What Tata Mutual Fund’s Chandraprakash Padiyar looks for in Small-caps | Ventura Spotlight

Small-caps are exciting, but also risky. So how does a seasoned fund manager navigate this space?

In this episode of Ventura Spotlight, we sit down with Chandraprakash Padiyar, Senior Fund Manager – Equity at Tata Mutual Fund, who manages over ₹20,000 crore across small-cap and large & mid-cap funds.

With over 24 years of investing experience, Chandraprakash shares:

🔹 Why most investors misunderstand small-cap potential
🔹 His checklist: scalability, corporate governance, capital efficiency
🔹 Why numbers can lie, especially in bull markets
🔹 What excites him in the under-researched price range
🔹 Risks that come from leverage and chasing hype

Whether you're a retail investor or just curious about small-cap funds, this is a masterclass in how to think beyond the noise.

Watch till the end to learn what Chandraprakash believes is the #1 mistake investors make in small caps.

🔗 Chapters:

00:00 – Intro
01:27 – Career start, UTI Mutual Fund, and entry into equity research
02:26 – Market cycles and early lessons in long-term thinking
05:34 – Research in the small-cap space, market cap categorisation, and analyst team size
10:17 – Evolving market-cap classifications.
13:29 – Is the small-cap space overheated?
14:19 – Early signs: scalability, GDP linkage, long-term growth
16:35 – Identifying 5x–10x potential: management track record, capital allocation, and scalability
18:57 – Risk-first investing, mispricing, conviction
20:09 – R&D-led growth, factory visits vs innovation hubs
21:31 – Importance of ROCE (Return on Capital Employed) and free cash flow
24:38 – Lessons from 2006–08: leverage traps and permanent capital loss
26:11 – What qualifies as a reasonably good ROCE?
27:40 – How bull markets hide red flags: inflated numbers and fast decision-making
28:58 – Defence sector example, operating leverage, margin unsustainability
32:59 – Avoiding high-leverage financials, MSME lending caution
35:55 – Chandraprakash’s personal unwind routine: Family time, Twitter
37:10 – Rapid fire

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