Rajgarhia explained that market valuations remain dependent on earnings momentum. “If we grow at 15–16%, 20 P/E is attractive. If we grow at 5%, 20 P/E is expensive,” he said. He added that domestic consumption, industrials and financials could drive recovery, with aggregate earnings growth expected to rise from 5-6% toward 12% as policy measures take effect.
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Motilal Oswal Financial Services opened its 21st annual investor conference with over 1,200 investors and 180 companies participating, against a backdrop of weak earnings growth, global tariff concerns, and coordinated policy support from the government and the Reserve Bank of India (RBI).
He also highlighted the importance of investor focus: “We have 180 companies at the conference, but each investor needs just five ideas.”
The conference included a mix of listed and unlisted firms, with around 15% of participants from new-age consumer, logistics, and other private businesses. “It’s not just about a stock conference. It’s about a framework, a philosophy, how you see this country – this is a century of opportunities,” Rajgarhia said.
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Sachin Shahane, Head of Sales – Institutional Equities at Motilal Oswal, said investor interest is strong in logistics, consumer discretionary, industrials, non-lending financials, and auto ancillaries. He also noted a rise in alternative investment fund (AIF) commitments. “Almost ₹14 trillion has been committed, up 20% year on year… about ₹8 trillion is still sitting on the sidelines,” Shahane said.
The event, featuring 16 speakers from across sectors, is expected to host about 15,000 investor-company meetings. Rajgarhia said the aim is for each participant to leave with clear actions: “At the end of this conference, they get some actions to do for themselves.”
For the full interview, watch the accompanying video
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