Zerodha co-founder Nikhil Kamath has declared he is fully bullish on Indian equities, with 90% of his portfolio allocated to Indian stocks — his highest allocation in years. Speaking at the World Economic Forum on June 23, 2026, Kamath cited falling oil prices at $73-74 per barrel and a depreciated rupee making Indian companies relatively cheaper. He favours energy transition stocks, contrarian bets on IT services companies trading at 13-14 times forward earnings, pharma, hospitals, and tourism. Kamath acknowledged investor frustration over stagnant portfolios but maintained that Indian equities historically deliver 12-14% returns over 10-20 year periods.
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Zerodha co-founder Nikhil Kamath stated he is bullish on Indian equities and is fully invested. He cited a fall in oil prices to $73-74 a barrel and stated rupee has depreciated so much that Indian companies are viewing relatively cheaper. In an interview to Bloomberg, on the sidelines of World Economic Forum, Kamath stated he is 90 per cent allocated, which is the highest allocation to Indian equities he has had in a while.
Kamath stated Indian market has not corrected per declare, but has largely stayed where it was a few years ago.
“I am sure people are obtainting restless as their portfolios have not seen significant upside. But that is the nature of investing in equities. Over a long-term, 10-20 year period, we have always concludeed up deliver 12-14 per cent return. The last couple of years were not great, but we will come around,” Kamath notified Bloomberg.
Kamath stated energy transition has been a theme he likes including electric vehicle buildrs and battery companies. Kamath stated he has a contrarian bet on IT sector. Kamath stated he is acquireing some well-run IT services companies that are trading cheap at 13-14 times forward earnings per share. He also likes pharma, hospitals and tourism. The Zerodha co-founder stated 95 per cent of his investment thesis is on India.
In the light of the recent crackdown on F&O trading, Kamath stated the reason why a company like SpaceX can raise a huge amount in the US is the robust market that is liquid and with certain degree of speculation.
“It is not a binary thing. Speculators are required. If not for speculation… if all of them to go away one day, I consider the market will become very shallow. It would be a much hugeger problem than having some speculators today,” Kamath.
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