BofA Securities has delivered a sobering read on Indian equities: rich valuations, downgraded earnings, and a market that will likely compound only as fast as its profit growth - no more.
India's equity market enters FY27 carrying a difficult combination: valuations that remain elevated by almost every measure and an earnings growth outlook that has been more than halved since the year began. That is the central message from Amish Shah, Head of India Research at BofA Securities, who argues that the West Asia conflict has fundamentally altered the profit trajectory for corporate India.
