India’s Market Ferrari Keeps Racing: Raamdeo Agrawal Sees Sensex at 3 Lakh by 2036

• Raamdeo Agrawal sees Sensex touching 1.5 lakh by 2030 and 3 lakh by 2036

• He said India continues to be a strong market for long-term wealth creation

• Quick commerce and capital markets could create the next wave of multibaggers, he added

India’s long-running bull market still has a long way to go, according to market veteran Raamdeo Agrawal, who believes the Sensex could touch 3 lakh by 2036 as compounding, rising retail participation and fast-growing businesses continue to drive Dalal Street.

Speaking at Groww’s India Investor Festival 2026, the chairman and co-founder of Motilal Oswal Financial Services said he expects the Sensex to reach 1.5 lakh by 2030 and potentially double again over the following six years.

“For me, 3 lakh in 12 years is more guaranteed than 1.5 lakh in six years. That is how compounding works,” Agrawal said.

He added that India’s per capita income could double over the next six to seven years, supporting long-term growth in corporate earnings and financial markets.

Why India Stands Out

Agrawal described India as a “Ferrari” among global markets and said the country continues to offer one of the strongest environments for finding multibagger stocks.

Comparing India with other global markets, he pointed out that while South Korea’s KOSPI and India’s Sensex both started in 1980, the Sensex has crossed 80,000 while the Korean benchmark remains around 5,000 levels.

“Form may be temporary, but class is permanent. India is the way to go,” he said.

Referring to an internal study by Motilal Oswal inspired by Thomas Phelps’ book 100 to 1 in the Stock Market, Agrawal said nearly 20% of NSE 500 companies delivered over 25% annualised returns for a decade, effectively becoming 10-baggers. The comparable number in the S&P 500, he said, was around 7%.

Spotting Future Multibaggers

Agrawal said India’s growing capital markets ecosystem and quick commerce industry could create the next generation of big wealth creators.

He noted that India is adding nearly 30 lakh new market participants every month and already has over 22 crore demat accounts. According to him, the number could rise to 50–60 crore by 2031-32.

Drawing parallels with the early days of telecom, Agrawal said quick commerce companies are currently in a heavy investment phase but could eventually become very large businesses due to network effects.

“This is a Bharti moment,” he said, referring to the scale of opportunity in the quick commerce segment.

Agrawal also reiterated that management quality remains one of his biggest filters while selecting companies, adding that long-term investing requires “vision, courage and patience.”