Market outlook & Nifty trajectory
Anshul Saigal remains optimistic about India’s long-term market structure, citing L&T’s strong order book and margin guidance as proof that India’s capex cycle is accelerating. “This kind of strength in infra signals the economy’s resilience — it dispels fears of a slowdown,” he noted.
Infrastructure and renewables: The next big growth engine
Saigal said infra remains a major bottom-up opportunity, driven by government focus and long-term visibility. “Green energy, hydrogen, and methanol-based fuel systems could be multi-decade themes,” he added, identifying renewable energy and port infrastructure as undervalued high-potential segments.
SEBI’s AMC fee revamp: Short-term noise, long-term tailwind
On SEBI’s consultation paper proposing TER cuts for mutual funds, Saigal called the reaction “overdone.” He estimates a 5% profit impact for large AMCs, but expects them to pass part of the cost to distributors and traders. “This is déjà vu from 2023. The long-term story for AMCs remains strong,” he said.
Pharma: CDMO and domestic segments offer multi-year upside
Saigal sees strong promise in the Contract Development and Manufacturing Organization (CDMO) segment as global firms diversify away from China. “Even a small shift of the $150–160 billion Chinese CDMO market to India can trigger exponential growth,” he said, adding that domestic pharma continues to offer 12–15% growth with high margins.
OMCs, cement, and metals: Selective bets preferred
Saigal prefers to avoid cyclical oil marketing companies, but sees cement and metals as strong structural plays. “Cement consolidation is nearly over, cost pressures are easing, and pricing tailwinds are emerging,” he explained. Metals, he said, are benefiting from reshoring of global capacity and rising defence and infrastructure spending worldwide.
Varun Beverages’ alcobev foray and consumer demand
On Varun Beverages’ entry into the alcoholic beverages space, Saigal said the move diversifies growth in Africa and adds optionality. “Strong on-ground execution and rising consumption show that India’s beverage and alcobev market is only scratching the surface,” he noted, adding that brands like Varun and Radico Khaitan are early leaders in this trend.