18/08/2026
'Equity investments should give ~15% annual returns over the next 5 years' — Raamdeo Agrawal 📊
A few sharp takeaways from Motilal Oswal Financial Services Chairman Raamdeo Agrawal's latest ET interview:
→ With India's economy growing at 7.5-8.5% and corporate profits at 13-14%, he sees the index delivering 12-14% — and with smart portfolio management, up to 15% annually over 5 years, potentially doubling portfolios.
→ On FIIs staying away: it's not really about capital gains tax — it's about momentum chasing Korea and Taiwan, and the AI story pulling money to the US. FIIs are currently in "stop selling" mode in India, which he calls the good news.
→ On banking: he's most bullish on banks with the best management — ICICI, SBI, HDFC's AUs, Federal Bank, Karur Vysya — citing 18% credit growth against a ₹230-240 lakh crore credit book.
→ On the AI bubble debate: markets are self-correcting and alert, unlike 2000 or 2008. His line worth remembering — "If AI capex is overdone, then everything is overdone. If it isn't, there might be some kind of slowdown, but I don't think there will be a collapse."
→ On Zepto's shelved IPO: his view is that a company should only tap the public market once profitability is clearly visible — public markets can't fully understand a business still burning cash to acquire market share.
A grounded, non-hyped read on where Indian equities stand today.