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India Insights

Monthly update on India markets
24 August 2021
    Download the full reportPDF, 1.94MB


    • Indian equities have recorded enviable performances since the pandemic sell-off, having more than doubled since the low point in late March of 2020 and outperforming emerging markets by 50 per cent in dollar terms
    • From a valuation standpoint, there is no support for the premise of overbought small caps relative to large caps, as evidenced by a shrinking price-to-earnings ratio premium of small caps vs large caps
    • Small caps have also displayed better improvements in their profitability ratios relative to large caps
    • The financial metrics indicate that the outperformance of small caps over large caps is justified