Value Hive Podcast Andrei Stetsenko (Gymkhana Partners): Beating The S&P Using Indian Micro Caps
Sep 12, 2025
Andrei Stetsenko, partner at Farley Capital and expert on India's equity market, shares insights from his extensive experiences in India's investment landscape. He discusses unique strategies for investing in undervalued micro-cap stocks, emphasizing due diligence and the potential for high returns. Andrei also touches on the challenges of navigating corporate governance and the dark side of Indian business practices. He highlights significant sectors like energy and defense, showcasing the evolution and opportunities within India's economy.
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Why India Stands Out Globally
- India uniquely combines favorable demographics, accelerating urbanization, and a huge domestic market that supports both consumption and production.
- These structural traits make India the only emerging market that could rival China's long-term economic scale.
Look Past The Index Leaders
- Focus outside the top 50–100 market-cap names to find underappreciated, high-quality mid and small caps.
- Expect less competition and lower multiples when you invest in the broader 5,000+ listed company universe.
Prioritize Governance And Local Scuttlebutt
- Screen intensively for corporate governance before investing in smaller or lesser-known Indian companies.
- Build local networks with journalists, private equity, and local investors to validate management and practices.
