Record Profits, Borrowed From A Credit Cost Trough
Indian markets consolidated as oil stabilised following an Iran-US agreement and global flows stayed anchored in US chip…
June 2026A Crude Shock, But Selling Without Stress
The Iran-Israel escalation from late February pushed crude above USD 100 a barrel for the first time since 2022, and the Nifty 50 TRI fell 14.5% over the quarter with 11.3% of that in March alone. India imports over 85% of its crude, and each USD 10 adds 50-70 basis points to CPI. The distinction drawn was between price damage and system stress: FPIs sold about INR 1.31 lakh crore, DIIs bought INR 2.51 lakh crore, and net flows stayed positive. Valuations reset to roughly 18.5x forward earnings, below five- and ten-year averages.
Read the full quarterly letter — download the PDF
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