Results preview: Q1FY18 will see disruption for consumer-facing companies

We have been witnessing in previous four financial years is a typical case of excel sheet extension

“When the going gets good, tough gets questioning”. It is this peculiar scenario, which I find our equity markets are in. Or for, if you somehow question the market performance, it is with great conviction one is given an explanation that “This time its different” or “Liquidity is too strong”. With arguments being made that higher valuations are the new norm, it is a time to ask, when going is this good?

Does the new norm of higher valuations reflect the worth of the businesses and/or the fabulous macro opportunity we have on our hand and / or it