Overview
- Kamath says roughly 90 percent of his personal equity portfolio is now invested in Indian stocks and that about 95 percent of his investment thesis is India-focused.
- He attributes the shift to improved valuations after crude oil fell to about $73–74 a barrel and the rupee weakened, which he says makes many Indian firms look cheaper.
- Kamath is actively buying select well-run IT services firms trading near 13–14 times forward earnings and is also positioned in energy-transition plays such as EVs and batteries.
- He remains positive on pharma, hospitals and tourism as value opportunities and said long-term Indian equity returns have historically been in the low double digits over 10–20 years.
- Reacting to recent tightening of futures and options rules, Kamath warned that squeezing speculators could reduce market liquidity and cited liquid US markets as an example of how big fundraising can be supported.