India’s earnings recovery priced in; Venugopal Garre explains why markets now need upgrades, not optimism

Indian equities may see moderate gains, but sharp upside looks limited as earnings recovery is already priced in, says Bernstein’s Venugopal Garre. With margins near peak levels, weak nominal growth and limited fiscal headroom, markets now need clear earnings upgrade triggers, not just recovery hopes, to drive stronger returns in 2026 and beyond.