India Portfolio: 11 Bottom-up ideas

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India Portfolio: 11 Bottom-up ideas

1 July 2026

India Autos

It would be tempting to conclude that the environment is finally clearing up. The war is Venugopal Garre

+65 6326 7643 receding, crude has moderated, and some key macro variables are stabilizing. Yet, beneath

venugopal.garre@bernsteinsg.com this calm surface, the path ahead remains uncertain and volatile. In fact, the current

environment is arguably one of the most challenging for generating returns, with no clear

Nikhil Nigania direction and several large sectors grappling with structural issues. In this backdrop - after

+91 226 842 1414

nikhil.nigania@bernsteinsg.com a gap of 6 months in which our portfolio has outperformed Nifty (-6.7%) even with modest

1.1% returns, we make a revisit and make some tweaks.

Pranav Gundlapalle

+91 226 842 1407 India’s market returns outlook continues to be constrained. The absence of a strong, broad-

pranav.gundlapalle@bernsteinsg.com based catalyst, combined with lingering uncertainties around geopolitics and inflation risks

from poor monsoons, keeps the backdrop fragile. The few opportunities present in the data

Jignanshu Gor centre ecosystem (lower-quality names) and emerging manufacturing themes are narrow +91 226 842 1494

jignanshu.gor@bernsteinsg.com and largely confined to small caps, limiting their ability to drive overall market returns.

Nandan Kulkarni Navigating structural issues: At the large-cap level, challenges are more structural,

+91 22 6842 1436 whether real or perceived. IT is a notable example, where sentiment remains decisively

nandan.kulkarni@bernsteinsg.com negative. Financials, especially large private banks, no longer enjoy the same combination

of growth visibility and governance premium that defined the past cycle. Consumer

Manas Agrawal