Ajay Menon of MOFSL anticipates Nifty earnings to grow 12% year-on-year in FY26, driven by improved corporate performance and reduced geopolitical risks. He suggests large-cap stocks are better positioned due to the improving earnings cycle, while small and mid-caps necessitate careful selection amid stretched valuations. Menon also commented on the potential economic impact of a resolution to the Russia-Ukraine conflict and a delayed India-US trade deal.