What Allocators Get Wrong About India – Raghav Mittal

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Raghav Mittal watched a boring Indian supplier to steel mills grow into a 100-bagger over 10 years. He never bought it. He thinks many allocators make the same mistake with India: they judge the whole country by its index.

In this talk from the first Good Investing Night in Munich, the founder of Dhamma Capital explains his three keys: how he checks governance on the ground, how he underwrites durable growth, and why he values fast growers by their PEG ratio. The short Q&A asks whether India really pays for growth.

Free PDF from Raghav, India under the surface: 12 lessons: https://go.good-investing.net/raghav-india

Chapters:

  • 00:00:00 Welcome and 30 hours of travel
  • 00:00:48 The 100-bagger he did not buy
  • 00:01:47 The same mistake with a whole country
  • 00:02:19 The paradox: India below the index
  • 00:03:43 Three locks: governance, growth, valuation
  • 00:04:19 Key 1: governance on the ground
  • 00:07:33 Key 2: durable growth
  • 00:09:39 Key 3: valuations and the PEG ratio
  • 00:11:58 Summary: invert the order
  • 00:12:27 Q&A: does India pay for growth?

Full transcript: https://www.good-investing.net/2026/10/28/raghav-mittal-what-allocators-get-wrong-about-india/

Watch on YouTube: https://www.youtube.com/watch?v=ScuZXXCihTI

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