Banking Picks: ICICI, Axis, Kotak LeadOn bank stocks, Sabharwal said, “Among large banks, we own ICICI, Axis, and some Kotak. Both ICICI and Axis still have upside. We don’t own HDFC Bank; it’s FII dominated and will need flows to rally. SBI’s rerating journey has further potential. I avoid smaller banks as they are losing CASA market share.”
Infrastructure: Diversified Companies Offer ValueOn the sector, he noted, “Many infrastructure companies won orders but execution lagged due to elections and monsoons. Stocks are cheap now. NCC should do well from its order book, and Ahluwalia Contracts had strong results. Diversified infra companies benefit from easier monetary policy.”
Hospitality: Indian Hotels Stands OutRegarding hospitality, Sabharwal said, “The sector is well placed for 2–3 years. Indian Hotels stands out for execution and cash flows. Valuations aren’t cheap, but strategically it’s strong. Capex is manageable given their free cash and balance sheet.”
IPOs: Caution NeededOn IPOs, he warned, “Most IPOs are tricky and overvalued. Established small and midcaps are often cheaper. The last IPO I liked was LG.” On Groww’s post-listing surge, he added, “There’s blatant rigging in some stocks. Retail investors should avoid FOMO and not buy at absurd valuations. Corrections of 20–40% often follow.”
Sabharwal’s views highlight opportunities and risks across India’s banking, infra, hospitality, and IPO markets.
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