With skyrocketing order books driving massive rallies in defence stocks, retail euphoria is at an all-time high. However, ICICI Prudential’s Senior Fund Manager, Mittul Kalawadia, who manages over ₹72,000 crore across major schemes like the Equity & Debt Fund, Dividend Yield Equity Fund, and iSIF Equity Long-Short Fund, is striking a strong note of caution.
In this interview with ET Markets, he warns that current valuations have already priced in future growth, leaving little margin of safety for aggressive new bets. Edited excerpts from a chat on market outlook, sectoral bets and stock picking in a tough macroeconomic environment.
