Indian equities are entering a durable, earnings-led phase that could deliver low-teen Nifty returns over the next 12 months, according to Neeraj Gaurh, Director and Fund Manager, Anand Rathi AMC. With FY27 earnings expected to grow 11–12%, he sees the market compounding broadly in line with profits rather than relying on further valuation expansion, while stable crude and global yields could provide additional upside.
Edited excerpts from a chat:
