Amisha Vora Reveals Her Bulletproof Portfolio The Broadview With Nikunj Dalmia

TITLE: Amisha Vora Reveals Her Bulletproof Portfolio | The BroadView with Nikunj Dalmia CHANNEL: The BroadView DATE: 2026-05-29 ---TRANSCRIPT--- Everybody wants to know where and which side the next 10% move for the market is coming.

If you ask me where is the next 10% coming at least next 5% is coming positive in the cycle of hype over price and hold where does the EV cluster come in I think EV is a long long way to which is one pharma company which will genuinely enjoy benefits of a rupee. So bluejet is one company which I really like since the time of their IPO. It’s like a phone simple refill. Correct. Which company is doing this in a large cap? If one wants to see is Tata Power, there are many uh other companies also do are doing good job but they’re not listed. But I would say Tata Power. I think their composition will gradually keep changing. I was so damn impressed when I saw and understood Adani Power. They say drone is the new bullet. Now if one has to really be bet on the drone theme, drone stroke defense theme which is the way to invest in India. There are many unlisted players. If you see most of the people are investing in unlisted but then I was saying what is the way to really play that? One way to play it be EL man last one is dark horse. 3 years ago it did not matter what you bought. IPOs were skyrocketing, narratives were at play and valuations were ignored. But the rising tide phenomenon has receded. Demand is getting crushed. Markets have given no returns from last 12 to 18 months. The fear of inflation is real and markets are worried about a rising interest rate trend. So the big question which is occupying everyone’s mind is in which direction the next 10% move on the nifty is coming and to answer that I have invited the perfect guest someone who has seen this movie play out again and again Amisha chairperson prauas niladar Amisha welcome to the show absolutely my pleasure what was looking like a absolutely go- go market 3 years ago. Now cracks are opening up. Everybody wants to know where and which side the next 10% move for the market is coming. Absolutely. See the very premise with which the India story was shaping up stable policy regime reducing or benign inflation outlook and environment and so falling interest rate environment that precisely is challenged and at this juncture where we are standing because market has already taken more than 20 months of sideways to corrective move. If you ask me where is the next 10% coming at least next 5% is coming positive. Why five? Why not 10? Exactly. because the demons of inflation impacting both the corporate earnings also have not yet been fully seen by investors and I feel not even discounted. So this yo-yo in the market probably will continue for a while before a very solid base is created. Uh so first time Amisha we are in a market where the micro is looking challenging. India has been a solid macro stories for last couple of years and the minute you say macro like you flagged off it is inflation. Can I say that the biggest bug bear for the Indian market right now is inflation. The biggest weight which is drawing us down. That is what we will see the market but more importantly the economy and consumers will have to uh face this which is inflation. Current inflation is nearing 6%. The RBI forecast RBI wants it to stay below 5%. What do you think markets are pricing in and what do you think would be the inflation trajectory? See the pain would be either the inflation is very transitory but I feel it will not be because the base is created low for a while in the past both in food and non-food but importantly we are also looking at a alino kind of a very bad crop outlook season also. So that cannot be very transitory. It can be little sticky and that can have its impact on rates. Between rates and rupee which is the second biggest you know what would I say the weight on the market? Still rupee I would say. Okay. So after inflation it is rupee which could be a concern for the market. Absolutely. Every time when you think that something is about to happen it never happens. But the pain as what you have chosen the color which is red he said the blood bath because of ruby is going to be severe because everything which our companies import to make their final product is going to be impacted in terms of their costs. Secondly, when you combine rupee depreciation and oil prices, the vicious cycle happens, the higher the oil price and higher the rupee. So the pass on is so tremendous. So I think rupee is a real pain and of course it impacts fi flows because you can can get hurt in the markets and you get hurt because of the currency. Why would I look at that market? But always in everything things bottom out. So can I say that while inflation we don’t know what’s coming next. Your analysis is that rupee is nearing the pain of its depreciating cycle but interest rates can surprise us. They can shock us and they may disappoint us. See one thing is important that at this juncture nobody is expecting any further rate reduction. Now the speed of any correction in rates will be very measured. At the same time it would also depend how sticky the inflation becomes. But if you see the bond markets are looking at or staring at a potential rate hike. We are blessed with what’s happening on the domestic forefront but the global selling is almost like a curse on a daily basis 1,00 to,500 cr is moving out of the market. I want to keep the flow in the center here. I don’t know which way it’s going to lean right whether fi will come back or whether ds will start selling. What is your view on the floors? I don’t know what will happen. Absolutely. I’ll have to keep it like this. But look at the look at the mentality. You know when they sell just about 1,000 crores, we feel relieved. Oh, it’s not a billion dollar. So whether they will turn positive that hope only has been completely vanished uh it seems from the market and they continued this selling even before war. Even before that time the higher valuation was impacting compared to the other markets we were forever growth higher then we started getting impacted on the earnings growth itself. So if you see uh March 26 the kind of earnings growth that we will be posting come whatever problems which might have come whether earlier the tariff issue which impacted us or now the war issue which is hardly reflected if you ask me but our growth is not even double digit and our valuations compared to our past are slightly moderate but not in comparison or not in sync with what’s be available on the plater across the region. And the biggest part is that world is going through a big transformation which is also leading to a huge capex. Capeex when you you remember we always used to say and why is government doing capex in railway or in roads or in defense because it is a multiplier impact. Now the capex which globally is happening probably is just going to pass through India and nothing is coming in because we not created that base. So as what you very rightly said whether the flows will be changing soon because rupee has come to an attractive level or it will still continue to see the pain when the earnings show a trough that is the critical thing we’ll have to monitor. So the Indian story is now almost like a ECG cardiogram oper. It is no longer a linear you know till we rediscover. Till red we discover. Okay. Till we rediscover. So what we need to rediscover now is the impact of rupee. Yes. The impact of rupee is something which is very real. So I’ll turn the page now. Yes. And this is the biggest change since you ined rupee as the number one change because a change in rate changes the business permanently. Correct? At rate at which you import rate at which you export. Correct. Traditionally we’ve been built up over the years to think like this it is it as simple as that it what will help rupee right now? What will hurt rupee right now? Correct. So within IT and pharma all the global buyers are also smart enough to know that there is some gain. So they and quite a few if you don’t have a moat it goes back to them. So but in pharma there are specialty pharma there are certain play where it is through distributor directly going to the final consumer and rest of the world exports where also rupee depreciation is going to help us. So I think pharma helps. Pharma helps. Anything specific in pharma which you think is enjoying pricing power because ultimately if the company is enjoying pricing power then only they would be able to benefit because of the rupee depreciation like you flagged off that look the buyers also know the daily exchange. Correct. So they will not let you enjoy that extra premium. Yes. But companies who have something unique, they will enjoy their premium which is one pharma company which will genuinely enjoy benefits of a rupee weakening. So I’m combining not only the rupee benefit, I’m also combining the expansion benefit and the kind of business which throws free cash and which has been hurt recently. So Bluejet is one company which I really like since the time of their IPO. Of course they’ve gone through a bit of a cycle both learning in terms of guiding markets as also the business cycle but they are at a juncture I feel from where their business is so solid that they will stand to benefit. You’ve always been a vtory of or not always but of late you’ve been a votry of metals correct and you’re a big believer of import parity correct. So to explain the idea of import parity, what is import parity and why will rupee depreciation help a importer here? Correct. Absolutely. So what it means particularly metals Indian manufacturers do not price their product. It is priced globally be it any quality of steel, be it any quality of of course uh other metals like aluminium, copper and then you multiply it by rupee. you apply whatever anti-dumping duty or any other protective duty which is there and that’s the typically the domestic price. So this is the import parity when Europe has depreciated so much you stand to gain straight away. Now within that who will be the beneficiary who have end to end so their raw material price also goes up then you become just a converter but if your raw material price is stable and you get the benefit of higher prices then you’re the real winner. So this is that’s why metal will be a sector in this when probably next year nifty earnings we are talking about 8 10 11%. They will still post 25 30% kind of a growth. So are metals in a not a sweet spot but a very sweet spot because one side inflation is coming back. Second there is a import duty which is still prevalent correct uh at least in major metals and third is the benefit of import parity. So just go and buy any metal stock or you have to choose between ferrris non-ferris alloy nonalloy no I think broadly they’ll do well even from aluminum copper within steel long and short I think most you pick up basket that’s the best approach I would still say you’ve got vanta you’ve got the bas you’ve got the tatas and you’ve got the jindles correct which one where which side would you lean so typically wherever there is also supported by volume growth is the best uh place to be in and that name would be I think JSW has a good amount of growth coming in Hindustan copper is a very different story because the copper is not just the rupee uh you know depreciation etc benefit but the copper is the underlying EV theme and we don’t have many other plays and their profits doubled last year but if the copper price trend play out the way it is they can still continue to just double the profits you know anything else which will benefit because of rupee depreciation because India today now we say is moving towards what could be called as a manufacturing renaissance correct you know from importer of Apple we become exporter of iPhones from making uh you know large uh electronic goods made in China we are now making in India that space is going to benefit immensely correct so what do you like within manufacturing where the advantage of this rupee tailwind will So there are a lot of u you know M andC subsidiaries MNC subsidiaries also who are into manufacturing but then when the global parent would think which country or which I do more sourcing I think now India will stand a better chance because their global competitiveness visav some of the other countries where from they can source has improved. So that would be one segment which can do much better. The second of course is we signed FTA with Europe and many other countries that takes little time but that will really open up the very big markets for our companies. I do not play typically textile but textile machinery that is a better way to play some of those themes but particularly in the manufacturing side autoscillary is another segment where there is no MNC linkage but some of our auto incillaries are doing for the global giants quite a lot of manu uh production they also stand to benefit So this is the the asset side what will help rupee which companies will benefit because of a rupee depreciation but then there’s always there are businesses which will suffer there are businesses which will lose their edge there are businesses where rupee could be a drag which are those businesses the rupee could be a drag so March quarter which came in that also rupee depreciated But the slight pain has started coming. If you see a lot of commentary where people would say that my raw material costs went up but direct corollary of benefit of metals is auto. their entire good part of their cost of production is all metals or if at all some plastic derivatives in some form there they will definitely have cost push because whether you buy from within India or you import rupee parity will increase your cost of production for sure. So they had a very good run if you ask me. Their margins have grown from 11 12% to upwards of 17 18%. Unheard of. Unheard of. I think GST also helped them. that also helped them of course substantially and so on one uh hand I feel that they can have a cost push kind of a scenario hurting their margins on the other if the rupeeled inflation and slightly tightening monetary or interest rate outlook and this current increase in the cost of running the vehicle continues by way of petrol diesel prices then Auto continues to be at the receiving end because it is coming from a very good volume growth expanded margins. Mhm. Very good uh valuations. So it can go into a kind of the second order the second order impact would be visible in autos in this quarter now possible. So this and second quarter will be the peak. What about uh good old staples because import of everything will become expensive. I mean a very simple is that India actually is now importing almost more than 75% of its total uh cooking oil requirement uh for FMCG companies and for staple companies will a weak rupee have impact on their margins as well can that be the second negative which could be that is one way uh they would be impacted but even if you see uh you know from India’s story perspective there was a time of two decades when looking at Hindustan labor we used to Okay, the penetration is 40%, now 60%, now 80%, now whether it is any categories paste, toilet soaps etc etc all penetration is very good and brand is getting challenged because of your social media. So these are the two existing problems that they face. Brand strength is reducing. Now the way to look at from basic lifestyle product if you ask me I’m just flipping the question a bit is mutual fund companies behind that cams that’s become the becoming the lifestyle these lifestyle we have already done and they’re sitting on the valuations which have expanded in last decade so there is no rerating possibility if you ask me if a company like Colgate has I have seen them at 11% targeting a 14% eida you’re sitting at 25 28% so you cannot expand your eida beyond that so from a longish perspective also I think there is nothing much to do about it every market has a story every story has a narrative every narrative has a potential and every story sometimes is right or wrong it’s only in hindsight we’ll figure out how many of the assumptions what markets have will they become sweet dreams or will they become nightmares postco there are a lot of new themes or narratives which have started and the most important one right now which we talked about is EV in this cycle of hype over price and hold where does the EV cluster come in I think EV is a long long way to go can I say it’s a hold yes the current oil prices has given a wakeup call if you ask me to everyone concerned it’s not just consumer at The highest level of policym also I think it will get a lot of push our EV penetration is four 5%. Some of the larger and competing economies is 10x 40%. So we have a long way to go uh for our EV penetration. Beneficiaries could be any but as a theme bigger theme this is going to now catch speed. The first port of call to bet on EV is to buy car companies and there the lead started with uh Tata Motors and now Mahindra and Mindra and Maruti they’ve also caught up. So, what is the first easy go-to stock for a EV investor? I wish I really uh had that kind of a strong conviction on any of these uh existing names both looking at their valuation. Yeah. But MG IPO will come. I think that’ll be a very good place to be in. Also we can uh go back and some of these EV companies have very limited but good ancillaries that could be the place and the better way is those EV stations companies because they will create like how with Bharti the tower companies came with EV those uh charging station companies will come or are there also like data power it’s like a phone refill Correct. So charge on refill. Correct. Yes. Exactly. So what what do you like in that space? Because that’s a very interesting idea and it’s a very unique idea. Which company is doing this? In a large cap if one wants to see is Tata Power. There are many uh other companies also do are doing good job but they’re not listed. But I would say Tata Power. I think their composition will gradually keep changing. solar rooftop charging stations right now they’re in investment mode but if you see why a poly we suddenly started liking and it just rerated because from absolute B2B you added B2C but these businesses will keep adding and they’ve also identified this early so I’m saying that the growth otherwise in a company like Tara power where would you get a lot lot of growth but now that you can get a growth so EV becomes a hold what about solar See the current understanding of investors in solar is some module manufacturers and some who are module plus cell. So first tell me where does this go? This you are showing is module manufacturers. I’m talking about solar industry they will be in problem. Okay. So module manufacturers will be in problems. Now correct let’s can you just you know take a minute and explain to our viewers the entire ABC of the solar industry whatever that I understand I can tell you you’ve understand it very nicely I know it that module manufacturers mushroomed in India okay now the government has come up with a policy for a while that June 26 is the timeline when most of the buyers of these modules have to have indigenous ly made cell in it. So now who are prepared to give modules with cell to a great extent your uh vari but most of the others do not have their sale. So for some time their order book they will continue to service but we feel in absolute module manufacturers there will be consolidation happening. What about the second uh derivative benefits here which is a battery company maybe a a transformer company? Absolutely. The beneficial companies out of this one would be uh best battery energy storage system because that now is being mandated also to some of the largest uh companies like NTPCs of the world also. So best manufacturers will be a big beneficiary also. You know we try and find out where other the benefit is little more with a mode. So just to throw a name Gwara. Now they are making some uh poly sheets which particularly go for uh modules and the entire solar system. So once their capacity keeps getting expanded, it will be expansion plus margin decorative. M so you’ll have to really work and dig deeper to know key where it is getting generalized and where you stand to benefit. Now the most popular theme. Yes. Defensei. Hype overpriced hold. What does defend differences? It’s a big sector. Amisha. We’ll have to spend perhaps a lot of time understanding again the ABCs of the sector. Let’s start with the A. What to your mind is the very basic investment in defense. See uh the defense theme in India started and the policy regime changed. Our focus on our own defense systems or manufacturing came in now it’s maybe fourth or fifth year but some of these war has taught us that we cannot depend on anybody. They can just shut us down any moment within in between the war and we will not know what to do. So right from chip if you see the first time Indian government has given first a check upwards of thousand crores and said okay now you work in chipm if not on the cutting edge technology but whatever that we can do second we will also continuously support the research innovation but when it comes to manufacturing from just about uh the industry in Indian manufacturing has grown 3x in last four years and now the whole surrounding ecosystem is getting developed. So this is definitely a hold investment perspective some have moved up quite a lot because of the hype. I feel ship building is yet to take off and it will show very good results both in terms of order book order execution both from defense and private. So that is the area to focus on. They say drone is the new bullet now. Wars are fought with your drone capabilities. It’s no longer tanks. It’s no longer the guns. It’s missile and drones. 100%. One has to really be bet on the drone theme. Drone stroke defense theme which is the way to invest in India from listed. There are many unlisted players. If you see most of the people are investing in unlist unlisted. But then I was saying what is the way to really play that? one way to play it be that continues because they are the electronic supplier. So anybody whatever they do one recent find which we’re not covering but I really like is Paris defense they are into that uh they will go into submarines to not drones but uh also into all the missiles and they have 60 to 65% market share in that so everything India does and becomes bigger in this I think they’ll stand a very good chance to grow. So I would say these two. So Misha if I may divide the defense space into two buckets. One of the obvious names the aircraft makers, the ship builders, uh really the companies which are supplying tanks and other ammunition. But there are also companies like you mentioned which are doing cutting edge work which are high-tech. The work could largely be backed by air. It could be there could be a very large tech at play. Any companies which in the defense space are doing cutting edge work which is small but looking at the way global dynamics are moving that cutting edge technology or that cutting edge work could become large. what is small but could become potentially jumbo in unlisted space I know a few names listed space I’m slightly constrained but yes data patents is doing good job uh which is the other one who is doing a real good job which is your all-time favorite in defense right now I’m slightly sold on paras defense because I’ve gone deeper into it not that every stock I can personally study in detail and not and and and uh please give whatever disclosures measures that need to be given. I don’t want to influence anybody. Everybody should do their studies but uh I think that they are doing very good job. So I’ll speak the disclosure on your behalf before we move forward that whatever we are discussing this is again just for reference purposes. Uh the idea is not to recommend a stock. We are purely discussing so that we can illustrate what Amisha’s thinking is and what the framework of prau niladar is. Am I reading it right? Yes. Absolutely. Am I every time on the show we try and build what is called as the bulletproof India portfolio. Bulletproof India portfolio for 2030 4 to 5 years from now. Every portfolio has a core and when you are looking at next 5 years inflation will go up and down. Geopolitical crisis will go up and down. Uh lot of factors which look today big they will dilute. lot of factors which we don’t talk about may come back just for the benefit of our viewers exactly five years ago we were only talking about co exactly three years ago we were only talking about fintech today we only talking about AI AI who knows what we would be talking about 5 years correct but the long-term investor has to start planning for 2030 and that’s where your expertise has to come in so if I may request you to identify what could be the core of the portfolio for 2030 let’s call it the knee of the portfolio Yes. So, so if I have to choose five stocks or one I think will definitely qualify as L&T. This is the core. Correct. Larsson and Tubru would be one important part of it both because of their domestic presence and the sharper focus that they have brought also because of the Middle East reconstruction which will continue and they’ll be the single largest beneficiary and large largely because of the defense that they’ve invested so early on. They are if you ask me the real pioneers of shaping and India’s defense policy. So now is the time that in their overall scheme it is a small portion but they will stand to benefit. So I think and it is not very highly valued or at a valuation which is you know itself taking away everything. So that is going to be one. The second such core story which I believe is Titan. Titan now and these still because the way it just is putting his wings into larger and larger pie or market segment and as it matures I think that they’ve still got a long way to go and it will continue to surprise markets both uh in terms of the core business and the some of the businesses which is shaping up around third one which I would see is once again people may find it a little contrary or but I was so damn impressed when I saw and understood Adani power because the sizes which they are operating and the size of cash that they are generating this capacity of uh their this is coal fired power right it’s not renewable company Adani power is the traditional power the power manufacturing itself will go up 2 and a halfx in next 6 years and still as we see the uh the free cash flow generation and debt equity analysis it will be better placed at that capacity in terms of debt equity and the size of the AIDA itself will be humongous you can think of 20 22,000 cr raida going to 4550,000 cr raida so I feel there is still one should go with defensive play power a must requirement in this data center world and you get this kind of a growth tell us a bit more about the adani power business model because traditionally markets always call power companies as utilities correct they are never priced on absolutely that is where the mismatch in market is coming that Market always wants to price these companies as utilities. But you price it there like that because the leader also has a very moderate growth up till now and that’s what we have seen in power. But when you aggressively grow and you double or triple your capacity, you can’t be priced just as a utility. So it will combine the defensiveness in earnings of the utility with aggressive growth. That’s why the valuation will continue to surf and they have the cold blocks which are secured. Yeah, they in that uh to some extent they secured. I am not aware in their entire expanded capacity where do they stand but looks good with the potential what they have. You said five stocks you’ve given us three two more core stocks. Correct. Two more uh core stocks. Um I hope I remember all the names right and uh but one thing which once again has moved on quite a lot worked but that is not going to die. I’ve been since co I’ve been continuously talking about bharti bharti bharti because last 5 years I’ve never seen a company having volume growth and price growth combining and market share has come back correct and that is what happened in bharti volume growth price growth but in some time from now we’ll have three players uh idea back in action geo listed and bharti but I still believe that Till the time these two really uh strengthen properly there is no alternate to data and so the bharti will still continue that’s four yes one more one more and I think that u the fifth uh large cap I have I’m not so once again a slightly contrarian call we have seen many good franchises coming in trouble And particularly when the transition of management happens who are the real you know flag bearer of our nation which is what HDFC bank is going through. Yeah. Three year returns have been flat actually. Yeah. It’s so much pain about this name but you’re asking me for next 5 years. Yeah. The darling of the market has become the backbencher. Backbenture at 1.67 or eight kind of price to book. 1.6 price to book. It’s more like a PSU price to book and uh roe is not as bad. ROE is still good. Credit growth will come back in our economy because of what I just said. So I think this will be the fifth uh pillar of the core portfolio because core portfolio you do not change in a hurry. So you really need a right valuation some of the things going against you. So it is installed in that kind of a valuation. It’s all weather portfolio. Yeah. All weather portfolio. I put the high growth part now. Uh lot of high growth pockets. Some we’ve discussed, some we’ve not discussed and some will evolve now. So one next three to five years which would you call them as the high growth companies. So one would be mothersumi. I feel they will fall into that high growth category. Second would be um not absolutely high growth but a good growth company would be uh something like CAMS which I said is the new era of India over next 5 to 10 years. Financialization of savings will be a continuous theme with whatever ups and downs but this theme will not be challenged. I could have picked up one private wealth. I could have picked up one this but this is what the second key pillar uh I feel could be uh some of the others in this uh good one would be we played always the hospital theme a lot and we played both hospitality the hotel theme also quite a lot uh in high growth one very small cape name which comes to my mind is park hotels I’m a big believer of the kind of change which will come in West Bengal. This company is uh into medium range uh hotel industry but their next expansion is into they’re developing their own land and putting that surplus into building their hotel. So there will be no extra debt. So I think and this is so damn cheap priced. I think this talk will be maybe a doubler tripler is a poss possibility. I come to what is called as value and you understand the importance of value which is that in any market there are good stocks to buy in any bad markets there are bad stocks to sell. Where is value in this market? Where there are lot of factors which has which are at play in terms of interest rate adjustment, digitalization of the economy, defense, solar, where is true value in this market? I feel SBI is still a value SBI. Hasn’t the stock gone up? No, not yet fully because they have some of the very strong subsidiaries and those subsidiaries and I used to say this on ICICI for donkey’s years that you don’t only see ICIC see the way their subsidiaries are adding value and one day you will see everything coming together after your words were ICIC bankers plus plus plus plus correct exactly thank you so much uh so SBI of course has moved up u but I feel that this is one public sector bank which is reasonably very good technology some of their subsidiaries if you see are market leading so that kind of public sector banner or tag how long will give and the growth is there so it is value because of the public sector valuations and there is growth because without growth you’ll be be in a value trap. Can HDFC bank and bank go up together? Because historically we’ve seen a musical chair. Sometimes it is PSU, sometimes it is private. Sometimes it is PSU, sometimes it is private. can be an HDFC bank because this was a good shock for HDFC Bank and I think they’ll they will be they will take time you we have known how Infosys took time to put their house in order when the management change happened and how long L&T is continuing to you know go gradual about the change. So those times large organizations see but once you see 2 to 5 years time frame this will fall in place. What could be the next multibagger or multibaggers? I hope we always knew that in advance that this will be the multibagger but multibagger typically needs topline growth rising margin and rerating then a multibeggger is also needs an endorsement from you. I wish but I feel that this is not I I’m sure I might be missing out on some of the larger names which would also qualify and to be very frank now I’m not as hands-on on all the numbers that I used to be but I few of them whom I meet out of that I would put once again Paris defense in a multibagger category because when I met them I felt it was around 500 kind of rate and I said uh the way things will pan out. So I think it has moved up but it will still be in that category and typically you know when the delivery starts happening by the company you know that’s when the belief also starts that’s when things really work out man last one is yeah dark horse generally dark but I was just thinking thinking somebody was really thrown out of window and still in the right sector if I want to think then I thought hola because he’s put up all the capacity he had his own learning curve he’s now going into best now there are a few people who have something called technology most of the India is on distribution who has technology so when you have a combination of technology and distribution and you are just ignored because of whatever mistakes that you did. I think in dark horse and you know you can see that now there is a genuine attempt to really focus on the tech part not the two-heer part. Ola was introduced as a two-heer company correct which had a mobility solution and happens to be in battery. Now it is the battery umbrella which in a sense is becoming big and at that market cap how many battery companies are available in the world. I think that’s that’s a great point right now. Absolutely. So dark horse right now they still have to prove themselves. Yes they have to prove themselves naturally that’s when it it is qualified as both a dark horse at the same time a multiacker. I want to you know today lean on your experience and like they say in the market that courses don’t change horses they change. You’ve tracked markets from the TMT boom to the bust. There was a time when anything in infra was trading at P multiples of consumer. There was a time when there were only five stocks which were called as the big four. They were moving in India. It’s a time right now then big seven in the world are moving in the in in the world. What never changes in the market. I think two things uh doesn’t change. One is good and bad times. Truthful communication is the one which holds your uh valuations because see we are all here to see where is the wealth or value created or unlocked. Wealth created value unlocked. So a truthful communication is the heart because you’re failing you say why you are failing. You are gaining you say why you are gaining. And the moment you keep walking that road as any corporate or any big big business house is the time that business cycle is one side, investor confidence is on the other side. You continuously hold your investors confidence. So that is one thing which is I think never changes. The second principle of capital allocation that never fades. I think your any reckless capital allocation debarring of the risk return is always going to hurt you back. You spent what 35 years in the market they say financial market is a place which is dominated by boardroom cos. Do you remember your first day at work? I do. You still remember it? I do. Okay. What was you want me to tell you? Yes, please. It was such an embarrassment. As a fresh CA, I joined JM. It turned out to be a budget day. They were all then after the budget, they all gathered in a budget conference room. Everybody was giving their opinion and then my boss that time was Rupal’s father Himrrait. What’s your opinion on budget? Before that I had never seen a budget to know what impact it can have on markets and economy. I said I’ll need little time because I need to study after study. Give me two days time I’ll come back with my opinion. IT WAS A damn big of that is more important. How did your boss react for the first time? What would he say? He knew but I and that’s what I have till now done. If I’m not studied I say that I’m not studied. Sorry I can’t reply this. But Amisha in the first 15 years of your career you had built up a reasonably large business you have been part of Prabhu Silad but at what stage it prompted you to take complete ownership life achieve why to get into it why to build more is there a number you are chasing is there a vision you are chasing what prompted you to take complete ownership of this firm and then drive it with the same vigor, with the same grit. Why did you do that? you know at Rabadas leather um after a good run during 2003 to 200810 we also went through a little challenges and in my mind those challenges were because of the management decisions not only because of the outside competition challenges and I always knew this is a very very solid brand. I still believe this is one of the most respected brands and if I don’t do justice to that brand, I thought that I am leaving the game in between. So I always had an option when rest of the promoters wanted to sell uh and a bank was ready to buy to hang my boots and become an investor and I probably would have made more money. uh but I still chose that I think that India had and still has the best time to come and being in the financial services and we want to be value added partners and I want to build this institution and you can see that I’m putting all efforts in doing that. So I have a message for you please and this message is from Shat. Wow. Wow. Mom, your journey has been truly inspirational. Not just for me as a son, but for everyone who has had the opportunity to know you and work with you. Watching you over the last 30 years has taught me some of the most important values. Resilience, courage, discipline, and determination. More than anything else, you’ve been a pillar of strength for our family, an incredible mentor to me, a super mom, and a true Iron Lady for the family. I’m proud to be your son. Oh my goodness, so good. He will surely expect a message back from you. So, what would you like to take to Sadat so that when he’s watching the show, he can hear it. I would say that you know while I was always working I used to nurse a lot of guilty feeling that I’m not able to give enough and more time to him but he proved that watching the sincerity sincerity is adopted so children I always tell all women that children are watching you they are not listening to you so don’t worry and he proved it Right. And I’m so proud that today he is one of the pioneers of quant in India in its true sense. And when he speaks, I’m sure next time when you speak to him, you will not call me again. Well, Misha, you’ve done something which is very rare. Not only you’ve created a world-class institution, you’ve been a super mom. You’ve been inspiration to millions millions on how by just doing basic focusing on integrity and just by helping others to reach what their true potential is, you can create magic. So you’ve not only created magic for your firm, your employees, you’ve really created magic for our viewers being on the show. Thank you very much and thank you for your time. Thank you very much. Thank you so much. Thank you very much.