George Joseph, CIO & CEO–Equity at ASK Investment Managers, expects FY26 earnings growth of 7–12% and mid-teens growth in FY27–28, predicated on India's structural growth narrative and visible earnings recovery, but cautions that stock selection will matter more than broad-based rallies in a maturing market cycle.
Valuations have normalized closer to historical averages, limiting upside from multiple expansion; global markets are shifting from liquidity-driven to cash-flow-led environments, with geopolitical tensions, subdued global growth, and narrowing US earnings breadth constraining further re-rating.
ASK is constructive on private financials, citing five-year low valuations and three-to-five-year upside potential, and bullish on NBFC opportunities as microfinance/MSME/SME stress eases and rate-cut benefits materialize; conversely, ASK is avoiding renewable energy, citing valuation–fundamental misalignment and overcrowding.