Value Research

With small- and mid-cap valuations running hot, many investors are wondering: Will earnings growth keep pace, or are we heading for disappointment?

In this episode, we sit down with Aditya Khemani, Fund Manager at Invesco Mutual Fund, who manages over ₹25,000 crore across large-, mid- and small-cap strategies. He shares candid insights on:

• Why earnings risk never disappears—but matters less over 3, 5, or 10 years.

• How India’s macro backdrop is one of the strongest in two decades, even as cyclical slowdowns remain inevitable.

• Why valuations must be judged through the lens of long-term growth and cash flows, not just near-term P/E ratios.

• The importance of stock selection vs sector bets in generating alpha.

• Why investors should temper return expectations to realistic low-teen outcomes.

• Key structural themes—from healthcare to financialisation—that continue to drive resilience in his funds.

Khemani also explains why quality, growth, and cash flow conversion remain at the heart of his stock-picking framework, and how patient investors can still create meaningful wealth in India’s evolving markets.

If you’ve been anxious about stretched valuations or confused about how to navigate today’s mid- and small-cap rally, this conversation will give you much-needed clarity.

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Amid stretched valuations in the Indian equity market — especially in the mid-cap space — how should investors think about opportunities, risks, and portfolio positioning?

In this episode, we speak with Kirti Dalvi, Fund Manager at Mahindra Manulife Mutual Fund, who shares her perspective on:

• Why she remains constructive on India despite elevated valuations.

• Her investment philosophy and bottom-up stock-picking approach.

• How she evaluates high P/E businesses for growth visibility and sustainability.

• Key lessons learned from her mid-cap fund’s recent underperformance.

• Sector outlooks, including financials and industrials.

• Non-negotiables on risk management, position sizing, and sell discipline.

Dalvi also explains how she balances conviction with caution in an expensive market, what triggers a reallocation or exit, and why flexibility and humility are essential in volatile times.

This deep-dive conversation is a must-listen for investors navigating Indian equities, especially those interested in mid-caps, fund management strategy, and lessons from market cycles.

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