India Equities · January 2010 – June 2026 · 17 years

The same ₹51,000.
Three different outcomes.

What if, instead of a Nifty 50 index fund, you only held India's top-3 companies by market cap — and switched whenever the ranking changed?

Top-3 · Direct Stocks
₹1,68,207
12.84% XIRR
vs
Nifty 50 Index
₹1,32,618
10.42% XIRR
vs
Top-3 · ETF (No Tax)
₹1,76,346
13.32% XIRR
Hypothetical

₹3,000 · every January · fractional shares · 12.5% LTCG on every exit

₹51,000
Total invested
17
Years
12.84%
Top-3 XIRR
₹35,589
Ahead of Nifty

The Strategy

Three rules. Followed every January.

No predictions, no gut feel. Just India's biggest companies by market cap — whatever the list said that year.

01
Invest ₹1,000 in each of the top-3
Every January, buy ₹1,000 of each of the 3 largest companies by market cap. Fractional shares — every rupee deployed.
₹3,000 / year
02
Switch when the ranking changes
If a company exits the top-3, sell everything you hold. Reinvest the proceeds into the new entrant — plus a fresh ₹1,000.
4 switches in 17 years
03
Pay real capital gains tax
On every exit, 12.5% LTCG tax on the profit only — not the full sale. Reinvest whatever remains after tax.
₹3,808 total tax paid

Portfolio Growth

Value of your investment, year by year
Top-3 Direct
Nifty 50
Top-3 ETF
Switch event
Who was in the portfolio
Each bar shows the years a company was held. Exits triggered a tax event and reinvestment.
2010 2013 2016 2019 2022 2026
RELIANCE
HDFC Bank
ICICI Bank
TCS
ITC
Infosys
L&T

The Exits

4 companies left the top-3. Here's what happened each time.

Each exit triggered a sale, a tax calculation, and a reinvestment. The proceeds carried forward — compounding for whoever replaced them. In the ETF scenario, the full pre-tax amount would have reinvested.

January 2011
L&T → ITC
Sold 1.34 sh @ ₹880
Cost ₹1,000 · Gain ₹176
LTCG 12.5%₹22
Into ITC₹2,154
January 2015
INFY → TCS
Sold 14.36 sh @ ₹503
Cost ₹5,000 · Gain ₹2,230
LTCG 12.5%₹279
Into TCS₹7,951
January 2017
ITC → HDFC
Sold 44.71 sh @ ₹243
Cost ₹7,154 · Gain ₹3,696
LTCG 12.5%₹462
Into HDFC Bank₹11,389
January 2022
TCS → ICICI
Sold 9.94 sh @ ₹3,854
Cost ₹13,951 · Gain ₹24,359
LTCG 12.5%₹3,045
Into ICICI Bank₹36,265

Paid ₹3,808 in capital gains tax across 17 years. Still ₹35,589 ahead of Nifty.

If those taxes had stayed invested (ETF scenario), the gap would have been ₹43,728.

2011
₹22
L&T exit
2015
₹279
Infosys exit
2017
₹462
ITC exit
2022
₹3,045
TCS exit

The Numbers

All three scenarios. Nothing hidden.

Top-3 · Direct
₹1,68,207
Total invested₹51,000
LTCG paid (exits)₹3,808
Net gain+₹1,17,207
XIRR12.84%
Nifty 50 Index
₹1,32,618
Total invested₹51,000
LTCG paid (exits)₹0
Net gain+₹81,618
XIRR10.42%
Hypothetical
Top-3 · ETF
₹1,76,346
Total invested₹51,000
LTCG paid (exits)₹0
Net gain+₹1,25,346
XIRR13.32%
Top-3 · Direct
₹1,56,888
Total invested₹51,000
Exit LTCG today₹11,319
All taxes ever paid₹15,127
Net gain in hand+₹1,05,888
Nifty 50 Index
₹1,22,416
Total invested₹51,000
Exit LTCG today₹10,202
All taxes ever paid₹10,202
Net gain in hand+₹71,416
Hypothetical
Top-3 · ETF
₹1,60,678
Total invested₹51,000
Exit LTCG today₹15,668
All taxes ever paid₹15,668
Net gain in hand+₹1,09,678

Current Holdings · Jun 25, 2026

No switches needed for 4 years.

RELIANCE
Reliance Industries
₹1,318
In portfolio since Jan 2010
HDFCBANK
HDFC Bank
₹796
Entered Jan 2017 · replaced ITC
ICICIBANK
ICICI Bank
₹1,388
Entered Jan 2022 · replaced TCS

Investment Schedule

Year by year — every purchase, every price.

₹1,000 into each of the 3 companies, every January. Switch events show the sell, the tax, and the reinvestment that followed.

Year Cash In What was bought Portfolio Value
2010 +₹3,000
RELIANCE3.660 sh @ ₹273.20
INFOSYS3.247 sh @ ₹308.02
L&T1.337 sh @ ₹748.22
 ₹3,000
2011 +₹3,000
RELIANCE3.790 sh @ ₹263.85
INFOSYS2.373 sh @ ₹421.34
↕ Sold L&T @ ₹880 · tax ₹22 · bought ITC 18.734 sh
 ₹6,488
2012 +₹3,000
RELIANCE5.518 sh @ ₹181.23
INFOSYS3.096 sh @ ₹323.02
ITC7.245 sh @ ₹138.03
 ₹8,751
2013 +₹3,000
RELIANCE4.685 sh @ ₹213.44
ITC5.312 sh @ ₹188.27
INFOSYS3.405 sh @ ₹293.69
 ₹13,219
2014 +₹3,000
RELIANCE4.672 sh @ ₹214.03
ITC4.766 sh @ ₹209.83
INFOSYS2.244 sh @ ₹445.64
 ₹18,745
2015 +₹3,000
RELIANCE4.560 sh @ ₹219.31
ITC4.073 sh @ ₹245.53
↕ Sold Infosys @ ₹503 · tax ₹279 · bought TCS 6.165 sh
 ₹23,700
2016 +₹3,000
RELIANCE3.977 sh @ ₹251.45
TCS0.828 sh @ ₹1,208.20
ITC4.580 sh @ ₹218.33
 ₹25,970
2017 +₹3,000
RELIANCE3.756 sh @ ₹266.21
TCS0.877 sh @ ₹1,140.70
↕ Sold ITC @ ₹243 · tax ₹462 · bought HDFC Bank 38.165 sh
 ₹29,581
2018 +₹3,000
RELIANCE2.187 sh @ ₹457.29
HDFC Bank2.146 sh @ ₹465.90
TCS0.744 sh @ ₹1,344.60
 ₹47,193
2019 +₹3,000
RELIANCE1.838 sh @ ₹544.17
HDFC Bank1.889 sh @ ₹529.36
TCS0.533 sh @ ₹1,876.85
 ₹60,533
2020 +₹3,000
RELIANCE1.313 sh @ ₹761.36
HDFC Bank1.577 sh @ ₹634.20
TCS0.454 sh @ ₹2,200.65
 ₹79,311
2021 +₹3,000
RELIANCE1.006 sh @ ₹993.75
HDFC Bank1.403 sh @ ₹712.53
TCS0.342 sh @ ₹2,928.25
 ₹1,02,011
2022 +₹3,000
RELIANCE0.821 sh @ ₹1,218.00
HDFC Bank1.290 sh @ ₹775.28
↕ Sold TCS @ ₹3,854 · tax ₹3,045 · bought ICICI Bank 45.717 sh
 ₹1,23,186
2023 +₹3,000
RELIANCE0.788 sh @ ₹1,268.45
HDFC Bank1.254 sh @ ₹797.20
ICICI Bank1.149 sh @ ₹870.10
 ₹1,32,826
2024 +₹3,000
RELIANCE0.767 sh @ ₹1,303.85
HDFC Bank1.189 sh @ ₹841.10
ICICI Bank1.006 sh @ ₹993.70
 ₹1,45,221
2025 +₹3,000
RELIANCE0.799 sh @ ₹1,251.15
HDFC Bank1.143 sh @ ₹874.60
ICICI Bank0.791 sh @ ₹1,265.05
 ₹1,60,566
2026 +₹3,000
RELIANCE0.628 sh @ ₹1,592.30
HDFC Bank0.998 sh @ ₹1,001.60
ICICI Bank0.738 sh @ ₹1,355.40
 ₹1,68,207 Jun '26
Terminal Value · Jun 25, 2026
Total shares accumulated × closing price on Jun 25, 2026
RELIANCE
44.77 shares accumulated
× ₹1,318
=
₹59,003
HDFC Bank
51.06 shares accumulated
× ₹796
=
₹40,642
ICICI Bank
49.40 shares accumulated
× ₹1,388
=
₹68,567
Total portfolio value on Jun 25, 2026
₹1,68,207
Nifty 50 · Units Accumulated
₹3,000 invested each January → Nifty 50 units @ that day's index level
Year Nifty Level ₹3,000 ÷ Level Units
20105,244.75Jan 80.5720
20115,904.60Jan 70.5081
20124,866.00Jan 130.6165
20136,016.15Jan 40.4987
20146,211.15Jan 30.4830
20158,395.45Jan 20.3573
20167,963.20Jan 10.3767
20178,243.80Jan 60.3639
201810,558.85Jan 50.2841
201910,727.35Jan 40.2797
202012,226.65Jan 30.2454
202114,018.50Jan 10.2140
202217,812.70Jan 70.1684
202317,859.45Jan 60.1680
202421,710.80Jan 50.1382
202524,004.75Jan 30.1250
202626,328.55Jan 20.1139
5.5129 total units × ₹24,056 (Nifty on Jun 25, 2026)
₹1,32,618

What is XIRR?

XIRR is the single annual return rate that makes all your cashflows break even — it accounts for when money went in and when it came out. Same formula as Excel and Google Sheets.

NPV(r) = Σ amount_i ÷ (1 + r)^(days_from_start_i / 365) = 0

Each ₹3,000 invested is a negative cashflow on its January date. The final portfolio value on Jun 25, 2026 is the positive cashflow. Solve for r.