ICICI Securities has flagged two primary risks affecting India Inc's earnings for the March quarter (Q4FY26): the long-term disruption caused by artificial intelligence (AI) in the information technology (IT) services sector and the inflationary pressures stemming from the ongoing conflict in West Asia. The brokerage notes that while traditional IT services are experiencing challenges due to rapid AI adoption, this should not be seen as a broader slowdown in India's technology exports. In fact, sectors such as automobiles and real estate continue to show resilience. Additionally, the Gulf war has raised concerns about rising crude oil prices, which could affect corporate profitability through increased raw material costs. However, many companies have expressed confidence in managing these pressures through cost-saving measures and strategic pricing. Overall, Q4FY26 performance has been robust across consumption-linked sectors, with notable growth in discretionary consumption, real estate, and pharmaceuticals, indicating a healthy corporate landscape despite some sector-specific weaknesses.