“Aditya Shah urges caution on the FMCG sector, citing stretched valuations of 60-70 times earnings for companies with only 5-10% volume growth, which he finds difficult to justify. He would largely stay on the sidelines for now, with ITC being the sole exception due to its meaningful correction and more attractive pricing compared to peers.”

Aditya Shah’s track record: 7 graded calls · 95% CI 8–64%