FY27 earnings recovery key to next leg of market upmove: Rajeev Agrawal

Market expert Rajeev Agrawal of DoorDarshi India Fund said that while valuation comfort has improved and geopolitical risks appear to be easing, FY27 earnings delivery will be the decisive factor for the next leg of the market rally. He noted that Indian equities have not rallied despite a sharp crude oil correction, indicating a time correction rather than risk-on sentiment, with valuations now closer to median levels. Agrawal favours domestic themes—particularly real estate (citing strong pre-sales and organised-sector shift) and financials (lending companies)—while flagging continued FII outflows and global central bank rate decisions as key near-term risks.