Q4 FY25 Results Preview: Navigating The Global Turmoil, Domestic Plays To Outperform, Projects Anand Rathi

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Anand Rathi Report

Despite near-term uncertainties, robust macroeconomic fundamentals, steady earnings trajectory and attractive valuations underpin a constructive medium-to-long-term outlook. The Nifty50 currently trades at 17.2 times one-year forward earnings—an 8.4% discount to its five-year median and a 15.6% discount to its 10-year median — creating a favorable backdrop for selective stock-picking.

We continue to favor large caps and midcaps over small caps. In terms of sector performance, autos, apparel retail and staples likely underperformed in the near term.

On the other hand, jewelery retail, value retail, hospitality, healthcare and large-ticket consumer durables are poised to outperform. Strong infrastructure spending enhances the appeal of cement and related sectors, while the outlook for metals and mining has turned positive.

However, IT continues to face headwinds due to policy-related risks in the US. The BFSI sector remainsakey overweight, particularly with strength inlarge banks and NBFCs.

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