A report by ICICI Prudential Alternate Investments suggests a stable macro environment for Indian equities in 2026, citing healthier corporate balance sheets and early signs of earnings recovery. However, the report cautions that much of this optimism is already priced into valuations, implying more measured, stock-specific returns ahead. India's favorable demographic dividend and potential for foreign inflows are noted as strengths, though disciplined research is deemed crucial for future gains.