Indian IT: Threats and Adaptability

In this episode of Paisa Vaisa, host Anupam Gupta sits down with Karthikraj Lakshmanan, Senior Vice President and Fund Manager Equity at UTI Asset Management Company, one of India's most experienced equity fund managers with over two decades in the markets. Karthik manages the UTI Large Cap Fund (formerly UTI Master Share, one of India's oldest mutual funds with a 40-year history), the UTI MNC Fund, and the recently launched UTI Multicap Fund. This is a masterclass in how professional fund managers think about Indian equities, sectors, valuations, and long-term wealth creation.

We cover India's macroeconomic outlook for FY26, why large cap stocks are better positioned than small and mid caps right now, the state of the Indian banking sector (private vs PSU banks), the future of Indian IT in an AI-disrupted world, and how UTI uses its proprietary 'Score Alpha' framework a 3x3 ROC and operating cash flow matrix to evaluate and rank stocks across the entire investable universe. Karthik also breaks down the difference between flexi cap and multicap funds, explains how MNC funds are evolving with Indian exporters now included, and shares his honest views on gold and silver inflows chasing momentum. Whether you are a first-time investor or a seasoned market participant, this episode is packed with actionable insights on asset allocation, position sizing, behavioral investing mistakes, and what it really takes to outperform over the long term.

If you have ever wondered why your mutual fund returns are consistently lower than the fund's actual returns, or why patience and behavioral discipline matter far more than stock-picking skill in today's information-equal world, this conversation will change how you think about your portfolio.
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6 Key Takeaways
Patience Beats Analysis: Behavioral discipline and staying invested through market cycles will consistently deliver better investor returns than even the best stock analysis, because markets reward patience over perfection.

Large Cap Advantage: Revenue growth between large, mid, and small cap companies has been broadly similar over the last five years, but large caps remain less expensive on valuations today, making them structurally preferable in the current market environment.

The Moat Framework: UTI's equity strategy centers on identifying companies with durable competitive advantages brands in FMCG, distribution networks in retail, and technology advantages in MNC industrials to build a portfolio with long-term earnings visibility.

Private Banks Still Win: The top four to five private sector banks continue to gain market share every year, carry healthy balance sheets and return ratios, and are likely to grow faster than both the banking industry and the overall economy over the long run.

IT Sector Is Adaptive: Indian IT companies have successfully navigated every major technology disruption from Y2K to ERP to cloud and are now positioned to lead AI implementation for global clients, making the current pessimism potentially an opportunity for long-term investors.

Score Alpha Is The Edge: UTI's proprietary 3x3 scoring framework evaluates every stock in their universe on ROC and operating cash flow over five years companies that upgrade from lower to higher scores on both metrics are the ones that consistently outperform in the long run.

From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

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