Pratiksha Daftari
Sole named fund manager of Aequitas's flagship small-cap ‘multibagger’ PMS. A Chartered Accountant and ISB alumna who came up through the research desk — the strategy's SEBI-disclosed book has compounded at roughly 33% a year since 2013.
Is Pratiksha worth your time?
The highest Nyra score in our tracked universe. Aequitas's small-cap-oriented ‘multibagger’ strategy carries a 9.0, on the back of a SEBI-disclosed record that beat the Nifty by wide margins (its discretionary book returned 71%, 20% and 83% across FY22–FY24). A Chartered Accountant and ISB alumna, she moved from Aequitas's research desk into fund management in 2022. Two things to weigh: that record reflects an unusually strong small-cap cycle, and it was built under founder Siddhartha Bhaiya, who died in December 2025 — Daftari now runs the strategy alone and the firm has not named a CIO.
Investors who want concentrated, contrarian small-cap exposure and can stomach the volatility that comes with it — and who accept that the firm's exceptional record was built under a founder who died in December 2025, through an unusually strong small- and mid-cap cycle.
- Small-cap, high-conviction ‘multibagger’ strategy — expect sharp drawdowns; the standout FY22–FY24 returns reflect a specific, unusually strong small/mid-cap phase.
- Founder-CIO Siddhartha Bhaiya died in December 2025; Daftari now runs the strategy solo and no CIO has been named.
- High entry point: the firm's site cites a ₹25 crore minimum for the direct discretionary PMS (a lower entry is available via its AIF).
- Some performance rankings the firm cites are self-reported — verify them on the awarding platform before relying on them.
About Pratiksha Daftari
Pratiksha Daftari is a Fund Manager (PMS Product) at Aequitas Investments (Aequitas Investment Consultancy Private Limited), a Mumbai-headquartered, SEBI-registered boutique portfolio manager (SEBI PMS registration INP000004417) known for a concentrated, valuation-driven ‘multibagger’ approach to Indian equities. She is the sole named fund manager of its flagship discretionary strategy — the India Opportunities Product — which has run since February 2013. She was appointed in August 2022 and worked alongside founder Siddhartha Bhaiya until his death in December 2025.
A Chartered Accountant and an alumna of the Indian School of Business, Daftari brings more than 15 years across portfolio management, equity research, corporate banking and taxation. She trained in chartered accountancy at Shah & Modi, then worked in corporate finance at Tata Consultancy Services, transfer-pricing tax at KPMG and corporate-banking credit at Axis Bank, before joining Aequitas's research team in 2018 and moving into fund management in 2022.
Career
- 2022 – present
Fund Manager, PMS Product, Aequitas Investments
Appointed fund manager in August 2022, working alongside founder Siddhartha Bhaiya on portfolio construction and stock selection for the firm's discretionary PMS book until his death in December 2025; sole named fund manager since.
- 2018 – 2022
Equity Research, Aequitas Investments
Built sector and stock-level coverage supporting the firm's discretionary PMS strategies.
- 2016 – 2017
Senior Manager, Corporate Banking, Axis Bank
Joined the ‘We Lead’ program as a credit analyst, appraising debt funding for large corporates across sectors including pharmaceuticals and paper.
- 2012 – 2015
Senior Executive, Transfer Pricing Tax, KPMG
Advised clients on transfer-pricing litigation, advisory and compliance.
- 2011 – 2012
Management Trainee, Corporate Finance, Tata Consultancy Services
Worked on transfer-pricing compliance and litigation for the TCS group.
- 2007 – 2011
Article Assistant, Shah & Modi Chartered Accountants
Completed her chartered-accountancy articleship.
Four principles
The ‘multibagger’ framework
Aequitas builds concentrated positions on three pillars — value, growth and contrarian investing — aiming for multi-baggers rather than index-like returns.
Bottom-up, in-house research
Stock selection is bottom-up and done in-house, rather than relying on external research or hugging a benchmark.
Valuation discipline over momentum
The firm has pulled back sharply from small- and mid-caps and raised cash or hedges (including gold) ahead of periods it judged frothy — discipline over chasing momentum.
Low churn, long holds
Portfolio churn is reportedly low, with holding periods that can run well beyond five years.
The call that shows the method working
A SEBI-disclosed record that beat the Nifty by wide margins
In its SEBI-mandated Disclosure Document dated 17 October 2024, Aequitas reported discretionary-portfolio returns of 71.04% (FY2021-22), 19.82% (FY2022-23) and 82.83% (FY2023-24) against Nifty 50 returns of 18.88%, −0.60% and 30.08% over the same years. The firm and independent PMS platforms reference a since-inception CAGR of roughly 33% over the strategy's 12-plus-year history. These are regulatory-disclosed figures, not marketing numbers — though they reflect an unusually strong small- and mid-cap phase and are stated before client-level fees.
- Feb 2013India Opportunities Product launches
- FY2021-22Discretionary book +71.04% vs Nifty +18.88%
- FY2023-24+82.83% vs Nifty +30.08%
- 12+ yrs~33% since-inception CAGR (firm & platform cited)
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| Aequitas - India Opportunities Product | +32% | +34.86% | +33.09% | +32.02% |
Your return will not be a single number. These are the strategy's trailing returns over different holding periods: up to one year absolute, beyond one year annualised. Your own outcome depends on when you invested; this is not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Pratiksha on
Bring these to the call.
How large can the drawdowns be?
This is a concentrated small-cap strategy. Ask for the worst historical drawdown and how the book is hedged or de-risked when valuations stretch.
Who leads the investment call now?
Founder-CIO Siddhartha Bhaiya died in December 2025 and no CIO has been appointed; Bhavna Jhunjhunwala is now Managing Director. Ask how investment decisions are made today and how the team is structured for continuity.
What is the real minimum for me?
The firm's site cites a ₹25 crore minimum for direct discretionary PMS, with a lower entry via its AIF. Confirm the exact vehicle, minimum and fees before proceeding.
How much of the record is the cycle?
The standout FY22–FY24 numbers coincide with a very strong small/mid-cap run. Ask how the strategy performed in weaker small-cap years and what drove it.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Naresh Gupta Accuracap - dynamo · PMS | +6.9% | +26.7% | ₹11.14 Cr | 8.1 |
| Piyush Sharma Right Horizon - Minerva India UnderServed · PMS | +0.8% | +49.3% | ₹90 Cr | 8.0 |
| Nirav Parikh Molecule Ventures - Growth · PMS | -3.5% | +30.9% | ₹648.31 Cr | 7.8 |
| Pawan Bharaddia Equitree - Emerging Opportunities · PMS | -4.5% | +22% | ₹0 Cr | 7.8 |
Pratiksha Daftari · FAQ
What does Pratiksha Daftari manage?
What is her background?
What is Aequitas's investment strategy?
Is Aequitas SEBI-registered?
What is the minimum investment?
Considering Pratiksha's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Pratiksha Daftari.