“Amish Shah of BofA Securities India is bearish on the outlook for Indian equity earnings, projecting a muted 8.5% growth for FY27, which he considers low given the low base of FY26. He notes that Q4 earnings were largely commodity-driven, leading to margin pressures for non-commodity companies going forward, and expects significant consensus earnings downgrades in Q1 and Q2 as the current 15% estimate is unrealistic given factors like the West Asia conflict, higher crude, and a weaker rupee.”