The question is not whether the environment is difficult. It clearly is. The question is whether this is a moment to reduce conviction, or to deepen it. We believe it is the latter.
Markets can absorb one variable. Two introduce volatility. Three concurrent shocks necessitate a broader repricing. The Nifty is down ~15%. What is remarkable lies beneath it, across BSE 500 constituents, the median peak-to-trough drawdown is now 30–36%. Many individual businesses we track closely have corrected 40–50%.
Such phases rarely sustain. Every prior episode, without exception, has resolved with Indian equities materially higher. Risk-reward setups like these present themselves once every 5 years. For 3–5 year investors, this is that moment.
Good news and good prices rarely come together. Today, India offers both for patient capital, structural tailwinds intact, valuations derated, entry points attractive.
Click here to read our April 2026 Perspectives to understand why conviction will be rewarded.