“Bullish on high-quality large-cap Indian equities for FY27, expecting 7% GDP growth and 12-14% Nifty earnings growth. Broader market earnings growth will be better, but valuations are at a significant premium to large-caps. A sectoral pivot to large-caps is likely once Iran-US conflict resolves and crude/bond yields decline. Investors should accumulate large-caps at attractive valuations in the interim.”