Jitendra Sriram, an analyst at Baroda BNP Paribas, warns that earnings growth for FY27 may decline to 10-12% as the conflict in West Asia continues to push crude oil prices toward $100 per barrel. This situation threatens monetary easing and increases inflation, which could lead to higher costs for consumers and pressure on the current account deficit. Sriram notes that sectors such as oil marketing and tile manufacturing are already feeling the pinch, with potential second-order effects expected in the upcoming quarters. He emphasizes that large-cap stocks are currently attractive for long-term investors due to their resilience and lower volatility. The ongoing geopolitical tensions are likely to affect discretionary spending, as households will need to allocate more funds to essential goods and transport. The Q4 earnings season showed minimal impact from the conflict, but Sriram anticipates that Q1 will reveal the true effects of rising crude prices and currency depreciation on corporate earnings.