Indian companies’ credit profile — a detailed account of a business’s borrowing history, financial health, and repayment reliability– remained strong in the first half of 2026-27 fiscal year despite energy shock from West Asia conflict, according to rating agency Ind-Ra.
At the end of last fiscal (April 2025-March 2026), Ind-Ra had indicated that the West Asia conflict would test the balance sheet strength that corporate India had built since FY22. The conflict proved to be one of the most significant tests of corporate credit profiles since the pandemic.
“The corporate credit profile continued to show resilience through 1HFY27, with downward rating actions attributable to the conflict confined to a handful of issuers,” Ind-Ra, Senior Director, Head of Credit Policy Group, Arvind Rao said.
Upgrade and downgrade intensity both held close to FY26 levels as much of the shock was absorbed before it reached corporate cost structures.
Diversified crude sourcing secured supply, and the
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