Choksey Backs Power, Large-Caps for 2026; Warns on Mid/Small-Cap Valuations

• Deven Choksey favors large, fundamentally strong companies for 2026, cautioning on elevated mid-cap and small-cap valuations.
• Bullish on Power & Power Ancillary, especially T&D, naming Adani Energy Solutions as a top pick.
• Recommends large consumer-focused NBFCs like Shriram Finance and Bajaj Finance, citing strong consumer demand.
• Favors large cement players with pan-India reach (UltraTech, Adani Cements) and commercial vehicles (Tata Motors CV, Ashok Leyland).
• Positive on Indian IT giants (TCS, Infosys) driven by AI, expecting high single-digit to mid-double-digit revenue growth.

Why It Matters: Focus on large-caps, power, NBFCs, cement, CVs, IT; be wary of mid/small-cap overvaluation.