Karthikraj Lakshmanan of UTI AMC in an interview with ET Now highlighted a cautiously optimistic top-down view on Indian markets, where the broader earnings trajectory into FY27 remains intact even as crude oil volatility emerges as the key near-term risk.
He noted that by February, most macro concerns had already been absorbed by the market, including progress on trade deals with the US and Europe, and expectations of double-digit nominal GDP growth along with mid-teen earnings growth after a subdued phase. However, the recent Iran–US conflict and the resulting sustained rise in crude prices over the past few months have reintroduced macro pressure, with potential implications for India’s current account deficit, inflation, and marginally even GDP growth. While acknowledging the possibility of some earnings cuts due to higher crude, he emphasized that India remains in a stronger position compared to past stress periods such as 2013, and still retains the potential for double-digit earnings growth in FY27.
