The improvement in large caps is based on early signs of consumption-led demand returning, with some firms already showing relative strength despite a muted second quarter. This, he said, sets the stage for a stronger second half of 2025-26 (FY26) and robust earnings into 2026-27 (FY27).
On Billionbrains Garage Ventures (Groww), Choksey remains cautious. He acknowledged the strength of the business and the rapid rise in retail participation with about one lakh new demat accounts being added daily, but warned that the stock’s valuation is running well ahead of fundamentals. With the market already pricing in earnings as far out as 2027-28 (FY28), he prefers to wait rather than buy at current levels, saying the valuation “speaks everything.”
Choksey remains optimistic on the non-banking financial company (NBFC) sector, driven by rising consumer spending and rapid adoption of fintech and artificial intelligence (AI). He said the winners will be those who turn around and disburse loans fastest, manage their cost of capital well, and maintain superior asset quality. Bajaj Finance stands out on all three counts, in his view, supported by strong technology integration and disciplined credit management.Also Read: NTT DATA targets 70% AI-led productivity gains; Indian firms enthusiastic but risk “overconfidence”
On Bharti Airtel, Choksey offered a balanced view. He highlighted the company’s strong average revenue per user (ARPU) premium over Jio and improving African operations, which reinforce confidence in its global strategy. However, he stated that much of the good news—including a potential ARPU of ₹300—is already reflected in the stock price. While he doesn’t expect extraordinary upside, a 15–20% gain in line with market performance remains possible, making the stock still a reasonable pick.
For the entire interview, watch the accompanying video
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