Why This ₹14,500 Crore Fund Manager Avoids Most Stocks | Kushal Lodha #355

Dinshaw Irani, CEO of Helios Capital India, manages ₹14,000 crore across AMC, AIF and PMS and has delivered 4X returns in his PMS in just 5 years. In this episode, Dinshaw reveals how he shorted Satyam before the scam broke, breaks down his 8-factor "Elimination Investing" framework, explains why he's still bearish on IT despite cheap valuations, and shares why 85% of his portfolio is in BFSI, hospitality, healthcare and consumer discretionary. He also covers why he exited Ola Electric but held Ather Energy, why FIIs are furious with India's tax policy, and why his personal portfolio is 100% equity with zero real estate.What You'll Learn:1. How Dinshaw spotted the Satyam fraud early through low cash yields and suspicious inter-corporate transfers, shorted the stock, and made money when the entire street was losing.2. His 8-factor Elimination Investing framework where six qualitative filters must clear before his analyst even opens a financial model.3. Why Indian IT is a value trap as AI compresses the employee pyramid and companies like OpenAI and Anthropic acquire their own IT services firms.4. Why he exited Ola Electric after consistent market share drops but held Ather Energy from ₹300 for phenomenal returns.HASHTAGS-#helioscapital #sameerarora #eliminationinvesting #satyamscam #itstocks #valuetrap #bfsistocks #atherenergy #konversationwithkushal