“Venugopal Garre of Bernstein maintains a "neutral" stance on Indian equities, expecting positive but moderate returns over the next year, with sharp upside limited. He argues that the earnings recovery after a weak growth phase is already priced in, and markets now require clear drivers for earnings upgrades, not just recovery hopes, to achieve stronger returns in 2026 and beyond, especially as corporate margins are near peak levels and macro levers are limited.”