BERNSTEIN ON INDIA STRATEGY

• Expects positive market returns driven by mean reversion, but sees a challenging road ahead. • Indian equities look cheaper but remain expensive. • India is the third-most expensive market globally, trading above several Asian markets with stronger medium-term growth prospects. • FY27 earnings estimates are not seeing upward revisions. • P/E valuations could find support as earnings expectations shift towards FY28. • Hopes of an LTCG tax cut and AI unwinding remain narratives rather than concrete market catalysts.

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