'Cheaper Does Not Mean Cheap': India Still Trades At Premium, Says Dheeraj Gaur
A quarterly results development with market-wide reach.
25 Sept 2026 · NDTV Profit
The Nifty now trades at about 17.5 times one-year forward earnings, below its 15-year average of around 19.6 times. India's premium over other emerging markets has also narrowed to a 10-year low. So, the market is certainly cheaper than it was.
The analysis
Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Because the driver here is macro rather than company-specific, the read-through is to index-level positioning rather than to any single name — correlations tend to rise when the whole market faces the same signal.
Market context
- This is a market-wide development — its reach goes beyond any single stock.
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