V2 Retail, Vishal Mega Mart, NLC India & Hitachi Energy: What Mayuresh Joshi of William O'Neil says on these stocks
"Looking forward in FY27, the base case estimates that were getting drawn out for a single-digit growth are now slowly turning into a double-digit growth, the base case scenario being 12 to 13 per cent earnings growth in FY27," the market expert told Business Today.
- Nov 21, 2025,
- Updated Nov 21, 2025 2:43 PM IST
Mayuresh Joshi, Head of Equity Research at William O'Neil India, said on Friday that the Q2 FY26 earnings season has supported market sentiment and raised expectations for an even better performance in the second half of the ongoing financial year (H2 FY26). "Looking forward in FY27, the base case estimates that were getting drawn out for a single-digit growth are now slowly turning into a double-digit growth, the base case scenario being 12 to 13 per cent earnings growth in FY27," he told Business Today.
He added that mapping a 13 per cent earnings growth outlook to FY27 exit valuations suggests that markets may not appear overly expensive. According to him, the slight premium to long-term mean valuations is in line with India's resilient earnings profile, strong liquidity conditions and lower corporate debt-to-GDP ratio. He also highlighted the government's ongoing thrust on both private and public capex as a continued support for growth.
Commenting on stock-specific trends, Joshi pointed to retail players such as V2 Retail Ltd and Vishal Mega Mart Ltd. "Clearly, I think the domestic capital makers uh I think have posted decent set of numbers so whether you talk about V2 Retail or Vishal Mega Mart, I think they're appropriately placed both in terms of their average realisations that they've got for their apparel business but they've also got the FMCG and the gross grocery business as well," he said.
He noted that the companies' presence in regions like Uttar Pradesh, Bihar and Jharkhand has benefited from improved discretionary spending trends. "So I think uh keeping a watch on these two stocks," he added.
Joshi also highlighted opportunities in the power ancillary space. He said government capex continues to expand rapidly in the sector, bringing companies such as NLC India Ltd and Hitachi Energy India Ltd into focus. With private capital expenditure expected to pick up and a combination of thermal and renewable additions underway, he believes the broader power ecosystem could perform well over the longer term.
Mayuresh Joshi, Head of Equity Research at William O'Neil India, said on Friday that the Q2 FY26 earnings season has supported market sentiment and raised expectations for an even better performance in the second half of the ongoing financial year (H2 FY26). "Looking forward in FY27, the base case estimates that were getting drawn out for a single-digit growth are now slowly turning into a double-digit growth, the base case scenario being 12 to 13 per cent earnings growth in FY27," he told Business Today.
He added that mapping a 13 per cent earnings growth outlook to FY27 exit valuations suggests that markets may not appear overly expensive. According to him, the slight premium to long-term mean valuations is in line with India's resilient earnings profile, strong liquidity conditions and lower corporate debt-to-GDP ratio. He also highlighted the government's ongoing thrust on both private and public capex as a continued support for growth.
Commenting on stock-specific trends, Joshi pointed to retail players such as V2 Retail Ltd and Vishal Mega Mart Ltd. "Clearly, I think the domestic capital makers uh I think have posted decent set of numbers so whether you talk about V2 Retail or Vishal Mega Mart, I think they're appropriately placed both in terms of their average realisations that they've got for their apparel business but they've also got the FMCG and the gross grocery business as well," he said.
He noted that the companies' presence in regions like Uttar Pradesh, Bihar and Jharkhand has benefited from improved discretionary spending trends. "So I think uh keeping a watch on these two stocks," he added.
Joshi also highlighted opportunities in the power ancillary space. He said government capex continues to expand rapidly in the sector, bringing companies such as NLC India Ltd and Hitachi Energy India Ltd into focus. With private capital expenditure expected to pick up and a combination of thermal and renewable additions underway, he believes the broader power ecosystem could perform well over the longer term.