Core Viewpoint - The Indian market has underperformed compared to the US and other emerging markets, presenting a long-term equity investment opportunity as it trades at a 49% PE premium to the EM index, which is attractive historically [2][3] Market Performance - Year-to-date, the Indian market has lagged behind the US and other emerging markets, with a notable 49% PE premium to the EM index, down from a peak of 97% in September 2024 [2] - Domestic Institutional Investors (DIIs) have invested $65.2 billion in the Indian market, while Foreign Institutional Investors (FIIs) have sold $17.4 billion, indicating a shift towards domestic investment [2] Investment Strategy - The focus remains on "Growth at a Reasonable Price," emphasizing quality stocks, monopolies, and market leaders in domestic sectors [1][3] - A cautious stance is maintained on export-oriented sectors due to tariff concerns and macroeconomic uncertainties [3] Sector Preferences - The market outlook favors sectors such as BFSI (Banking, Financial Services, and Insurance), Telecom, Consumption, Hospitals, and interest-rate proxies [3] - Positive views are held on retail consumption plays and certain capex-oriented stocks that show growth visibility for FY26 [3] Stock Recommendations - Recent changes in top picks include booking profits in Varun Beverages and adding Mahanagar Gas, reflecting a preference for growth at reasonable prices [4] - Recommended stocks include HDFC Bank, Bajaj Finance, Shriram Finance, Avenue Supermarts, State Bank of India, Lupin, Hero Motocorp, Max Healthcare, Kirloskar Brothers, Kalpataru Projects, APL Apollo Tubes, Mahanagar Gas, Bharti Airtel, Prestige Estates, and Sansera Engineering [5]

Group 1 - The analyst has 5 years of experience managing a technology fund and has a background in Mechanical Engineering [1] - The focus of the analysis is on investment opportunities in the semiconductor sector, robotics, and energy [1] - The investment strategy emphasizes growth at a reasonable price with a mid- to long-term horizon [1] Group 2 - The analyst prefers investing in companies within oligopolistic sectors that have high barriers to entry [1] - There is a tendency to avoid smaller companies due to underestimated perceived risks [1] - The analyst has a beneficial long position in MRVL shares, indicating confidence in the company's prospects [1]

Group 1 - The analyst has 5 years of experience managing a technology fund and has a background in Mechanical Engineering [1] - The focus of the analysis is on investment opportunities in the semiconductor sector, robotics, and energy [1] - The investment strategy emphasizes growth at a reasonable price with a mid- to long-term horizon, targeting companies in oligopolistic sectors with high barriers to entry [1] Group 2 - The analyst has previously worked in the oil and gas sector before transitioning to global equities [1] - The analyst completed CFA Level II in 2024, indicating a commitment to professional development in investment management [1] - The analyst aims to provide small investors with valuable investment ideas through published articles [1]

Group 1 - The analyst has 5 years of experience managing a technology fund and is licensed by the Brazilian Securities Commission as a portfolio manager and investment consultant [1] - The analyst's educational background includes degrees in Mechanical Engineering from the Federal University of Rio de Janeiro and École Centrale de Lyon [1] - The analyst has a strong focus on the semiconductor sector, having studied global equities since 2017, particularly NVIDIA [1] Group 2 - The investment strategy emphasizes investing in companies within oligopolistic sectors that have high barriers to entry, while avoiding smaller companies due to underestimated risks [1] - The analyst is particularly interested in disruptive technologies in hardware-related fields, including semiconductors, robotics, and energy [1] - The investment approach prioritizes growth at a reasonable price with a mid- to long-term investment horizon [1]