I would look at companies which are specifically focusing on brands, that is where the valuation comfort comes and that is where you can give higher valuation also to those companies.
ETMarkets PMS Talk | Dinshaw Irani of Helios India stays away from IT, doubles down on domestic consumption amid AI disruption
Helios India is steering clear of IT stocks, citing AI’s disruptive potential, and instead champions India’s domestic consumption. The firm’s confidence stems from favourable demographics,