JM Financial believes the Indian market is in a consolidation phase and that a strong earnings uptick in the fiscal year 2026-27 (FY27) will likely trigger the next investment cycle.

Speaking to CNBC-TV18 ahead of JM Financial India Xchange 2025, Chirag Negandhi, MD, JM Financial Services & JM Financial, said earnings in FY27 will be the key catalyst for foreign investors to return. “I have no doubts in my mind that the foreign portfolio investors (FPI) flows will start coming back to India,” he said, adding that global investors “don’t have a choice but to come into growth markets” when earnings begin to accelerate.

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Ankur Jhaveri, MD & CEO – Institutional Equities, JM Institutional S

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