Why InCred’s Healthcare Fund Is On Fire, Aditya Khemka Decodes

InCred CIO Aditya Khemka remains cautiously optimistic for 2026, calling FY25 an “earnings disappointment” with Nifty-50 (ex-commodities) growing just 6% in H1). He expects only single-digit growth in Q4, keeping valuations elevated and risky. Yet his three high-conviction mid/small-cap portfolios continue to deliver outsized returns by staying heavily overweight healthcare. InCred forecasts 20% weighted-average PAT compounding across its holdings through FY28 at attractive PEGs of ~2× versus Nifty’s 2.3-2.4×. Key bets: HCG (chronic oncology model), expanding Indraprastha Apollo, diagnostics leaders, and innovation play Tejas Networks (added on dips). “We buy growth at reasonable valuations — that’s the entire secret,” says Khemka. Cash at 5-9% to exploit Dec-Jan weakness.