“Miren Lodha, Senior Director at Crisil Intelligence, projects that overall corporate India margins will shrink by 50 basis points in FY27. This decline is primarily attributed to higher crude and gas prices, with the firm's base case assuming crude averages $75–$80 per barrel. He warns that if West Asia tensions persist beyond 3-6 weeks, an additional 50–100 bps of margin erosion could occur.”