DBS: India's 'Listless' Markets Set for Stronger 2026 Earnings

• DBS's Taimur Baig sees India's 2025 market as groundwork for stronger 2026 earnings, despite 'listless' headline indices.
• Nominal GDP growth projected to reach 10% in 2026, driving double-digit corporate earnings by FY27, with financials benefiting.
• India must diversify from US dependence; Middle East, Europe, East Asia are emerging as key partners for trade and technology.
• Foreign private equity exits indicate market maturity and good returns for patient capital, absorbed by strong local demand.
• China's advanced technology (drug discovery, gene therapy) offers potential for India-China joint ventures and tech transfer.

Why It Matters: India's 2025 market sets stage for strong 2026 earnings, fueled by diversification and strategic partnerships.