India's corporate earnings season has concluded with disappointing results, leading to a cautious outlook for the markets.

Brokerages are projecting limited upside potential, with one international brokerage forecasting the Nifty 50 index to reach 25,000 by 2025, reflecting only a modest seven percent increase over the next ten months. Current assessments suggest an even tighter upside of approximately three percent from present levels. The sentiment remains bearish as companies face challenges from poor earnings impacting cash flows.

Another brokerage has revised its Nifty target down to 25,000 from 26,000, indicating a lack of confidence in a swift recovery. Meanwhile, a different brokerage offers a slightly more optimistic view, predicting the index could reach 27,000 by December 2025, which represents an 11.6 percent increase but only a marginal 2.7 percent above its all-time high. The overall market environment is characterized by a consumption slowdown, further complicating the outlook for investors.