New Delhi, June 5 -- Amit Premchandani, Fund Manager- Equity, UTI Mutual Fund, points out that there have been marginal cuts in earnings estimates for FY26 post results season. However, the pace of cuts has decelerated. In an interview with Mint, Premchandani says UTI MF's in-house equity valuation index suggests that Indian equities are in the fair value zone. Talking about sectors that look attractive at this juncture, he says he is positive about BFSI and healthcare from a long-term perspective. Here are edited excerpts of the interview:

Earning growth has been comparatively strong for FY21- 24. It was a period of positive earnings revisions which drove market returns and valuations.

FY25 has seen a reversal in this trend, and downgr...