Nikhil Kamath, co-founder of Zerodha Broking Ltd.

Energy transition has become a key investment theme for Nikhil Kamath, co-founder of Zerodha Broking Ltd., as the US-Iran war reinforces the sector’s importance and creates opportunities across its value chain. 

Electric vehicle and battery makers, transmission companies and grids have become potent ideas to follow, Kamath, also the co-founder of True Beacon Investment Advisors LLP, said in a Bloomberg Television interview with Minmin Low.  

Information technology sector, among the worst performers in India’s $5 trillion equity market, is one of Kamath’s contrarian bets. “Some really well-run IT services companies in India are cheap today and they look attractive.”

Recent cooling of global oil prices and overall weakness in the rupee bode well for equities as a number of local stocks are trading at a significantly cheaper valuation after prolonged underperformance, according to Kamath, whose firm is India’s second-largest broker. 

Indian equities are trailing most of their regional peers this year, hit by the Middle East conflict, foreign exodus, elevated commodity prices and slower corporate profit growth. Global investors have taken out more than a record $29 billion from local shares even though they have turned buyers in recent sessions after a series of measures to support the currency.

“Foreign funds don’t have track record of timing Indian markets well,” Kamath said. They often exit when valuations are cheap and return when stocks are expensive. “I hope, in a way, history repeats itself.”

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Published on June 23, 2026