According to Mukesh Jindal, Senior Partner at Alpha Capital, high-quality banks are the cleanest investment opportunity at present. “Credit is running strong, asset quality is the best in a generation, and the Bank Nifty still trades at a much more reasonable multiple,” he said in an interview with Moneycontrol.
Investors should put their money into banks with a strong deposit franchise and a clean book rather than the most aggressive lenders, he advised.
Jindal also likes the defence and infrastructure sectors, as that is where capital expenditure is expected to be concentrated.
Do you see earnings growing in the range of 15–17 percent this fiscal year despite ongoing geopolitical tensions?
I would not treat 15–17 percent as a base case. It is the number the market was hoping for after a weak FY26, when Nifty earnings grew only around 5 percent. It is not the number I would underwrite today. Geopolitics is not a footnote. At $70–80 a barrel of oil, 15 percent is a reasonable working assumption. At $100–110 for any length of time, you should mentally mark that down. Every ten dollars on crude takes something off growth and something off margins.