Report published September 30, 2026
India Equity Strategy: The 11th J.P. Morgan India Conference: Themes, Debates and Positioning
J.P. Morgan · September 30, 2026
Following the 11th J.P. Morgan India Conference, J.P. Morgan highlights domestic macro resilience and an inflection in the private corporate capex cycle despite rising external global risks. The team maintains Overweight ratings on Financials, Industrials, Discretionary, Health Care, and Materials while staying Underweight on IT.
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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Financials remain the dominant overweight equity theme, with resilient credit growth, benign asset quality, and an attractive entry point in large private banks as FCNR-driven NIM compression proves temporary.
- 2.India's private corporate capex cycle is turning after a decade of corporate deleveraging, led by power transmission (an INR 8tn opportunity), renewables, semiconductors, EVs, and modern manufacturing.
- 3.Electronics manufacturing and 'Physical AI' (hardware, robotics, drones, and autonomous vehicles) represent structural multi-year growth vectors moving India upstream from simple assembly to high-value components.
Table of Contents
- India Equity Strategy: The 11th J.P. Morgan India Conference: Themes, debates and positioning
- Key Takeaways - J.P. Morgan India Investor Summit
- Synopsis of Macro Panels
- Inaugural Address by Mrs. Nirmala Sitharaman
- The Road Ahead: Global Macro Outlook and Strategic Insights
- Keynote Address by Mr. Howard Marks
- Keynote Address by Mr. Nitin Jairam Gadkari
- Keynote Address by Mr. Amit Dixit
- Synopsis of Chairman/CEO Spotlight
- Larsen & Toubro
- Nestle India
- Dixon Technologies
- Titan India
- Siemens Energy India
- JSW Group
- Key takeaways from across sectors
- Financials
- Consumer Staples
- Discretionary
- Power Equipment
- Metals & Logistics
- Specialty Finance
- Companies Discussed in This Report
Report data
J.P. Morgan Equity Research Ratings Distribution, as of July 04, 2026 — as of September 29, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Indian GDP Growth | 7.8% | Peer-leading economic growth absorbing external shocks and tariffs |
| FII Ownership of Indian Equities | 15.8% | Foreign institutional positioning is washed out across global and EM funds |
| Transmission Grid Build-out Opportunity | 8 INR tn | Grid infrastructure spending required as peak power demand rises to 459GW |
| Mid- and Small-Cap PAT Growth | 40% | SMID earnings growth significantly outstripping large cap growth |
| Monthly Mutual Fund SIP Flows | 30,000 INR cr | Domestic systematic investment plan equity inflows providing liquidity support |
Reports in this series
Global Markets Strategy is shown in chronological order through this edition, published on September 30, 2026.
Part of the Global Markets Strategy series — view all 20 editions
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