By Sanjaya Satapathy, Portfolio Manager and Partner
Despite the near-term noise from the US-Iran war, rupee depreciation, and global risk aversion, we at
Ampersand Capital believe India’s medium-term equity story remains one of the most compelling. The
earnings cycle is turning up, domestic demand is resilient, and valuations have corrected to levels last seen
before the 2023-2024 bull run. Our major themes –Consumption Premiumization, Energy Transition, New
Age Technology stays intact. We foresee that lower oil prices and the government’s increasing focus on
renewable energy are supporting a gradual reduction in import dependence, thereby enhancing energy
security and de-risking supply chains. The government is reportedly considering a review of capital gains
taxation to improve market sentiment amid persistent FII outflows and currency pressures.
We recommend staying invested, using volatility as an opportunity to accumulate high-quality, large-cap
businesses in sectors aligned with India’s structural growth drivers.