OMKARA CAPITAL – DAILY NEWSLETTER (19th June, 2026)

The biggest risk today is not missing an opportunity. The biggest risk is diluting a portfolio of great businesses with average ideas simply because excitement is high with so many new narratives.

Headlines
•⁠ ⁠IT stocks slide as Accenture Cuts Guidance (we have no view & coverage on IT sector)
•⁠ ⁠Dollar Index at 1-year high, commodities see some profit booking (Gold down 3%, Silver down 6%)
•⁠ ⁠Oil prices fall after Vance says more than 12 million barrels exit Strait of Hormuz

Stocks To Watch
•⁠ ⁠+ve for Amber: Amber Enterprises to manufacture smartphones in India for Oppo, OnePlus, and Realme. Combined, the three brands represent ~40mn units of addressable annual volume for Amber.
•⁠ ⁠+ve for RBL Bank: Allotment to Emirates NBD done (stake of 60% now) + 5 Emirates KMPs appointed as non-exec directors on the Board of the Bank

PAISA KAM HAIN, PAR STOCK IDEAS BAHUT HAIN

This is a common problem these days, and I love this problem. From the days of anxiety, frustration, and lack of clarity, this problem is welcome with both hands. Everyone is now scrambling to find the next winner or theme — a classic cycle story of moving from under-ownership to "fear of missing out" (FOMO).

Fundraising is lined up across large-caps, mid-caps, small-caps, and SMEs. From NSE to Jio, and from many mid-cap companies to numerous SMEs, capital raising activity is everywhere. Promoters are extremely active, travelling across the country to meet both existing and new investors. There is a lot of storytelling going around.

Just a word of caution — don't lower the quality of your portfolio. You have worked hard & had guts to maintain it over last many years. In times like these, good-quality stocks may not move much, while the party is often led by backbenchers, turnaround stories, and narratives that ignore valuations and longevity.

One thing I have learnt over the years is that when active money becomes abundant, discipline becomes scarce. Investors start stretching valuations, accepting lower-quality businesses, and convincing themselves that "this time is different." It rarely is.

At Omkara, we are keeping our eyes and ears open, but we are not getting carried away. For opportunistic investors, we have created FORUM, where we try to dig into new and interesting small-cap and SME ideas backed by data.

However, our heart, soul, and mind remain focused on finding large, peaceful winners with longevity and reasonable valuations.

The thesis doesn't change — we just can't time it perfectly. Just be mindful of valuations.

Textile sector was the most buzzing sector yesterday. The thesis has remained the same for the last year and is likely to remain intact for many years to come. It's just that investors now want something new to celebrate every day.

Borosil Renewables was available below ₹400. The thesis was the same at that price and remains the same even now at ₹600 & even will be at ₹800. Now, all big HNIs want a piece of it.

NBFCs were untouchable two years ago, and the thesis was the same when we started talking about the sector. Today, everyone wants exposure to it.

Manufacturing remains a core pillar for us, and we continue to make every effort to discover strong new ideas within the sector.

The winners of the next 3–5 years are often already sitting in our portfolios today. The challenge is not finding the next 100 ideas; it is having the conviction to hold the right 10–15 ideas through periods of volatility, anxiety & excitement as well.

Warm regards,
Omkara Capital Private Limited, India
www.omkaracapital.in

Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.