New Delhi, Dec. 15 -- Rishabh Nahar, Partner and Fund Manager at Qode Advisors, believes the Indian stock market may give a double-digit return in 2026, but only if it rotates from a valuation-driven mindset to an earnings-anchored one. Nahar said 2026 could be a year where the key indices may not feel euphoric, but portfolios may still perform well because earnings visibility improves. In an interview with Mint, Nahar shared his views on the Indian stock market outlook, potential earnings trajectory, and his expectations from the Budget 2026, among other things. Here are edited excerpts of the interview:

2025 will be remembered not for volatility or corrections, but for something far more important: the concentration of leadership reach...