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Singapore state investment firm Temasek has reaffirmed its long-term conviction on India, identifying consumer, financial services and healthcare as its key investment themes even as it cautioned that near-term equity volatility could persist.
The investment firm made the remarks while reporting a record net portfolio value (NPV) of S$518 billion for the financial year ended 31 March 2026, an increase of S$49 billion from a year earlier.
"India has done very well for us, although the last year has been challenging because of exchange-rate volatility," Temasek Chief Executive Officer Dilhan Pillay Sandrasegara said.
India remains a core long-term market
Temasek said India continues to be one of its priority investment destinations, supported by favourable structural trends despite short-term uncertainties.
"India remains an important long-term market for us. While near-term equity volatility and energy-related pressures may persist, we are constructive on the country's structural growth outlook, supported by its large consumer market, infrastructure development and growing middle class," the firm said in its annual review.
It added that its investment focus would remain on consumer, financial services and healthcare, where underlying structural growth trends continue to be strong.
Temasek's India portfolio already includes investments in Haldiram's, Manipal Health Enterprises, upGrad, Clean Max Enviro Energy Solutions, Air India, Axis Bank, PB Fintech, Medanta, Lenskart and Eternal, among others. During the year, it also exited Schneider Electric India Private Limited, concluding a long-term investment in the energy management and industrial automation platform.
The firm noted that while it remains constructive on India, it expects near-term equity-market volatility due to the country's relatively limited exposure to the artificial intelligence value chain, while remaining "mindful of the longer-term workforce impact from AI."
AI and resilient investing take centre stage
Temasek reported a one-year total shareholder return (TSR) of 10.5%, while its 20-year and 10-year TSR stood at 6.8% and 7.1%, respectively. During the year, it invested S$51 billion and divested S$31 billion, resulting in net investments of S$20 billion.
Artificial intelligence has emerged as a key investment priority for the Singapore investor. Over the past year, Temasek invested in Anthropic and OpenAI, and said it intends to more than double its AI-related exposure over the next five years as part of a broader strategy to build resilient, future-ready portfolios.
Chief Investment Officer Rohit Sipahimalani said resilience remains central to the firm's investment strategy amid geopolitical uncertainty, with India continuing to rank alongside the US, Europe and China as one of Temasek's key markets offering opportunities at scale.
The investment firm made the remarks while reporting a record net portfolio value (NPV) of S$518 billion for the financial year ended 31 March 2026, an increase of S$49 billion from a year earlier.
"India has done very well for us, although the last year has been challenging because of exchange-rate volatility," Temasek Chief Executive Officer Dilhan Pillay Sandrasegara said.
India remains a core long-term market
Temasek said India continues to be one of its priority investment destinations, supported by favourable structural trends despite short-term uncertainties.
"India remains an important long-term market for us. While near-term equity volatility and energy-related pressures may persist, we are constructive on the country's structural growth outlook, supported by its large consumer market, infrastructure development and growing middle class," the firm said in its annual review.
It added that its investment focus would remain on consumer, financial services and healthcare, where underlying structural growth trends continue to be strong.
Temasek's India portfolio already includes investments in Haldiram's, Manipal Health Enterprises, upGrad, Clean Max Enviro Energy Solutions, Air India, Axis Bank, PB Fintech, Medanta, Lenskart and Eternal, among others. During the year, it also exited Schneider Electric India Private Limited, concluding a long-term investment in the energy management and industrial automation platform.
The firm noted that while it remains constructive on India, it expects near-term equity-market volatility due to the country's relatively limited exposure to the artificial intelligence value chain, while remaining "mindful of the longer-term workforce impact from AI."
AI and resilient investing take centre stage
Temasek reported a one-year total shareholder return (TSR) of 10.5%, while its 20-year and 10-year TSR stood at 6.8% and 7.1%, respectively. During the year, it invested S$51 billion and divested S$31 billion, resulting in net investments of S$20 billion.
Artificial intelligence has emerged as a key investment priority for the Singapore investor. Over the past year, Temasek invested in Anthropic and OpenAI, and said it intends to more than double its AI-related exposure over the next five years as part of a broader strategy to build resilient, future-ready portfolios.
Chief Investment Officer Rohit Sipahimalani said resilience remains central to the firm's investment strategy amid geopolitical uncertainty, with India continuing to rank alongside the US, Europe and China as one of Temasek's key markets offering opportunities at scale.
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