limited | 4659 | 180 | 810.00 |
| 39 | Signify Innovations India Limited | 5205 | 202 | 905.00 |
| 40 | Maharashtra Knowledge Corporation Limited | 351 | 221 | 435.00 |
| 41 | Elofic Industries Limited | 747 | 51 | 2980.00 |
| 42 | Motilal Oswal Home Finance Limited | 5835 | 224 | 9.60 |
| 43 | India Carbon Limited | 228 | 115 | 860.00 |
| 44 | National E-Repository Limited | 369 | 60 | 45.50 |
| 45 | Carrier Airconditioning & Refrigeration Limited | 5266 | 186 | 495.00 |
| 46 | Bharat Hotel Limited | 2584 | 78 | 340.00 |
| 47 | Capgemini Technology Services India Limited | 51566 | 234 | 8700.00 |
| 48 | Merino Industries Limited | 2375 | 128 | 2125.00 |
| 49 | NCL Buildtek Limited | 147 | 52 | 127.00 |
| 50 | Ramaraju Surgical Cotton Mills Limited | 104 | 47 | 178.00 |
The Index is modelled on Free-Float Market Capitalization; therefore, it depends on the latest, publicly available shareholding data and Current Share Price of its constituent companies. To acquire and maintain such data, due to the nature of unlisted sector, the Index comes across few limitations and manual interventions, as mentioned below:
All the information contained herein including, without limitation, all text, data, graphs, charts, visuals and theory (collectively, the “information”), were created by and is the sole property of Chryseum Advisors LLP. Redistribution, reproduction and/or photocopying of this document in whole or part is prohibited without prior permission. All information in this document is impersonal and not tailored to the needs of any person, entity or group. This material has been prepared for information purpose only and on the basis of publicly available information, internally developed data and other sources believed to be reliable. Constituents and calculation of the Index is entirely at the discretion of the Index Manager and all final decisions lie with them. Information here does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. Investors are advised to consult their investment advisors and not base their investment decisions on the publication made. Investors are advised to obtain individual financial advice based on their risk profile before taking any action based on the information contained in this material. Investors alone shall have the right to choose their investments and shall be responsible to invest in with their objectives and risk appetite, for which we hold no liability. We may have positions in the securities mentioned in the report and may offer to buy or sell such securities or any related investments. We do not guarantee the performance of the security listed in this note and accept no responsibility whatsoever including any loss suffered by clients resulting from investing in such security. The Index is for educational purposes only and not for investments. We are not offering this Index for any purchase or sale. Chryseum Advisors LLP is the Index Manager and also deals in buying and selling of Unlisted shares. We have disclosed prices & market cap of all the index constituents in the above table titled Detailed List of Index Constituents.
Index Inception
Latest Base Date
Base Value
Median Market Cap
Number of constituents
April 3, 2020
February 06, 2026
1000
$584.68 mn
50
Top Stock weights (%)
Top 3 Stock weights (%)
Top 5 Stock weights (%)
10.04
27.25
39.49
*For FFMC, Free-float shares are the Total No. of shares excluding Promoter/Promoter Group Stake; Strategic stakes, Employee Welfare Trust; any other prominent illiquid share components
| Top 10 Equity Holdings | Weight (%) |
|---|---|
| NSE India Ltd | 10.04% |
| Cochin International Airport Limited | 9.92% |
| API Holdings Limited [PharmEasy] | 7.29% |
| Vivriti Capital Limited | 6.32% |
| InCred Holdings Limited | 5.92% |
| Oravel Stays Limited | 5.69% |
| Metropolitan Stock Exchange of India Limited | 3.87% |
| Chennai Super Kings Cricket Limited [CSK] | 3.82% |
| Hero FinCorp Limited | 3.48% |
| Parag Parikh Financial Advisory Services Ltd | 3.37% |
| Others | 40.27% |
| Top 10 Sectoral Holdings | Weight (%) |
|---|---|
| Capital Market | 26.34% |
| Banks/NBFC | 21.56% |
| Aviation | 10.70% |
| Retail | 7.29% |
| Travel & Hospitality | 6.21% |
| Consumer Goods | 4.41% |
| Sports | 3.82% |
| Energy | 3.64% |
| Insurance | 2.08% |
| Oil & Gas | 2.04% |
| Others | 11.92% |
Earning Per Share (EPS in ₹)
Price to Earnings (P/E)
Price to Book (P/B)
Dividend Yield (%)
Standard Deviation
65.89
40.88
10.14
0.53
1.88%
1574.76
23.74
3.63
1.11
2.11%
*Index inception date : April 3, 2020. Returns greater than 1 year are in CAGR%. Index performance as on February 20, 2026.
Selection of 50 unlisted companies based on Market Capitalization and trading activity
The weightage given to the companies – Maximum ceiling of 10% and a Minimum floor of 0.5%*
Rebalancing will account for replacements of securities if applicable every 6 months
Selection process repeated while adhering to criteria established in the methodology
Every 6 months, the closing index value becomes the new base value of the index
In case of listing on the exchange, the security will be removed from the index post the lock-in period ( ~6 months from listing )
*Between the two rebalancing dates the weightage caps could be breached due to movement of share prices. However on subsequent base date the index manager will rebalance the index constituents with a maximum ceiling of 10% and a minimum floor of 0.50%
| Sr. No |
Unlisted Companies |
Total Market Cap (₹)* |
Free Float Market Cap (₹)* |
Price per share (₹)* |
|---|---|---|---|---|
| 1 | Cochin International Airport Limited [CIAL] | 21281 | 14176 | 445.00 |
| 2 | National Stock Exchange of India Limited [NSE] | 4,28,423 | 4,28,423 | 1731.00 |
| 3 | Oravel Stays Limited [OYO Hotel] | 31237 | 23182 | 20.75 |
| 4 | ESDS Software Solutions Limited | 15044 | 11351 | 1498.00 |
| 5 | API Holdings Limited [PharmEasy] | 10725 | 10725 | 6.25 |
| 6 | InCred Holdings Limited | 10109 | 7990 | 150.00 |
| 7 | Metropolitan Stock Exchange of India Limited | 7150 | 7150 | 6.50 |
| 8 | Vivriti Capital Limited | 6841 | 6028 | 608.00 |
| 9 | Chennai Super Kings Cricket Limited [CSK] | 9030 | 5270 | 238.00 |
| 10 | Parag Parikh Financial Advisory Services Limited | 16398 | 4896 | 18400.00 |
| 11 | Hero FinCorp Limited | 14275 | 4004 | 860.00 |
| 12 | Arohan Financial Services Limited | 3619 | 3106 | 227.00 |
| 13 | Nayara Energy Limited | 1,63,962 | 2850 | 1100.00 |
| 14 | BVG India Limited | 6461 | 2666 | 485.00 |
| 15 | National Commodity and Derivatives Exchange Limited [NCDEX] | 2601 | 2601 | 290.00 |
| 16 | Care Health Insurance Limited | 13544 | 2130 | 136.00 |
| 17 | SBI Funds Management Limited | 1,02,015 | 2015 | 500.00 |
| 18 | IKF Finance Limited | 3116 | 1966 | 166.00 |
| 19 | Imagine Marketing Limited [Boat] | 12708 | 1555 | 810.00 |
| 20 | Utkarsh Coreinvest Limited | 1510 | 1510 | 152.00 |
| 21 | Indofil Industries Limited | 3835 | 1452 | 1670.00 |
| 22 | Sterlite Electric Limited | 6701 | 1307 | 475.00 |
| 23 | Power Exchange of India Limited | 2865 | 1205 | 490.00 |
| 24 | Orbis Financial Corporation Limited | 4099 | 1146 | 330.00 |
| 25 | GFCL EV Products Limited | 28234 | 1031 | 38.00 |
| Sr. No |
Unlisted Companies |
Total Market Cap (₹)* |
Free Float Market Cap (₹)* |
Price per share (₹)* |
|---|---|---|---|---|
| 26 | Sterlite Grid 5 Limited | 3738 | 1016 | 305.00 |
| 27 | Kannur International Airport Limited | 1553 | 944 | 116.00 |
| 28 | TRL Krosaki Refractories Limited | 3699 | 828 | 1770.00 |
| 29 | HDFC Securities Limited | 13361 | 800 | 7475.00 |
| 30 | Fino PayTech Limited | 916 | 916 | 72.00 |
| 31 | B9 Beverages Limited [Bira] | 501 | 416 | 75.00 |
| 32 | Indusind General Insurance Company Limited | 15919 | 207 | 575.00 |
| 33 | Alternicq Limited | 7502 | 601 | 795.00 |
| 34 | Mohan Meakin Limited | 1902 | 605 | 2235.00 |
| 35 | Philips India Limited | 6988 | 271 | 1215.00 |
| 36 | Goodluck Defence And Aerospace Limited | 2087 | 429 | 425.00 |
| 37 | Martin and Harris Laboratories Limited | 324 | 324 | 810.00 |
| 38 | Versuni India Home Solution Limited | 4659 | 180 | 810.00 |
| 39 | Signify Innovations India Limited | 5205 | 202 | 905.00 |
| 40 | Maharashtra Knowledge Corporation Limited | 351 | 221 | 435.00 |
| 41 | Elofic Industries Limited | 747 | 51 | 2980.00 |
| 42 | Motilal Oswal Home Finance Limited | 5835 | 224 | 9.60 |
| 43 | India Carbon Limited | 228 | 115 | 860.00 |
| 44 | National E-Repository Limited | 369 | 60 | 45.50 |
| 45 | Carrier Airconditioning & Refrigeration Limited | 5266 | 186 | 495.00 |
| 46 | Bharat Hotel Limited | 2584 | 78 | 340.00 |
| 47 | Capgemini Technology Services India Limited | 51566 | 234 | 8700.00 |
| 48 | Merino Industries Limited | 2375 | 128 | 2125.00 |
| 49 | NCL Buildtek Limited | 147 | 52 | 127.00 |
| 50 | Ramaraju Surgical Cotton Mills Limited | 104 | 47 | 178.00 |
The Index is modelled on Free-Float Market Capitalization; therefore, it depends on the latest, publicly available shareholding data and Current Share Price of its constituent companies. To acquire and maintain such data, due to the nature of unlisted sector, the Index comes across few limitations and manual interventions, as mentioned below:
All the information contained herein including, without limitation, all text, data, graphs, charts, visuals and theory (collectively, the “information”), were created by and is the sole property of Chryseum Advisors LLP. Redistribution, reproduction and/or photocopying of this document in whole or part is prohibited without prior permission. All information in this document is impersonal and not tailored to the needs of any person, entity or group. This material has been prepared for information purpose only and on the basis of publicly available information, internally developed data and other sources believed to be reliable. Constituents and calculation of the Index is entirely at the discretion of the Index Manager and all final decisions lie with them. Information here does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. Investors are advised to consult their investment advisors and not base their investment decisions on the publication made. Investors are advised to obtain individual financial advice based on their risk profile before taking any action based on the information contained in this material. Investors alone shall have the right to choose their investments and shall be responsible to invest in with their objectives and risk appetite, for which we hold no liability. We may have positions in the securities mentioned in the report and may offer to buy or sell such securities or any related investments. We do not guarantee the performance of the security listed in this note and accept no responsibility whatsoever including any loss suffered by clients resulting from investing in such security. The Index is for educational purposes only and not for investments. We are not offering this Index for any purchase or sale. Chryseum Advisors LLP is the Index Manager and also deals in buying and selling of Unlisted shares. We have disclosed prices & market cap of all the index constituents in the above table titled Detailed List of Index Constituents.
India’s First Private Market Benchmark. Providing institutional clarity to the unlisted securities market.
