The earnings season is critical this quarter, particularly against the backdrop of the US-Iran conflict, which has led to increased crude oil prices. Analysts expect aggregate revenue growth for Indian companies to be in the 10–12% range, but earnings quality may decline. Vinit Bolinjkar, Head of Research at Ventura, notes that the conflict has created a 'speed bump' for the recovery trajectory seen earlier in the quarter. The Indian rupee's depreciation past ₹95 per US dollar has exacerbated inflationary pressures, complicating cost management for many firms. BofA Securities has revised its earnings growth forecast for the Nifty 50 to 8.5%, citing rising stagflation risks. Sectors likely to lead include capital goods, banking, and domestic energy, while IT services and oil marketing companies may lag due to geopolitical uncertainties. Investors are encouraged to prioritize quality stocks and increase exposure to domestically focused sectors.