Geopolitical tensions and energy prices
Prolonged West Asia conflict and elevated crude oil prices (assumed $95/barrel) pose downside risk to GDP growth and credit demand.
ICRA / bear-case history
Track the concerns that keep returning.
ICRA · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Weak monsoon and agricultural outlook
Potential El Nino conditions and weak monsoon forecast could dull rural prospects and impact economic growth in H2 FY27.
Knowledge services business moderation
Muted growth in knowledge services due to automation trends and insourcing by parent Moody's, with no clear visibility on reversal.
Capital allocation and acquisition ROI transparency
Analysts raised concerns about lack of disclosure on acquisition benchmarks (IRR, payback), creating uncertainty for shareholders.