“Aditya Shah is bearish on the defence sector for now, despite acknowledging its huge long-term growth opportunity and structural tailwinds. His primary concern is stretched valuations, with companies trading at 40-60 times earnings, which he believes do not justify investments even after a 50% correction from peaks, posing a risk of further downside.”

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