Prolonged West Asia conflict impacting oil prices
Ongoing conflict in West Asia could keep oil prices elevated, pressuring India's economy through higher energy import costs and potential moderation in corporate borrowing.
CARERATINGS / bear-case history
Track the concerns that keep returning.
CARE Ratings · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Softening bond market and corporate bond issuances
Corporate bond issuances declined 3.2% for FY26 and 11.3% in Q4, which could impact rating fee growth if the trend continues.
Inability to provide quantitative revenue split between initial and surveillance fees
Management declined to provide a quantitative split of initial vs surveillance fee growth, limiting visibility into underlying drivers.