India's capex boom is different this time and not dependent on one sector: TCG AMC

TCG AMC's India Investment Opportunities Portfolio returned 28.6% in six months, driven primarily by sustained earnings growth rather than valuation re-rating. The fund house expects 3-year forward (FY26-29) earnings CAGR of around 27%, supported by structural themes spanning energy security, defence, digital infrastructure, and manufacturing. Capital goods holdings account for about 26% of the portfolio, but TCG argues the current capex cycle is diversified across uncorrelated sub-themes, unlike the earlier thermal power and real estate-led cycle.