Indian equities may still command a premium over most emerging markets, but the debate around valuations needs to go beyond a simple price-to-earnings comparison, according to Pradeep Gupta, Chairman & MD of Anand Rathi Share and Stock Brokers Limited.
With the Nifty trading at around 20.5 times earnings — nearly 12% below its 10-year average — Gupta argues that the broader market is not expensive, especially at a time when corporate earnings are accelerating and upgrades are outpacing downgrades.
