Expert view: Risk-reward appears favourable from a medium-term perspective, says Equirus Asset Management's MD, CIO

Equirus Asset Management's CIO Ashutosh Tiwari believes the risk-reward on Indian equities appears favourable from a medium-term perspective, noting the peak of the US-Iran conflict is likely behind us. He highlights that crude oil prices have retraced sharply from recent peaks and that Nifty valuations corrected to nearly decade lows by March 2026 before staging a strong recovery, with the index now trading at about 22 times trailing P/E. He also notes nominal GDP growth has moderated from around 14% in FY23 to about 9% in FY26, framing the recent correction as valuation-led rather than growth-led.