Indian markets could deliver 15-17% returns over next 2-3 years: Raamdeo Agrawal

What happened

Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services, expects Indian markets to deliver annualised returns of 15–17% over the next two to three years. He cites an earnings recovery and attractive valuations, expects domestic investment flows to remain strong, and says foreign investors could return.

Confirmed

Global impact / market context

The forecast depends on company earnings improving and investors continuing to buy Indian shares. If those conditions hold, the named sectors could attract more investment; if earnings recovery or investment flows disappoint, the projected returns may not materialise. The article gives no supporting figures for these assumptions.

Analyst inference

Agrawal’s outlook combines expected earnings recovery with attractive valuations, while also relying on sustained domestic buying and a possible return by foreign investors. Banks, capital goods, defence, energy transition and consumption are highlighted, but the article provides no sector-specific forecasts or timing.

Analyst inference

What to watch

1. Watch for evidence of the earnings recovery Agrawal expects; company profit growth would support his market forecast, while weaker results would challenge its central assumption. Analyst inference
2. Track whether domestic investment flows remain strong and foreign investors return, as Agrawal expects; the article offers these as outlooks, not confirmed future developments. Proposed
3. Follow developments in banks, capital goods, defence, energy transition and consumption, the themes Agrawal prefers, while noting the article gives no specific companies or targets. Analyst inference

Evidence

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