Earnings cut cycle to resume post Q4 results, warns Aditya Khemka of InCred Asset Management 

Aditya Khemka, CIO at InCred Asset Management, on Friday said 2025 has been a year of disappointment and that he finds the stock market a bit expensive. In an interview to Business Today, he said Nifty constituents posted earnings growth of only six per cent in the first half of FY26, excluding oil marketing companies (OMCs) and commodity companies, compared with the 10–12 per cent growth the Street had anticipated at the start of the year. Advertisement

Like the Street, Khemka too had not hoped for a 6 per cent earning growth in H1FY26. Yet, he said, the market has refused to correct despite this underperformance in earnings growth.

"We believe that the market is getting a little more expensive with each passing day as earnings continue to disappoint, but the market does not correct.