360 ONE's Mayur Patel bets on smallcaps, says midcaps look somewhat expensive

360 ONE Flexicap Fund manager Mayur Patel says smallcaps currently offer the best risk-reward while midcaps look somewhat expensive and large caps offer value though growth concerns persist. He notes Nifty's price-to-book at around 3x is close to its 20-year median, making for a reasonable entry point. Patel is bullish on India's manufacturing-led decade with renewables, electronics manufacturing, power T&D, and defence as key themes.