JPMorgan's Mookim: India Earnings Stable, But May Lag Global Markets

• Sanjay Mookim, Head of India Equity Research at JPMorgan, notes a sharp slowdown in earnings downgrades for India, with FY26 expectations appearing stable.
• FY27 earnings estimates might still see cuts, with consensus growth potentially settling at 12-13% from the current 16%.
• India's dollar earnings growth is projected to be mid to high single-digit, lower than other Asian markets and the US, leading to potential underperformance.
• JPMorgan prefers consumer discretionary stocks over capital goods and infrastructure due to limited public capex push and improving consumer demand.
• High equity supply from block deals, promoter sales, and listings could cap near-term market upside if stability persists.

Why It Matters: JPMorgan's Mookim sees stable Indian earnings but expects the market to underperform global peers in the near term.