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ETMarkets.com The Indian market may be buzzing with IPOs and investor euphoria, but Helios Mutual Fund is staying cautious. Its CEO Dinshaw Irani says the fund skipped the Lenskart IPO despite strong demand due to stretched valuations and limited growth visibility, especially in its overseas business.“When valuations are that high, you need exponential growth to justify them. We didn’t see that visibility in Lenskart — nearly 40% of its business comes from overseas, where growth is tepid,” Irani told ET Now.He added that the fund’s strategy is focused on “trusting the exponential” — staying invested in platform companies showing consistent, compounding growth quarter after quarter.Platform companies and BFSI are key growth driversHelios MF continues to favour platform companies, BFSI, hospitals, and hospitality as its key investment themes.“These are areas where we continue to see strong operational performance and long-term scalability,” Irani said.Live EventsYou Might Also Like:Lenskart IPO quotes 235 times P/E multiple: Here's all you must knowHe pointed out that banks have managed to navigate NIM compression effectively, thanks to careful balance-sheet management. “Even with CRR cuts and rate adjustments, banks are maintaining margins smartly. We remain confident in the sector,” he noted.On Zomato vs Swiggy: Both strong, but Eternal favouredIrani said Helios is positive on both Zomato and Swiggy, though he favours Eternal for its stronger competitive positioning.“This will be a two-player market — just like China’s Meituan and Pinduoduo. Both Zomato and Swiggy are strong, but Eternal’s execution gives it an edge,” he explained.He added that quick-commerce competitors without a food delivery base will struggle due to high losses and capital burn.You Might Also Like:'Ghor Paap': Ace investor Shankar Sharma jumps into Lenskart IPO debateAI disruption makes Helios bearish on IT sectorHelios MF continues to stay negative on India’s IT space. Irani argues that mid-single-digit growth rates and high PEs don’t justify fresh buying.“AI is a big disruptor — it’s rewriting the rules for a sector that’s operated the same way for decades. This reset will be painful,” he said.He noted that while Indian IT once mirrored Nasdaq’s performance, the correlation has broken down due to slow adoption and weaker innovation in AI.Public vs private banks: Neutral view, focus on asset qualityOn the PSB vs private banking debate, Irani said Helios remains neutral but prefers consumer-facing lenders like SBI, which is among its top 10 holdings.You Might Also Like:Lenskart IPO Day 2: Issue subscribed nearly 2 times so far. Check GMP, brokerage reviews and key highlights“Privatization is not the near-term path. What matters is asset quality — PSBs still carry that uncertainty. Valuations may look cheap, but we focus on how the book evolves,” he said.Avoiding metals due to cyclicalityIrani reaffirmed that Helios stays away from metals and other cyclical sectors due to unpredictable price swings.“Timing entry and exit in metals is nearly impossible. If China turns aggressive, it can distort the entire market — it controls 50% of global capacity,” he cautioned.While the fund may look selectively at non-ferrous metals linked to new technologies, ferrous exposure remains off the table.Key takeawaysHelios MF skipped Lenskart IPO citing lack of exponential growth.Favors platform businesses, BFSI, hospitals, and hospitality.Negative on IT due to AI-driven disruption.Neutral between PSBs and private banks; prefers SBI.Avoids metals and cyclical plays due to volatility.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) Read More News onsbiswiggyzomatoHelios Mutual Fund | Dinshaw IraniLenskart IPOBFSI sector outlookZomato vs SwiggyIndia equity marketsAI disruption IT sectorPublic vs private banks (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless (You can now subscribe to our ETMarkets WhatsApp channel)Read More News onsbiswiggyzomatoHelios Mutual Fund | Dinshaw IraniLenskart IPOBFSI sector outlookZomato vs SwiggyIndia equity marketsAI disruption IT sectorPublic vs private banks(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. 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