Markets pin hopes on GST meet as cyclical revival gains traction: Varun Goel

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With the crucial GST Council meeting slated for today and tomorrow, investors are bracing for potential announcements that could shape the market mood in the near term. While most rationalisation measures are already priced in, the broader economic context suggests India may be heading into a year of cyclical revival, according to market expert Varun Goel.

Speaking to ET Now, Goel said FY26 could mark a turning point for India’s growth story. “Broadly, it looks like the year FY26 should be a year of cyclical revival in India’s GDP growth. Together with the significant monetary easing we have seen—this consumption stimulus, first through one lakh crore of direct tax cuts, and hopefully with interest rate cuts being transmitted into the system—we expect both consumption and capex to benefit. Even real estate could start doing well,” he said.


Goel expects corporate earnings growth to accelerate meaningfully. “For the year as a whole, we should see earnings growth revival from around 3-4% to nearly 10-12%. Incrementally, sectors like auto, consumer durables and staples could benefit from a strong festive season, giving companies room to build on growth momentum,” he added.

Pharma: Undervalued or Stuck in Neutral?


One sector that has remained largely on the sidelines of investor interest is pharmaceuticals. Despite stable earnings, large-cap names like Sun Pharma, Lupin, Dr. Reddy’s and Cipla have seen sharp corrections in recent months.Asked about the lack of triggers in the sector, Goel remained optimistic. “We are constructive on the pharma space as a whole. While the overhang of tariffs may persist, our sense is that it will not be a very material roadblock. The CDMO segment is clearly a winner over the next three to five years, and domestic formulations remain a robust, secular story,” he explained.

Goel also highlighted the broader healthcare ecosystem, pointing to steady growth in hospitals and health insurers. “As a basket, pharma and healthcare remain attractive. From a medium- to long-term perspective, the sector should continue to do well,” he said.

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As markets await clarity from the GST meet, the twin narratives of cyclical revival and selective sector resilience could define investor strategies in the months ahead.
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