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India’s earnings-upgrade cycle has begun; defence & consumption sectors to shine
India is entering an earnings-upgrade cycle, with defence and consumer sectors flagged as key beneficiaries, and IT possibly offering contrarian value.
Analyst Trideep Bhattacharya of Edelweiss AMC says India is entering its first meaningful earnings-upgrade cycle in 18 months. Key beneficiaries are expected to be the defence sector (supported by large capital-acquisition approvals) and the consumer-discretionary sector (as spending recovers). IT stocks, long underperforming, may offer contrarian opportunities. The pattern suggests a broadening of market leadership beyond mega-cap tech and banks.