In this episode, Ajay Argal, Senior Vice President and Portfolio Manager at Franklin Templeton Emerging Markets Equity – India, shares his perspective on Indian market valuations, mid- and small-cap caution, and Franklin Templeton's investment philosophy. Managing over Rs 30,000 crore across seven schemes, including the top-rated Templeton India Value Fund and Franklin Build India Fund, Argal explains why India’s long-standing valuation premium over other emerging markets is rooted in fundamentals like higher GDP growth and consistently strong return on equity. He also discusses: Why India's valuation premium remains justified, though not excessive. The risks still present in mid- and small-cap segments despite recent corrections. How the QGSV framework (quality, growth, sustainability, valuation) and GARP style guide investment decisions. How Franklin Templeton evaluates sustainability, long-term growth, and management quality across cycles. The rationale behind the current large-cap tilt in funds like Focused, Value, and Dividend Yield, and how style cycles affect short-term performance. This conversation offers valuable insights for mutual fund investors, equity market enthusiasts, and anyone looking to understand how professional fund managers navigate valuations, style shifts, and market cycles in India.