India Investor Conference 2026 Panel Insights on Markets, Private Equity, Earnings Growth and Asset Allocation

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India's capital markets have evolved into a powerful engine for capital formation. Public markets, private equity investors, entrepreneurs, institutional investors and retail participants now play interconnected roles in shaping the country's growth journey.

At the India Investor Conference 2026, a distinguished panel featuring Shantanu Rastogi of General Atlantic, Manish Banthia of ICICI Prudential Asset Management Company, Sanjay Kukreja of ChrysCapital and Prashant Jain of 3P Investment Managers shared their perspectives on the economy, corporate earnings, private equity, valuations, capital flows and investment opportunities. The discussion was moderated by Prasanna Balachander of ICICI Securities.

The conversation highlighted how India's growth story continues to create opportunities across asset classes even as global uncertainties and geopolitical developments influence markets.

India’s Macro Position Amid Global Uncertainty

The discussion opened with a focus on the economic environment and whether recent geopolitical developments have altered India's growth trajectory.

Manish Banthia approached the question from a cyclical perspective. He noted that while concerns around inflation, oil prices, trade disruptions and current account pressures have emerged, India's balance sheets remain strong across corporates, households and the government.

According to him, corporate balance sheets are among the healthiest they have been in years. Households remain reasonably placed and the government's fiscal consolidation efforts over recent years have strengthened the economy's ability to absorb shocks.

He argued that the impact of rising oil prices has remained relatively contained for consumers and that the key variable is the duration of ongoing geopolitical conflicts. If global tensions ease over the next few months, he believes growth momentum can strengthen once again because the underlying foundations of the economy remain intact.

On the question of fuel prices, Banthia observed that previous periods of lower crude oil prices created a buffer which is helping absorb the impact of current increases.

Why Corporate Earnings Could Improve in Financial Year 2027

The panel then shifted toward earnings growth, which remains one of the most important drivers of market performance.

Prashant Jain expressed optimism that corporate earnings growth should improve meaningfully compared to the previous year.

He pointed out that banks, which form a significant part of the benchmark indices, experienced muted earnings growth as lending rate adjustments affected profitability. He expects banks to perform better going forward due to factors such as higher bond yields, increased working capital requirements and currency depreciation.

Jain believes earnings growth for the benchmark index could fall within the range of 12% to 16%. He also noted that strong metal prices could contribute positively to overall earnings growth.

When discussing mid-cap and small-cap companies, he emphasized that there is no clear evidence showing that these categories consistently deliver higher profit growth than large-cap companies. What differentiates them is the wider dispersion of outcomes, which means some of India's fastest-growing companies are likely to emerge from these segments.

India Versus Other Emerging Markets

One of the most debated topics was whether India continues to justify its premium valuation compared with other emerging markets.

Shantanu Rastogi explained that private equity investors typically evaluate opportunities with a long-term horizon. Short-term market fluctuations and valuation movements are less important than business quality, governance, management capability and execution.

He highlighted an important structural shift in global capital markets. According to Rastogi, a large portion of global capital has moved toward passive investing, algorithm-driven strategies and hedge fund activity. This has reduced the pool of patient public market capital willing to stay invested through multi-year growth cycles.

As a result, capital often chases short-term trends and momentum. In his view, this dynamic partly explains why capital has flowed aggressively into certain markets and sectors while India has witnessed periods of relative underperformance.

Despite this, Rastogi remains constructive on India's long-term prospects. He cited India's scale, talent pool, domestic market strength and growing ability to create businesses with intellectual property and global relevance as reasons for continued confidence.

He also emphasized the importance of a deep domestic capital pool, which differentiates India from several emerging markets where investment opportunities remain limited.

The Global Artificial Intelligence Theme and India’s Position

Sanjay Kukreja shared observations from his interactions with global investors and capital allocators.

He described a global investment environment heavily focused on artificial intelligence. Discussions with investors frequently revolved around artificial intelligence models, infrastructure and supporting ecosystems.

In those conversations, India was not a central part of the investment narrative. Kukreja clarified that this should not be interpreted as a negative view on India. Instead, global investors were concentrating on opportunities that could benefit from near-term supply shortages and rapid growth linked to artificial intelligence.

At the same time, he expressed confidence in India's entrepreneurial ecosystem. Looking at businesses within ChrysCapital's portfolio, he continues to see strong growth momentum.

Kukreja noted that the firm's portfolio companies are expected to deliver earnings growth in the range of 22% to 25%, which reinforces his conviction in India's long-term opportunity.

The Growing Role of Domestic Private Equity Capital

The discussion also examined whether India should develop a larger domestic private equity ecosystem.

Kukreja acknowledged that domestic capital can play a significant role in supporting private equity investments. He pointed to the increasing sophistication of Indian family offices and the growing participation of insurance companies in alternative assets.

He revealed that ChrysCapital's tenth fund marked an important milestone, with domestic capital accounting for approximately 15% of the fund.

While supportive of domestic participation, Kukreja argued that successful foreign investors generating returns should not be viewed negatively. The objective should be to create businesses that can compete globally and generate sustainable value.

According to him, manufacturing presents an important opportunity. He highlighted increasing activity in areas such as import substitution and export-oriented manufacturing, which could strengthen India's position in global markets over time.

Control Investments Versus Founder Partnerships

When asked about the future of control transactions in India, Rastogi explained that General Atlantic does not expect a significant shift away from its growth investing approach.

He noted that many control transactions in developed markets have historically relied on leveraged buyouts, financial restructuring and operational changes to create value.

General Atlantic follows a different model. The firm focuses on partnering with founders, entrepreneurs and management teams to support growth.

Rastogi emphasized that ownership percentage does not determine the quality of partnership. Whether the firm owns a large stake or a relatively small one, the objective remains the same, which is helping capable leaders build stronger businesses.

Where Are the Investment Opportunities?

When asked about sectors that could perform well over the next five to ten years, Prashant Jain offered several observations.

He stressed that high growth does not automatically lead to superior investment returns. Sometimes slower-growing businesses generate better returns because expectations are more realistic.

Jain expects capital expenditure activity to grow faster than consumption and believes discretionary consumption could grow faster than staples.

Among investment opportunities, he highlighted large banks. He argued that their competitive advantages continue to strengthen and that valuation multiples have compressed significantly despite the durability of their business models.

Another area that excites him is pharmaceutical innovation. He pointed to emerging examples of Indian pharmaceutical companies conducting world-class new chemical entity research and developing innovative products.

At the same time, Jain expressed caution regarding certain segments of contract manufacturing and electronics manufacturing services. While acknowledging their growth potential, he questioned whether current valuations adequately reflect the long-term economics of these businesses.

Debt, Equity and the Impact of Taxation

Manish Banthia argued that changes in debt taxation have encouraged investors to allocate a larger share of their capital toward equities.

In his view, excessive concentration in any single asset class can create distortions. More money chasing equities can push valuations higher and make markets appear expensive compared with other opportunities globally.

He emphasized the importance of maintaining a healthy balance between debt and equity markets. Debt capital supports a much broader base of businesses, including small and medium enterprises that rely on financing through banks and capital market channels.

Banthia believes a balanced allocation framework would contribute to healthier capital markets and more stable long-term outcomes.

Private Equity Exits and Public Market Opportunities

The panel also discussed whether companies are reaching public markets at the appropriate stage of development.

Kukreja noted that Indian companies are achieving scale more rapidly than in the past. He explained that private equity-backed businesses often enter public markets after building meaningful profitability, governance frameworks and institutional processes.

An internal analysis of companies that had exited ChrysCapital's portfolio and subsequently listed showed that many continued to generate attractive returns after listing.

This suggests that public market investors still have opportunities to participate in future growth even after private equity investors have exited.

Prashant Jain largely agreed with the positive role private equity has played in India's development. He credited private equity firms with helping many high-quality businesses scale and reach public markets.

His primary concern relates to companies where promoter ownership becomes very low after listing. He questioned how governance structures will evolve over time when founders hold only small stakes and private equity investors eventually exit completely.

Asset Allocation in a Volatile Environment

As the discussion concluded, attention turned toward portfolio construction.

Banthia noted that precious metals had been an attractive asset class over the previous two years due to geopolitical uncertainty, central bank buying and supportive valuations.

Following the strong rally, he believes precious metals have become fully valued.

From an asset allocation perspective, he currently prefers a balanced mix of debt and equity. He argued that both asset classes appear attractively valued, particularly from the perspective of foreign investors evaluating opportunities on a dollar-adjusted basis.

Prashant Jain echoed a similar view. He stated that equities should outperform fixed income and precious metals over the next few years and described precious metals as appearing extremely expensive at current levels.

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