“Carnelian Asset Management is bearish on smaller NBFCs due to their inherently risky nature, driven by high borrowing costs forcing them to chase high-yield assets. Conversely, the firm maintains exposure to large, AAA-rated NBFCs like Aditya Birla Capital, which are considered more stable and less risky.”

Vikas Khemani’s track record: 5 graded calls · 95% CI 38–96%