After experiencing a decade-long downturn, India's corporate earnings have stabilized in recent years, with profit growth in the mid-teens expected to continue through 2030, the report noted.
Over the past five years, the Nifty index has recorded an 18 percent compound annual growth rate (CAGR) in both total earnings and market capitalization.
As the economic landscape shifts, Goldman Sachs predicts that sectors tied to investment cyclicals, such as automobiles, real estate, chemicals, and industrials, will see a significant increase in their profit shares.
Consumer cyclical sectors are expected to witness the highest overall growth, as per the report.
Additionally, growth leadership could shift toward power and renewable energy industries.
The brokerage has given a 'buy' recommendation on 20 key stocks, including companies like Reliance Industries (RIL), Larsen & Toubro (L&T), NTPC, Mahindra & Mahindra (M&M), UltraTech Cement, Power Grid, Adani Ports, IndiGo, Eicher Motors, Havells, Polycab, Ashok Leyland, Phoenix Mills, Uno Minda, Hitachi Energy, Astral, Embassy REIT, Kajaria Ceramics, Blue Dart, and Amber Enterprises.