Mumbai-based investment firm OmniScience Capital on Wednesday projected the Nifty 50 index to reach between 28,000 and 31,000 by end of FY27, implying a 15 per cent to 25 per cent upside from current levels.

The firm estimates FY27 Nifty 50 earnings per share at ₹1,280–1,320, with price-to-earnings multiples in the 22–24 range underpinning the forecast.

The firm attributed the expected upside to earnings growth of 10–13 per cent for FY27, alongside potential re-rating catalysts including easing geopolitical tensions, moderating crude oil prices, a strengthening rupee, and a softer inflation outlook.

These conditions, it said, could support the RBI in holding interest rates steady while also drawing renewed foreign institutional investor inflows.

Vikas V. Gupta, CEO and Chief Investment Strategist, said the market is “significantly undervalued” and that even moderate earnings growth is likely to deliver rewarding returns for long-term investors willing to tolerate volatility.

On sector positioning, OmniScience Capital said it is overweight on banking, financial services, and power. It noted that banks are in their strongest position in a decade, with gross non-performing assets below 2.5 per cent, capital adequacy around 17 per cent, and provision coverage near 76.6 per cent. \

The firm sees the power sector entering a structural growth phase driven by renewables and a capex opportunity estimated at ₹65–70 trillion through 2035.

The firm struck a cautious note on IT, citing uncertain near-to-medium term growth visibility due to AI disruption and softness in global tech spending, despite valuations appearing attractive from a long-term standpoint.

On market valuations, OmniScience Capital noted that the Nifty currently trades at roughly 20 times earnings and 3 times book value — at or below long-term historical averages — which it said supports above-average return potential based on historical analysis. The Nifty 50 has delivered approximately 14.26 per cent CAGR including dividends over the past 25 years.

Published on April 22, 2026