Business · Markets · 1 hr ago
Long-term SIP investors stay invested despite range-bound markets
Experienced SIP investors are staying invested despite two years of range-bound markets and rising interest rates, according to Harsha Upadhyaya of Kotak Mahindra AMC.
SIPs let people invest set amounts regularly, and Upadhyaya said long-term investors have remained resilient while some short-term investors are reassessing their approach.
The Reserve Bank of India’s shift to a tightening stance signals that near-term rate cuts are off the table.
Higher borrowing costs could squeeze profits at companies with heavy debt or a strong reliance on short-term loans, but average corporate debt levels are at a decade low.
Upadhyaya expects limited broad pressure on company interest costs and has not significantly changed his earnings forecasts after the rate increase.
He expects Nifty companies’ earnings to grow by about 14% to 15% in the 2026–27 financial year, while saying estimates may need to be monitored as global conditions change.
Seasoned long-term investors using systematic investment plans (SIPs) are staying invested despite two years of range-bound markets and rising interest rates.
Harsha Upadhyaya, chief investment officer at Kotak Mahindra AMC, said long-term SIP investors were resilient while short-term SIP investors were facing a reality check.
The Reserve Bank of India’s shift to a “calibrated tightening” stance signalled that near-term rate cuts were off the table.
Upadhyaya said higher borrowing costs could weigh on highly leveraged companies, but average corporate leverage was at a decade low.
Kotak Mahindra AMC expected 14–15% earnings growth for the Nifty basket in FY2026-27.
- Who
- Long-term SIP investors, and Harsha Upadhyaya, chief investment officer at Kotak Mahindra AMC.
- What
- Long-term SIP investors are staying invested despite range-bound markets. Upadhyaya said short-term SIP investors were facing a reality check.
- When
- After two years of range-bound markets; the article was published on 19 October 2026.
- Where
- India.
- Why
- Upadhyaya said long-term investors remained resilient despite stagnant markets and rising rates. He also noted that average corporate leverage was at decade lows.
This story does not have two clearly opposing sides.
Markets were range-bound, while seasoned SIP investors continued to stay the course.
The RBI moved from a neutral stance to calibrated tightening, signalling that near-term rate cuts were off the table.
- SIP investors
- Long-term investors stayed invested despite range-bound markets.
- Market conditions
- Two years of range-bound markets and rising rates.
- RBI repo rate
- 5.50%
- Corporate leverage
- Average leverage was at decade lows.
- Nifty earnings outlook
- 14–15% growth in FY2026-27.
What people are saying
short-term investors using the Systematic Investment Plan (SIP) route were facing a reality check, long-term investors were exceptionally resilient.
The transition to a tightening cycle primarily alters borrowing costs and valuation frameworks for Indian corporates.