Analysts are beginning to lower their earnings growth forecasts for Indian companies for fiscal year 2026-27 (FY27) due to the impact of rising crude oil prices, which are currently above $100 per barrel. The ongoing conflict in West Asia is contributing to these elevated prices, which analysts believe are not fully accounted for in current forecasts. Andrew Holland, head of new asset class at Nippon India Asset Management, indicated that if the conflict resolves quickly, earnings growth could stabilize at 10-12%, but if it continues, expectations may drop to 6-10%. JP Morgan has also flagged risks, revising its FY27 earnings estimates down by 2-10% across sectors including Consumer, Auto, and Financials. Factors such as the rupee-dollar exchange rate, which affects export-driven sectors, will also be critical in determining overall earnings performance. Analysts suggest that if oil prices remain high, sectors like automobiles, oil and gas, and airlines could face significant challenges in the coming months.