IMA Insights

Author: IMA India

IMA India's Podcast offers insights on the Indian economy, politics, business environment and functional areas for CXOs and senior management.
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Decoding Valuation with Amit Agarwal
Thursday, 4 December, 2025

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.