Archive · 7 Nov 2025
LIC MF's Yogesh Patil Bullish on Indian Banks, Power, Defence Amid Capex Boom
Imagine India is building a big new playground!
Yogesh Patil from LIC Mutual Fund thinks this playground building (called a 'capex boom') is going to be very strong for many years.
He likes companies that help build this playground, like those in power, defence, and making things.
He also sees that banks are doing really well now, with fewer problems than before, and they will help many people and businesses.
He thinks India's economy is growing faster because it's making more things itself instead of buying them from other countries, and people are spending more money.
However, he's not so keen on companies that make computer programs right now because they are changing how they work, focusing on new things like AI, and Indian companies are not yet leading in that area.
Overall, he believes India has a good chance to make a lot of money for investors in the coming years.
Yogesh Patil of LIC Mutual Fund is optimistic about India's equity market, anticipating a multi-year expansion driven by structural reforms and rising investments.
He expects India to experience a significant capital expenditure (capex) boom, benefiting sectors such as power, defence, data centres, and industrial manufacturing.
Patil is bullish on the banking sector, noting low NPAs, improved credit quality, attractive valuations, and strong growth potential in consumer banking.
LIC MF is underweight on the IT sector due to shifts in global spending towards AI and other new technologies where Indian companies have limited exposure.
The fund manager believes India's favourable macroeconomic conditions, stable rupee, and demographic advantages position it for double-digit CAGR growth over the next five years.
- Who
- Yogesh Patil, Chief Investment Officer (Equity) at LIC Mutual Fund
- What
- Expressed a bullish outlook on the Indian economy and equity market, highlighting a potential capex boom and favouring sectors like banks, power, and defence, while remaining underweight on IT.
- When
- Recent interview (date not specified, but discusses current and future economic trends)
- Where
- India
- Why
- Driven by structural reforms, rising private investment, robust consumption trends, favourable macroeconomic backdrop, strong demographic advantage, and improved economic resilience.
Yogesh Patil (LIC MF)
General Market Outlook on IT
IT Sector Exposure
Yogesh Patil (LIC MF)
Underweight on IT stocks due to unclear spending trends, margin outlook, and limited exposure to AI and new technologies. Recent deal wins are cost-take-out contracts with lower margins.
General Market Outlook on IT
Acknowledges the shift towards AI and new technologies, suggesting a need for domestic IT players to adapt to global technology shifts. Indian companies have limited exposure to these new growth areas.
- Speaker
- Yogesh Patil, Chief Investment Officer (Equity) at LIC Mutual Fund
- Outlook on Indian Economy
- Bullish, expecting a multi-year expansion driven by structural reforms, rising private investment, and robust consumption.
- Key Beneficiary Sectors
- Power, Defence, Data Centres, Industrial Manufacturing, Banks, NBFCs
- Banking Sector View
- Positive due to lowest NPA cycle in a decade, improved credit quality, attractive valuations, and consumer banking as a major growth driver.
- Defence Sector View
- Positive on indigenisation and reducing import dependency, particularly in electronics.
- IT Sector View
- Underweight due to shifts in spending towards AI and limited exposure of Indian companies.
- Expected Growth
- Double-digit CAGR over the next five years
