Past year certainly raised doubts about the bull run, says Mahesh Patil

Aditya Birla Sun Life AMC's Mahesh Patil says headwinds are easing, and the next Samvat could see equities align with economic growth

It’s been a testing first half of 2025–26 for Indian equity markets. Mahesh Patil, chief investment officer at Aditya Birla Sun Life Asset Management Company, tells Puneet Wadhwa in an email interview that the outlook for the next Samvat (which marks the start of a new financial year according to the Hindu calendar) is looking more constructive, as several headwinds are slowly turning into tailwinds. Edited excerpts:

 

Do you think the bull run in Indian equities is coming to an end as they face headwinds from US tariffs, sluggish earnings, and high valuations?

 

The past year certainly raised doubts about