Cement, Metals and Consumption: Pankaj Tibrewal’s top sectoral bets for FY26

«Policy relaxations in terms of risk weightages, ignored by the markets, and the third important point is the policy rate cut action after five years ignored by the markets,» says Pankaj Tibrewal, IKIGAI Asset Managers.

Well, could have been better if markets were better.
Pankaj Tibrewal: These are all cycles. You have seen it all across. So, we should not be too worried and on the contrary, after a long time, we have started to turn a bit constructive on markets now.

Three-four points which probably I would like to draw your attention to, over the last 18 months the slowdown which we saw and especially from March 24th was a combination of both monetary and fiscal tightening which we have been seeing and both at the margin have started to and at least in my career over the last many-many years, except GFC and COVID, I have not seen a policy pivot as strong as what RBI has done in the last 45 days and that is getting clearly ignored by the markets today.
RBI has already announced a liquidity injection to the tune of 6 lakh crores, very well ignored by the markets. Policy relaxations in terms of risk weightages, ignored by the markets, and the third important point is the policy rate cut action after five years ignored by the markets.
So, the RBI policy pivot is a very important and substantial move from a macroeconomic perspective and over the next few quarters we will start seeing the impact at the ground level. The second is the government capex.

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We were minus 12%, if you remember, till November.