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In March 2026 Market Views, Hiren Ved analyses the Iran-Israel conflict, crude oil risks for India, and key sector trends shaping NSE 500 pe

Learn how large, mid, and small-cap companies differ in portfolio construction, and understand multi-cap and flexible strategies in equity i

Explore how India is emerging as a trusted global manufacturing partner, driven by export-led growth, engineering excellence, and discipline

Victor Hugo once observed, “No power on earth can stop an idea whose time has come.” In our view, India-based manufacturing is one such idea. Indian companies are increasingly transitioning from domestic suppliers to trusted global manufacturing partners, particularly in engineered, high value-added products where quality, reliability, and execution matter far more than low-cost labour alone.

This shift is clearly reflected in the data. A decade ago, smartphone exports from India were negligible, with the entire mobile export segment was around ₹1,500 crore in FY15. By FY25, mobile phone exports—led by iPhones—had expanded more than 100-fold to approximately ₹2 lakh crore. Today, India accounts for nearly 35% of smartphone imports into the United States, underscoring its growing relevance in global supply chains.

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Explore India’s aspiration-led consumption growth driven by premiumisation, digitalisation, and rising incomes.

India’s consumption has been one of the key drivers of its economic growth. According to a monthly report released by the Ministry of Finance, the share of private consumption in nominal GDP increased from 60.2% in FY24 to 61.4% in FY25.

What was once a narrative driven by rising incomes and urbanisation now appears to be evolving into a compelling story—rooted in aspiration, digital inclusion, premiumisation, rural upliftment, and increasingly formalised financial behaviour.

For investors evaluating India through Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), or other professionally managed investment platforms, consumption and related themes are increasingly viewed as a long-term structural theme, in our view. Unlike cyclical trends that depend on short-term economic conditions, India’s consumption growth is broad-based—spanning cities, income groups, age segments, and product categories.

This blog explores some of the drivers behind India’s consumption boom and why aspiration-led spending continues to create opportunities across sectors.

February 2026 edition of Market Views highlight a combination of policy-driven tailwinds and near-term market volatility. Some of the key developments include progress on the India–US trade framework, continued government capex support in the Union Budget FY2027, trends in F&O activity post-STT hikes, and a mixed but resilient Q3FY26 earnings picture across market segments. While market performance has seen phases of underperformance versus global peers, historical patterns suggest such periods have often been followed by stabilisation and recovery.

An overview of concentrated, customised, and actively managed investing, and how bespoke PMS strategies are structured for long-term investo

A data-led recap of India’s January 2026 macro trends covering IIP growth, manufacturing, capex, GST collections, auto sales, and retail pe

Understand quantitative investing, how data-driven models, algorithms, and systematic strategies are reshaping portfolio construction in mod

Explore how disciplined processes, governance filters, and valuation rigour help build conviction in small and midcap investing within a PMS

Discover how Alchemy Smart Alpha 250 combines quantitative analysis with active portfolio management that aims to deliver superior risk-adju

Explore gold’s cosmic origins, global supply, top national reserves, and its rising role in today’s geopolitical and economic landscape.

Explore top investment trends in India's PMS and AIF sectors, including quant strategies, alternative assets, regulations, and tailored inve

Scaling Up: How Indian Entrepreneurs Expand Their Markets

One of the strongest indicators of success lies in the promoter’s mindset. In India, many entrepreneurs are not content with merely defending their existing business; they are driven to expand their Total Addressable Market (TAM). This stands in contrast to many multinational corporations, which, in our view, prefer to stick narrowly to their “core competencies” and leave adjacent opportunities or global markets to the parent, thereby narrowing their TAM.

This entrepreneurial mindset is about more than just chasing growth — it is about building capabilities, investing in innovation, and seizing opportunities that others might consider marginal.

TD Power Systems (TD Power) ^: Growing the TAM

A strong example of this mindset is TD Power. Today, the company commands over 80% market share in the domestic industrial power segment, working with virtually every domestic OEM (Original Equipment Manufacturer). TD Power began as an AC generator manufacturer serving captive power and waste-heat recovery applications in India. Under the leadership of Mr. Nikhil Kumar, it has delivered an impressive 70%+ PAT CAGR over the past decade. This success has been underpinned by a deliberate strategy of broadening the product portfolio, scaling internationally, and building partnerships with marquee OEMs across the globe.

Global defence spending hits an estimated $3 trillion in 2025. Explore key trends, India’s strategy, and business implications in this high

Discover how market share gains signal strategic leadership.

Discover the history, evolution, and future challenges of the US Dollar, from its 18th-century origins to its global dominance and the facto

Explore the key differences between PMS and AIFs, including investment structure, tax implications, and risk. Make the right choice for your

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