Indian Equities on WebNotes

Bajaj Holdings at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Bajaj Holdings and Investment Limited is among the long-running domestic equity anchors of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheets across multiple cycles and is widely cited as one of the textbook expressions of the PPFAS value investing approach to holding-company structures. Bajaj Holdings owns large stakes in Bajaj Auto Limited and Bajaj Finserv Limited (the holding parent of Bajaj Finance and the Bajaj insurance businesses) and trades at a structural discount to the underlying intrinsic value of those stakes.

Cipla at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Cipla Limited is among the periodic pharmaceutical holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other healthcare holdings such as IPCA Laboratories at PPFCF .

The Cipla thesis combines several elements of the broader PPFAS investment philosophy . First, respiratory-leadership: Cipla is among the global leaders in respiratory generics, with a deep portfolio of metered-dose inhalers, dry-powder inhalers and other delivery systems. Its respiratory franchise has been a key competitive advantage in both India and key export markets including South Africa, Europe and increasingly the United States. Second, US generics scale: Cipla has built a meaningful US business with a portfolio of complex generics including respiratory generics, peptides and other niche products. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows.

Coal India at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Coal India Limited (CIL) is one of the top three domestic equity holdings of the Parag Parikh Flexi Cap Fund (PPFCF) in the April 2026 disclosure. The April 2026 factsheet, reflecting AUM of Rs 1,40,949 crore (up 9.29 per cent month-on-month from Rs 1,28,966 crore in March 2026), showed Coal India at 5.95 per cent of net assets, behind HDFC Bank at PPFCF at 7.94 per cent and Power Grid Corporation at PPFCF at 6.99 per cent.

HCL Technologies at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

HCL Technologies Limited is among the periodic Indian-IT-services holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as Infosys at PPFCF , TCS at PPFCF and Persistent Systems at PPFCF .

The HCL Technologies thesis combines several elements of the broader PPFAS investment philosophy . First, mid-tier IT differentiation: HCL has historically had a different service mix from the top-two Indian IT companies (TCS and Infosys), with a higher share of infrastructure services and a distinct products-and-platforms business through HCLSoftware. Second, products portfolio: HCL’s acquired and proprietary software products (BigFix, AppScan, Commerce Cloud, Domino, Connections, Notes and several others, including a portfolio acquired from IBM in 2018) provide a recurring-revenue stream that is less common among Indian IT-services peers. Third, disciplined valuation-driven entry that has produced multi-period holding patterns.

Infosys at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Infosys Limited is among the periodic Indian-IT-services holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as TCS at PPFCF , HCL Technologies at PPFCF and Persistent Systems at PPFCF .

The Infosys thesis combines several elements of the broader PPFAS investment philosophy . First, business-quality: Infosys is among the world’s largest IT services companies, with a diversified client base, strong delivery capability, deep digital and cloud transformation expertise and dollar-revenue exposure that provides natural rupee-depreciation hedging. Second, cyclical valuation-driven entry: the team has typically built or added to the position during cyclical compression windows when valuations have moved below long-term averages.

IPCA Laboratories at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

IPCA Laboratories Limited is among the periodic pharmaceutical mid-cap holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other healthcare holdings such as Cipla at PPFCF .

The IPCA Laboratories thesis combines several elements of the broader PPFAS investment philosophy . First, specialty therapy-area leadership: IPCA has historically been one of India’s largest manufacturers of anti-malarial active pharmaceutical ingredients (APIs) and formulations and has built strong franchises in cardiovascular, pain management and rheumatology. Second, generics and branded formulations mix: the company operates a balanced revenue mix across regulated-market generics exports, semi-regulated and emerging markets and Indian branded formulations. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows.

ITC at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

ITC Limited is among the most studied and most discussed domestic holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position is widely treated as the canonical illustration of PPFAS contrarian investing on the Indian side of the portfolio: a multi-year build during a period of consumer-staples underperformance and persistent environmental, social and governance (ESG) scepticism around cigarettes, followed by a sharp re-rating that lifted ITC into the top three weights of the scheme.

Kotak Mahindra Bank at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Kotak Mahindra Bank Limited is among the periodic significant banking holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside the other private-sector-bank holdings HDFC Bank at PPFCF and ICICI Bank at PPFCF .

The Kotak Mahindra Bank thesis combines several elements of the broader PPFAS investment philosophy . First, conservative underwriting: Kotak has historically operated with one of the most conservative credit cultures among Indian banks, with a focus on returns rather than growth-at-all-costs. Second, promoter-led management: Uday Kotak’s hands-on stewardship across more than three decades has been a defining feature of the franchise. Third, deposit franchise quality: Kotak has built a high-quality retail-and-current-account deposit base. Fourth, disciplined valuation-driven entry that has produced multi-period holding patterns.

Mahindra and Mahindra at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Mahindra and Mahindra Limited (M&M) is among the recurring domestic equity holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple disclosure cycles, alongside Maruti Suzuki at PPFCF , ICICI Bank at PPFCF , Hero MotoCorp, Bajaj Holdings at PPFCF and other long-running Indian anchors that the PPFAS Mutual Fund team has held through multiple cycles.

The Mahindra and Mahindra thesis combines several elements of the broader PPFAS investment philosophy . First, utility-vehicle leadership: M&M is among the top three SUV makers in India, with strong franchises in the Bolero, Scorpio, XUV and Thar nameplates. Second, tractor-segment dominance: Mahindra is India’s largest tractor manufacturer with significant rural-economy exposure. Third, conglomerate-discount opportunity through M&M’s holdings in listed subsidiaries (Mahindra Lifespace, Mahindra Logistics, Mahindra Holidays, Tech Mahindra and others). Fourth, disciplined valuation-driven entry that has produced multi-period holding patterns rather than short-term trades.

Maruti Suzuki at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Maruti Suzuki India Limited is among the recurring domestic equity holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple disclosure cycles, alongside ICICI Bank at PPFCF , Mahindra and Mahindra at PPFCF , Hero MotoCorp, Bajaj Holdings at PPFCF and other long-running Indian anchors that the PPFAS Mutual Fund team has held through multiple cycles.

The Maruti Suzuki thesis combines several elements of the broader PPFAS investment philosophy . First, market-share leadership: Maruti Suzuki has been the largest passenger-vehicle manufacturer in India by volume since the mid-1980s, with current market share of approximately 40 to 42 per cent. Second, dealer-network scale: the company’s distribution and service footprint is the deepest in India, providing a structural moat that newer entrants struggle to replicate. Third, disciplined valuation-driven entry: the PPFAS team has typically built or added to the position during periods of cyclical weakness when valuations have compressed below long-term averages.

Persistent Systems at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Persistent Systems Limited is among the periodic mid-cap Indian-IT-services holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as Infosys at PPFCF , TCS at PPFCF and HCL Technologies at PPFCF .

The Persistent Systems thesis combines several elements of the broader PPFAS investment philosophy . First, engineering-services and platform-engineering exposure: Persistent has historically specialised in software product engineering, intellectual property (IP)-led services and platform development for global software and technology clients. Second, mid-cap operational beta: Persistent’s smaller scale (relative to TCS and Infosys) translates into higher growth potential when client wins materialise, providing different return characteristics from the large-cap IT cluster. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows.

Power Grid Corporation at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Power Grid Corporation of India Limited (Power Grid) is one of the top three domestic equity holdings of the Parag Parikh Flexi Cap Fund (PPFCF) in the April 2026 disclosure. The April 2026 factsheet, reflecting AUM of Rs 1,40,949 crore (up 9.29 per cent month-on-month from Rs 1,28,966 crore in March 2026), showed Power Grid at 6.99 per cent of net assets, behind HDFC Bank at PPFCF at 7.94 per cent and ahead of Coal India at PPFCF at 5.95 per cent.

Sundaram Finance at PPFCF (historic)

Sat, 16 May 2026 00:00:00 +0000

Lead

Sundaram Finance Limited was a periodic significant non-banking financial company (NBFC) holding of the Parag Parikh Flexi Cap Fund (PPFCF) in earlier years. The position is documented in PPFCF factsheet portfolio listings from the multi-cap years (when the scheme was named Parag Parikh Long Term Value Fund and later Parag Parikh Long Term Equity Fund) and into the early Flexi Cap phase before the position was reduced and eventually exited.

TCS at PPFCF

Sat, 16 May 2026 00:00:00 +0000

Lead

Tata Consultancy Services Limited (TCS) is among the periodic Indian-IT-services holdings of the Parag Parikh Flexi Cap Fund (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as Infosys at PPFCF , HCL Technologies at PPFCF and Persistent Systems at PPFCF .

The TCS thesis combines several elements of the broader PPFAS investment philosophy . First, competitive-advantage: TCS is India’s largest IT services company by revenue and market capitalisation, with the deepest client relationships, the broadest service portfolio and the largest delivery footprint among Indian IT-services peers. Second, scale economics: TCS’s revenue base supports investments in proprietary platforms, AI capabilities and bench strength that smaller peers struggle to match. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows when valuations have moved below long-term averages.