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India's EM Appeal Dips on High Valuations
The Business Guardian
|August 06, 2025
India's equity markets are showing signs of fatigue as stretched valuations collide with slowing profit growth, undermining the country's appeal among emerging markets (EMs), according to a report by Nuvama.
The report noted that despite a strong rebound, Nifty and SMIDs (Small and Mid-cap Stocks) rising 12 per cent and 20 per cent respectively since April lows--underlying earnings momentum has weakened, calling the rally's sustainability into question.
We argue this is unsustainable and skews the buyer-seller incentive structure decisively in the latter's favour, the report added.
The report added that the BSE500's median price-to-earnings (PE) ratio stands at an elevated 40x, while median trailing earnings growth has slipped to just 9 per cent.
This story is from the August 06, 2025 edition of The Business Guardian.
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