New Delhi, May 25 -- Indian markets have delivered strong returns over the past few years. Even after the recent correction, the Sensex remains nearly 50% higher than its level five years ago.

The challenge, however, is that prolonged bull markets make genuinely cheap stocks harder to find. Many companies now trade at expensive valuations, while several so-called value stocks are cheap for a reason-weak growth prospects, poor management quality, or lack of long-term vision.

The better opportunities are often companies where valuations remain reasonable despite strong balance sheets, capable management teams, and visible growth plans.

Some are aggressively expanding capacities. Others are entering new product cycles or benefiting from s...