India set for earnings-led comeback in 2026, foreign flows may return, says Timothy Moe of Goldman Sachs

Goldman Sachs’ Timothy Moe expects India to stage an earnings-led comeback in 2026, with MSCI India earnings growth seen at 15%. Valuations are expensive but defensible, limiting upside from re-rating. A recovery in earnings, domestic consumption, financials and policy support could help revive foreign investor interest later in the year.