Valuations are shaped by perception as much as performance. Rather than a scorecard of historical performance, they a referendum on the future. For CFOs, this demands mastery of strategy as much as numbers, storytelling as much as stewardship, and judgement as much as analysis. At a recent India CFO Forum session in Pune, Amit Agarwal, Group CFO of DCM Shriram, offered a candid view of what truly moves the valuation needle: from strategic clarity and capital discipline to investor confidence and credible storytelling. The discussion explored how CFOs can shape market belief, balance prudence with ambition and translate business direction into building long-term value.

The attached podcast summarises these discussions, but in brief:

• Valuation is no longer a financial metric; it reflects future potential, strategic clarity and the credibility of delivery.
• Intangibles account for as much as 70-80% of market value, shifting the focus to innovation, narrative and capability-building.
• Strategic direction must align with long-term trends, supported by a disciplined capital allocation philosophy and transparent communication.
• Investor perception is shaped less by numbers and more by the coherence of the story, quality of investors, and consistency of delivery.
• CFOs must architect strategic narratives, build investor confidence, manage risk pragmatically and enable value-accretive acquisitions.
• Resilience, prudence and agility underpin long-term valuation in volatile markets.

A detailed conclusion paper from the recent IMA session with Rashmi Pradeep will follow in a couple of days, but in the meantime your columnist offers this brief assessment of the four new labour codes and what they mean for business.

The podcast explains the core changes, the shift towards simpler wage definitions, greater flexibility in hiring, wider social security and a more streamlined compliance regime. It also notes the practical challenges that firms will face as they adjust policies, systems and processes. While the reform is a bold step by the Modi administration, its real test lies in execution and the ability of companies and states to adapt. This short note sets the stage for the deeper analysis to come.

With technology, geopolitics and supply-chain fragility converging to redefine national competitiveness, semiconductors have moved from a behind-the-scenes enabler to a strategic priority for governments and enterprises alike. This ~$600 bn industry is poised to breach the trillion-dollar mark by 2030, driven by an explosion of data, compute intensity and AI-led workloads.

At a recent India CEO Forum session in Bangalore, Anand Ramamoorthy, Managing Director of Micron Technology Operations India LLP, explored the forces reshaping the industry and India’s ambitions of building domestic capability. The discussion examined structural headwinds, the role of AI and architectural innovation in shaping its future, and the opportunity for India to position itself as a trusted, scalable partner in the world’s most complex value chain.

The attached podcast summarises these discussions, but in brief:

• Semiconductors are today a strategic lever of national power.

• India’s stability, scale and design depth give it a credible starting point in the global semiconductor reset.

• AI is transforming both, chip demand and development, creating new adjacencies.

• Environmental concerns are turning sustainability into a competitive edge.

• The imperatives for India Inc to move from intent to capability including owning IP, deepening talent and building a resilient startup ecosystem.