INDIA WEEKLY KICKSTART: NIFTY gained +2% as oil cooled off, but underperformance continued; FlIs returned after 8 weeks, but lagged North Asia; We adjust our earnings modestly upwards but expect EPS cuts to continue

Research evidence excerpt

INDIA WEEKLY KICKSTART: NIFTY gained +2% as oil cooled off, but underperformance continued; FlIs returned after 8 weeks, but lagged North Asia; We adjust our earnings modestly upwards but expect EPS cuts to continue

Portfolio Strategy Research

21 June 2026 | 4:10AM BST

INDIA WEEKLY KICKSTART

NIFTY gained +2% as oil cooled off, but underperformance continued; FIIs returned after 8 weeks,

but lagged North Asia; We adjust our earnings modestly upwards but expect EPS cuts to continue

n Performance: NIFTY gained 2% w/w, but lagged MXAPJ n Earnings looking resilient in 1H. 1QCY26, MXIN Sunil Koul

+44(20)7051-4931 | sunil.koul@gs.com

(+4%). Rate-sensitives led, while exporters lagged. quarterly earnings surprised positively. Consensus Goldman Sachs International

expects 2Q growth to remain resilient, moderating Amorita Goel, CFAn Valuation/Flows: MSCI India fP/E traded at 20.5x, at +65-6654-5445 | amorita.goel@gs.com

slightly to 9% yoy (from 11% prev. quarter). Goldman Sachs (Singapore) Pte about a 60% premium to MXAPJ. FIIs turned net buyers

Timothy Moe, CFA after 8 weeks, with +$0.5bn inflows wtd (-$30bn YTD). n We modestly raise our earnings growth forecast, by +65-6889-1199 | timothy.moe@gs.com

Goldman Sachs (Singapore) Pte

DIIs bought $0.9bn wtd (+$48bn YTD). 2pp to 10% for CY26 MSCI India, incorporating recent

macro forecast changes by our economists andn Macro: Amid a more favourable balance of payments

commodity strategists, and resilient 1Q earnings. outlook, our economists expect INR to stabilize ahead.

n Expect earnings down-cycle to continue.

Focus: Modestly Raising India Earnings Forecast Broad-based EPS cuts in India continued despite

cooling oil prices, with weaker trends in India vs. mostn Underperformance continued despite oil relief. As

APAC markets.