印度股票策略：二季度业绩迄今表现良好，风险回报具吸引力

2Q earnings thus far (64% of BSE100) are ahead of Citi estimates by ~4-5% and delivered good YoY growth (~16% on EBITDA), with beats fairly broad-based. Autos, Industrials and Healthcare had the highest aggregate beats while Energy had the most misses. Upgrades have been highest in Steel, modest in Staples & Financials, while downgrades are highest in Energy, Cement & Consumer Discretionary. Valuations look attractive at ~17x 1yr forward P/E for NIFTY, trading at 15-year long-term average on an absolute basis and at LTA relative to bonds and DM; CISI at ~0 has historically implied 11-12% 1yr forward returns. Citi remains constructive with a Sep'27 NIFTY target of 26k (17x fwd PE; 13% upside). Key OWs are Banks, Telecom, Healthcare and Utilities;