Overview

• Fitch trimmed India’s GDP growth forecast for the year ending March 2026 to 6.3% from an April estimate of 6.4%
• It expects rated Indian corporates to face limited direct effects from the 25% US tariffs given their generally low to moderate export exposure
• Infrastructure outlays are projected to sustain demand in cement, electricity, petroleum, steel and engineering and construction firms
• Wider EBITDA margins are forecast to strengthen corporate credit metrics despite high capital expenditure
• Export-dependent sectors may face pricing pressure from redirected global oversupply under the new tariff regime and could diversify sales to mitigate risk